Saxo Bank Review: What Makes This Online Brokerage Stand Out?

For a reasonable price, individual investors and traders can invest in several markets using Saxo Markets’ top-notch platform is the best forex managed account. Due to its user-friendly design and generally lower commission rates than its competitors, this online broker provides a beautiful customer experience.

Investors can benefit significantly from Saxo Markets’ (formerly Saxo Capital Markets’) minimal costs, extensive market access, and simple user interface. For instance, while other platforms typically charge around 0.22% for trading Singapore equities (minimum S$5), the site only costs 0.08%. Similar to how Saxo offers access to 60 exchanges globally while charging less than the market average for international trading.

Saxo is also advantageous for frequent traders who invest S$100,000 or less because it doesn’t have a monthly minimum commission like some other low-cost market options, such as Interactive Brokers.

Saxo Bank is introducing new account plans for new customers: Bronze, Silver, Gold, Platinum, and Diamond. The Bronze plan is entirely free. However, higher-tier plans offer benefit packages in exchange for a monthly subscription.

Reduced commission rates, the absence of holding costs (if Securities Lending is chosen), free commission credits, and free live pricing on SG, US, and other exchanges are also advantages.

Customers who frequently engage in international trade will find this especially helpful because it is reasonably inexpensive for them to do so and provides them with the most recent information.

The higher tier plans would be advantageous for active traders since they can earn Saxo points from trading activity on their accounts and use them to defray the monthly fee.

Trading Fees for Bonds at Saxo Markets

Investors who primarily trade foreign or American equities may occasionally discover better commission rates from one of the other top online brokerages, despite Saxo’s cheap fees and extensive offers. Saxo is the best choice for most because its fees consistently outperform market averages, although these are preferences.

Opportunities for Investment at Saxo

In addition to providing access to a wide range of domestic and foreign equity markets, Saxo’s online brokerage also provides investors access to bonds, ETFs, CFDs, futures, currency, equity, and contract options. As a result, it’s a fantastic choice for traders and investors who might wish to use their online brokerage to buy a range of financial assets.

Unlike other big brokerages, Saxo Markets is the forex managed account does not impose any hidden fees (inactivity, platform, maintenance, etc.), so those who prefer to know the cost of trading upfront will be happy.

Additionally, Saxo is running a welcome deal in which brand-new customers can upgrade from the Bronze plan to Gold, Platinum, or Diamond for an additional SGD 88, SGD 188, or SGD 388 in commission credits, respectively, for 30 days. The promotion is good through April 30, 2022. Applying terms and conditions

Individuals must take out an online form and fund their account with a credit card or a bank transfer to begin trading with Saxo. The five plans now offered to investors are Bronze, Silver, Gold, Platinum, and Diamond.

The Bronze-tier plan is complimentary, while higher-tier programs bundle perks like lower commission rates, free market data, no custody fees (if you choose Securities Lending), and commission credits in exchange for a monthly price.

Investors can earn Saxo points with the broker through the Saxo Rewards loyalty program in addition to account funding thresholds, and these points can be used to waive the monthly charge for higher-tier plans.

Loyalty Program for Saxo Rewards – How to Earn Points

For consumers who subscribe to Saxo’s higher tier plans, commission fees are reduced by roughly 62% for Singaporean equities and 66% for US stocks.

Last but not least, Saxo levies an annual custody fee of 0.12% (0.06% for Diamond Plan customers) on accounts with holdings in stocks, ETFs, and bonds. Instruments listed on the Singapore Exchange are exempt from this fee.

Customers will not be charged a custody fee for plans above Bronze, but their custody price for the Bronze plan will be reduced to 0.06% if they want to participate in Saxo’s new Securities Lending proposal. For comparison, Saxo’s custodian cost is considerably lower than other Singaporean online brokerages, which typically charge around 0.25%.

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