Broker review

Saxo review: Saxo UK, Saxo Bank and other companies

Saxo lists 5 companies in our data: Saxo Bank A/S in Denmark, Saxo Capital Markets UK Ltd and companies in Switzerland, Singapore and Japan. UK Classic accounts have no minimum deposit; EUR/USD from 0.7 pips on the UK site. Saxo no longer serves Australia under its own name.

Written and checked by: Low Spread Brokers team
Updated: 20 Oct 2026

Low Spread Brokers does not give personal investment advice.

Verdict at a glance

Saxo

7.4/10

Entities 5

Tier 1Danish FSA1149
Tier 1FCA551422
Tier 1MASNot published
Tier 1FINMANot published
Tier 1JFSA関東財務局長（金商）第239号

Minimum deposit: £0
EUR/USD spread from: 0.7 pips (not stated, 19 Oct 2026)
Max retail leverage: 30:1 (FX majors, retail, ESMA; 3.33% initial margin) (Danish FSA) · 30:1 (FX majors, retail; EUR/USD initial margin 3.33% stated, leverage ratio derived) (FCA) · 1:66 (FX majors; EUR/USD initial margin 1.5% for Swiss residents) (FINMA)
Platforms: TradingView, proprietary, API
Founded: 1992

2 of 5 licences checked on the register, 20 Oct 2026

Visit brokerUnpaid link

61% of retail investor accounts lose money when trading CFDs with this provider (Saxo Capital Markets UK Ltd).

All broker reviews

Saxo’s preliminary rating is 7.4/10: regulation 9.0/10, costs 7.2/10, accounts 6.5/10 and platforms 6.0/10. Platforms score lower because Saxo offers its own platform, TradingView and an API, but no MetaTrader. Figures come from Saxo’s pages, checked 19 Oct 2026; we have not opened a live account. Read first: how we rankhow we make moneyeditorial policy

Edited by Low Spread Brokers team · Updated 20 Oct 2026

Quick answer

Is Saxo a good broker for UK traders?

UK clients sign up with Saxo Capital Markets UK Ltd, FCA licence 551422 as Saxo publishes it, with a 30:1 cap on major pairs and negative balance protection. 61% of its retail accounts lose money, one of the lower rates published by the brokers we review. The trade-offs: no MetaTrader, and a wide gap between the UK and Swiss EUR/USD minimums (0.7 pips against 2.3 pips).

Saxo states FSCS cover of £120,000 for cash deposits and £85,000 for protected investment business, and says the two limits do not overlap.
Saxo Bank A/S is a Danish bank; its EU, Czech and UAE clients are served through its branches.
Saxo no longer serves Australia under its own brand: Saxo Capital Markets (Australia) is now Totality Wealth Limited (AFSL 280372) and home.saxo/en-au redirects to totality.com.au.
Saxo has decided to discontinue its operations in Hong Kong.

Saxo pros and cons

Pros

Published loss rates of 61% (UK), 66% (Denmark) and 67% (Switzerland)
Bank companies in Denmark and Switzerland; FCA, MAS and JFSA companies elsewhere
No minimum deposit on UK Classic accounts (£0)
TradingView and an API besides Saxo’s own platform

Cons

No MT4, MT5 or cTrader
Swiss EUR/USD minimum of 2.3 pips against 0.7 pips on the UK site
Two funding methods in our data: bank transfer and debit card
No longer serves Australia under the Saxo name and is discontinuing Hong Kong

Entities and regulation

Saxo lists 5 companies in our data. The one that opens your account sets your leverage cap, negative balance protection and compensation scheme. Licence numbers are as the broker publishes them; check each on its regulator’s register.

Entities and regulation
Entity	Regulator	Licence	Max. retail leverage	Negative balance protection	Compensation
Saxo Bank A/S	Tier 1 Danish FSA	1149As published by the broker	30:1 (FX majors, retail, ESMA; 3.33% initial margin)	Yes	Danish Guarantee Fund (Garantiformuen): cash deposits up to EUR 100,000; securities up to EUR 20,000 per investor if not returnable
Saxo Capital Markets UK Ltd	Tier 1 FCA	551422Checked on the register, 20 Oct 2026	30:1 (FX majors, retail; EUR/USD initial margin 3.33% stated, leverage ratio derived)	Yes	FSCS: cash deposits up to £120,000 per person per firm; protected investment business up to £85,000 per person per firm (limits do not overlap)
Saxo Capital Markets Pte Ltd	Tier 1 MAS	Not publishedCompany checked on the register, 20 Oct 2026; the register does not list the number	Not published	Not published	Not published
Saxo Bank (Schweiz) AG	Tier 1 FINMA	Not publishedAs published by the broker	1:66 (FX majors; EUR/USD initial margin 1.5% for Swiss residents)	Not published	Not published
Saxo Bank Securities Ltd. (サクソバンク証券株式会社)	Tier 1 JFSA	関東財務局長（金商）第239号As published by the broker	Not published	No	Member of Japan Investor Protection Fund (日本投資者保護基金); amount not stated

Which entity will I get?

Pick your region to see which company our data says would hold your account.

Saxo Capital Markets UK Ltd · FCA · 551422 · Max retail leverage 30:1 (FX majors, retail; EUR/USD initial margin 3.33% stated, leverage ratio derived)

Saxo Bank A/S · Danish FSA · 1149 · Max retail leverage 30:1 (FX majors, retail, ESMA; 3.33% initial margin)

Saxo Bank (Schweiz) AG · FINMA · Not published · Max retail leverage 1:66 (FX majors; EUR/USD initial margin 1.5% for Swiss residents)

Saxo Capital Markets Pte Ltd · MAS · Not published · Max retail leverage Not published

Saxo Bank Securities Ltd. (サクソバンク証券株式会社) · JFSA · 関東財務局長（金商）第239号 · Max retail leverage Not published

Saxo Bank A/S · Danish FSA · 1149 · Max retail leverage 30:1 (FX majors, retail, ESMA; 3.33% initial margin)

No Saxo company in our data serves this region. In Australia, Saxo’s former company now trades as Totality Wealth Limited.

Warnings and clones

Search each Saxo licence number on the regulator’s own register and compare the website address listed there with the one you are on. Clone firms copy real names and licence numbers.

Client money

Saxo Bank A/S lists the Danish Guarantee Fund: cash deposits up to EUR 100,000, and securities up to EUR 20,000 per investor if they cannot be returned. Saxo Bank (Schweiz) AG is a Swiss bank. Tier 1 regulators require client money to be held apart from the firm’s own money. An offshore company may not offer the same protection, and its compensation, if any, is the broker’s own arrangement.

Costs and fees

Saxo publishes an indicative minimum EUR/USD spread without naming the account tier, so the account column reads “not stated”. The UK page shows 0.7 pips, the Swiss page 2.3 pips. Tier prices for Classic, Platinum and VIP did not load on Saxo’s pricing pages.

Spreads by pair and account

Spreads by pair and account
Pair	Account	Published spread	Checked	Source
EUR/USD	not stated	0.7 pips from	19 Oct 2026	https://www.home.saxo/en-gb/products/forex
EUR/USD	not stated	2.3 pips from	19 Oct 2026	https://www.home.saxo/en-ch/products/forex

2 of 5 licences checked on the register, 20 Oct 2026

Commission

No commission figure in our data for Saxo (checked 19 Oct 2026); costs are built into the spread.

Swaps

Swap rates for Saxo are not in our data; check the overnight rate of the company that holds your account before keeping a position open overnight.

Non-trading fees

Deposit fee: Not in our data
Withdrawal fee: Not in our data
Inactivity fee: Not in our data

Account types

Account types listed for Saxo in our data. In the UK, Classic has no minimum deposit; Platinum starts at GBP 200,000 and VIP at GBP 1,000,000, or by trading volume. Minimum deposit: £0

StandardCosts built into the spread, no separate commission.
DemoVirtual money with live prices.
ProfessionalFor clients who opt up: higher leverage, fewer retail protections.

Professional status

Opting up to professional status with Saxo removes retail protections such as leverage caps and negative balance protection.

Demo account

Saxo lists a demo account in its account types (checked 19 Oct 2026); use it with live prices before you fund a live one.

Trading platforms

Platforms Saxo offers, from our data (checked 19 Oct 2026).

TradingViewPlace trades from TradingView charts.
proprietaryThe broker’s own web and mobile platform.
APIProgrammatic access for automated trading.

Markets

Forex: CFDs
Other markets: Not recorded in our data; check the product list of the company that holds your account

Deposits and withdrawals

Funding methods listed on Saxo’s pages. Availability depends on your country and the company that holds your account.

Bank transfer
Debit card

List copied from the broker’s pages, checked 19 Oct 2026.

Before your first withdrawal

Methods in our data: 2
Withdrawal fees and times: Not in our data yet
Where to check: The deposits and withdrawals page of your company’s website

Score breakdown

Four criteria scored 0–10 from published data. Research and support show “not measured” until we open live accounts; the marker on each bar is the average of this page’s comparison set.

7.4/10

CostsWeight 25%7.2Set average 7.6
PlatformsWeight 15%6.0Set average 8.0
RegulationWeight 25%9.0Set average 8.6
AccountsWeight 15%6.5Set average 7.4
ResearchWeight 10%Not measuredNot measuredSet average 0.0
SupportWeight 10%Not measuredNot measuredSet average 0.0

Published data log

Every dated entry behind the figures on this review, copied from Saxo’s own pages. Licence rows show the leverage the broker publishes for that company.

Published data log
Checked	Entry	Published value
19 Oct 2026	EUR/USD spread, not stated	0.7 pips from
19 Oct 2026	EUR/USD spread, not stated	2.3 pips from
19 Oct 2026	Retail loss rate, Saxo Capital Markets UK Ltd	61%
19 Oct 2026	Retail loss rate, Saxo Bank A/S	66%
19 Oct 2026	Retail loss rate, Saxo Bank (Schweiz) AG	67%
Not published	Licence 1149, Danish FSA: max. retail leverage	30:1 (FX majors, retail, ESMA; 3.33% initial margin)
Not published	Licence 551422, FCA: max. retail leverage	30:1 (FX majors, retail; EUR/USD initial margin 3.33% stated, leverage ratio derived)
Not published	Licence Not published, MAS: max. retail leverage	Not published
Not published	Licence Not published, FINMA: max. retail leverage	1:66 (FX majors; EUR/USD initial margin 1.5% for Swiss residents)
Not published	Licence 関東財務局長（金商）第239号, JFSA: max. retail leverage	Not published

Our verdict on Saxo

7.4/10

Saxo suits traders in Denmark, the UK, Switzerland, Singapore or Japan who want a group whose main company is a Danish bank and do not need MetaTrader. Its regulation score is 9.0/10; its platforms score of 6.0/10 and the missing commission and tier pricing data keep the overall rating at 7.4/10.

Choose it if

you want an FCA company or a Danish or Swiss bank
you trade from TradingView or through an API

Look elsewhere if

you live in Australia
you use MetaTrader or cTrader
you fund by e-wallet

Visit brokerUnpaid link

61% of retail investor accounts lose money when trading CFDs with this provider (Saxo Capital Markets UK Ltd).

What changed

19 Oct 2026 Companies, EUR/USD minimums, UK minimum deposit and loss rates for three companies collected from Saxo’s pages.
19 Oct 2026 Australian company recorded as rebranded to Totality Wealth Limited; Hong Kong company excluded after Saxo announced it is leaving.

Alternatives to Saxo

Pepperstone, OANDA, Vantage and IG: other brokers with TradingView and an FCA company for UK residents, in the order of this page’s rule.

1
Pepperstone
8.6/10
Minimum deposit
£10
EUR/USD spread from
0.0 pips
Regulated by
FCA, CySEC, BaFin, ASIC, DFSA, CMA (UAE), CMA Kenya, SCB
Visit brokerUnpaid link
73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
Read review
2
OANDA
8.1/10
Minimum deposit
$0
EUR/USD spread from
0.0 pips
Regulated by
CFTC / NFA, FCA, KNF, ASIC, CIRO, MAS, JFSA, BVI FSC
Visit brokerUnpaid link
76.6% of retail investor accounts lose money when trading CFDs with this provider (OANDA Europe Limited).
Read review
3
Vantage
8.0/10
Minimum deposit
$50
EUR/USD spread from
0.0 pips
Regulated by
FCA, ASIC, FSCA, CIMA, VFSC, FSC Mauritius
Visit brokerUnpaid link
72.65% of retail investor accounts lose money when trading CFDs with this provider (Vantage Global Prime LLP).
Read review
4
IG
8.0/10
Minimum deposit
£1
EUR/USD spread from
0.6 pips
Regulated by
FCA, FCA, FCA, BaFin, ASIC, FMA, FINMA, MAS, DFSA, JFSA, FSCA, BMA, CFTC/NFA
Visit brokerUnpaid link
70% of retail investor accounts lose money when trading CFDs with this provider (IG Markets Ltd / IG Index Ltd (UK)).
Read review

Risk warning:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Low Spread Brokers does not give personal investment advice.

Advertiser disclosure How we rank brokers

FAQ

Saxo review: questions

Answers use Saxo’s published terms collected on 19 Oct 2026. Terms change: check the broker’s own page before you trade.

Ask a question

We cannot give personal investment advice.

1Is Saxo regulated in the UK?

Yes: Saxo Capital Markets UK Ltd holds FCA licence 551422, as Saxo publishes it. Search the number on the FCA Register before you fund.