- 35,000+ instruments
- Quality educational resources
- Forex, CFDs and share trading in one platform
- Unique SaxoTrader platform
Not so great for
- Higher minimal spreads than some others
- Forex trading carries risk
Disclaimer: Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider's PDS and consider the risks before trading.
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|Type of broker||Online|
|Available markets||182 Forex spot pairs, and 140 Forwards, Forex Options, CFDs, Indices, Commodities, Equities, Equity Options, Futures, Bonds|
|Minimum Spreads for Major Currencies||0.6 - 1.1 pips|
|Minimum opening balance||3,000|
|Minimum Trade Size||5,000 units|
|Support||Phone, email and live chat|
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.
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.
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.
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.
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.
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.
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.
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.
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.
Saxo offer two award-winning trading platforms. Forex traders can use one or the other, or a combination of the two.
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.
|Minimum deposit||AUD $3000||AUD $50,000||AUD $1,000,000|
If you're an active, high-volume trader or investor and you can meet the minimum deposit requirement of $1,000,000 the VIP trading account offers tighter spreads and lower commissions.
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.
Saxo Capital Markets offers maximum leverage of 100:1.
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.
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.
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.
To apply you will need to provide:
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.
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