Denmark’s Saxo Bank Group (Saxo Bank), founded in 1992, classifies itself as “a leading Fintech specialist focused on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients.”
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The company embraced the technological advancements of the late 90’s in launching one of the first online trading platforms in 1998. Saxo Bank has operated in the United Kingdom since 2006 through its subsidiary Saxo Capital Markets U.K. Ltd (SCML) and, like many forex brokers, it doesn’t accept U.S. traders.
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Saxo Capital Markets is for the advanced trader. It offers a broad variety of brokerage services geared towards sophisticated active traders, investors, professionals, and institutions. Smaller account holders will encounter a number of unusual obstacles that include higher account minimums, a variety of fees, and fewer customer support options.
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Tiered accounts lower trading costs and add benefits as equity grows, but the majority of retail traders will have a tough time reaching the higher customer tiers. The company is ranked as the winner for AskPaccosi’s Best Forex Broker for Advanced Traders in 2020.
Pros
- Extensive range of offerings
- Regulated by FCA (U.K.)
- Industry’s best research
- Superior user interface
- Offers protection for client accounts
Cons
- Lack of emphasis on customer service
- Confusing instrument fee structures
- Does not accept U.S. clients
- No MT4
