Saxo Bank A/S

Beginning of cooperation Last contact Last update
November, 2006 October, 2018 July, 2018

GSL reference about the bank

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Forex professionals know very well the slogan: ‘A serious bank for a serious trader’. This was the one that SaxoBank adopted when it first entered the Russian foreign exchange market in the mid-2000s.
We first came across this financial institution in 2001. In 2004 the bank already had Russian-speaking staff. Today the bank offers to the potential client a very informative portal devoted to products, services, analytics and many other things.
The present-day SaxoBank is a platform for online trading in currencies, securities, derivatives, and precious metals. At the same time, all Saxo Bank’s deposits, as well as deposits of other Danish financial institutions, are guaranteed by the Government of Denmark. This means that, should the need arise, the Danish Government guarantees to the clients to pay all the money deposited, irrespective of the amount.
You will probably ask why all Internet traders have not yet lined up for an account at this largest broker banker. To the utmost regret of the Internet traders, the bank does not permit transactions with leverage, which increases the profitability of a transaction 100 times, but equally increases the risks, which obviously cannot be covered by the deposit guarantee programme of the Danish governmental.
Thus, the bank is ideal for an initiative-taking, but conservative investor who is used to doing everything himself, including the real-time management of own assets, while keeping abreast of the latest financial developments.
Saxo Bank does not charge any fee on account opening, incoming or outgoing transactions or for account maintenance. However, it does charge for conversions

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    1 614 10 N/R
    Year of foundation 1992
    History Established as Midas Fondsmaeglerselskab A/S in September, 1992.In June, 2001 the company converted to EU regulated bank status and name changed as above
    Personnel The service to the Russian, Ukrainian, and Baltic clients is provided by a Russian-speaking team
    Bank’s shareholders Fournais Holding AS (Denmark) - 29,99%; Lars Seier Christensen Holding AS (Denmark) - 29,99%; GA Global Investment Limited (Denmark) - 21,99%; Espirito Santo Financial Group SA (Luxembourg) - 9,92%; Minority Shareholders - 8,11%
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    10 000 N/A N/A
    Transactions permitted per month The bank has no restrictions as to the number of transactions
    Initial deposit of funds, € The initial deposit is 10 000 EUR
    Deadline for the initial deposit, month There is no deadline for making the initial deposit
    How fast payments are executed In real time

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    1 1 0 0 0
    Outcoming transfer, € Saxo Bank does not charge any fees on outgoing transfers
    Incoming transfer, € Saxo Bank does not charge any fees on incoming transfers
    Account maintenance, €/year Saxo Bank does not charge any fees for account maintenance
    Distant access to the account All the modern (Internet) and traditional (telephone) account operation tools are available. The bank has SaxoTrader platform, which allows to trade any instruments offered by Saxo Bank
    Financial products A great variety of financial instruments: Forex – over 150 currency pairs (including USD/RUB); Forex options; Shares – over 9200 types of securities; CFDs (contracts for difference); Futures – 440 futures contracts (power systems, metals)

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Sketchy Current
    Visit to the bank The account is opened remotely, no visit to the bank is required
    Required Filled in bank forms; copy of the client’s passport; client’s CV; standard set of corporate documents
    Types of accounts Personal; Corporate; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker; it is possible to open an account without visiting a professional introducer
    Chances to open an account Predictable
    Business description Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed