Saxo Bank

With a daily turnover of 12 billion USD, Saxo Bank has been working tirelessly to stay afloat since its inception in 1992. The company is renowned for its transparency initiatives which have earned it a positive reputation in the trading community. Headquartered in Copenhagen, Saxo Bank’s branches in the UAE are located in Dubai and Abu Dhabi. It’s also located in other major international cities, including Paris, Zurich, Tokyo, London, and Singapore.

A friend recommended trying Saxo Bank as its a key industry player, so I decided to give it a shot. When I discovered the minimum deposit to open a live account is 10.000 USD, I jumped out of my skin. It also gave me major respect for traders who actually manage to sleep at night knowing that much money is out there. Here’s a brief low-down on my experience with Saxo Bank.

Reputation

Saxo Bank’s reviews are a mixed bag of positive and negative, which can completely be expected in the domain of online trading platforms. The Danish investment bank specialises in online trading and investment, having first opened its doors decades ago – in 1992. The branch located in Dubai is regulated by the Dubai Financial Services Authority (DFSA).

Bonus and benefits

Saxo Bank equips its traders with informative materials to enhance their skills in the form of educational literature and insightful webinars. Beginners can try their luck with a free demo account. Here, they will be immersed in a realistic trading scenario with a pocket full of simulated 100,000 USD. The demo lasts 20 days, after which they can opt for a live account. I was stunned to learn that the minimum investment for a live account is 10.000 USD.That’s a massive leap from spending 20 days dawdling in a demo account to potentially losing 36.000 AED!

Customer service

With no live admin present, I was forced to resort to telephoning and emailing the company. The branch in Abu Dhabi responded sooner than the one in Dubai. The customer care agent was polite, and patiently answered my array of amateur questions. She walked me through the process as simply as she could, but that promptly flew over my head. I appreciate her time, though! For beginners, unless you can take notes at the speed of light over the telephone, I’d recommend sending the company a descriptive email with all your questions. This will give them the time to revert to you with contemplated answered and links for further reading.

Transparency

Saxo Bank takes extensive measures to prove its transparency to its traders. It’s the first financial institution to report its CFDs on Single Stock trades on a voluntary basis. Saxo Bank also publishes live and historic spreads across price plans. The investment broker has taken a pioneering stance with its transparency, and this did nothing but boost its reputation in my book.