Residence, Regulation, and Company Management Structure
SaxoBank is registered in Denmark and has had a banks' license from June 2001 and is regulated by the Danish Financial Supervisory Authority.
The address of the head office is indicated, the leaders of bank and its basic subdivisions are mentioned as are their “cropped” CV's and personal e-mails.
Company's Market Position
The bank is a valuable market maker and a direct participant on the interbank market. There is a complete spectrum of financial (trading) instruments.
Individual and corporate trading accounts are conducted, with the accounts of “Saxo MiniTrader” and “Saxo Trader” – offered to the individual trader.
There are the partner programs for Introducing Brokers and “White Label Partnership,” and confidential, money, management is offered.
Trading accounts get a guarantee; up to the amount of 40,000 EUR from The Danish Guarantee Fund for Depositors and Investors.
Types of Services Offered
The bank trades in the complete spectrum of financial instruments:
- 130 rates of exchange.
- Currency options.
- Gold and silver.
- CFD on an shares.
- Real shares from 19 largest exchanges of the world.
- Bonds.
- Futures.
- Managed funds.
A complete set of tools is accessible for the retail account from $10000; accounts from $2000 are called a “mini” and have a limited set of tools.
On all of trading instruments there is exhaustive and absolute complete information about terms and trade features.
Marginal requirement changes, depending on the sizes of trading deposits, and also increases at the transfer of positions through days off.
There are limits on the maximum volume of transactions for their “streaming” (automatic) execution (above this limit any transaction conducted through a dealer), and there is also a minimum volume, below which operating fees are levied at $10.00.
The transfer of positions, the next day, is done with classic SWAP principle and the rates are resultant rates are displayed in a detailed table.
As a real participant of market, SaxoBank does not undertake the obligations of absence of slipping and support of unchanging spreads. Nevertheless, spreads for a “quiet” market are fully noted.
Trading accounts are opened interactively from the site or by sending mail, beforehand, with unsealed and filled forms.
The methods of putting money on trading deposits and writing from them are not indicated on the site.
Traders Support
The company and site is oriented towards the skilled investor, and, therefore, a section for the beginner is absent on the site.
The site is done in the English language and 25 other languages are supported. However, some pages and indentions are not translated.
Interactive support of clients is conducted by a chat and by multi-channel, multi-lingual, telephone lines.
News and analytic geometry are supplied by the largest participants of market – HSBC, Barclays Bank, Deutsche Bank, Commonwealth Bank, but only in the closed access (for the real clients or subscribing to 20-days demo-access).
The trading module of “TradeMaker,” which enables one to trade directly on prognosis and recommendations of the banks experts is offered.
The Trading Platform
The trading platform of “SaxoTrader” is executable and performs all of the necessary and informative services. There are extraordinary requirements for the computer of client, which are: a 1024 Mb of RAM, 2.5 GHz processor, 200 Mb of HDD.
The Site
Although the design of site is a bit heavy, the structure, of the site, is simple enough; with the informative form filling a big plus. The slight overload of site (by self-advertisement) suggests the idea that the company wants to show how “splendid” it is.
Advantages
- Bank license.
- Guaranteed defense of client deposits.
- An enormous set of financial tools.
- First-class sources of analytic geometry.
Disadvantages
- Insufficient transparency – traditional banks' information is absent, regarding charters, funds, property assets, sizes of assets, etc.
- It is not quite complete, enough, with (language translations) into other languages.
