Before you start using Saxo trader, it’s essential to know what you’ll be paying for it. This review will focus on fees and features, along with research and customer support. In addition, you’ll want to check out Saxo’s website for more details.
Features
The Saxo Trader platform is designed to be fast, reliable, and easy to use. It offers advanced trading features and a variety of charting and analytics tools. It also offers a proprietary Trading Environment that is customized to your preferences. It includes up to six screens and 50+ technical indicators. Moreover, the platform provides a variety of products to trade, from simple forex to complex asset classes, including mutual funds and crypto currencies.
The Saxo Bank offers more than 35,000 assets. While not every trader will trade all of them, the selection is excellent. The platform’s user interface is user-friendly, and it offers transparency and pricing. It also provides multiple account types and a variety of trading tools, including alerts.
Saxo also offers educational materials for novices. It has an extensive FAQ section and supports several languages. It also offers interactive courses through its Saxo Academy. However, it does not have a live chat feature. It uses a chat bot to answer users’ questions, though you cannot always access the customer support team in real-time.
Fees
If you want to trade on the stock market, you can use the Saxo Bank trading platform. However, you should be aware of the fees that are involved in trading on the platform. There are different kinds of fees and you need to review them in detail. You should also know about the types of trades that you can execute with this platform.
Typically, brokers charge a fee if you hold a position overnight. Fortunately, Saxo Bank doesn’t charge you for holding an overnight position. However, the brokerage does charge a rollover fee to hold overnight positions. The rollover rate will be different depending on the currency you are trading. In some cases, it will be positive one day and negative the next.
To trade on the Saxo Bank Capital Market, you will need to submit a government-issued ID (driver’s license, passport, national identity card, or other identification). You will also have to prove your residency, which can be done with a bank statement, utility bill, or tax statement.
Research
Saxo Bank offers several platforms for investors to access its research. Its reporting suite allows clients to export historical trade, position and performance data for analysis. It also offers a selection of written and video thought pieces. The desktop platform contains more research tools than the web version, including screeners and Level 2 order books.
While the research available is extensive, the fee structure can be confusing. The business model of Saxo is not geared towards smaller investors. This is evident in the company’s business goals, which place a premium on bigger traders. Furthermore, the spreads are confusing, and the hidden costs can empty your bank account quickly. These hidden costs include markups, interest rates, and carrying costs.
Saxo Bank’s research team provides daily updates to clients via its Market Analysis section. This section offers in-house research and third-party content from Dow Jones, NewsEdge, and RanSquawk.
Customer service
While you can contact a representative of Saxo Capital Markets via email or phone, the company does not have a live chat functionality. You will need to contact their sales department to get support. In addition to the phone number, the website does not have a toll-free number. Unlike some brokers, Saxo does not have a direct dealing desk number, but it does have an extensive support page.
The web-based Saxo platform is designed with high-security features. For example, when you open an account, you are required to upload a copy of a valid identification document, such as a passport or driver’s license. Additionally, a secure login process is provided for VIP and Platinum accounts.
Saxo offers a robust product catalog that includes over 35,000 assets. However, not every trader will be able to use all of them. The trading platform is easy to navigate and contains good tools. However, it requires a substantial deposit, which could put off some investors. Additionally, the company’s trading and financing fees are among the highest in the industry.
