Founded almost three decades ago, Saxo Bank is a low-risk and safe broker for trading contracts for difference (CFDs) and forex. Not only is the operator licensed in multiple tier 1 jurisdictions, but they are also affiliated with a number of regulated banks. The fact that the minimum deposits are relatively high is seen as a downside by some. They differ depending on the country. In the UK, the minimum deposit is GBP 500. In Singapore, it’s SGD 3,000. It’s USD 3,000 in Australia and USD 10,000 in the US, effectively deterring entry for many US-based clients.
These minimums are due if you want to open a Classic account, which is entry level. In other words, these are the cheapest options if you want to trade with Saxo Bank. Depending on the account type, these minimums can go up. In the US, the broker’s Platinum account comes with a minimum deposit requirement of USD 200,000. In the UK, the Platinum costs ‘only’ GBP 50,000 to open. The gap between these amounts is somewhat bridged when it comes to their most expensive account, the VIP. It’s cheaper to open one of these in the US than in the UK. You need to deposit a million dollars in the US or a million pounds in the UK.
Even entry-level traders can take advantage of the broker’s many extras, including excellent trading platforms, competitive trading and transaction rates, reliable customer service and research, and more than 40,000 trading instruments to choose from.
The minimum deposit is sometimes referred to as initial funding or initial deposit. The broker uses these terms interchangeably. To begin trading, you need to transfer this sum from your bank account to an account with the broker. You can make deposits via credit or debit card without paying a fee. Apart from the currencies mentioned above, the broker offers several more options.
Like most other brokers, Saxo Bank requires a minimum deposit to guarantee profitability and cover the starting costs of opening a new account. It’s only logical to assume that the more you deposit up front, the bigger your potential wins. You can also trade more and help drive the broker’s bottom line. In essence, everyone wins. The very high initial funding limits are there to differentiate between types of service available to accountholders.
Apart from the high minimum deposits, Saxo Bank clients practically don’t complain about anything. There simply isn’t anything to complain about. The broker ensures a brilliant user experience. SaxoTraderGo, their flagship platform, features everything an investor or trader might need to navigate the market, including the option to trade almost 200 Forex pairs starting at 0.4 pips.