When it comes to online trading and investment, most people think of Revolut, Trading 212, or Robinhood. There are many online forexes and CFD brokers that can help the average joes take investment into their own hands and even eke out a living from options trading. Looking at some Saxo Bank reviews, the results speak for themselves as Saxo Bank has taken the lead in 4 different categories for trading. For more beginner and experienced traders who want to enter the big league, we’ll be taking a brief look into Saxo Bank’s features and overall trading experience.
Online Investment in a Nutshell
As online trading evolved and became a norm to shake off the distrust that erupted in the 2008 financial crisis, more and more people look for platforms to start investing their hard-earned cash. Several trading platforms have hit the stage and attracted newfound attention from customers who had lost faith in large brokerage firms.
This lack of faith has opened doors to multiple neo banks and investment platforms where individuals can act as independent traders at their own risk. Earlier, we’ve covered Etoro’s core features, commissions, and disadvantages. This time we can look at how investment can be made easy with Saxo Bank’s many features.
Saxo Bank – Getting started
Saxo Bank is a licensed bank that originates from Denmark, providing online trading options and investment bank facilities to everyday users. Established in 1992, Saxo Bank caters to global customers and has its authorized subsidiaries across the world in the form of legal entities.
Opening up an account and getting started can be done with three easy steps through an application. Once you’re completely verified, you can secure your fund via your debit card or a bank transfer.
Investment through Saxo Bank
The unique elements of Saxo Bank have to do with its trading costs, which vary from instrument to instrument. The platform stands out from many other platforms with its Forex fees as well as fees for stock index CFDs.
Unlike Revolut that had a lot of bad rep for customer support, Saxo Bank has an active via phone call service. Saxo Bank provides its traders with an extensive product portfolio with currency pairs so that each Saxo trader gets a product to trade. This is really handy for those who work outside of the dollar or eurozone and need to exchange their currencies before trading.
When it comes to commission charges, the rates can be affected by two things: volume of trade and frequency.
With Saxo Bank, forex tradings can be categorized as one with lesser commission if your trading volume is higher. In fact, the minimum trade anyone can do is $10,000, which is why the platform is recommended for wealthier, more experienced traders.
Saxo Bank is a great online broker choice for online traders in Forex and CFDs. Customers can find user-friendly and feature-rich accessibilities to their investments. With low low trading fees and satisfactory customer support, it stomps out the distrust that other platforms have raised where people had difficulties recovering their investments.
However because of its higher than usual entry level of $10,000 it is not for the faint of heart. Anyone thinking of playing with big numbers should consider investing only as much as they’re willing to lose.