SAXO Markets Reviews and Comparison - Seedly
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SAXO Markets

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  • Reviews (14)
  • Questions (22)
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Online Brokerages/SAXO Markets

SAXO Markets

4.4
14 reviews

SAXO Markets

$9 to $15
TRADING FEES
0.10% to 0.12%
MINIMUM FEE
Custodian
STOCK HOLDING TYPE

    SAXO Markets

    $9 to $15
    TRADING FEES
    0.10% to 0.12%
    MINIMUM FEE
    Custodian
    STOCK HOLDING TYPE

Details

About Saxo Markets

Saxo Capital Markets Pte Ltd (“Saxo Markets”) is a licensed subsidiary of Saxo Bank A/S, an online trading and investment specialist. Saxo Markets have been operating in Singapore since 2006 and they are known for giving competitive rates and their seamless online trading platform. Saxo places large importance in the protection of their clients' funds regardless of the type of accounts.

Read More about SAXO Markets
Reviews (14)

4.4

14 Reviews

  • 5
    11
  • 4
    1
  • 3
    0
  • 2
    0
  • 1
    2

Read Review About...

customer service

open account

low fees

mobile app

commission charges

wait hours

complaint money

computerised route

number computerised

answered complaint

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  • Updated 4d ago

    Purchased

    SAXO Markets

    Saxo Investments has taken benefit of the corona virus and has closed it office and has failed to provide any assistance in the refunds of monies it owes its customers. They make customers wait up to five hours on the phone only to be told that the call cannot be taken due to technical issues. Please assist as they told me they had your approval to operate in Singapore. Furthermore, once you call them, they block your number and put you in a computerised route which is never answered. I have made a complaint against it with the Money authority of Singapore. Hopefully, i will get my funds back
    0 comments
    0
  • Updated 6d ago

    Purchased

    SAXO Markets

    Customer service at Saxo is absolutely horrid. Tried to open an account on the 4th of March but have yet to be successful. Initially tried to call them but they kept me on hold for 3 hours before I finally gave up. When i finally managed to get in touch with them, the customer service operator told me that it will take 5 business days. That was 7 days ago. It has been 20 days and I have yet to manage to open my account. At some point I have to wonder if low fees are worth the absolute lack of support from the company.
    0 comments
    0
  • Updated on 24 Feb 2020

    Purchased

    SAXO Markets

    Saxo is an easy-to-use online brokerage that allows users to purchase ETFs in America, UK, China and stocks listed in other exchanges globally. One reason why I like them so much is because of their low commission fees - for stocks listed on NYSE and NASDAQ, Saxo charges a commission of 4USD, as well as an exchange rate fee of 0.75% (if you decide to invest S$1000, it's about 1 - 1.2%). With Saxo, you have full control over what you wish to purchase, be it ETFs, stocks or bonds - you have the opportunity to curate your own portfolio. However, one downside is that the commission charges and exchange rate fees apply when you sell the stocks too, so you incur a total of about 2 - 2.4% in charges for S$1000's worth of stocks when you decide to purchase and sell the stock. If you are not intending to invest a substantial amount, perhaps it's better to invest for the long-term.
    2 comments
    0
    Jianwei Lee
    Jianwei Lee

    25 Feb 2020

    Hi, Is it possible to do a bank transfer to SAXO in USD and to use that to buy and sell US shares?
    Bo Lin Ng
    Bo Lin Ng

    25 Feb 2020

    Hi Jianwei, To be honest, I am not sure about this - I have yet to do this before. While Saxo allows you to deposit in USD, my current account is in SGD; I don't know if it will convert the deposited USD into SGD. That said, I don't think it's possible because that's where they derive their main fee from, but you can give it a try. Sorry for not being able to help!
  • Updated on 10 Feb 2020

    Purchased

    SAXO Markets

    Customer since May 2018. On-boarding: - Very easy to do, requirements are transparent and it's easy to submit documents online - Account was opened fairly quickly with instructions on funding - They have since added the option of opening an account via MyInfo and this is even fast Customer Service: - Broadly quite responsive via phone or email, a chat feature would be awesome UI: - Clean, easy to understand with Charts clearly detailing performance - In my opinion, the most intuitive platform available in SG, it's very easy (maybe too easy!) to buy/sell or generally trade instruments - They are the best when it comes to position details and displaying fees and charges in a transparent manner. Fees: - Lowest in the market in terms of commissions for SGX, however, they are quite expensive when it comes to FX conversions to USD or GBP or EUR It's my platform of choice for SGX investments by far and I highly recommend for most beginners as a simple, easy to use platform
    0 comments
    1
  • Updated on 02 Feb 2020

    Purchased

    SAXO Markets

    Easily the best digital platform around, with one of the lowest charges. Although there are some hidden charges that you should be aware of, in particularly the low-activity fee. Apparently there's a 100USD charge if you do not make any transactions on the platform in 6 months. Not sure whether it's still true.
    0 comments
    0
Questions (22)

Recent Activity

  • Recent Activity
  • Unanswered
  • Trending
Recent ActivityUnansweredTrending

Interactive Brokers

Investments

SAXO Markets

Https://www.interactivebrokers.com/en/index.php?f=14718
👍 0

SAXO Capital Markets

SAXO Markets

Investments

S
slowisfast
Level 3. Wonderkid
Answered 1d ago
I got a email from them for source of funds verification after 2-3 working days.
👍 0

Stocks Discussion

Investments

Online Brokerages

Brokerages

ETF

FSM One

SAXO Capital Markets

SAXO Markets

N
Ninja
Level 6. Master
Answered 3d ago
Definitely fsmone. You do not wish to go into liquidity issues with a us company although it has sg hq. Wouldn’t approach any us related companies for now
👍 0

Investments

SAXO Markets

Interactive Brokers

Online Brokerages

Brokerages

ZT
Zachary Teo
Level 4. Prodigy
Answered 3d ago
Like what other people have mentioned, only change to IB if you have been trading or want to trade reguarly. They charged a monthly USD10 for account fees. However this can be waived if 1. Your total assets reached USD100,00 (equity + cash) 2. Monthly commission reach USD10 The USD10 commission is super easy to reach if you trade regularly. Hope this helps!
👍 1

Stocks Discussion

Investments

Interactive Brokers

FSM One

SAXO Markets

SGX

The Fifth Person

NYSE (New York Stock Exchange)

If you want to try trading. Absolutely try in a test account first, otherwise you are guaranteed to lose your capital. Check out YouTube tutorials on how to day trade. Learn the basics from babypips.com. Only trade for real if you manage to consistently produce results in your test account.
👍 0

SAXO Markets

Interactive Brokers

Investments

Online Brokerages

Brokerages

S&P 500 Index

NYSE (New York Stock Exchange)

ZT
Zachary Teo
Level 4. Prodigy
Answered 4d ago
Hey Anon! I'm using IBKR Pro. The monthly fee wont't be a problem in a long run if you are trading. I do find myself to be doing that once a month because some stocks are not worth keeping for long term. IBKR pro charges a few cents for a $50 trade, equate to 0.01% of the buying/selling price. The good thing about IBKR is also the no minimum deposit needed. So in any case if you need to withdraw the amount (which shouldn't be the case because you should have a emergency fund ready), IBKR will be good. Saxo to me win out on the interface of their app which is rather clean and sleek. I however do not like their trading charge. Which on a long run make me lost out if I do a trading each month. $4 x 12 = $48USD as compared to the $0.1 x 12 = $1.2USD trading fees.
👍 0

Investments

SAXO Capital Markets

SAXO Markets

DBS Vickers Securities

Stocks Discussion

ETF

Jon Renjunyu
Jon Renjunyu
Level 3. Wonderkid
Answered 3w ago
Not really I'm pretty sure there is a cost to transfer securities and that cost is not a small amount
👍 0

SAXO Capital Markets

SAXO Markets

Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered 3w ago
Usually, the transaction should go though but it might take slightly longer for Saxo to verify the transfer. If you've not received your funds, I would recommend you to contact them to get a more speedy resolution.
👍 1

Online Brokerages

Brokerages

Investments

SAXO Markets

Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered 4w ago
Hi Elliot, the position value usually marked to market, based on the current stock prices, i.e. position value plus/minus P&L should be equivalent to your cost basis (how much you invested). Hope this helps :)
👍 1

Investments

Online Brokerages

Brokerages

FSM One

SAXO Markets

Since the brokerage fees constantly are going down they already are'nt as important than years before. The usual big Sg brokers should all be fine. Only try to discuss with 'independent' advisors, how to find really independent ones is possibly difficult. Try to do it all by yourself which is completely possible. As a first next step read about passive indexing ETFs, asset allocation (diversification) and longterm buy&hold strategy. That way you already now 80% of all you should ever now. Avoid mutual funds (unit trusts) by all means. more of my thinking here: https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy
👍 0
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Types of Services Saxo Markets Provides

Saxo Markets offers a few types of services on their trading platform.

  • SaxoTraderGO: Beginner friendly interface for trading, complete with expert analysis and risk-management tools
  • SaxoTraderPRO: Advanced trading platform for traders or investors with the similar tools as SaxoTraderGO
  • SaxoInvestor: Invest easily with SaxoInvestor platform

Types of Account Available With Saxo Markets

Saxo Markets offers various types of account, catered to the different needs of individual investor.

The tiers of account Saxo Markets provide are:

Classic

Minimum Initial Funding: S$3,000

Benefits:

  • Tight entry prices
  • Best-in-class digital service and support
  • 24/5 technical and account support
  • Local Language Customer support

Platinum

Minimum Initial Funding: S$50,000

Benefits:

  • Reduced prices
  • Best-in-class digital service and support
  • 24/5 technical and account support
  • Priority Local Language Customer support

VIP

Minimum Initial Funding: S$1,000,000

Benefits:

  • Best prices
  • Best-in-class digital service and support
  • 24/5 technical and account support
  • Personal Relationship Manager
  • Direct Access to our trading experts 24/5
  • 1:1 SaxoStrats access
  • Exclusive event invitations

Brokerage Fees & Charges of Saxo Markets

The fees and charges of Saxo Markets are as follows:

FX Pricing

Currency Pair

Classic

Platinum

VIP

EUR USD

0.6

0.5

0.4

GBP USD

0.7

0.6

0.4

EUR JPY

0.7

0.6

0.4

USD JPY

0.6

0.5

0.4

AUD USD

0.5

0.4

0.3

FX Pricing Saxo Markets (Minimum spreads)

Stock Pricing

Exchange

Classic

Platinum

VIP

NASDAQ

0.06% (min. USD 4, max. USD 100)*

0.05% (min. USD 4, max. USD 100)*

0.04% (min. USD 3, max. USD 100)**

New York Stock Exchange

0.06%(min. USD 4, max. USD 100)*

0.05% (min. USD 4, max. USD 100)*

0.04% (min. USD 3, max. USD 100)**

London Stock Exchange

0.10% (min. GBP 8)

0.07% (min. GBP 7)

0.05% (min. GBP 5)

Hong Kong Exchange

0.15% (min. HKD 90)

0.12% (min. HKD 80)

0.10% (min. HKD 60)

Singapore Exchange

0.08% (min. SGD 10)

0.08% (min. SGD 10)

0.08% (min. SGD 10)

Shanghai Stock Exchange

0.15% (min. CNH 40)

0.10% (min. CNH 30)

0.08% (min. CNH 20)

Execution prices (for main exchanges)

* For shares priced under USD 10, 0.01 USD/share, min USD 4, max USD 100
** For shares priced under USD 10, 0.007 USD/share, min USD 3, max USD 100

Bonds Pricing

Bond Type

Classic

Platinum

VIP

European government bonds

0.20% (min. EUR 80)

0.10% (min. EUR 60)

0.05% (min. EUR 50)

US government bonds

0.20% (min. EUR 80)

0.10% (min. EUR 60)

0.05% (min. EUR 50)

European and US corporate bonds

0.20% (min. EUR 80)

0.10% (min. EUR 60)

0.05% (min. EUR 50)

Emerging Markets bonds

0.20% (min. EUR 80)

0.10% (min. EUR 60)

0.05% (min. EUR 50)

Commissions

Custody Fees

Custody fees are what the brokerage charges you for safekeeping services.

Classic

Platinum

VIP

Custody Fee (p.a)

0.12%

0.12%

0.06%

Saxo Custody Fee

Saxo Market Contact Information

  • Saxo Markets hotline: +65 6303 7800 (Monday to Fridays, 8.30am-5.30pm)
  • Email: [email protected]
  • Address: 3 Church Street, #30-00 Samsung Hub Singapore 049483