Saxo Capital Markets forex review: FX and CFD trading
Access over 40,000 instruments through its award-winning trading platforms.
Saxo Capital Markets is a trading platform that offers forex, CFD, commodities trading and direct share trading. You can access 182 forex spot pairs and 140 FX forwards across majors, minors, exotics, cryptocurrencies and spot metals.
Saxo's major point of difference when it comes to forex trading is their SaxoTrader platform, rather than the usual MetaTrader4 or cTrader platforms. Their proprietary platform can be used on all devices and is actually more flexible than MT4 in many ways.
|Type of broker||Online|
|Available markets||182 Forex spot pairs, and 140 Forwards, Forex Options, CFDs, Indices, Commodities, Equities, Equity Options, Futures, Bonds, Cryptocurrencies|
|Minimum Spreads for Major Currencies||0.5 pips|
|Minimum opening balance||3,000|
|Minimum Trade Size||$1000|
|Support||Phone, email and live chat|
|Go to site|
Saxo Capital FX and CFD platforms offer a range of services that would appeal to more experienced and investors with higher limits.
On the plus side, the broker offers a range of instruments to trade, has strong education and research for its members, has a well designed trading platform and it makes it easy to deposit or withdraw funds.
On the downside, Saxo's fees are higher and it has relatively high minimum deposits compared with its competitors.
It does not offer 24/7 customer service.
- More than 40,000 instruments
- Quality educational resources
- Forex, CFDs and share trading on 1 platform
- Unique SaxoTrader platforms
Not so great for
- Higher minimal spreads than some others
- Doesn't offer 24/7 customer support
- Forex trading carries risk
Saxo Capital Markets background
Saxo Capital Markets is part of Saxo Bank Group, which was established in Denmark in 1992 and now offers its products and services to customers in more than 180 countries around the world.
This review focuses on forex and CFD markets, but if you're looking to directly invest in Australian shares, then click the link and check out our Saxo Capital Markets share trading review. If you choose to open an account with Saxo, you actually have access to a whole range of asset classes, all from the 1 convenient account login and through their award winning, proprietary trading platform, SaxoTraderPro.
What are the key features of Saxo Capital Markets forex and CFD trading?
There are a number of key features worth highlighting when it comes to making a decision on whether to trade forex and CFDs with Saxo Capital Markets.
More than 40,000 trading instruments
With a Saxo Capital Markets forex and CFD account, you're able to access more than 40,000 financial instruments across a range of asset classes. These include forex, bonds, CFDs and even equities. Thanks to Saxo's proprietary trading platform, you're able to trade forex and stock market CFDs side by side, all from 1 screen. This is a key differentiator from MT4 only forex brokers.
Saxo Capital Markets offers fast and precise execution of all trades through an order-driven trading model, allowing you to take advantage of price movements as they occur. For further information on their execution stats, Saxo publishes its forex orders on their website.
Your choice of pricing structure
Saxo Capital Markets offers different pricing levels ranging from active trader prices, to VIP prices. This depends on which account tier you've chosen and based on the size of your account. Saxo offers pricing plans that best suits your individual needs depending on your initial deposit. The first option is an FX All-Inclusive Price Plan which includes the commission in the spread. The second option is an FX Volume Price Plan, where there are 3 choices available based on the amount you trade per month.
Forex market analysis
Check out the domain, home.saxo. The new and improved forex market analysis hub from Saxo Capital Markets. You can access analysis and macro market news from Saxo's professional team of experts. Included are analysis tools within the SaxoTrader trading platform, such as a selection of indicators and customisable charting options.
Regulated in Australia
Saxo Capital Markets is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence. If you're an Australian trader then you can feel confident that Saxo has met their regulatory requirements and that there is a course of action available if something goes wrong.
What markets can I trade with Saxo Capital Markets?
A Saxo Capital Markets forex account gives you a plethora of choice when it comes to different markets available to trade, all from the 1 account. There are forex and share market CFDs, as well as a range of indices, commodities and bonds all available.
- Forex. 182 forex spot pairs, and 140 forwards.
- Forex options. Trade more than 40 forex options.
- Contracts for difference (CFDs). Trade more than 9,000 CFDs on products including stocks, ETFs, indices and commodities.
- Indices. Stock market index trading from all over the world.
- Commodities. Commodity markets such as gold, silver and oil.
- Equities. More than 19,000 global shares and more than 3000 ETFs available.
- Equity options. More than 1000 equity options available.
- Futures. More than 200 futures across 23 global exchanges.
- Bonds. access more than 5000 corporate and government bonds.
What trading platforms are available with Saxo Capital Markets?
Saxo offer 2 award-winning trading platforms. Forex traders can use 1 or the other, or a combination of the 2.
- SaxoTraderGO. This is the platform chosen by most traders and investors. Access news feeds, market data and economic releases, plus use live charting to make more informed trades. This user-friendly platform supports all products and asset classes and is available on an PC, Mac, tablet or smartphone. You can easily switch between devices throughout the day without losing your settings and preferences.
- SaxoTraderPRO. This is a more advanced platform designed for professional-grade traders, which supports up to 6 screens at once and can be used on either Windows or Mac. The platform featured advanced trading tools and technical analysis tools, and boasts super-fast execution functionality. The fully integrated charts allow traders to open, close and edit positions directly from the chart.
What account types are available with Saxo Capital Markets?
Saxo Capital Markets offers 3 different trading accounts, depending on your trading volume. It offers an additional trading account, Saxo Essential, that is a limited-risk account where you are assured that you can't lose more than your initial deposit when trading on margin.
Saxo trading accounts
Access tighter spreads and lower commissions with Saxo's VIP account
If you're an active, high-volume trader or investor and you can meet the minimum deposit requirement of $1,500,000 the VIP trading account offers tighter spreads and lower commissions.
- Spreads: Spreads on major currencies start from as low as 0.3–0.7 pips
- Commission on ASX share CFDs: Commission on ASX200 share CFDs starts from 0.05% with a minimum of $6 per trade. This is a lot lower than the Classic account which charges a commission of 0.10% on ASX200 share CFDs.
Saxo Capital Markets offers maximum leverage of 30:1.
What customer support options are available with Saxo Capital Markets?
Saxo Capital Markets offers customer support 5 days a week in 3 main ways:
- Live chat
On top of this they have an extensive support centre featuring answers to a wide range of frequently asked questions.
You can access a number of educational resources to help further your trading knowledge and understand all the features of your account.
As well as instructional guides, video tutorials and webinars, you can complete a number of free online trading courses through the Saxo Academy.
What are Saxo Capital Markets' spreads like?
Spreads on AUD and USD from a minimum 0.4 pips, average 0.8 pips, while EUR and USD has a tightly kept minimum of 0.2 pips and an average of 0.4 pips for its FX Volume-pricing plan clients.
CFD Active trading clients can access Indices at 0.4pts for the US$500, 1.4pts for AUS$200 and 0.9pts for the UK$100. CFDs on ASX listed shares are a minimum $8 for standard clients, and $5 for active traders.
What are the account funding options on a Saxo Capital Markets account?
You can deposit funds into your Saxo Capital Markets account via credit card, debit card or bank transfer. Saxo Capital Markets charge a transaction fee of 1.34% on credit cards and 0.93% on debit cards on transactions used to fund trading accounts.
How do I open an account with Saxo Capital Markets?
To apply you will need to provide:
- Your name
- Your residential address
- Your date of birth
- Your contact details
- Proof of ID
- Your deposit details
A minimum deposit of $3,000 is required to start trading.