Saxo Markets Review

If you are looking for a multi-faceted trading platform with competitive pricing and a wide range of market access, then you are at the right place.

Aimed at delivering its customers an ever-evolving investment and trading experience, Saxo Markets offers you access to the global market with exposure to 60,000+ financial products.

In this post, we’re reviewing Saxo Markets, which has 850,000 global clients, and powers 200+ banks and brokers along with 400+ financial intermediaries.

Platforms Offered by Saxo Markets

Saxo Markets offers you 3 platforms for you to choose from – SaxoTraderGo, SaxoInvestor, and SaxoTraderPro.

SaxoTraderGo is the most popular trading platform on Saxo Markets, which is meant for experienced investors.

On the other hand, SaxoInvestor comes with the most basic investment features aimed at newbies and retail investors, like you and me.

Lastly, SaxoTraderPro comes with advanced features set for advanced institutional investors.

Markets Offered by Saxo Market

Saxo Markets lets you to invest in diverse investment products in several countries and more than 100 local and global exchanges.

Here’s a list of some noteworthy markets offered by Saxo Markets across its 3 platforms — SaxoInvestor, SaxoTraderGo, and SaxoTraderPro.

1. Asia Pacific Markets

• Singapore Market
• Hong Kong Market
• China Markets
• Malaysian Market
• Japanese Market
• Australian Market
• New Zealand Market
• Indian Market
• Thailand Market

2. North American Market

• US Markets
• Canadian Market

3. European Markets

• UK Market
• French Market
• Amsterdam Market
• Denmark Market
• Netherlands Market
• Belgium Market
• German Market

There are many more markets offered by Saxo Markets, even Middle East and African Exchanges!

Investment Products Offered by Saxo Markets

Like the available markets, the accessible asset classes also differ here depending on different platforms as mentioned in the previous section.

Refer to the following list to know further about which platform gives you exposure to investment products along with their markets.

Fees, Charges, and Minimum Investments

Fees at Saxo Markets

The relatively lower fee structure of Saxo Markets is a remarkable feature of the platform.

When it comes to pricing, Saxo Markets include 5 different plans for consumers. While you can use the Bronze plan free of cost, the other 4 costs you the following commission charges —

• Silver: SG$5 per month. Free with 5,000 reward points.
• Gold: SG$15/month. Free with 15,000 reward points.
• Platinum: SG$45/month. Free with 45,000 reward points.
• Diamond: SG$145/month. Free with 145,000 reward points.

*Reward points and all the relevant details about reward points are discussed in the Rewards section below.

Now, all other fees and charges on the brokerage are set based on these initial plans.

Saxo Markets Minimum Commission Fees for New Clients

The fees and charges listed here are not conclusive. We picked out the most in-demand instruments/markets that we know our readers prefer.

For other fees and charges, be sure to check Saxo Markets’ website.

Custody Fees for New Clients on Saxo Markets

Currency Conversion Fees for New Clients on Saxo Markets

Saxo Markets doesn’t charge any inactivity fees or any other upfront fees. However, there are withdrawal fees – mentioned in the Withdrawals section below.

Minimum Investments

Minimum investment amounts differ at Saxo Markets depending on the services you use.

For their brokerage, there are no minimum investments required.

However, for other services — SaxoWealthCare, SaxoSelect, and Regular Savings Plan (RSP) — there are minimum investments involved.

Each of these asset management services is unique and sets different minimum amounts unique to them.

Let’s have a better insight through the table below.

Sign-Up, Funding, and Withdrawal Options

How to Sign-Up with Saxo Markets

• To get started with Saxo Markets, go to their official website, switch to the Accounts menu, and click on Saxo Account.
• Now, click on the Create Account option, and you’ll be redirected to the account opening page.
• From this page, you can create your Saxo account by signing up with or without Singpass.

Funding Options

The Saxo platform introduces a number of funding options for your convenience.

Funding options for local SGD deposits:

Fast And Secure Transfer (FAST):

• While funding through FAST, your funds are deposited almost instantly. However, it might take up to 1 business day.
• The transaction limit is S$200,000 per transaction, and it is subject to the withdrawal limit set by your bank.
• No transaction fees are charged here.

PayNow:

• Your funds are deposited within the next business day.
• You can fund up to S$200,000 per transaction, which is also subject to the withdrawal limit set by your bank.
• No transaction fees are applied in this method.

MEPS:

• It might take the funds 1 to 2 business days to reach your account based on your bank’s cut-off time.
• Unlike the 2 previous methods, there might be transaction fees imposed by your bank and correspondent bank(s).

Other funding methods along with supported currencies:

Telegraphic Transfer Wire Transfer (Major currencies):

• The Telegraphic Transfer method is used for Overseas Funds, which supports Foreign Currencies.
• Here, transaction fees may be charged by the beneficiary’s bank and correspondent bank. The transaction amount depends on the bank.
• Depending on the individual bank’s cut-off time, it usually takes 2 to 5 business days for the fund to reach the recipient’s account.
• The transaction limit depends upon the available balance in your bank account.
• The supported currencies are — SGD, USD, AUD, CHF, CNH, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, and SEK.

Onshore inter-bank transfer (Malaysian Ringgit):

• As the Malaysian Ringgit (MYR) is a restricted currency, conversion to or from any other currency is not allowed. The use of this currency is allowed merely for the purpose of trading equities listed on the Bursa Malaysia, and not for any other products or exchanges.
• At Saxo Markets, the beneficiary bank for this currency is HSBC Bank Malaysia Berhad.

Card Payments (Credit/Debit):

• Saxo accepts instant funds transfer through credit or debit cards.
• Only SGD and USD are accepted.
• Your funds are processed instantly.
• The transaction limit is US$5,000 per transaction.
• You may be charged up to 2.94% if you were to fund using this method, excluding your bank charges.

HSBC Account Holders:

• This method is only for HSBC account holders.
• This method takes up to 2 business days to process the funds depending on HSBC Singapore’s cut-off time.
• Transaction charges may be applied.
• The supported currencies are — SGD, USD, AUD, CHF, CAD, CNH, DKK, EUR, GBP, HKD, JPY, NOK, NZD, and SEK.
• The transaction limit is subject to individual limits set by your bank.

Note that third-party deposits are not accepted by Saxo Markets. All deposits should be made from an account that is in your name.

Withdrawal Options

Follow these steps for online withdrawal of your funds at Saxo markets.

• Go to the main menu, and switch to Deposits and Transfers.
• Click on Deposits and Transfers.
• Click on the Withdraw funds tab.
• Select the Saxo account you want to withdraw money from.
• Enter your preferred Withdrawal amount and the currency.
• Select your External account. If you don’t have an External account, then register for one.
• Now, click on Transfer.
• Once you do that, you’ll see an SMS with a code on your registered phone number, and a confirmation window will pop up.
• Finally, type in the code in the confirmation window, and click on Confirm. And you’re all done.

Here’s a list of amounts charged for outgoing transfers along with other relevant details —

Note that third-party withdrawals are not accepted by Saxo Markets. You must withdraw funds to an account that is in your name.

Promotional Offers & Rewards with Saxo Markets

Saxo Markets introduce certain offers and reward programs to attract and retain users.

Referral Bonuses:

The platform has introduced a referral program that will earn offers for both you and your referee.

Every successful referral will let you earn up to S$750, where you can make a maximum of 5 successful referrals per quarter.

If you refer a friend, and he/she opens an account using your referral code, then you’ve got a successful referral. Now, if your friend funds his/her account with S$3,000 or more, and does these 3 things —

• Makes at least 3 qualifying trades
• Opens a Regular Savings Plan (RSP) sub-account, and/or
• invests into a SaxoWealthCare portfolio,

then you’ll receive S$250, whereas your friend will receive S$100.

Should your friend funds his/her account with S$100,000 or more, makes at least 3 qualifying trades, opens a Regular Savings Plan (RSP) sub-account, and/or invests into a SaxoWealthCare portfolio, then —

• You will earn S$750 as a referral bonus
• Your friend will earn S$250

Rewards Program:

Saxo Markets has a rewards program, where you can earn reward points once you open and fund your Saxo account.

Activities such as adding funds or investing in different products can earn you enough points, which will let you waive your monthly service fee depending on the plan you’re on.

Is Saxo Markets Safe?

Saxo Capital Markets Pte Ltd (‘Saxo Markets’) is a fully regulated body with a capital markets services licence under the Monetary Authority of Singapore (MAS).

Besides, the fact that Saxo powers 200+ banks and brokers and 400+ financial intermediaries further enhances its credibility.

What this means is that many banks, online brokerages, and financial institutions utilise the Saxo brand (and facilities) to power their platforms.

Brands like OCBC RoboInvest, StashAway, and Syfe use Saxo as their custodian.

Additionally, Saxo Markets’ official website includes pages to warn investors against cyber frauds such as phishing, along with measures to ensure the safety of its customers.

This shows a strong commitment to security as they make sure to educate users on how they could protect themselves too.

Saxo focuses on securing its trading platforms to meet high-security standards of its own, and of those of the legal bodies regulating its business sector.

Thus, this platform is highly safe and secure for potential users.

Usability of Saxo’s Platforms

The usability of Saxo’s platforms lies in its intuitive interface.

The platform is compatible with any device, whether it be your laptop, PC, tablet, or mobile phone.

Besides, the mobile app is available in both App Store and Google Play.

Its intuitive trading tools with smart trading features make Saxo remarkable.

The fast execution of commands on Saxo’s platforms along with its responsiveness promises you a good user experience.

Customer Support with Saxo

For customer support, the platform includes email, phone, and live chat options, through which you can contact them.

Besides, they have a support centre, where you can visit to get answers to your questions the need to contact.

You can use keywords and questions to get relevant answers to your queries.

Furthermore, they have introduced technical support and troubleshooting-related queries to help you with more advanced issues.

Summing It Up

Saxo’s platforms are remarkable with their relatively affordable, transparent pricing structure, and exposure to hundreds of trading markets and thousands of exchanges across the world.

Not to mention, the great number of investable asset classes and the flexibility of multiple funding options.

Thus, Saxo Markets are recommendable especially for advanced users who want to invest through various asset classes and in different global markets.

However, if you’re looking for something more basic (and we mean this in a good way) – such as investing in stocks/ETFs in just the Singapore, US, and Chinese markets, then Saxo Markets might not be your best bet.

We believe that moomoo Singapore is the best for the above 3 markets as they offer the lowest fees in Singapore – and we use it personally.

If you’re interested, visit our moomoo referral page where we share the latest promotions that you can take advantage of.

If you’re only keen on trading/investing in stocks in the US markets, Webull Singapore is a much better option as they do not charge for trades and let you buy fractional shares for just US$5.

We’re also partnered with Webull to make your investing journey easier and cheaper. If you prefer Webull Singapore to both the previous platforms, you can use our Webull referral code to take advantage of their latest promotions too!