Saxo Bank Review 2026
The full Saxo Bank write-up for Australia traders: the kitchen inspection, the ingredient costs, the bill, and our straight verdict.
Regulation in Australia
| Regulator | ASIC ASIC, Australian Securities and Investments Commission (ASIC) |
| Licence Number | 280372 |
| Regulated Entity | Saxo Capital Markets (Australia) Pty Ltd |
| Max Leverage (Forex) | 1:30 |
| Minimum Deposit | $2000 |
| EUR/USD Spread | From 0.4 pips |
| Instruments | 65,000+ |
| Platforms | SaxoTraderGO, SaxoTraderPRO, MT4 |
| Copy Trading | ✗ |
| Real Stocks | ✓ |
| Inactivity fee | Inactivity fee: USD100/month after 6 months |
| Verify on ASIC register → | 280372 |
Verdict
Cooks under ASIC (licence 280372). Cover charge $2000. In Australia, forex leverage is capped at 1:30.
About Saxo Bank
Saxo Bank opened its doors in 1992 out of a kitchen in Copenhagen, Denmark. Its menu runs to 65,000 tradeable instruments, forex pairs alongside CFDs on stocks, indices and commodities. It holds licences across several jurisdictions, with the head licence carried by Saxo Capital Markets (Australia) Pty Ltd under ASIC.
In Australia, Saxo Bank serves as Saxo Capital Markets (Australia) Pty Ltd, cleared by ASIC under licence number 280372. Under ASIC house rules, Australia traders are poured no more than 1:30 leverage on forex pairs.
Trading Platforms
Pros
- ASIC regulated, licence 280372
- 65,000+ instruments to trade
- Negative balance protection in Australia
- Platforms: SaxoTraderGO, SaxoTraderPRO, MT4
- Real stock ownership (not CFD)
- Founded in 1992 (34 years operating)
- 65,000+ instruments, one of the widest menus reviewed
Cons
- Inactivity fee: USD100/month after 6 months
- 68% of retail clients burn their fingers
- CFDs only, you trade the price, you never own the dish
Key Facts, Saxo Bank
- Listed on Nasdaq Copenhagen stock exchange (ticker: SAXO)
- Widest product range in industry, 71,000+ instruments including bonds, mutual funds, futures, listed options
- Proprietary SaxoTraderGO platform consistently rated among best professional trading platforms
Known Limitations
- High minimum deposit, Classic account requires $2,000, Platinum $200,000
- Commission structure complex and can be expensive for small traders
- Not suitable for beginners, designed for professional/experienced traders
Frequently Asked Questions
Is Saxo Bank regulated?
Yes. Saxo Bank is authorised by ASIC, issued to the entity Saxo Capital Markets (Australia) Pty Ltd, an authorisation you can look up for yourself on the official ASIC public register.
What is the minimum deposit for Saxo Bank in Australia?
The cover charge is $2000, the smallest amount Australia traders need to open a live account with Saxo Bank under ASIC rules.
What leverage does Saxo Bank offer in Australia?
In Australia, ASIC rules cap Saxo Bank at 1:30 on forex pairs. A larger pour is sometimes available through offshore-regulated entities, with thinner protection to match.
Is Saxo Bank safe to trade with?
The kitchen passes inspection: Saxo Bank cooks under ASIC. A tier-1 regulator insists on segregated client money, negative balance protection and independent audits, while lighter offshore regimes offer weaker cover and often no compensation scheme. That does not make trading risk-free, so check which entity holds your account and what protections actually apply before you deposit.
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