Is Saxo Bank Scam? | Saxo Bank Safety and Reliability

 

Pros

Cons

  • Regulated by FCA
  • Negative balance proton
  • Client protection amounts
  • Over 80 billion USD client funds
  • Over 660,000 traders worldwide
  • Not listed on stock exchange

Introduction

Saxo Bank is one of the most popular investment banks all vr the world. It’s originally founded in 1992 in Denmark. It’s also regulated by top-tier financial authorities like the FCA, the Financial Conduct Authority in the UK. Saxo Bank has over 40,000 trading products in several categories like forex, CFDs, commodities, ETFs, and more. It also has low trading fees, with a good trading experience through its customized trading platforms. Saxo Bank also has several third party research tools that help you trade smart with the least effort and create your own trading strategies.

Is Saxo Bank Regulated?

Saxo Bank is regulated by many financial authorities like:

  • FCA: the Financial Conduct Authority in the UK
  • IMA: the Italian Market Authority
  • The Bank of Netherlands
  • DCB: Dutch Central Bank
  • MAS: the Monetary Authority of Singapore
  • FINMA: the Swiss Financial Market Supervisory Authority
  • ACPR: Autorité de Contrôle Prudentiel et de Résolution
  • AMF: Autorité des marchés financiers
  • JSA: the Japanese Financial Services Agency
  • SFC: the Securities and Futures Commission
  • DFCA: the Danish Financial Supervisory Authority
  • ASIC: the Australian Securities and Investments Commission
  • CNB: the Czech National Bank

Is Saxo Bank a Scam?

Saxo Bank was founded in 1992 and has more than 30 years of trading experience and over 660,000 clients worldwide. It’s also regulated by top-tier financial authorities and has over 80 billion USD client funds within it. On the other hand, Saxo Bank is not listed on the stock exchange.

Client Protection

Saxo Bank has client protection amounts protection from several regulators as the table shows below.

Saxo Bank Legal Entities Table

Country

Protection amount

Regulator

Broker’s Legal Entity

UK

£85,

FCA

Financial Conduct Authority

Saxo Capital Markets UK Limited

Italy

€100,000

IMA

Italian Market Authority

BG SAXO Società di Intermediazione Mobiliare S.p.A.

Netherlands

No Protection

The Bank of Netherlands

&

DCB

Dutch Central Bank

Saxo Bank A/S Netherlands

Singapore

No Protection

MAS

the Monetary Authority of Singapore

Saxo Capital Markets Pte. Ltd. Singapore

Switzerland

CHF 100,000

FINMA

the Swiss Financial Market Supervisory Authority

Saxo Bank Switzerland Ltd.

France

€100,000

ACPR

Autorité de Contrôle Prudentiel et de Résolution

&

AMF

Autorité des marchés financiers

Saxo Banque

Japan

No Protection

JSA

the Japanese Financial Services Agency

Saxo Bank Securities Ltd.

Hong Kong

No Protection

SFC

the Securities and Futures Commission

Saxo Capital Markets Hong Kong Ltd.

Denmark

€100,000 for cash,

€20,000 for securities

DFCA

the Danish Financial Supervisory Authority

Saxo Bank A/S

Australia

No Protection

ASIC

the Australian Securities and Investments Commission

Saxo Capital Markets Australia Limited

Czech

No Protection

CNB

the Czech National Bank

Saxo Bank A/S Czech Republic

Negative Balance Protection

Please note that Saxo Bank has a negative balance protection for the EU customers in case anything goes wrong.

Two-step Verification

Fortunately, Saxo Bank has the two-step verification method while logging in.

Saxo Bank Awards

Since its foundation in 1992, Saxo Bank was awards like:

  • 2021:
  • Best Forex Broker By Brookerchooser
  • #1 Platform & Tools 2021 By Forexbrokers
  • Best Cfd Broker And Best Dma Broker In The Good Money Guides Awards
  • 2020:
  • Best Retail Fx Broker At Finance Magnates Awards
  • Best Prime-of-prime Provider In The Fx-markets Awards
  • Best Retail Fx Platform In The Fx-markets Awards
  • 2019:
  • Best B2b Liquidity Provider By Finance Magnates
  • Best Retail Fx Broke By Finance Magnates
  • Best Platform For The Active Trader By Advfn
  • Best Boutique Prime Broker By Hfm
  • 2018:
  • Best Use Of It In Private Banking In The Banking Technology Awards
  • Best Sell-side Mobile Initiative In The Self-side Technology Awards
  • Best Prime Broker Technology By Hfm
  • Best Margin Sector Platform In The Readers Choice Awards
  • Best Prime-of-prime By Finance Magnates
  • Best White Label Solution By Finance Magnates
  • Best Retail Cfd Broker By Finance Magnates
  • Best Multi-asset Trading Platform By Finance Magnates
  • Best Platform For The Active Trader By Advfn
  • 2017:
  • Best Fx Broker-dealer In The Readers Choice Awards
  • Best Fx Retail Platform In The Fx Week Awards
  • Best Prime Broker Technology By Hfm
  • Best Prime-of-prime House In The Fx Week Awards
  • Best Prime Broker Technology By Hfm
  • Best Forex Broker By Finance Magnates
  • Best Trading Platform Project By The Banker
  • Best Prime-of-prime Provider In The Fx Week Awards
  • 2016
  • Best Forex Broker By Finance Magnates

FAQs

  1. How long does it take to verify my account?
  • It takes about 1 to 3 business days to verify your Saxo Bank account.
  1. Does Saxo Bank allow bot trading?
  • Yes, Saxo Bank allows bot trading through API trading options.
  1. Does Saxo Bank allow scalping and hedging?
  • Saxo Bank does allow scalping, but it does not allow hedging on its platform.
  1. When trading forex, will you lose more than your initial deposit?
  • The Saxo Bank trading platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Does Saxo Bank accept payments from third parties?
  • Saxo does not accept payments from accounts that are not in your name (3rd party payments).
  1. How are my funds protected with Saxo?
  • While Saxo is a member of the Danish Guarantee Fund, the client deposits are guaranteed by the fund with up to EUR 100,000 for cash deposits. Cash deposits are calculated as the net free deposit after deduction of any debt to the bank.

 



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