Saxo Bank – SaxoTrader – SaxoTraderGO

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SaxoTrader is Saxo Bank’s own multi-asset trading platform available for desktop computers, along with its mobile version – SaxoTraderGO. The broker used to have a web-based platform called SaxoWebTrader, but it discontinued it in September 2016, as well as two other mobile platforms – SaxoMobileTrader and SaxoTabletTrader.

SaxoTraderGO was launched in May 2015 for devices with iOS and Android and the broker is constantly enhancing its mobile platform with new features. After the launch of its own platform, Saxo Bank is no longer offering the MetaTrader4.

Users of Saxo Bank’s trading platforms can chose what markets, instruments, charts and trading components to be displayed. Both versions of the platform offer basics features (technical indicators, advanced charting, trading from the charts, analysis tools, live news feeds), but they also have some advanced features, including tools for comparative analysis and for suggesting trading plans.

What is Saxo Markets?

Saxo Bank, a Danish investment bank. For many people, that’s enough to dispel any doubts about the company. Its SaxoTraderGO trading platform is used by investors all over the world.

The good thing about Saxo Markets is that their fees are actually pretty affordable compared to other brokerage firms. More on fees below.

In addition, it has an international focus, and is ideal for those who wish to invest in overseas markets or exchanges, although you can of course just stick with SGX stocks if you wish.

Commissions & Fees

Overall Findings: Commissions at Saxo are only competitive for traders with a large enough balance to achieve Platinum or VIP status. Saxo offers three account types: Classic, Platinum, and VIP. For simplicity, we focused on the Classic account, which requires only a £500 minimum deposit and is the base account type at Saxo. Platinum accounts require a £50,000 deposit, and VIP accounts require a £1,000,000 deposit; both come with discounted trades.

Shares trading fees: To buy and sell UK-listed physical shares, new clients default to the Classic Pricing Plan. Under this base pricing, UK traders can buy shares for 0.10% per trade (£8 min). Meanwhile, UK traders who trade on foreign exchanges are subject to different commission charges, depending on the exchange. For example, trading on the NASDAQ Stock Exchange will cost $10.

Beyond regular share-dealing fees, Saxo charges several other account fees traders should be aware of, including custody fees, market data subscription fees, and inactivity fees.

  • Custody Fee: Saxo charges a custody fee of 0.12% per annum for any accounts holding open stock, ETF, or bond positions, with a monthly minimum fee of €10 (or the £ equivalent).
  • Market Data Subscription Fee: To receive real-time market data, traders pay a monthly fee to the exchange. Fees vary depending on the exchange. For example, the London Stock Exchange basic streaming quotes (non-professional) cost £6 per month. Similarly, US exchanges (NASDAQ and NYSE) each cost $7 per month.
  • Inactivity Fee: Saxo charges a fee of £25 if the account has been inactive in the previous quarter. For example, if no shares are traded during January, February, or March, a £25 fee would be charged to the account during the first week of April.

Scenario pricing: When calculating annual share dealing costs, trading frequency and account balance are the two most important factors to consider. Assuming a £30,000 portfolio in a traditional, taxable share dealing account, here are four scenarios of how much Saxo Markets would cost based on trade frequency:

  • 5 deals per year = £148 (£108 annual custody fees) + (£8 x 5)
  • 12 deals per year = £204 (£108 annual custody fees) + (£8 x 12)
  • 36 deals per year = £396 (£108 annual custody fees) + (£8 x 36)
  • 120 deals per year = £1068 (£108 annual custody fees) + (£8 x 120)
  • 3 fund deals per year = £148 (£108 annual custody fees) + (£8 x 5)

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