Котировки Форекс Онлайн Saxo

Saxo Bank has operated in the UK since March , originally as a branch of Saxo Bank A/S. Saxo now operates under the name Saxo Capital Markets UK Limited.

Saxo Capital Markets UK Limited is a wholly owned subsidiary of Saxo Bank A/S, the parent company of the Saxo Bank Group, an international financial services group specialising in trading and investment across global financial markets.

From Saxo Capital Markets website:

Saxo Capital Markets UK offers private investors online trading and investment in Forex, FX Options, CFDs, ETFs, Stocks, Futures and other derivatives, and online wealth management for Funds, Shares, ETFs, Certificates and Bonds.

Saxo Capital Markets UK also offers online trading services to a broad institutional client base including Hedge Funds, Introducing Brokers and Money Managers.

Additionally, a large base of Banks, Brokers, Asset and Money managers utilise our award winning white label solutions, in order to provide their clients with access to our trading platforms and associated liquidity.

Indices

Saxo Capital Markets currently offers trading opportunities in the following markets:

American Stock Exchange, Euronext Amsterdam, Australian Stock Exchange Ltd., Euronext Brussels, OMX Copenhagen, OMX Copenhagen - First North, OMX Copenhagen, Investment Trusts, Frankfurt Stock Exchange, Hong Kong Stock Exchange, OMX Helsinki, Euronext Lisbon, London International Exchange, London Stock Exchange SEAQ Market, London Stock Exchange SETS Market, Milano Stock Exchange, NASDAQ Global Markets, NASDAQ Capital Market, New York Stock Exchange, NYSE ARCA, Oslo Stock Exchange, OTC Bulletin Board on NASDAQ, Euronext Paris, Singapore Exchange Securities Trading Limited, Sistema De Interconexion Bursatil Espanol, OMX Stockholm, OMX Stockholm - First North, Swiss Exchange, TSX Venture Stock Exchange, Tokyo Stock Exchange, Wiener Brse (Vienna) Stock Exchange, SWX Europe and Warsaw Stock Exchange.

Currencies

The list of currencies you can bet on at Saxo Capital Markets include the US dollar (USD), Australian dollar (AUD), Canadian dollar (CAD), New Zealand dollar (NZD), Japanese yen (JPY), euro (EUR), pound (GBP), Swiss franc (CHF), Czech Republic koruna (CZK), Singapore dollar (SGD), Danish krone (DKK), Mexican peso (MXN), Norwegian kroner (NOK), Polish zloty (PLN), Swedish krona (SEK), South African rand (ZAR), Hungarian forint (HUF), Turkish lira (TRY), Russian ruble (RUB), Romanian leu (RON), United Arab Emirates dirhams (AED), Bahrain dinars (BHD), Hong Kong dollars (HKD), Israeli shekels (ILS), Jordanian dinars (JOD), Kuwaiti dinars (KWD), Lithuanian litai (LTL), Omani rials (OMR), Qatar riyals (QAR), Saudi Arabian riyals (SAR).

CFDs

Saxo Markets offers a large selection of CFDs on a range of international markets and stock indexes.

ETFs

With Saxo Markets, you can trade on a wide variety of ETFs on many different international exchanges.

Apply for a Saxo Capital Markets' trading account or compare with other leading providers.

MoneyWeek Ltd receives commission from Saxo Capital Markets for accounts opened.

Welcome to the Saxo Direct FIX API Specification.

Saxo Bank provides multi-asset liquidity via our FIX API.

Connection can be established via VPN as well as cross connect in LD4 and LD5 centers.

The FIX session runs continuously from AEST Monday to EST/EDT Friday with no daily sequence number reset.

Sequence numbers must be reset on weekends (at the first logon after the weekend).

Clients can connect to Saxo's FIX API at any time during general opening hours. Log off can happen at any time.

To read more about all of your electronic liquidity choices from Saxo Bank, please visit our API & Liquidity Solutions site.

A customized dictionary file is available if your FIX engine requires Fixtxt

Contact us for advice and to receive demo credentials to start developing against the API. 

Products supported on Saxo Direct FIX API:

*DMA liquidity market data. Subject market data redistribution agreement. Contact us for more information

** Licensing costs and redistribution conditions might apply to market data. Contact us for more information.

Opening hours and holidays are the same as those in Saxo Platform, as described on the product pages

Order types supported on Saxo Direct FIX API:

For Algorithmic orders please refer to Message Definitions session

* * order type/duration combination will be added soon.

Saxo Markets pros & cons

Overall summary

Charges and fees

Saxo Markets has three types of accounts:

• Classic: For those with less than £,
• Platinum: Amounts above £, (access to lower fees and wider services).
• VIP: Amounts above £1 million (best fees and event invitations).

A custody fee of % is charged on Classic accounts, and % on Platinum accounts, with a minimum monthly fee of €5 (which can be waived if you activate securities lending in your account). Inactivity fees have also been removed in an update from Saxo at the start of , along with reductions in its per-trade commission pricing with lower minimum commissions. Despite these improvements, Saxo remains a more expensive platform for investors with less than £45, You’d pay annual management charges of £ with Saxo (unless you opt in to securities lending), compared to £42 through AJ Bell and £ with Interactive Investor. Some brokers, such as XTB or Trading , don’t charge any custody fees at all.

If you hold funds, a further % is charged on Classic accounts. On £45, worth of fund investments, this would bring your total annual management fees to £ – making Saxo even more costly compared with other brokers.

Saxo Markets is a better value for investors with high-value portfolios as the custody fee drops to % on VIP accounts. On a £1 million portfolio you’d pay £ a year in management fees with Saxo, compared to £ you’d pay with rival AJ Bell and £1, with Hargreaves Lansdown to hold funds.

In terms of trading fees, these depend on the account you hold, the issuing country and the type of investment you buy. For Classic account holders trading U.K. securities, Saxo charges a minimum of £3 per share and ETF trade, or % of the transaction amount (whichever is higher). European stocks range from a minimum of €3 to €10 and U.S. shares incur a minimum of $1 to as much as $25 for OTC Markets Pink Sheets stocks.

It means transaction fees can get steep, and is a different approach to most of the other platforms we review, which typically charge a flat fee. Trading costs for bonds range from % for Classic account holders to as little as % for VIP clients, and come with a minimum of €20 per trade, which is again higher than many other platforms.

Saxo Markets recently launched the opportunity to buy mutual funds, offering access to more than 6, global funds. Fund trades are free, although you will pay ongoing management fees to the fund manager and Saxo (% for Classic accounts).

Scenario pricing: When calculating annual share dealing costs, trading frequency and account balance are the two most important factors to consider. Assuming a £30, portfolio in a traditional, taxable share dealing account, here are four scenarios of how much Saxo Markets would cost based on trade frequency:

• 5 trades per year = % (minimum £)
• 12 trades per year = % (minimum £)
• 36 trades per year = % (minimum £)
• trades per year = % (minimum £)
• 3 fund trades per year = % (minimum £)

Feature	Saxo Markets
Minimum Deposit info	£
Share Trading: Deals/ Month info	% (£3 min)
Share Trading: Deals/ Month info	% (£3 min)
Share Trading: 20+ Deals/ Month info	% (£3 min)
Annual Custody Fee: £0 - £, info	% p.a. up to £k; % p.a. after £k
Annual Custody Fee: £K-£K info	% p.a.
Annual Custody Fee: £, - £1m info	% p.a.
Annual Custody Fee: £1m and over info	% p.a.
Bonds - Corporate - Fee info	%
Bonds - Government (Gilts) - Fee info	%
ETFs - Fee info
Investment Trusts - Fee info	£8
Telephone Dealing Fee info	£50
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Mobile trading apps

SaxoTraderGO is Saxo’s trading platform. Here you can access stocks, mutual funds, ETFs, bonds, forex, CFDs, commodities and forex options. It can be accessed through a mobile app and through a web browser.

Placing trades is quick and simple through the app, and I found it easy to do basic functions such as create and manage my watch list. When selecting a stock, you can see key financial information and can also see similar stocks people are interested in by scrolling to the bottom of the page on the ‘product overview’ tab. I liked the look and feel of the app and was impressed by the new design of the portfolio section, where you can see in detail your historical performance and can see a clear summary of your positions, including your profit and loss.

You can overlay different stocks on the same chart to compare historical performance although you can’t appear to change the layout of a chart through drawing tools nor can you add indicators. This is a disadvantage if you like sophisticated charting tools on the go – something that is offered by rival IG.

Tap for a demo of Saxo Markets' U.K. trading app.

Website

The SaxoTraderGO web homepage gives a very good oversight of stock market moves across regions and sectors. You can see the top gainers and losers of different regions, as well as analyst recommendations for stocks.

The web platform is very cleanly laid out. You can filter stocks in many different ways such as by market capitalisation, dividend yield and popularity over the past month – allowing you to see general trader sentiment towards certain stocks.

However, I found it quite difficult to customise a chart. Rather than changing a chart layout through each individual stock, you have to go to platform settings to access the charting tools. There are many ways to customise a chart, as there are 64 indicators and 20 drawing tools.

When selecting a stock, the quote includes a chart, news, general company information, analyst recommendations (provided by TipRanks), and fundamental data. I found the information given to be comprehensive and well laid out.

SaxoTraderGO is certainly one of the most comprehensive investing platforms of all the brokers we tested. There is also SaxoTraderPro, which offers advanced trading features for professional or large-scale traders. It supports six monitors, unlike SaxoTraderGO, which supports two.

Feature	Saxo Markets
Web Platform info	Yes
iPhone App info	Yes
Android App info	Yes
Stock Alerts info	Yes
Charting - Indicators / Studies info	64
Charting - Drawing Tools info	20
Charting - Notes info	Yes
Charting - Display Corporate Events info	No
Charting - Stock Overlays info	Yes
Charting - Index Overlays info	Yes

Investment choices

You have a choice of 23, shares on 50 stock exchanges worldwide through Saxo Markets, which is the widest range of stocks of any U.K. broker we tested. It was really impressive to see such a wide range of indices including the Tokyo and Hong Kong stock exchanges, which aren’t offered by most of the U.K. brokers in our review.

Saxo also offers ETFs, investment trusts, bonds and mutual funds, meaning you can achieve wide diversification. Saxo also offers the ability to trade forex, commodities and futures for more experienced traders looking to take higher risk.

Feature	Saxo Markets
Share Trading info	Yes
CFD Trading info	Yes
Funds info	Yes
Research - ETFs info	Yes
Bonds - Corporate info	Yes
Bonds - Government (Gilts) info	Yes
Investment Trusts info	Yes
Spread Betting info	No
Crypto Trading info	No
Advisor Services info	No

Education

Saxo pulls in news feeds from Dow Jones, giving customers a good oversight of global finance news. There are also daily market feeds and research articles from Saxo’s strategy team. I found the ‘week ahead’ videos a very good summary of the main financial and economic announcements coming up that week.

There is also a daily podcast called Saxo Market Call, which looks at topics such as what falling oil prices mean, and present opportunities to earn income from corporate bonds. If you are interested in financial news and how broader economic news impacts the stock market, then Saxo is a great source of information.

There is also some good video content aimed at beginners, including an introduction to equities and how to choose shares.

Feature	Saxo Markets
Education (Share Trading) info	No
Education (Funds) info	No
Education (Retirement) info	No
Client Webinars info	Yes
Client Webinars (Archived) info	Yes

Final thoughts

Saxo Markets is a very sophisticated trading platform that will appeal to investors with extensive trading experience. You can invest in stocks and assets worldwide, unlike general U.K. investment platforms that typically focus on Europe and North America. However, Saxo Markets is not likely to be suitable for beginner investors or those with a small portfolio, due to the high charges. Investors with a large portfolio should also be mindful of the trading charges, which are a percentage of your trade rather than a flat fee.

About Saxo Markets

Saxo Markets is the U.K. subsidiary of Saxo Bank Group. Established in , Saxo Bank is a Danish investment bank and its technology is used by more than banks around the world. With headquarters in Copenhagen and clients in over countries, Saxo Bank is privately held and processes over $17 billion worth of transactions every day.

Is Saxo Bank trustworthy?

Saxo Bank is regulated in 15 jurisdictions including the U.K. and Singapore, and holds banking licenses in Denmark and Switzerland. As it is regulated and authorised by the Financial Conduct Authority (FCA), Saxo Bank has to hold segregated accounts to ring-fence clients’ money, and you are protected for up to £85, through the Financial Services Compensation Scheme (FSCS).

Is Saxo a good investment platform?

Saxo is a very good investment platform that gives traders a wide array of information and investment opportunities. However, it is not likely to be suitable for beginners.

Is Saxo good for beginners?

There are better choices among U.K. brokers for beginners. There is no minimum deposit to open an account with Saxo, meaning you can start investing with a small sum. However, the platform can be complicated to operate for new traders and the charges are high. We would not recommend starting your investing experience with Saxo – other platforms such as Freetrade or Trading may be a better fit.

What is the minimum deposit for Saxo Markets?

There is no minimum deposit at Saxo Markets, but to reach Platinum status you need to have invested at least £,, and to reach VIP status you need at least £1 million in your Saxo account.

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Methodology

For the eunic-brussels.eu Annual Review, we assessed, rated, and ranked 17 U.K. share dealing platforms over a week time period. Each broker’s platforms and features were exhaustively tested by hand and graded on 53 different variables. In total, over 25, words of research were produced.

We thoroughly tested and compared features of prime interest to everyday investors, including but not limited to:

• Investment choices, such as whether the broker offers trading of shares, ETFs, funds, bonds, and CFDs; and offers SIPP and ISA accounts.
• The broker’s charges and fees for investing.
• Functionality and design of mobile apps and website platform, and a fluid experience moving between app and web.
• Usability of tools such as charting and watch lists.
• Market research, such as screening, news and analysis.
• Educational resources including tutorials, online courses, videos, webinars and articles.

Our rigorous data validation process yields an error rate of less than % each year, providing site visitors with quality data they can trust. Our lead researcher and writer, Elizabeth Anderson, has more than a decade’s experience as a financial journalist and market researcher. Elizabeth’s expertise is backed by a team of veteran fellow traders, data auditors, editors and project managers who work to ensure that eunic-brussels.eu reviews and guides are the most unbiased and complete in the industry. Read more about our team.

About the Editorial Team

Elizabeth Anderson

Elizabeth Anderson, lead writer and researcher, has been a financial journalist for more than a decade. In addition to her work with eunic-brussels.eu, she has written extensively for major publications including BBC, The Times and Bloomberg. A keen investor herself, she is passionate about helping people understand finance and investing.

Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2, trades placed during that time. He heads research for all U.S.-based brokerages on eunic-brussels.eu and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

Carolyn Kimball

Carolyn Kimball is managing editor for Reink Media and the lead editor for the eunic-brussels.eu Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for eunic-brussels.eu Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

OpenAPI provides three different resources for getting prices. The resources are called Prices, InfoPrices and OptionChain. A price is a large collection of values and attributes and if possible it's recommended that only those needed are requested. Prices are provided based on instruments which are defined by a combination of a Uic and an AssetType parameter (read more about instruments here). If the purpose is just to get a price, InfoPrices offers a request/response interface for a single price as well as a list of prices for a single AssetType. The Prices are intended for trading and works through setting up a subscription and getting values back on the streaming channel.

Anatomy of a price

A price consists of data in groups according to different uses. They can be requested through the use of the FieldGroup parameter on the request for a price. Data in the price is grouped as follows:

FieldGroup	Default	Comment
Commissions		Costs associated with buy and sell. Dependent on client setup and account/amount
DisplayAndFormat		Basic reference data about how to correctly display a price. It is convenience data intended for very simple applications and it is generally recommended that an app does not use this, but instead look the full instrument up via the Reference Data
Greeks		Contains price sensitivity data relevant for option trading. Will be empty for all other asset types
HistoricalChanges		Contains percent change values for a select set of periods of longer duration like 3 months to 5 years. This is to supplement the daily percent change can be found in PriceInfo. HistoricalChanges are only supported for StockIndices
InstrumentPriceDetails		Additional values which are specific to the underlying asset type
MarketDepth		Contains the order book for the instrument and is restricted based on feed rights
PriceInfo		Basic and probably common secondary price values (high, low, netchange, percentchange)
PriceInfoDetails		Basic and probably less common secondary price values
Quote		The core data about a price: delay, bid/mid/ask & price type.

It is recommended to only ask for the field groups needed.

Price Feeds

Values returned as part of a price is controlled by your price feed rights. Price feeds control whether prices are delayed or real time and whether there is access to market depth data. Price feeds can usually be subscribed to, to get more data. In the below example for instance the price is delayed 15 minutes.

Required Parameters

In order to ask for a price, some parameters must be provided in order for OpenAPI to return a price. This is an overview of what is required:

Other Important Parameters

On top of the required parameters there are a few parameters that requires special attention. Obvious ones are amount and accountkey. On top of that pay special attention to:

ToClosePositionId:ported for InfoPrices and is only relevant for clients on End-of-Day netting mode. It is used to indicate that the intend of getting the price is to close an existing position. 

Special Rules of Convenience  

FieldGroups: If no list of field groups are provided in the price request, the following defaults are used:

And the Quote field group cannot be deselected by explicitly providing something else in the request.

Amount: Pricing depends on the amount and if the amount is not provided a default will be chosen and returned in the Quote field group.

AccountKey: Identifies what account the price is for. If not provided, the client default account is assumed.

ForwardDate: For an FxSpot, the value date is always today plus two bank days. A forward date is the intended value date for the resulting spot position and must be a) more than two bank days in the future (or it would just be a spot) as well as b) within the FxForwardMinForwardDate and FxForwardMaxForwardDate range as specified on the instrument data. Note that if the forward date is a bank holiday, the provided will be for the following bank day. The date of the corrected date can be found as the value date of the price response in the InstrumentPriceDetails field group.

ExpiryDate: This parameter for Fx options behaves like the ForwardDate for forwards. If an expiry date is a bank holiday, the API will use the next following bank day as expiry date and return the corrected date in the InstrumentPriceDetails field group's ExpiryDate field.

Strike: It is highly recommended to provide a strike parameter for a FxVanillaOption price-request, but if it isn't a default strike is used. The strike price chosen for pricing is returned as the StrikePrice value in the InstrumentPriceDetails field group.

LowerBarrier + UpperBarrier: For FxOneTouch and FxNoTouch option, only one of these fields can be set. If none is provided, the API automatically picks a LowerBarrier value. The chosen LowerBarrier value is returned as LowerBarrier in the InstrumentPriceDetails field group.

What is in a Quote

Most of the field groups returned on a price are supporting information. The Quote field group however, contains the core values used for placing orders an trading. The values here must be understood together:

• Bid/Mid/Ask are the core prices - self explanatory
• DelayedByMinutes indicates whether the price is real time or delayed and if so by how much. 0 indicates real time prices
• ErrorCode
• PriceTypeBid/PriceTypeAsk

ErrorCode: Is usually None, but can indicate whether an order for that amount will be to large or to small.

PriceTypeBid/PriceTypeAsk:The values are usually the same, but there are situations where this is not the case. Usually around price subscriptions to close a position. Price types can be:

• Indicative
  In most cases this price is as relevant as a Tradable price. The exception is, that it cannot be used for spot trading on Fx options
• OldIndicative
  There are currently no prices in the market, so what the price you see here is usually that last traded from when the market was open. Typically happens for exchange traded products when the market is closed or Fx over the weekend
• NoAccess
• You are not setup for a price feed or the instrument. No price will be provided. If you beleive this is an error, please contact Saxo to be set up for prices on this instrument
• NoMarket
  There are currently no prices Trying again may yield a different result
• Pending
  There is no price right now, but if asking again it will likely be there. On subscriptions an update is likely to contain a valid price soon (common for StockIndexOptions, StockOptions and FuturesOptions)
  

QuoteID: A reference to the price used for spot trading on Fx Options.

Examples and Errors

When asking for a price a response will be provided if the instrument exists and the required parameters checks out. If not the case, the endpoints for setting up subscriptions and getting single prices can be expected to return a Bad Request.

Subscriptions

While there is a lot one can do by simply requesting an info price, a full trading application usually requires continuous access to the latest price. For that a streaming connection must be established and a subscription on a price must be set up:

InfoPrices and Lists

InfoPrices allows two things that the regular price interface does not. First of all it allows a request/response interface to getting a price which can be convenient in situations where you don't need a stream of prices, but just a single one. It also supports getting prices for a list of instruments with some limitations.

• It only works with a single AssetType
• It is not possible to provide individual parameters to each instrument. I.e. asking for a price for 10, EURUSD and at the same time ask for prices for 10 ounces of XAUUSD is not possible. For this reason is is usually recommended to leave the optional fields blank and let OpenAPI use some sensible defaults
• A uic should not be provided more than once. Only one price per instrument
• Getting commissions is not supported on infoprices
• Error handling is different for lists. Asking for prices with invalid parameters will lead to an (partially) empty list, rather than an error in the request

In the below example we show the list interface behaves when asking for prices for the three FxSpot instruments 21 (EURUSD), 42 (USDJPY) & (Does not exist):

As can be seen, the semantics for lists are a little unusual in that it allows for semi illegal input and reacts by only returning the data for the valid combinations.

See also the live sample on streaming price data, including the ProtoBuf protocol (with source).

Interactive Brokers vs Saxo Bank Comparison

We’ve made it easy to compare the best forex brokers, side-by-side. Our editorial team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Our research is unbiased and independent; learn more about how we test. That same research and data powers our broker comparisons. Let's compare Interactive Brokers vs Saxo Bank.

Can I trust Interactive Brokers?

Interactive Brokers is publicly traded, does not operate a bank, and is authorised by nine Tier-1 regulators (Highly Trusted), one Tier-2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk). Interactive Brokers is authorised by the following Tier-1 regulators: Australian Securities & Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system.

Can I trust Saxo Bank?

Saxo Bank is not publicly traded, does operate a bank, and is authorised by seven tier-1 regulators (Highly Trusted), one tier-2 regulator (Trusted), zero tier-3 regulators (Average Risk), and zero tier-4 regulators (High Risk). Saxo Bank is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system.

Is Interactive Brokers good?

Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.

Is Saxo Bank good?

Saxo Bank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40, securities.

What is the minimum deposit requirement for opening an account with Interactive Brokers?

To open a trading account with Interactive Brokers, you'll need to make an initial minimum deposit of $0.

What is the minimum deposit requirement for opening an account with Saxo Bank?

Saxo Bank requires a minimum deposit of $0 before you can open an account and start trading.

What funding options does each broker offer?

It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Interactive Brokers offers Bank Wire (Deposit/Withdraw) for banking, whereas Saxo Bank provides Visa/Mastercard (Credit/Debit) and Bank Wire (Deposit/Withdraw). Neither have PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw)

Does Interactive Brokers or Saxo Bank offer lower pricing?

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that Interactive Brokers offers better pricing overall for traders.

Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.

Is Interactive Brokers or Saxo Bank safer for forex and CFDs trading?

At eunic-brussels.eu, we track over international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that Interactive Brokers holds 9 global Tier-1 licenses, while Saxo Bank holds 7. Both Interactive Brokers and Saxo Bank hold 1 global Tier-2 licenses.

After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that Interactive Brokers and Saxo Bank have earned the same Trust Score (99).

Which trading platform is better: Interactive Brokers or Saxo Bank?

To compare the trading platforms of both Interactive Brokers and Saxo Bank, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Saxo Bank offers a better experience. With research, Saxo Bank offers superior market research. Finally, we found Saxo Bank to provide better mobile trading apps.

Here’s what trading platforms are available at Interactive Brokers:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - No
• MT5 - No
• ZuluTrade - No
• TradingView - Yes

Here’s what trading platforms are available at Saxo Bank:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - No
• MT5 - No
• ZuluTrade - No
• TradingView - Yes

What about MetaTrader? How about copy trading?

The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. Neither broker offers Meta Trader. Forex traders also appreciate the ability to engage in social copy trading. Copy trading is not offered by either broker.

What can I trade with each broker?

Saxo Bank provides traders currency pairs (e.g., EUR/USD) compared to Interactive Brokers's 90 available pairs. If you are interested in trading CFDs, Saxo Bank offers traders access to CFDs, while Interactive Brokers offers access to CFDs; so Saxo Bank offers more CFDs than Interactive Brokers.

We found in our testing that Interactive Brokers offers a more diverse selection of investment options than Saxo Bank, allowing you to trade Forex Trading (Spot or CFDs), U.S. Stocks (CFD), Int'l Stock Trading (Non CFD) and Cryptocurrency (Physical). Neither have Spread Betting.

Overall winner: Interactive Brokers

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Danish investment bank

For the cycling team, see Team Saxo Bank.

Company type	Private
Industry	Brokerage firm, banking, trading, investmentfintech
Founded	; 32&#;years ago&#;()
Founder	Kim Fournais Lars Seier Christensen Mark Anthony Hauschildt&#;
Headquarters	Copenhagen, Denmark
Key people	Lone Fønss Schrøder, Chairman (Chairman) Henrik Normann (Vice-Chairman) Kim Fournais (CEO & Founder) Lars Seier Christensen (Founder)
Products	Investment Banking, trading platforms, online trading and investment
Operating income	USD &#;million ()
Net income	USD &#;million ()
Total assets	USD 11,&#;billion ()
Total equity	USD 1,&#;billion ()[1]
Number of employees	2, ()
Website	eunic-brussels.eu

Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in , under the name Midas Fondsmæglerselskab (English: Midas Stockbroker Company), by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt.^[2] The name was changed to Saxo when the company obtained a banking license in Saxo offers trading through its online platforms in Forex, stocks, CFDs, futures, funds, bonds, and futures spreads.^[3] The company functions as an online broker with a bank license, without offering traditional banking products. According to Saxo, roughly half of its activities are derived from partnerships with institutional trading partners. More than financial institutions globally service their end clients with Saxo Bank's platforms on a white-label basis^[4]

Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as London, Paris, Zürich, Dubai, Singapore, India, and Tokyo. According to the bank, it has clients in countries,^[4] and has a daily average turnover of approximately US$12 billion.^[5]

Saxo Bank is known for its success in online trading and investment and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics. Revenue reached DKK 3,&#;million in delivering a net income of DKK &#;million. It has a staff of ^[6]

Saxo Bank has launched several white-label partnerships with banks such as Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best. ^[7]

Ownership[edit]

Saxo Bank is privately held with Geely Financials Denmark A/S – a subsidiary of Chinese automotive company Zhejiang Geely Holding Group Co., Ltd – owning a % stake. Founder and CEO, Kim Fournais, owns %, while Sampo Group owns % of the company. Minority shareholders, including current and former employees, hold the remaining shares.^[8]

Business model[edit]

Saxo Bank describes itself as a facilitator in financial markets.^[9] For trading in listed equities, liquidity is provided through connectivity to the world's major stock exchanges. For online margin trading in non-listed products, the bank obtains liquidity from more than 15 large banks. Through its trading platforms, both retail and institutional clients have access to a range of financial instruments: Forex, stocks, CFDs, futures, funds, bonds, and futures spreads.^[10]

Saxo Bank services both retail clients and institutional clients such as banks, brokers, fund managers, money managers, family offices, and private banks.^[11]

History[edit]

s: Midas Fondsmæglerselskab[edit]

Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early s. Christensen was working as a broker for Gerald Metals at the time while Fournais worked at the now defunct Lannung Bank. The two said that they both felt like they had found their business soul mate.^[12]

When the company acquired its license, the periodical Økonomisk Ugebrev, Economic Weekly began publishing an article series on sidegadevekslererne, the bucket shops of Denmark, and included Midas.^[13][14][15] During the autumn of well-known Danish business man Karsten Ree claimed he had been cheated by Midas into making fictive investments via their wealth management services, suffering losses in excess of DKK , in one month.^[16]

The company subsequently underwent a criminal investigation by the Director of Public Prosecutions but was cleared of all charges.^[13]

s: Name change and banking license[edit]

In , Midas launched its first internet product; a trading platform for currencies called MITS (later replaced by SaxoTrader). The company renamed to Saxo Bank, named after the Danish Saxo Grammaticus, because there was already a Nigerian bank called Mida operating at an international level. Saxo obtained its new banking license in , began expanding its online presence and moved to new headquarters in the Copenhagen suburb of Gentofte.

Global expansion and acquisitions[edit]

Saxo Bank launched its products and services in Europe during the early s. In , its first white-label product was launched with a Portuguese securities dealer.^[17] In September , it also launched its first US white-label product. Following the launch of Citigroup's CitiFX Pro, an online foreign exchange trading platform developed by Saxo, in November ,^[18] the Bank would focus entirely on its institutional clients in the US.^[19]

In September , Saxo announced the acquisition of its Swiss white-label client, Synthesis Bank.^[20] In late May, Saxo bought a French brokerage, Cambiste, that was later renamed Saxo Banque France. During , Saxo opened offices in Milan, Prague and Dubai. By year-end, Saxo Bank had around 13–14 foreign sales offices, up from eight the year before.^[21]

Saxo has since been growing through add-on acquisitions and startups, and has built an asset management department, Saxo Asset Management, legally segregated from the rest of the Bank, through acquisitions. In , Saxo acquired Sirius Kapitalforvaltning and in June , it purchased the full share capital of Capital Four Management Fondsmaeglerselskab A/S and 51% of the share capital of Global Evolution Fondsmaeglerselskab A/S, providing expertise for Danish bond & equity instruments.

In , Saxo Bank invested in financial technology firm, Saxo Payments^[22] The business was sold by Saxo Bank in July ^[23] to investment firm EQT (through EQT VIII and EQT Ventures) for $M after Saxo Payments relaunched as Banking Circle.^[24]

growth[edit]

In March , Saxo Bank launched a new equity platform able to trade in over 11, stocks and other products listed on 23 major exchanges worldwide.^[25]

Saxo Bank was later named the Best White Label Solution Provider in the world, at the World Finance Foreign Exchange Awards , citing "the Bank's long established program of investment and innovation within its White Label business".^[26][27] In the same month the bank was also awarded Best re-labelling platform for by industry magazine Profit & Loss. Saxo was voted into the top spot by subscribers to represent 'reader's choice'.^[28]

In July , CEO Kim Fournais stated that the bank's turnover of DKK 70 billion on a daily basis had been broken, despite negative press at the start of the year.^[29] The growth is believed partly to spring from an explosive growth in Saxo Bank's largest partner, Citi, whose turnover resulting from trading grew nearly % in the first 6 months of In August , the Bank's half-year results revealed that net profit had indeed increased fold from DKK 41 million to DKK million, making the first six months of better, than any other full year in Saxo Bank's history.

In its results, Saxo Bank proved to have grown way beyond industry averages with profits trebling compared to It also revealed that it had launched another online platform this time with Barclays Stockbrokers to supply their UK client base with an International Equities platform. Named 'International Trader', it encompasses over 9, equities, 21 major global exchanges in 13 international markets and Securities research. The release were already being marketed widely in the UK marketplace as well as to Barclays' existing UK clients base. In May , Saxo Bank furthermore announced it would provide TD Waterhouse, the UK's leading execution only broker, with an online derivatives trading platform for retail investors.^[30]

Transparency initiatives[edit]

According to Markit, Saxo Bank was the first financial institution to report its CFDs on Single Stock trades on a voluntary basis, in a bid to bring greater transparency to this fast growing market.^[31]

Australia[edit]

In , Saxo Bank was reprimanded by the Australian Securities & Investments Commission (ASIC) over its risk management practices, two days after announcing intention to develop retail online trading in Australia. The regulator imposed extra licensing conditions, including a requirement to hire an expert to check on its subsidiary Saxo Capital Markets Australia's systems to address credit risk, client risk and compliance risk.^[32]

The ASIC Chairman, Greg Medcraft, said the additional licence conditions on Saxo Bank's AFSL reflected ASIC's priority to improve industry standards amongst financial services licensees. He added that the new licence conditions were an important part of restoring investor confidence in the broader broking area and providing reassurance that compliance procedures are in place to ensure risk management practices are of the standard required under the law. This came after Russell Johnson, Director of Sonray Capital Markets, which acted as a white-label to Saxo Bank, was sentenced to six and a half years in jail after the firm owed A$76 million.^[33]

Stock broker BBY appointed liquidators in June due to insufficient funds to meet its obligations.^[34] BBY operated as a white-label to Saxo Bank offering Foreign Exchange contracts and other financial products. Court proceedings deemed that BBY illegally pooled a disproportionate level of funds with Saxo Bank which should have been allocated to clients holding Equities and Exchange Traded contracts.^[35]

Saxo Privatbank[edit]

On 17 September , Saxo Bank announced plans to invest DKK 59 million in Brorup Sparekasse; a small Danish savings bank founded in with seven branches, which was renamed to Saxo Privatbank offering core banking services in Denmark.^[36] The bank also said that it intended to offer at least DKK million more in capital contribution when the terms for transforming the Brorup Sparekasse into a joint-stock company were fulfilled. Brorup Sparekasse ran into difficulties in and , primarily due to failed speculation in unlisted bonds, which led to negative revenue of DKK 74 million before tax.^[37][38] Saxo Bank later announced that the terms for transforming Brorup Sparekasse into a joint-stock company were fulfilled with Saxo Bank as the largest shareholder owning 98,6%^[39]

Saxo Privatbank had branches in the Danish cities Brørup, Esbjerg, Fredericia, Hellerup, Kolding, Odense, Vejle and Århus. In April , Alm. Brand Bank bought Saxo Privatbank for DKK million.^[40]

eunic-brussels.eu and social trading[edit]

In January , Saxo Bank launched a beta version of a transformed eunic-brussels.eu, a community portal re-launched into the first multi-asset social trading platform. The site encourages users to share information, tips and strategies publicly. The bank's founders said they want the site to make financial trading easily accessible to all and serve those who do not wish to engage with salespeople at banks. "We want to set free the peer-to-peer power of traders around the globe," they said in a joint statement.^[41]

The new eunic-brussels.eu is designed for serious private investors trading with their own money, but it can also be used by those wishing simply to follow financial markets. The social trading platform features a range of content for traders, such as market news and views, data, insights and trade ideas from Saxo Bank's research teams and VIP authors. A real-time trade stream reveals the current market sentiment.

SaxoTraderGo and OpenAPI[edit]

In May , Saxo Bank launched a new multi-asset trading platform called SaxoTraderGo. According to the bank, the platform was launched as an answer to clients’ increasing demand for mobile trading and easy transition between devices.^[42] According to trading and investment industry media, the platform is based on HTML5 and “offers an intuitive and fast multi-asset trading experience”.

In September , Saxo Bank announced that it would open access to its trading infrastructure with the launch of OpenAPI, allowing partners, clients and external developers to access the bank's trading infrastructure and enable them to customise their trading experience ^[43]

According to news reports this means that external developers and white label clients are able to integrate all of the back-end and front-end functionality of Saxo Bank's trading platform offering: “Every company will be able to tweak the platform to a level where users will not be able to recognize whether they are using a white label of Saxo Bank’s.”

SaxoSelect[edit]

In the beginning of , Saxo Bank launched SaxoSelect, a new digital investment service. One part of the environment is a range of portfolios built with iSharesETFs, launched in cooperation with BlackRock aimed for long-term investors and managed according to BlackRock's research.^[44] Saxo Bank also launched a copy trading service called Trading Strategies, offering access to a set of trading strategies managed and designed by a wide range of investors selected by Saxo Bank.^[45]

Controversy following Swiss franc cap removal[edit]

On 15 January , the Swiss National Bank put an end to franc's cap against the euro, resulting in EUR/CHF rate going significantly below level.^[46] On the following day, Saxo Bank announced that it would change the filling price of the orders executed on CHF currency pairs during low liquidity periods that followed the SNB announcement. This resulted in additional losses for some clients who were shorting EUR/CHF and other CHF instruments and had previously exited their trades during those low liquidity periods.^[47] Saxo Bank's action of amending deals forcing larger negative balances of clients resulted in complaints.^[48]

On 23 January , Saxo Bank reported that due mainly to negative client balances on which it may not be able to collect, the bank might be forced to take a loss of up to DKK million (about US$ million).^[49]

On 29 January , the Danish FSA said in a statement that it was in close dialogue with Saxo Bank and would require the bank to provide a detailed report of the actions taken during and after the incident.^[50]

In February , a group of over 20 Saxo Bank clients, consisting of both Danish and foreign members, asked Danish law firm Andersen Partners to look at whether they could launch a class action lawsuit against the firm to recover losses made after the sudden removal of the CHF cap.^[51]

In July , the Danish FSA issued its review of Saxo Bank's handling of the Swiss event, issuing two reprimands for having “failed to provide information about limitations for when the so-called "dedicated liquidity” applies” and "for not immediately providing information about significant difficulties in executing client orders to clients."^[52]

But regarding execution of stop loss orders and adjustment of transaction prices the FSA concludes:

“The Danish FSA has found no reason to determine that Saxo Bank has therefore acted in conflict with the regulations on best execution. Furthermore, it is the assessment of the Danish FSA that the method presented and applied by Saxo Bank to set the adjusted settlement prices for the clients affected contributes to equality of treatment between clients and is not biased towards the interests of the Bank. Therefore, the Danish FSA finds that the method is not in conflict with the regulations that a securities dealer must act honestly and professionally.”^[53]

Saxo Bank commented:

“We take notice that the FSA after a thorough investigation has stated that Saxo Bank’s handling of the events and the application of price adjustments has been consistent with the regulations on investor protection and that the Bank’s terms are not in conflict with the regulations that a financial intermediary must act honestly and professionally towards its clients.”^[53]

In December , the Danish Maritime and Commercial High Court ruled in Saxo's favor in a case filed by a Danish corporate client that lost money in when the Swiss national bank removed the peg, also underlining that Saxo's actions were in line with the bank's business terms and that market conditions were exceptional, that market was illiquid and that it, in practice, was impossible to execute orders at the initial prices.^[54]

Also in December , the Danish Complaint Board of Banking Services concluded in Saxo's favor in case brought up by a private client. The Board concluded that Saxo has acted in a way that was fair and correct, and in accordance with the bank's general terms of business. And further concluding that the corrected prices contributed to reach “the, under the circumstances, best results” for clients.^[55]

In March , the UK Financial Ombudsman Service ruled against Saxo Bank in the dispute with the client more than 2 years after the SNB event, stating that the trader has to be compensated by Saxo Bank.^[56]

Takeover by Geely[edit]

On 2 October , it was announced that Chinese carmaker Geely is going to increase its stake in Saxo Bank to % if the deal is approved by regulators.^[57]Sampo Group will acquire a % stake, while Kim Fournais, Saxo Bank's CEO, will retain his % stake.^[58] Those selling shares are Sinar Mas and TPG.^[58]

Corporate headquarters and architecture[edit]

Saxo Bank is headquartered in Tuborg Havn in the northern outskirts of Copenhagen. The building, which received an RIBA International Award, was designed by Danish architects 3XN. The façade of the building is covered in diagonal white aluminium and blue glass patterns.^[59] In June , Danish business newspaper, Borsen, named the Saxo headquarters the "Kingdom's finest domicile."^[60]

Other Saxo Bank offices are located in Australia, China, the Czech Republic, Dubai, France, Greece, Hong Kong, India, Italy, Japan, Netherlands, Singapore, Switzerland, Turkey, the United Kingdom and the United States.^[61]

Public relations[edit]

In , Saxo Bank admitted editing its own Wikipedia entry through an anonymous user to remove information it said was untrue. When confronted by the media it acknowledged that a "slightly more elegant solution" should have been found.^[62]

[edit]

In mid-June , Riis Cycling A/S announced that Saxo Bank had entered a three-year contract as title sponsor, with immediate effect, so the team entered the Tour de France as Team CSC Saxo Bank.^[63]Carlos Sastre won the Tour, and the team took the team classification. In and , Andy Schleck finished the Tour in second place. When the bank signed the sponsorship agreement with Riis Cycling A/S, it noted that the team "has the international reach and name recognition that means we will be able to get our message our to most of our client groups around the globe. We love the sport, and believe that together we will be winners."^[64] It surprised everyone Lars Seier Christensen together with Bjarne Riis announced to the public on 3 August that Saxo Bank had extended its sponsorship of Riis Cycling for another year, and that Tour winner Alberto Contador had signed onto the team, with the aim of winning all Grand Tours (the Tour de France, the Giro d'Italia and the Vuelta a España) in one year.^[65] In , Tinkoff Bank joined Saxo Bank as title sponsor.^[66] Following Bjarne Riis' sale of the team to Oleg Tinkov, Saxo Bank stopped its sponsorship as of ^[67]

In January , Saxo Bank announced it would be one the Lotus F1 team's sponsors this season, moving into motor racing. Saxo Bank told that it would use the Lotus team name in its marketing and also be able to host clients at Formula One races as a sponsor.^[68]

Saxo Bank has also sponsored reprints and distributed several books; including Ayn Rand's novel Atlas Shrugged, which the bank retranslated into Danish and distributed 10, copies (each new employee of the bank receives a copy). In May , Saxo Bank donated one million DKK to the libertarian political party Ny Alliance (later renamed to the Liberal Alliance), co-CEO Lars Christensen later joined the party himself.^[69] Saxo Bank supported Liberal Alliance financially for several years, but stopped the contribution af the parliamentary election in ^[70]

Allegations of misconduct and subsequent acquittal[edit]

While the first half of had been months of tremendous growth for Saxo Bank, allegations from former employees and two former clients sparked a two-month media focus on the bank. Saxo Bank was later cleared of all allegations and Danish Berlingske Tidende characterised Saxo Bank's media crisis as a bitter clash between the founders and former employees as well as former clients most likely due to personal disappointments or economic matters.^[71]

In April , a Portuguese financial institution accused Saxo Bank of manipulating stock and currency prices, claiming it lost 10 million euros.^[72]

In May, a Lebanese investor said his company had lost DKK 20&#;million in four months because of unstable pricing and error interruptions on the SaxoTrader. Saxo Bank rejected that errors are a common thing and claimed that the SaxoTrader has an uptime of %^[73][74]

J. Korsoe Jensen, Attorney at Law for Saxo, issued lawsuits against the two former clients in June , for false accusations.^[75][76]

The new Chairman of the Board of Saxo Bank, Kurt Larsen, admitted to Berlingske Tidende that the lawsuits filed against the two former clients were indeed very unusual measures.^[77] However, he also said:

"We have tried, but have not been successful in gaining clients authorisation to respond to the accusations they have made against us. Therefore, we had to react, and therefore we have filed lawsuits against them."^[77]

Completion of FSA review and independent investigation[edit]

In July , the Danish FSA completed their investigation of Saxo Bank, having analysed its trading platform and protection of investors. The Danish FSA found its automated trading system sufficiently transparent to users. Furthermore, the FSA found no remarks vis-à-vis the bank's service regarding of trading tips on the platform, the technical structure of the system or its robustness. Likewise, the Danish FSA concluded that the evaluation version of Saxo Bank's trader would permit possible clients to experience dealing with trading complex products without risk before they became customers for real.

However, the Danish FSA ordered an independent investigation of whether trades executed manually and performed on the Bank's electronic trading system are generally being executed in accordance with the Bank's common trading conditions and Best Execution Policy. In late August, it was announced by the Danish FSA that the investigation would be done by Oliver Wyman, the international consulting company.^[78]

The independent investigation is said to have cost Saxo Bank millions and were two months overdue when on 29 November , the Danish FSA published a statement, saying that Oliver Wyman had concluded that "Saxo Bank was not systematically mispricing its manual order flow to the detriment of its clients or in violation of its General Business Terms and its Best Execution Policy" and "that it could find no evidence of clients being systematically unfairly treated at the individual level". Based on the above-mentioned conclusions, the Danish FSA found that the investigation by Oliver Wyman did not give cause for pursuing anything further regarding Saxo Bank's execution of manually executed trading orders nor regarding Saxo Bank's trading system. The statement also said that the instruments represented in the cases covered by the Danish media, this summer, and the client complaints received by the Danish FSA had been taken into account.

Criticism of the Danish FSA[edit]

Following the announcement of the Danish FSA on 8 July, Lars Bo Langsted, a professor of economic law at Aalborg University stated that:^[79]

"The Danish FSA has become more aggressive. It has become quite common that the FSA reports companies to the police even though their violations aren't that serious. Where previously they might have chosen a dialogue, today their finger is on the trigger."^[77]

The WeeklyFix column suggested that the Danish FSA had been pressured to act on Saxo by press reports. "There is no doubt the Danish FSA has felt under pressure to act () This begs the question, since when did financial authorities spring into action on the back of media speculation?"^[80]

References[edit]

External links[edit]