Saxo Bank Review 2026

Regulation - 10/10

Is Saxo Bank a real bank?

Saxo Bank is actually a real bank based in Denmark but they operate as a forex broker & investment platform here in Australia.

Your money is safe with Saxo Bank because they are regulated by the Australian Securities and Investments Commission (ASIC).

Saxo Bank Australia Changes Brand Name to : "Totality"

In Australia, Saxo Bank has changed their brand name to "Totality" but every other thing remains the same.

Account Types - 5/10

Saxo Bank account types can be used for both trading and investing. There is nmo need to open a separate account for investing as every account can have sub-accounts attached to it.

1. Classic Account

This is the Saxo entry-level account, and it has no minimum deposit requirement.

2. Platinum Account

This account has lower fees than the classic account, but it comes with a higher minimum deposit. It is ideal for high-volume traders.

3. VIP Account

This account has lower fees than the classic & vip accounts, but it comes with a higher minimum deposit. It is also ideal for high-volume traders.

Funding & Withdrawals - 8/10

Saxo Bank Minimum Deposit

Saxo Bank minimum deposit is $0 AUD and beginners can use this account because it is affordable.

Saxo Bank has more expensive accounts such as the Platinum & VIP Account types which come with a much higher minimum deposit of $200,000 & $1m AUD respectively.

Saxo Bank Funding Methods

1. Bank Transfer

Saxo Bank accepts deposits transferred from your Australian bank account.

2. Cards

If you are in Australia, you can fund your Saxo Bank trading account from your debit/credit card.

3. SEPA Instant

Saxo Bank supports SEPA payments for those living within the European Union.

4. Quick Payment (Denmark Only)

Saxo Bank accept quick payment which means if you have a bank account in Denmark, you can link it to your Saxo Bank profile and any transfers to/fro will be instant.

Interest on Unused Funds

Saxo Bank pays you a monthly interest on any unused funds in your account, that are not part of margin requirement for an open trade, as at the close of business every day.

Account Management - 7/10

Saxo Bank Account Currency

When you open your Saxo account, your account currency is set to EUR by default. You can always create a sub-account in either USD, GBP or ZAR currency.

You are allowed to change your Saxo account currency if you have not yet deposited funds into the account. to do that, you will have to contact Saxo by email.

Max. Number of Trading Accounts Allowed

At Saxo, you can only open one main trading account but under it, you can attach 3 more sub-accounts in different currencies.

So, let's say you open a Classic Account in EUR currency, you can then open 3 more Classic Accounts in USD, GBP and ZAR currencies but they will be attached to the main account.

The implication is that you cannot open a Classic, Platinum & VIP Account at the same time; You need to close one, to open the other.

Saxo Bank Margin Call & Stop Out Levels

Saco Bank will send you a margin call warning via email when your margin level drops to 100%, 90% and 75%. After that they will stop you out of your trades, if your margin level falls below 75%.

Saxo Bank Account Opening Procedure

Step 1. Register

To open a trading account with Saxo Bank Australia, fo to their website, click on "login" select the "SaxoTraderGo" platform. then click on "signup now".

Please note that, you must select the platform first before you are allowed to open an account. If you want to trade CFDs you may select the SaxoTraderGo plstform, and if you want to invest you select the Saxo Invest platform.

After registering you will be granted access to the trading platform where you can carry out step-2.

Step 2. Certify & Submit ID Docs

In this step you will need to submit a means of identification showing your name and address. The means of ID must be physically signed & certified to be original by someone of high standing in Australia such as a Judge, Lawyer, Doctor, Architect, Diplomat, etc.

Range of Markets - 8/10

1. CFDs

At Saxo, you can trade CFDs on 185 FX Pairs, 30+ Indices, 7,400 Stocks, 1,100 ETFS, 20 Commodities, 6 Crypto Pairs and 8 Bonds.

2. Vanilla Options

you can also trade vanilla options on 45 FX pairs, Stocks, Indices, Interest Rates, Commodities & Futures.

3. Futures

Over 250 different Futures on equity indices, energy, metals, agriculture, rates and FX; are available for trading.

4. Investment

You can buy & hold assets including 23,000 Stocks, 5,200 Fixed Income Bonds, 7,400 Equity ETFs and 200+ Crypto ETFs.

Fees - 8/10

1. Spread

Spread starts from 0.7 pips on the entry level Classic Account.

on the Platinum Account, the spread starts from 0.6 pips, and on the VIP Account the spread is from 0.5 pips.

When trading FX Options the spread starts from 3 pips.

When trading Crypto pairs, spread is from $3.60

2. Commission

• Forex trading is commission-free at Saxo, so you only pay the spread.
• Bond/fixed income CFDs attract a commission of 0.05%
• US Stocks & ETFs attract a $1 commission.
• Non-forex Options & commodity CFD trading attracts a commission of $0.75 per contract.
• Indices trading is commission-free
• Crypto trading is commission-free

3. Currency Conversion Fee

0.45% is the currency conversion fee charged to your account, when you trade an instrument that is denominated in a currency, different from your trading account currency.

Conversion fees are also charge when you deposit/withdraw in a currency outside your account currency.

4. Custody Fees

0.12% custody fee will be charged to your account if you hold international shares & ETFs. This fee does not apply to Australian shares

5. Inactivity Fees

Saxo Bank does not charge an inactivity fee on dormant accounts.

Platforms - 7/10

1. SaxoTraderGO

SaxoTraderGO is a web & mobile platform meant for CFD & options trading. The platform is easy to use and userfriendly.

2. Saxo Investor

The Saxo Investor platform is web & mobile platform for buying & holding real equities.

3. TradingView

you can connect your Saxo Account to TradingView and trade directly from their advanced easy-to-use charting systems.

Tools - 5/10

1. FIX API Trading

You can connect your trading robot to Saxo APIs and extract the relevant capital market live data, you need.

2. Microsoft Excel API

This tool enables you to connect your MS Excel program to Saxo bank and extract information. It makes it easier for you to process this information on Excel and feed the orders back to Saxo for execution.

Support - 6.5/10

1. Live Chat

You can access Saxo 24/5 live chat from your client area, but the chat icon is not available on their website homepage.

2. Help Center

The Saxo help center is rich with lots of articles which will answer any basic questions you have.

3. Email & Telephone

Saxo offers email & telephone support and you can find their contact information on their website.

Personal Account Manager

For the Platinum & VIP Accounts, personal account managers are assigned to account holders for a more personalized service.

Final Verdict - 7.2/10

Saxo Bank (Totality), is one of the best forex brokers in Australia for professional traders.