Throughout the last decade or so, the financial market has expanded and it became of the most popular and highest-grossing markets in the world. With many different aspects of the market, the financial market provided many different types of traders with the opportunity to trade and to earn significant amounts of money. One aspect of the financial market is the Forex or foreign exchange that has been gaining popularity recently among the financial experts as well as among the common traders.
With the rise of the foreign exchange the need for software products that will provide assistance to traders during the process of Forex trading also increased. In that regard, software products called Forex brokers were developed and since then they are used in order to provide traders with better chances and opportunities of earning money while Forex trading. One such broker is the SaxoBank Forex broker.
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Background and Regulation
Saxo Bank is the investment bank that has been founded by Lars Seier Christensen, Kim Fournais and Marc Hauschildt and initially this bank bay founded under the name Midas Fondsmæglerselskab. After receiving the license in 2001, this bank changed its name to Saxo Bank. The services that they provide to their clients include trading with CFDs, futures, Forex, funds, future spreads, and bonds. This Forex broker provided by the Saxo Bank is located in Copenhagen but they currently have offices all over the world including London, Tokyo, Singapore, Zurich, Dubai and Paris. According to some data, SaxoBank Forex broker is one of the most regulated Forex brokers in the world. According to these data, SaxoBank Forex broker is firstly regulated by the Danish Financial Supervisory Authority and it is licensed by the same authority (license number 1149). Besides this agency, SaxoBank Forex broker is regulated also by the Monetary Authority of Singapore under the name Saxo Capital Markets Pte. Ltd. (Registration Number: 200601141M), Japanese Financial Services Agency under the name Saxo Bank FX K.K. (Registration Number: 239) and Swiss Federal Banking Commission under the name Saxo Bank AG (Registration Number CH-660-0511991-1). By being registered and regulated by many different agencies, SaxoBank Forex broker is subject to the control and regulations by the above-mentioned agencies.
SaxoBank Forex broker has provided its clients with the selection of several trading platforms that traders can use while conducting the Forex trade through this Forex broker. Those trading platforms are:
- SaxoTrader – this is the platform developed by SaxoBank and it provides its clients with the opportunity to trade Forex, Stocks, Futures, ETFs, CFDs by using only one trading platform. In order for a trader to use this platform, he or she will have to download it and install it before they actually start using it
- SaxoMobileTrader – this trading platform provided by SaxoBank Forex broker has two different versions. The first version of this platform enables traders to trade by accessing it through the browser of any mobile device that is connected to the Internet. The second version of this platform is actually the application that has been specifically developed for mobile devices operating on iOS and Android operating systems
- SaxoWeb Trader – this platform is the standard web-based platform that runs on the basis of Java and it is not required to download it
- SaxoMT4 – recognizing the importance of the MT4 trading platform, SaxoBank also provided its clients with the opportunity to this, one of the most popular trading platforms in the market.
SaxoBank Account Types
SaxoBank Forex broker provides its clients with the opportunity of selecting one of the three types of accounts that they have offered. The first type of account is the Classic account and the minimum deposit for this account is $10,000. This account also provides clients with the opportunity to access all trading platforms and it does not charge any service fee. The second type of account is the Premium account that requires the minimum amount of the deposit to be $100,000. Just like the Classic account, it enables clients to use all trading platforms, and it does not charge any service fee. However, unlike classic account, it enables clients to have the account extensive service for 24 hours, 5 days a week and it provides free extensive research and news. The third and the final type of the account is the Platinum account and the minimum deposit for this account is $500,000 and it provides all the features mentioned before for the other two types of accounts. Additionally, this type of account also provides the features of individual pricing, FX Options tight as the interbank spreads as well as the preferred options of the customer services.
One of the biggest disadvantages of this Forex broker is the fact that it does not provide any bonuses or promotions for their clients. However, this might change in the near future. But those traders who are considering joining this Forex broker now need to be aware that they will not have any kind of bonuses or promotions while trading with this Forex broker.
SaxoBank Forex broker provided their clients with several different methods that they can use for depositing or withdrawing funds from their accounts. Some of those methods are Bank Wires that provide no restrictions on using bank wires for transactions; Credit Card and Debit Card that include MasterCard, Visa Electron, Maestro, Carte Bleue and DK; Securities transfers. This Forex broker provides no restrictions when it comes to the amount of money that clients can deposit or withdraw from their accounts expect on deposits made with Credit cards and that amount is $160,000.
One of the most important aspects of the Forex broker is the customer support service. SaxoBank Forex broker is provided their clients with the opportunity to contact the customer support services through Live Chat on their official web page as well as by calling the phone number also provided on their official web page. The customer support service is working from 8 a.m. to 4 p.m.