Invest · Broker review
Saxo Bank
Premium multi-asset platform with strong FX pricing for large portfolios
$40 more per $10,000 than Interactive Brokers (FX cost only)
Not financial advice.This is a comparison of FX costs only. We don't recommend specific investments. Always consult a qualified financial adviser before investing.
Verdict
Saxo is a premium platform for serious investors wanting access to 70,000+ instruments globally. Its FX cost (0.5%) is higher than IBKR but significantly lower than retail banks. Best for investors who value platform quality, research depth, and local support in key markets.
Full review
Saxo Bank is a Danish investment bank founded in 1992 by Lars Seier Christensen and Kim Fournais, operating at the boundary between retail broker and investment bank. It offers direct access to stocks, ETFs, forex, options, futures, bonds, and CFDs across 70+ exchanges from a single account — a breadth that is hard to match. The FX cost for non-USD investors is a spread of approximately 0.25–0.75% depending on the currency pair and account tier (Classic, Platinum, VIP), with tighter spreads at higher tiers.
The SaxoTraderGO and SaxoTraderPRO platforms are among the most professional-grade retail interfaces available. SaxoTraderPRO in particular rivals the tools used by institutional traders, with multi-asset order management, cross-margin analytics, and a bond and derivatives offering that no pure-equity neo-broker can match. For investors who want a single platform covering equities, ETFs, bonds, FX, options, and futures across global markets, Saxo is a serious contender.
Saxo is regulated as a bank in Denmark (Finanstilsynet), holds an FCA licence in the UK, and maintains licences in 15+ other jurisdictions including Singapore, Australia, Japan, and Hong Kong. As a licensed bank (not just a broker), Saxo holds client assets under bank-grade regulatory requirements, which provides a different category of institutional protection versus a typical broker's segregated account model.
The fee structure is multi-tiered and not the cheapest for simple equity investing: Classic tier charges a minimum of USD 1 per US stock trade at 0.08% commission (reduced from USD 5 in January 2024), Platinum starts lower, and VIP (requiring USD 1M+ in assets) approaches institutional pricing. The FX spread of 0.5% at Classic tier is competitive with domestic banks but higher than IBKR's 0.08%. For investors focused primarily on US equities at reasonable scale, IBKR is cheaper. For investors who need multi-asset access — particularly bonds, FX products, or complex derivatives — Saxo's breadth is unmatched in the retail tier.
Geographic availability is wide: Saxo serves investors from most of Europe, Asia-Pacific (including Singapore and Hong Kong but not Mainland China), Australia, and parts of the Middle East and Latin America. It does not accept US-resident accounts. For European investors wanting the deepest multi-asset platform available with institutional-grade tools, Saxo is frequently the top recommendation.
FX cost breakdown
FX cost comparison on $10,000 investment
Pros & cons
Pros
- Access to 70,000+ instruments across 50+ exchanges
- High-quality research and market analysis tools
- Strong regulatory standing in multiple jurisdictions
- SaxoTraderGO platform is cleaner than IBKR's TWS
- Available to investors in UAE, Singapore, and most European countries
Cons
- FX cost (0.5%) is 5× higher than IBKR
- Minimum deposit of $2,000
- Higher commissions than discount brokers
- Custody fee applies on smaller accounts
Who can use it
Markets available
Supported corridors
Regulated by
Frequently asked questions
Is Saxo Bank good for international investors?
Saxo is excellent for investors wanting broad market access and a high-quality platform. Its FX cost of 0.5% is higher than IBKR's 0.1% but lower than most banks. For portfolios above $50,000, the Classic account tier reduces commissions. Available in most countries outside the US.
What's the minimum deposit for Saxo Bank?
Saxo's minimum deposit is $2,000 (or equivalent) for a Classic account. Platinum accounts require $200,000. The account tier affects commissions — Classic charges higher per-trade fees than Platinum.
Invest by market & home country
See how Saxo Bank compares for your specific home country and target market — with FX cost, regulation, and tax notes.
US stocks
S&P 500
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global ETFs
MSCI World / FTSE All-World
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UK stocks
FTSE 100
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emerging markets
MSCI Emerging Markets
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Indian stocks
Nifty 50
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European stocks
EURO STOXX 50
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bonds and fixed income
Bloomberg Global Aggregate
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REITs
FTSE NAREIT All REITs
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