Look a broker up before you trust it

Ten quick answers

Does Saxo Bank hold a licence?
It does. Saxo Bank is supervised by Danish FSA, FCA, MAS, FINMA, and its licence number is Danish FSA. You can look that number up on the regulator's own public register.
How much do I need to open a Saxo Bank account?
Saxo Bank asks for a first deposit of at least $0. Certain account types may require more, so confirm the current amounts on the broker's official website.
Can I trust Saxo Bank with my money?
Saxo Bank has been trading since 1992 and is regulated by Danish FSA, FCA, MAS, FINMA. Before you deposit, check on the regulator's public register that the licence is still valid, and put in only money you can afford to risk on leveraged products.
Can US residents open an account with Saxo Bank?
No. Because of US regulatory requirements (CFTC/NFA), Saxo Bank is not taking clients who live in the United States at present.
How much leverage does Saxo Bank offer?
The highest leverage at Saxo Bank is 30:1 retail / 200:1 pro. The limit for retail clients depends on where the account is regulated: under tier-1 regulators (FCA, ASIC, CySEC) it is lower than under offshore regulation.
Can I use MetaTrader 4 or MT5 with Saxo Bank?
No. Saxo Bank does not offer MetaTrader; it uses platforms it has built itself.
Which trading platforms can I use at Saxo Bank?
At Saxo Bank you trade through SaxoTraderGO web/mobile, SaxoTraderPRO desktop. Where applicable, each of these comes in a desktop and a mobile version.
How quickly does Saxo Bank pay out withdrawals?
How long a Saxo Bank withdrawal takes depends on how you are paid: cards are usually handled the same day, e-wallets within 24 hours and bank wires in 1–5 business days. Your KYC verification has to be finished before any withdrawal.
Will Saxo Bank charge me for withdrawing?
As a rule, Saxo Bank makes no charge when you withdraw to the method you deposited with. A payment processor or bank may still add a fee of its own, which the broker does not control. The broker's payment terms give the current details.
Does Saxo Bank have a demo account?
Yes. Saxo Bank provides a demo account at no cost. It is loaded with virtual funds, so you can try the platform, practise your strategies and look around the available markets before you risk real money.