How to Find the Right Account Type: Saxo Bank Review

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Saxo Bank has been a hybrid Market Maker STP broker for more than 20 years. Your order is linked to the market directly. The broker establishes its very own internal market for some CFDs. Due to the high minimum deposit, their two proprietary trading platforms may not be suitable for novice traders. Finding the best Forex market app for you is a crucial step in the trading process. You cannot conduct online transactions without one. These apps could be the mobile versions of well-known trading platforms or ones made specifically for one function.

Saxo Bank Review

Account Types

Here is a list of some types of account you can find at the broker by Traders Union.

  • Saxo Bank VIP

Naturally, VIP treatment is part of the Saxo Bank VIP account. The broker will provide you with the best rates and assistance available. The required down payment is USD 1,000,000. If the amount is equivalent, you could also use a separate currency. In addition, you will receive a special relationship manager through this account who will communicate with you in your native tongue. For more information on market insights, you can also speak with Saxo Bank market specialists directly. In addition, you will be given access to special event invitations if you have a VIP account.

  • Saxo Bank Classic

The account type offered by this broker is standard. It requires a $500 minimum deposit, but only from customers who are located in the UK. The starting point for spreads is 0.8 pip. You can choose from more than 40.000 instruments in this account, and it’s very simple to get started trading. Due to this, it is a very common account type selection for novice traders.

  • Saxo Bank Platinum

The minimum deposit for the Saxo Bank Platinum account is USD 200,000, or the equivalent amount in another currency. Their website claims that using this account results in trading costs that are up to 30% lower. In addition, if you contact them for customer service, your local language would be given priority. Even tighter spreads and committees apply to this account.

  • Demo

With a demo account from Saxo Bank, you can trade completely risk-free. Beginners are advised to use it so they can practice with a balance of USD 100,000. All you need to do to open one is fill in your name, email address, country, mobile number, and optional password. You could indeed test strategies without taking on the real risk because the money has no real value. Whether you win or lose is only hypothetical. There is no requirement to deposit actual money after the initial 20-day trial of the Saxo Bank demo account.

Special features you can find on Saxo Bank

In this Saxo Bank review, Traders Union have also listed some of its special features.

  • Saxo Bank SaxoStrats

Eight people make up the SaxoStrats team, which provides market insight services. In articles that are available to everyone, you can read their observations that are based on their experience. If you access a Saxo Bank VIP account, you will have direct access to these strategists.

  • Social Trading – Copy Trading

No Saxo Bank customer is permitted to use social trading or copy trading platforms. It implies that you cannot create social profiles on the website or platform or communicate with other users to learn from them. Copy trading is also not taken into account.

What is the Best App for Forex Trading?

Remember that since currency trading apps allow users to trade online from virtually anywhere, you won’t need to look for the best currency trading app for the UK or the USA. If you’ve already tried looking into the best mobile Forex trading platform, users may feel a little bit overrun by the choices. The good news is that we’ve already done your research. Here are some of the best app for forex trading platforms we evaluated:

  • MetaTrader 4 and 5 
  • Investing.com 
  • NetDania Stock and Forex Trader App
  • TD Ameritrade 
  • Bloomberg Mobile 

Although it is impossible to determine which trading app is the best, we have put together this list so that you are familiar with some of the most well-known ones currently on the market and may be the finest Forex trading app for some traders.

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