If you are looking for a reliable and reputable forex broker, you may have come across Saxo FX. Saxo FX is a global online trading platform that offers access to over 40,000 instruments across forex, stocks, commodities, indices, bonds, ETFs, and more. Saxo FX claims to provide competitive pricing, fast execution, advanced trading tools, and excellent customer service. But is Saxo FX a scam or a legit broker? In this review, we will examine the features, pros and cons, and regulation of Saxo FX to help you decide if it is the right broker for you.
Features of Saxo FX
Saxo FX offers three types of accounts: Classic, Platinum, and VIP. The minimum deposit for the Classic account is $10,000, while the Platinum and VIP accounts require $200,000 and $1,000,000 respectively. The higher the account tier, the lower the spreads and commissions, and the more benefits you get, such as priority customer support, personal relationship manager, exclusive events, and access to SaxoStrats (a team of market experts).
Saxo FX provides two trading platforms: SaxoTraderGO and SaxoTraderPRO. SaxoTraderGO is a web-based platform that is compatible with any device and browser. It has a user-friendly interface and offers a range of features such as charting tools, indicators, news feed, economic calendar, risk management tools, and more. SaxoTraderPRO is a desktop platform that is designed for professional traders who need more advanced functionality and customization. It has features such as algorithmic trading, depth of market, trade from chart, multiple screens support, and more.
Saxo FX has a wide selection of instruments to trade with. You can trade over 180 currency pairs, including majors, minors, exotics, and spot metals. You can also trade CFDs on over 9,000 stocks from 36 global exchanges, as well as indices, commodities, bonds, ETFs, and options. Saxo FX also offers access to futures and forex options contracts for more sophisticated strategies.
Pros and Cons of Saxo FX
Pros:
- Regulated by multiple authorities in different jurisdictions
- Offers access to over 40,000 instruments across various markets
- Provides competitive pricing and fast execution
- Supports two trading platforms with different features and functionality
- Offers educational resources and market analysis
Cons:
- High minimum deposit requirement for the Classic account
- Charges inactivity fee after six months of no trading activity
- Does not accept clients from the US and some other countries
- Does not offer MT4 or MT5 platforms
Conclusion: Is Saxo FX a scam or a legit broker?
Saxo FX has some drawbacks that may deter some traders from choosing it as their broker. Saxo FX has a high minimum deposit requirement for the Classic account ($10,000) which may be too steep for beginners or low-budget traders. Saxo FX also charges an inactivity fee after six months of no trading activity which may be inconvenient for passive or long-term traders. Saxo FX does not accept clients from the US and some other countries due to regulatory restrictions. Saxo FX also does not offer MT4 or MT5 platforms which are popular among many traders.
Therefore, we recommend that you weigh the pros and cons of Saxo FX carefully before deciding to open an account with them. You should also do your own research and compare Saxo FX with other brokers that may suit your needs and preferences better.
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