Forex Brokers - saxo bank

saxo Bank takes retail FX trading to the next level, which in this case is wholesale. Besides offering three “private client” trading platforms, Saxo Bank also appeals to brokers, institutions, and other potential trading partners. For the individual investor, though, the question becomes: how well does Saxo Bank service its bread-and-butter client, the retail trader?

Trade Offerings at Saxo Bank
At Saxo, the retail trader is offered quite a lot. He is given a wide range of asset products-- including Forex, stocks, and futures--and two free demo accounts with which to test the platforms. But the trader must also be able to wend his way through a complex web of stipulations, conditions, and formulations to enjoy this cornucopia of investing. There is a lot of information to absorb, and different investors are treated differently.

In an update of our Saxo Bank review at the end of 2011 we were surprised to see that the company now offers binary options trading in addition to traditional currency trading. Although we didn’t test out this specific service, we have noted the popularity of binary options trading in recent months, and we suggest that this may be a good way for inexperienced traders to get their feet wet. On the other hand, new traders may have an easier time trading binary options with a designated binary options broker, so that they don’t get distracted by all of the unrelated Forex terminology.

Trading Platform
Three platforms accommodate three types of private traders. The Saxo MiniTrader account is for those who want to make a smaller investment and trade the most popular crosses. For them, accounts begin at $10,000 and go up to $25,000. For the confident, multi-tasking investor, the SaxoTrader account offers over 160 currency pairs and a variety of other tradeable assets. SaxoTrader accounts begin at $10,000. Finally, for the jet-setting trader on the go, Saxo offers a browser-based trading platform, the SaxoWebTrader, with mobile phone access to 50 Forex crosses.

The Saxo MiniTrader is a downloadable platform of approximately 8 MB. The registration for the demo is short and sweet. You provide your name, email address, telephone number, country of origin, and a password. They provide the user ID. The FX trading client downloads in a matter of minutes.

The full registration process, which is the same for the full SaxoTrader platform, is more involved. It includes a 20-page legal document and a 5-page client application requiring proof of identification and address plus a passport and financial disclosures detailing income, net worth, and risk capital. No funds are requested until your application is accepted.

Saxo Bank is an international investment bank that focuses on providing its clients access to online trading across a variety of financial markets in a variety of countries. Included, of course, is the mother of all markets - spot forex. Saxo Bank is a fully regulated European Bank, based in Copenhagen, Denmark, and as such, provides a level of service that few other forex dealers can claim, as well as one of the best online trading platforms in the world.