Saxo Capital Markets forex review: FX and CFD trading

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 one 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.

35,000+ trading instruments

With a Saxo Capital Markets forex and CFD account, you're able to access more than 35,000 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 the one screen. This is a key differentiator from MT4 only forex brokers.

Precise execution

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

Depending on which account tier you've chosen, based on the size of your account, Saxo Capital Markets offers different pricing levels ranging from active trader prices, to VIP prices. Depending on your initial deposit, Saxo offers pricing plans that best suits your individual needs. 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 three 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. Also 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 one account. There are forex and share market CFDs, but also 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 two award-winning trading platforms. Forex traders can use one or the other, or a combination of the two.

• 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 six 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 three different trading accounts, depending on your trading volume. It also 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

Additional account

Saxo Essential is a limited-risk account, designed for new traders or traders who wish to lower their risk. Unlike the above trading accounts, your losses on margin trades cannot exceed the funds available in your Essential account. The Saxo Essential account also has a lower minimum opening balance of just AUD $1,000.

Leverage

Saxo Capital Markets offers maximum leverage of 100:1.

What customer support options are available with Saxo Capital Markets?

Saxo Capital Markets offers 24/5 customer support so you can access help 24 hours a day, five days a week. Phone, email and live chat options are available, while there's also an extensive support centre featuring answers to a wide range of frequently asked questions.

You can also 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/USD from a minimum 0.4 pips, average 0.8 pips, while EUR/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.

What are the pros and cons of using Saxo Capital Markets forex trading?

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. However if you'd like to open the Saxo Essential account, a minimum of $1,000 applies.

Saxo Capital Markets frequently asked questions?

• Is there a demo account available?

  Yes, Saxo Capital Markets offers a free demo account that you can try for up to 20 days.

• How much does it cost to place a trade?

  This depends on whether you choose an FX All-Inclusive Price Plan (commissions included in spreads) or an FX Volume Price Plan (commission based on the amount you trade and your chosen minimum monthly commission).

• What is the maximum leverage available with Saxo Capital Markets?

  The maximum leverage available is 100:1.

• Can I trade anything else from my Saxo Trader account?

  Yes, you can also trade shares, CFDs, forex options, bonds, ETFs, futures and more.

• Does Saxo Capital Markets offer accounts for SMSFs?

  Yes, simply select the SMSF option (either for an individual or corporate trustee) when you apply for an account.