CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. PipTax compares costs; it is not investment advice.
Brokers › Saxo

Saxo — costs, regulation & account details

Saxo Bank A/S

59 of retail investor accounts lose money trading CFDs/forex with this provider (broker-stated).
TradingViewOwn platformAPI

Overview

Legal / official name
Saxo Bank A/S
Parent company
J. Safra Sarasin Group (Switzerland) — completed acquisition of ~71% majority stake on 2 March 2026 (FINMA + Danish FSA approved); in July 2026 announced exercise of call option to acquire the remaining ~28.69% from founder Kim Fournais, moving to full ownership. Prior majority owner 2018–2026: Zhejiang Geely Holding (via Geely Financials Denmark A/S). Fournais stepped down as CEO to become chairman; Daniel Belfer (Bank J. Safra Sarasin CEO) became Saxo CEO.
Founded
1992
Headquarters
Philip Heymans Allé 15, 2900 Hellerup (Copenhagen), Denmark
Publicly listed
False
Accepts customers from
Approx. 41 countries per Saxo's help-centre onboarding list (updated 1 July 2024, still current July 2026): UK, most EU/EEA states (AT, BE, HR, CZ, DK, EE, FI, FR, DE, GR, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SK, SI, ES, SE), Iceland, Norway, Switzerland, Monaco, Faroe Islands, Greenland, Australia, Hong Kong, Japan, Singapore, Malaysia, Thailand, Israel, Qatar, Saudi Arabia, UAE
Notable exclusions
US persons (Saxo is not registered with SEC/CFTC/NFA); any country not on the onboarding list (e.g. USA, Canada, New Zealand, South Africa, India, mainland China, Russia). Italy is served via the BG SAXO joint venture with Banca Generali.

Regulation & entities

Brokers operate multiple legal entities; the protections and leverage you get depend on which one holds your account.

EntityRegulatorLicenceRegion
Saxo Bank A/SDanish FSA (Finanstilsynet)Banking licence no. 1149 (company reg. 15731249); designated SIFIDenmark, EU/EEA (incl. branches in Netherlands, France, Italy, Czech Republic etc. — ex-BinckBank markets), and most non-EU serviced countries booked to the Danish entity
Saxo Capital Markets UK LtdFCA (UK)FRN 551422United Kingdom
Saxo Capital Markets (Australia) LimitedASICAFSL 280372 (ABN 32 110 128 286)Australia
Saxo Capital Markets Pte LtdMAS (Singapore)Capital Markets Services licence holder; Co. Reg. 200601141MSingapore
Saxo Bank (Schweiz) AGFINMA (Switzerland)Not statedSwitzerland (bank and securities dealer)
Saxo Capital Markets HK LtdSFC (Hong Kong)CE no. AVD061Hong Kong
Saxo Bank Securities LtdJFSA (Japan)Not statedJapan
Saxo Bank A/S, DIFC Representative OfficeDFSA (Dubai/DIFC)Reference F001014 (Representative Office only — MENA clients are onboarded to Saxo Bank A/S Denmark)UAE / MENA marketing

Accounts & pricing

AccountPricing modelCommission (round turn)Typical EUR/USD spreadMin. deposit
ClassicAll-in spread on FX (no separate commission); tiered commissions on stocks/ETFs/futures00.7USD 0 / no minimum in most regions (entry tier of Saxo Rewards); regional exceptions exist (e.g. Spain/Portugal reported at EUR 100,000)
PlatinumAll-in spread on FX (no separate commission); ~30% lower commissions than Classic on other assets00.6USD 200,000 funding or equivalent Saxo Rewards points (120,000+)
VIPAll-in spread on FX (no separate commission); best tier pricing + dedicated service00.5USD 1,000,000 funding or equivalent Saxo Rewards points (500,000)

Professional client account

Elective-professional status is only for traders who already meet strict eligibility tests. It removes retail protections — read what you would give up before considering it.

Offered
True
Eligibility
Elective professional (MiFID/FCA): must be capable of own investment decisions AND meet at least 2 of 3: (1) investment portfolio incl. cash and financial instruments (with Saxo and/or others) exceeding EUR 500,000 (pensions/property excluded); (2) at least 40 significant-size trades over the last 4 quarters, minimum 1 per quarter — 'significant size' = EUR 30,000 for CFDs/FX, EUR 5,000 stocks/ETFs, EUR 25,000 bonds, 2 lots futures, 3 lots options; (3) worked at least 1 year in the financial sector in a professional position requiring knowledge of the relevant products
Max leverage (pro)
FX majors 1.50% initial margin (~66:1) vs retail 3.33% (30:1); FX minors 2.00% (~50:1) vs 5%; major indices 2.50% vs 5%; gold 3.00% vs 5%; commodities from 4% vs from 10%; equities 10% vs 20%
Pricing/rebate vs retail
No published spread/commission rebate tied to professional status itself — Classic/Platinum/VIP tier pricing applies to all clients. Professional benefits are lower margin rates, use of securities holdings as collateral, no product restrictions (incl. access to Crypto FX pairs and no KID-availability blocks)
Protections lost
Negative balance protection (losses can exceed deposits); ESMA/FCA retail leverage caps; standardised risk warnings; FSCS cover (per Saxo UK's page); Financial Ombudsman Service access limited (only where acting as 'consumer'). Retained: segregated client accounts, best execution, right to opt back to retail
FSCS treatment
Saxo UK's elective-professional page states FSCS protection is lost on reclassification (the page references the FSCS limit — note the FSCS deposit limit rose to £120,000 on 1 Dec 2025 while the investment-claims limit is £85,000)
Regional notes
Reclassification offered by UK and EU/DK entities via platform (Account > Other > Classification Status); margin comparison above is from Saxo UK's ESMA professional-status page. Australia offers a separate wholesale-client regime and Switzerland is outside ESMA caps — specifics not verified this session.

Costs

Deposit fees
None charged by Saxo (bank transfer and card funding; payments executed as SHA so intermediary/routing bank fees are borne by client)
Withdrawal fees
USD 0 — Saxo charges nothing for withdrawals (bank transfer only; correspondent-bank routing fees possible)
Inactivity fee
None — Saxo states it does not charge inactivity fees (scrapped in the Jan 2024 fee overhaul)
Currency conversion
Up to +/-0.25% applied to the FX spot mid-price when trading instruments in a currency other than the account base currency
Swap-free available
False
Swap notes
No Islamic/swap-free accounts offered. FX positions held overnight are rolled via tom/next swap points plus financing of unrealised profit/loss; overnight financing applies to CFDs. Other holding costs: custody fee on stock/ETF/bond positions on the global schedule (0.15%/0.12%/0.09% p.a. for Classic/Platinum/VIP, min fees + 25% VAT for EU residents; removed in several core EU markets after 2024 cuts); manual/phone order fee EUR 50; USD 3 fixed FX ticket fee only on trades below 50,000 units of base currency

Platforms & execution

MetaTrader 4
False
MetaTrader 5
False
cTrader
False
TradingView
Yes — official integration: direct Saxo clients can link a funded account and trade via TradingView (manual trading and alerts; automated strategy execution not supported by default)
Proprietary
SaxoTraderGO (web/mobile), SaxoTraderPRO (desktop, professional-grade), SaxoInvestor (investor app)
API access
OpenAPI (REST, developer.saxo) for own-build solutions; FIX API for institutional; also third-party tool integrations (e.g. multicharts/algo tools via OpenAPI)
Execution model
Dealer/principal (market-maker) on OTC products — Saxo is counterparty to FX and CFD trades with tiered 'all-in spread' pricing; exchange/DMA execution for listed products (stocks, ETFs, futures, listed options). No ECN/raw-spread account type.
Max leverage (by region)
Retail FX majors: UK 30:1 (3.33% initial margin), EU/Denmark 30:1 (ESMA), Australia 30:1 (ASIC). Elective professional (UK/EU): ~66:1 FX majors (1.50% margin). Crypto FX: BTC 50% initial margin retail / 40% professional. Switzerland, Singapore, Japan, Hong Kong retail caps not verified this session. Tiered margin methodology — requirements rise with exposure.
Copy trading
No — SaxoSelect (managed portfolios / trading strategies) discontinued 10 Dec 2024; TradingView link does not allow strategy auto-execution

Instruments

Forex
Yes — 185+ FX pairs (spot, forwards, FX options); part of 71,000+ total instruments
CFDs
Yes — CFDs on indices, single stocks, commodities, forex and bonds
Crypto CFDs
Crypto FX pairs (BTCUSD, BTCEUR, BTCJPY, ETHUSD, ETHEUR, ETHJPY) — leveraged, non-deliverable rolling derivatives, no wallet. Per Saxo's help centre these are restricted to elective-professional clients (exposure limits: USD 500k/coin pro, USD 200k/coin retail where permitted; BTC margin 40%/30% pro vs 50%/40% retail). Cash crypto ETPs/ETNs/ETFs also offered.
Crypto for retail (no pro status)
UK: crypto DERIVATIVES still banned for retail (FCA ban in force since 6 Jan 2021, unchanged as of Jul 2026), but retail can buy crypto ETNs (cETNs) on UK-recognised exchanges since FCA lifted that ban 8 Oct 2025 — classified Restricted Mass Market Investments, appropriateness test required, no FSCS/FOS cover; from 6 Apr 2026 cETNs no longer purchasable in Stocks & Shares ISAs (move to IFISA eligibility). EU/DK: retail can hold crypto ETPs; Crypto FX pairs stated as professional-only by Saxo's help centre. Switzerland: crypto pairs & ETPs marketed on Saxo CH site. Australia: not verified.

Consumer protection

Negative balance protection
Yes for retail clients of the EEA/UK entities (ESMA product-intervention rules and FCA equivalent); explicitly WAIVED for elective professional clients ('losses can exceed deposits')
Client fund segregation
Yes — client funds held in segregated accounts (UK: FCA CASS rules via Saxo Capital Markets UK; Denmark: clients are depositors with a licensed bank); Saxo Bank A/S is a fully licensed bank with S&P investment-grade rating
Compensation scheme
Denmark (Saxo Bank A/S clients): Danish Guarantee Fund — cash deposits covered up to EUR 100,000 per client, securities up to EUR 20,000 if not returned. UK (Saxo Capital Markets UK Ltd): FSCS-covered (investment claims limit £85,000; note FSCS deposit limit rose to £120,000 in Dec 2025). Other entities covered by local schemes (not individually verified).
Stated retail loss %
59

Reputation

Trustpilot: 3.7 (Trustpilot)

Regulatory actions / fines

Noted issues

Sources

Every figure above is drawn from these sources, retrieved as of the dates shown.

  1. Ownership — J. Safra Sarasin completes 71% acquisition (2 Mar 2026) (2026-07-11)
  2. Ownership — JSS to acquire remaining ~28.69% from Kim Fournais (Jul 2026) (2026-07-11)
  3. Company history, founded 1992, HQ, prior Geely ownership (2026-07-11)
  4. EURUSD spreads by tier (Classic 0.7 / Platinum 0.6 / VIP 0.5 pips, indicative minimums), USD 3 sub-50k ticket fee, 59% retail loss disclosure (2026-07-11)
  5. Licenses & entities (Danish FSA licence 1149, SIFI status, group licences) (2026-07-11)
  6. UK FCA registration FRN 551422 (Saxo Capital Markets UK Ltd) (2026-07-11)
  7. Australia AFSL 280372, ABN 32 110 128 286 (2026-07-11)
  8. Singapore MAS entity (Saxo Capital Markets Pte Ltd) (2026-07-11)
  9. UAE — Saxo Bank A/S DIFC Representative Office, DFSA ref F001014; and 2022 DFSA censure of Saxo Bank (Dubai) Ltd (2026-07-11)
  10. Trustpilot: 3.7/5 from 8,599 reviews; complaint themes; 71,000+ instruments; 20-day demo (2026-07-11)
  11. Danish FSA AML fine DKK 313m (~EUR 42m / USD ~50m), Jan 2026 (2026-07-11)
  12. French AMF fine EUR 300,000 (16 Jul 2025, BinckBank successor) (2026-07-11)
  13. Elective professional status: eligibility (2 of 3 criteria), retail vs pro margin table, protections lost incl. FSCS/NBP (2026-07-11)
  14. Professional margin rates (lower rates for professionals; tiered methodology) (2026-07-11)
  15. Crypto: UK retail derivatives ban, professional-only Crypto FX pairs, retail cETN access, margins and exposure limits (2026-07-11)
  16. FCA opens retail access to crypto ETNs (effective 8 Oct 2025) (2026-07-11)
  17. Saxo UK crypto ETN offering + ISA change from 6 Apr 2026 (2026-07-11)
  18. General charges: no inactivity fee, 0.25% currency conversion, custody fee tiers, EUR 50 manual order fee (2026-07-11)
  19. No fees for deposits/withdrawals (SHA routing; third-party bank fees possible) (2026-07-11)
  20. No inactivity/account-holding fees (2026-07-11)
  21. Demo account: free, 20 days, USD 100,000 virtual (2026-07-11)
  22. Account tiers / minimum funding (Classic no minimum, Platinum USD 200k, VIP USD 1m via Saxo Rewards) (2026-07-11)
  23. Countries serviced (onboarding list) / US persons not accepted (2026-07-11)
  24. TradingView integration (funded direct accounts; no auto-strategies) (2026-07-11)
  25. Retail FX margin 3.33% EURUSD (30:1), 185+ FX pairs (2026-07-11)
  26. Client fund protection: Danish Guarantee Fund EUR 100k cash / EUR 20k securities; UK FSCS £85k (2026-07-11)
  27. SaxoSelect / wealth products discontinued (SG press release Nov 2024; SaxoSelect closed 10 Dec 2024) (2026-07-11)
  28. No Islamic/swap-free account (secondary source) (2026-07-11)
  29. Affiliate program (payouts per funded client or fixed-fee, tailor-made, monthly; no published CPA/revshare) (2026-07-11)
  30. Introducing Broker program (custom institutional/partner terms) (2026-07-11)
  31. January 2024 fee cuts (context for inactivity/custody fee removals) (2026-07-11)

Data notes: Verified against primary sources on 2026-07-11 unless noted. NULLS AND CAVEATS: (1) EURUSD spread figures (0.7/0.6/0.5 pips) are Saxo's published INDICATIVE MINIMUM spreads read directly from home.saxo (en-gb) — Saxo states they vary by country of residency; long-run average spreads are only available via the platform/live-spreads widget, which did not render for extraction. FX commission is genuinely zero (all-in spread) for standard-lot sizes; the USD 3 fixed ticket fee applies only to trades under 50,000 units (so up to USD 6 round turn on sub-50k positions). (2) demo_pricing_matches_live: null — Saxo documents the demo as simulated with a ~1,000-instrument subset but publishes no statement that demo pricing/execution matches live. (3) affiliate cpa_range and ib_revshare: null — Saxo's affiliate page explicitly says payouts are 'tailor-made' per partner (monthly, per funded client or fixed fee); no CPA or revshare figures are published anywhere official. (4) vps_offer: null — no VPS service found anywhere on Saxo's site; Saxo has no MT4/MT5 support where VPS is customary, so almost certainly none, but Saxo makes no explicit statement. (5) FINMA and JFSA license numbers not confirmed from primary registers this session. (6) FSCS treatment for elective professionals is stated as 'lost' on Saxo UK's own page; the '£120,000' figure returned from that page likely reflects the Dec 2025 FSCS deposit-limit increase (investment-claims limit remains £85,000) — treat the exact quoted limit with caution. (7) Retail leverage caps for Switzerland, Singapore, Japan and Hong Kong entities not verified — deliberately omitted rather than guessed. (8) The 59% retail CFD loss figure was consistent across home.saxo global and en-gb pages in July 2026 but can differ per entity and is updated quarterly. (9) 2015 CHF-depeg repricing dispute is included as a well-documented historical issue (Wikipedia and contemporaneous press) but was not re-verified against court records. (10) Spain/Portugal EUR 100,000 Classic minimum came from Saxo Rewards support content via search snippet — flag for re-verification. (11) Italy is served via the BG SAXO SIM joint venture with Banca Generali (Trustpilot-listed location) — not broken out as a separate regulation[] entry.

Cost figures reflect each broker's published specifications as of 11 July 2026 and can change; always check the broker's current terms. Most retail investor accounts lose money trading CFDs. PipTax compares costs and is not investment advice. How we research this.