Saxo Markets is an established trading platform designed for investors of ranging capabilities, as reflected in its three-platform model. Beginners may particularly appreciate the wealth of educational resources on offer in a variety of formats, while all traders can benefit from the sense of security that goes hand-in-hand with a company which has industry experience stretching over 30 years.
Pros
- CHESS-sponsored ASX trades
- Access to over 50 international markets
- Ability to trade bonds, cryptocurrencies, CFDs, and foreign exchange.
Cons
- Foreign currency conversion fees
- Live pricing only available if subscribed to relevant exchange
Table of Contents
About Saxo Markets
A well-known name in the investing world, Saxo Markets has stacked up many awards since it was founded in 1992. Most recently, these accolades range from Best Trading Platform Winner 2024 to Best App For Stock Trading 2022, both from broker comparison site BrokerChooser.
Looking beyond the awards, Saxo Markets offers three platforms:
SaxoInvestor: offers the fewest functions and investing options: stocks, ETFs, mutual funds and bonds, for those who want to try investing on a beginner-friendly online platform.
SaxoTraderGo: best suited to mid-level investors, It offers a user-friendly interface, analysis tools to compare stocks on major exchanges and news and expert research, among other features online.
SaxoTraderPro: for high-volume, professional traders, it offers in-depth market analysis, advanced trading features and tailored trading solutions to suit professional and institutional investors It is downloadable on Windows and Mac.
Beginners who develop into seasoned pros need not worry about signing up again to access a platform with more advanced features. All users can access the three platforms from one account.
Saxo Markets’ clients span more than 70 countries, while it provides access to over 50 international markets. To give an idea of the size of the platform: it holds 95 billion USD in assets under management (AUM). This is the market value of the investments it manages on behalf of its clients. As for the quantity of transactions it processes, this reaches around a million daily.
As an expected bare minimum, ASX trading is available through the platform, and is CHESS-sponsored. This means that, as a form of security, each shareholder is assigned their own HIN number, and can easily prove their share ownership in the event the platform goes bust.
Market Access
In addition to access to the ASX, users of this platform can trade in more than 50 overseas markets, including the US, EK, Asia and Europe.
There are a broad swathe of investing options including:
- Stocks
- Bonds
- Mutual funds
- Options
- FX
- CFDs
- Cryptocurrencies
- Commodities
- Futures
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Saxo Markets
Minimum trade
No minimum trade
Market Access
ASX, as well as more than 40 international markets.
Account Fees
No monthly account or subscription fee for classic account.
AFSL 491139. Capital at risk. See PDS and TMD
Saxo Markets Fees Explained
As is typical of investing platforms, services come at a cost. Investors can expect to pay two types of brokerage fees: commission fees, and currency conversion costs, which are charged when placing trades outside your local currency.
Other brokerage fees may additionally apply, all compounding and helping to eat away at your returns. This is why it’s important to thoroughly look through the product disclosure statement for the investment option you’ve chosen.
Saxo Markets has simplified its fee structure as of 4 March 2024. As it now stands, you can expect to pay the following:
- US stocks: Brokerage from $1
- FX: Spreads from 0.4 pips on AUD/USD
- Futures: Commissions from $1 per contract
- Listed options: Commissions from $0.75 per contract
- CFDs: Spreads from 0.4 on US500
- Commodities: Commissions from $0.75 per contract
- ETFs: Brokerage from $1 on US listed ETFs
- FX options: Spreads from 3 pips
- Bonds: Commissions from 0.05% on government bonds
- Cryptocurrency: Spreads from $3.60 on ETHUSD
The exact amount will depend on your account type. You can find more information on costs on Saxo Markets’ pricing page online.
Does Saxo Markets Charge An Account Fee?
As of March 4, 2024, Saxo Markets discontinued its account plans which incurred monthly recurring fees, and now charges no account fees. There are also no subscription fees to use its SaxoInvestor, SaxoTraderGO or SaxoTraderPRO trading platforms.
Neither is there a minimum trade requirement, but a larger deposit of $300,000 AUD, or $2.5 million AUD, will qualify you for the Platinum and VIP account tiers, respectively, for attractive benefits. Saxo Markets offers three account tiers, in all. The table below shows how they compare:
You can earn reward points every time you place a qualifying trade, and for other activities, such as adding funds to your account. You can view the full points catalogue on the Saxo Markets website.
Saxo Markets Guidance And Support
To help you parse the ins-and-outs of investing and trading, and reach your financial goals, Saxo Markets provides a wealth of educational tools for investors of all abilities.
You’ll have access to research on stocks by fund managers such as Morningstar and Trading Central. Other resources include expert articles, podcasts, videos and webinars, in addition to in-depth guides.
Customer Support
You can contact Saxo Market’s customer service team via phone on: +61 2 8267 9000, or by email at: PrivateSalesAU@saxomarkets.com. Existing users can also start a live chat or raise a ticket online. All departments are open Monday to Friday, between 8:30am and 5.30pm AEDT.
Discounts and Benefits
While there are no current deals or special offers for new subscribers or current platform users, those who are assigned a VIP account can benefit from the most competitive pricing Saxo Markets has to offer.
Featured Partner
1
eToro
All your investments in one place
Join 30M users and explore stocks and ETFs
2
Saxo Markets
Minimum trade
No minimum trade
Market Access
ASX, as well as more than 40 international markets.
Account Fees
No monthly account or subscription fee for classic account.
AFSL 491139. Capital at risk. See PDS and TMD
Who Should Use Saxo Markets?
Forbes Advisor recently compared a variety of share trading platforms to find the best online brokers for Australians. Saxo Markets earned a high rating of 4.2 stars out of 5.
Standout points include Saxo Markets lowering its minimum trade amount from $1,000, which was higher than industry standards, to $0. Along with its simplified pricing, platforms and resources for investors of all abilities, Saxo Markets caters to beginners, seasoned professionals and everyone in between. However, do note that the prices in the market are delayed by 20 minutes, if you choose not to subscribe to live pricing for the relevant exchange. This may be an inconvenience for some.
Frequently Asked Questions (FAQs)
Is trading through Saxo Markets legit?
Saxo Markets is a legitimate trading platform and a leading player in the financial industry.
It holds an Australian Financial Services Licence (AFSL 280372), is regulated by the Australian Securities and Investments Commission (ASIC), and meets all legal requirements to ensure full compliance with Australian regulations and standards.
Is Saxo Markets free?
Having scrapped its account plans from 4 March 2024, Saxo Markets is free to all Australian users. Those who sign up to Saxo Markets, can now expect the platform to allocate them one of three account tiers, depending on their minimum deposit.
There are also no subscription fees to pay to Saxo Markets, regardless of which of its three platforms you choose to use. Saxo Investor is designed for beginners, SaxoTraderGo, is best for experienced investors, and SaxoTraderPro, professional and institutional investors.
Who owns Saxo Markets?
Saxo Capital Markets (Australia) Limited is a subsidiary of Saxo Bank A/S. Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co., Ltd, owns 49.8% of the shares of Saxo Bank. Kim Fournais, the Saxo Bank founder and chief executive, owns around 28% percent of the Bank’s shares, and Sampo Plc, a Nordic financial services group, owns around 19.8 percent of the shares. Minority shareholders, including a number of current and former employees of the Bank, hold the remaining shares.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
