SAXOBANK – A Wuick Review

Saxobank is a well known broker. This particular broker is regulated and owns several different branches all around the world. It allows many different investment channels including commodities, shares and Forex. The broker offers a range of options in all the investment channels. All are offered on a very efficient trading problem.

You will either need to install a program or your computer or trade using the broker’s website. Trading online through the broker’s website means that your possibilities for trading will be limited. It can be quite complicated to start an account and many people will feel that this is holding them back. However, the process isn’t as complicated as some of the most professional and complex brokers though.

Saxobank offers a trading base that is solid and has excellent working conditions. You will have to make a significantly large initial investment. However, you will be able to receive a spread that is a tad bit below the average. You might find that other brokers offer more competitive spreads.

“Demo Trading” – Yes, but limited to twenty days. Score: 5.1

Initial Investment – You will be required to deposit at least two thousand dollars in order to open an account. Depositing up to twenty five thousand dollars will get you a Mini account. Depositing more than twenty five thousand dollars will get you a regular account. Score: 7

Withdrawals and Deposits from your account – The process can be a bit on the complicated side and takes some time to complete. Although it is not altogether awkward, it can be frustrating when you are ready to trade. You can only make deposit and withdrawals via bank transfer. You might be able to speak with the broker’s representative to try and employ other means. Score 7

Spread – You will receive a spread of between two to four PIPS on main currency pairs. This is really not very exciting as it is really just average. When comparing the spreads on specific currency pairs from this particular broker to its competitors, you might find that this broker offers spreads that are one or two PIPS lower than the competition. It should be noted that the spreads are not constant and can change depending on market conditions. Score: 7.8

Stop Point – A stop point is guaranteed but not under all market situations.

Leverage – You have a leverage of 1:100 for an account up to twenty five thousand dollars. People with a large account will have lesser leverage and must have guarantees of 1% percent of the total volume that is traded.

Regulation – The broker claims to be regulated by several different large financial institutes, including the European Bank. Score: 9

Interest – The broker will calculate the interest at different rates.

Trading Tools:

Professional and technical support – Available 24/7.

Literature on-line tools and professional articles– Research and Financial news.

Trading courses – On-line seminars and courses are available. Off and on, online instruction will be available depending on your competence levels.

Market surveys and reviews– Various reviews are offered.

Trading alerts – It is possible to use automatic trading. You will receive trading suggestions and online notifications advising you of positions that are best for opening.

Traders help guide – You will be provided a guide that teaches trading terminology by the broker.

Range of foreign currency pairs that are offered – The broker offers a varied range of currency pairs including over one hundred and forty five foreign currency pairs. This is in addition to other trading channels such as shares, indexes, futures and options.

Languages – Twenty three languages are supported.

Trading room online– None offered.

Personal coaching – Not available offered (except for options already mentioned).

Bonuses and free gifts– It is possible to trade via cell phone.

Downloading trading platform – It is possible to trade online using a broker supplied program that does not require you to download or install anything on your computer. You can also trade with a program that does require a download and installation on your pc.

Trading program’s “friendliness” – You will find that the online trading program is pretty basic and does really provide all of the options that some traders will prefer. The program that can be installed on your computer is much more convenient. The program provides many trading options and is very flexible. The program is first rate and sophisticated. Score: 9.7

Advantages – This broker offers a solid trading base which is good for people who do not take unnecessary risks. The broker offers a broad range of currency pairs as well as other investment channels. All of these investment channels are offered on the same trading platform which allows traders to trade like a pro. The broker offers a number of trading tools, which should suffice for all traders. The trading tools will make your decisions better and more effective. The tools will help you make decisions regarding opening positions as well as automatic trading alerts. This particular broker is regulated by a respected and well known institution.

Disadvantages – Although the broker has many advantages, his minimum investment requirement is two thousand dollars. It can take a lot of time open an account and the process can be a little complicated. The broker offers a leverage that is relatively low. The leverage is lower for people who trade in large sum transactions while having a small budget. The broker does offer a Demo option but it is limited to twenty days which is not enough time to develop into a good trader.

Brokers score: 7.8

Note: that every business, broker and commercial company may change their terms, offers, and conditions from time to time. The bonuses offered by a particular broker may also change from time to time. Therefore, you should check with the broker to make sure that the information listed in this article is still valid.