Saxo is one of my favourite brokers. I used it to invest in ETFs a few years ago because it always seemed professional and reputable. Also, the SaxoTraderGO platform is really clean and easy to use (some other brokers’ platforms drive me crazy).
Through the SaxoTraderGO platform, you can buy and sell assets such as stocks, ETFs, funds, bonds, options, futures, forex, crypto, and CFDs online.
Here’s everything you need to know about trading with Saxo.
What is Saxo?
Saxo is a subsidiary of Saxo Bank, a Danish investment bank. For many people, that’s enough to dispel any doubts about the company. Its SaxoTraderGO trading platform is used by investors all over the world.
The good thing about Saxo is that its fees are actually pretty affordable compared to other brokerage firms. And guess what? They’ve just revamped their pricing structure, making it even simpler and cheaper for you to invest. More on fees below.
Another thing I like about Saxo is their wealth of product offerings. You can invest in almost anything you want, whether from overseas or local markets/exchanges.
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[Saxo Promotion]
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Saxo overview: fees, products, trading platforms
Saxo used to charge unnecessary trading fees, such as monthly account fees and custody fees. But with its new, simplified pricing structure, you can say goodbye to all of that.
Their commissions and currency conversion fees have been lowered, and they’ve totally discontinued their account plans (meaning you won’t be charged that fee). If Saxo wasn’t compelling before, they certainly are now.
Note: Saxo still has tiers (Classic, Platinum, and VIP). But unless you start trading with S$300,000 and above, you will start off in the Classic tier.
| Trading products | Stocks, ETFs, bonds, commodities, options, futures, funds, FX, Crypto, and CFDs |
| Minimum commission fee (SG stocks) | SGD 3 |
| Minimum commission fee (US stocks) | USD 1 |
| Minimum initial funding amount | S$0 (Classic) / S$300,000 (Platinum Tier) / S$1,500,000 (VIP Tier) |
| Stock Holding Type | Custodian |
| Trading platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
| Payment method | FAST, PayNow, MEPS, internet bank transfer or credit/debit card |
| Inactivity fee | None |
Saxo commission and trading fees
High commission fees can really bite you in the butt if you buy and sell frequently. One of Saxo’s biggest strengths is its affordable fees.
Here’s what it costs to trade stocks on various markets on the Classic tier:
| Saxo Fees | |
| SGX Trading Fee | 0.08% with minimum of 3 SGD |
| New York Stock Exchange Trading Fee | 0.08% with minimum of 1 USD |
| Hong Kong Exchange | 0.08% with minimum of 15 HKD |
| Australian Securities Exchange Trading Fee | 0.08% with minimum of 3 AUD |
| Tokyo Stock Exchange Trading Fee | 0.08% with minimum of 800 JPY |
| Forex fees | 0.7 pips for EUR/USD, 1.1 pips for USD/SGD |
| Platform/Custody/Withdrawal fee | None (Opt into securities lending for zero custody fee) |
| Currency conversion fee | 0.25% |
Note that these fees are charged for both buying and selling (some brokerages charge commissions only when you buy).
How to invest with Saxo platforms?
| Saxo platforms | Who is it for | Products |
| SaxoInvestor | Simple interface for beginners | Stocks, stock options, mutual funds, ETFs, bonds, and managed portfolios |
| SaxoTraderGO | Comprehensive one-screen dashboard for investors with some knowledge | FX, FX Options, CFDs, stocks, ETFs, futures, listed options, bonds, mutual funds, commodities, and cryptocurrencies |
| SaxoTraderPRO | For advanced institutional traders | FX, FX Options, CFDs, stocks, ETFs, futures, listed options, bonds, mutual funds, commodities, and cryptocurrencies |
Saxo has 3 main platforms through which you can invest: SaxoTraderGO, SaxoTraderPRO, and SaxoInvestor.
SaxoTraderGO is Saxo’s most popular consumer-facing trading platform that makes it easy for users to manage investments from a wide range of asset classes, currencies and countries. You can see consolidated breakdowns and statistics that give you broad overviews at a glance, even historical reports of your net holdings. Overall, it’s a solid platform, especially if you want to trade forex or on overseas stock markets.
You don’t have to apply for a CDP account to use SaxoTraderGO. But you can transfer your stocks from your Saxo account to your CDP account. The catch is that you can’t transfer stocks from your CDP account to your Saxo account, so if you wish to sell them through SaxoTraderGO you will have to leave them in your Saxo account.
SaxoTraderPRO is designed for more professional or institutional traders. It offers some advanced trading tools and risk-management features. You probably won’t need this platform unless you’re a day trader.
SaxoInvestor is on the other end of the spectrum, designed for the typical retail investor. You’ll find investment themes that give an overview of trends in relevant yield products such as electric vehicles and robotics, to ‘inspire’ beginner investors. Each theme has a curated list of relevant stocks, mutual funds, ETFs within.
You can use all 3 platforms free of charge, to monitor your investments and place trades. You can also read about global news in different industries and get a better understanding of what products you may want to buy next.
Saxo tries to cater to investors of all levels with video tutorials on the basics of trading, managing risk and how to trade, regular podcasts on market insights, and webinars.
How to apply for a Saxo account
If you want to give Saxo a try, opening an account is free and pretty straightforward, as SingPass holders can sign up using MyInfo, which retrieves your personal particulars. The process is quick and painless. You can get your account up and running in 5 minutes and transfer funds easily to your account by bank transfer (PayNow, FAST, iBanking or MEPs), credit or debit card, and start trading.
Photo credit: Saxo
Saxo has a web version for desktop as well as an app for both Apple and Android mobile devices, and the interface is quite straightforward so you don’t have to be a rocket scientist to figure it out.
The good thing is, once you have an account, you have access to all 3 of Saxo’s investment platforms.
[FLASH DEAL | MoneySmart Exclusive]
Get S$288 Cash via PayNow OR an Apple AirPods (4th Gen) with Active Noise Cancellation (worth S$249) when you open, fund a min. of S$3,000 within 1 deposit and execute 3 trades with Saxo. T&Cs apply.
[Saxo Promotion]
Enjoy $0 commission on 100 most popular US stocks for new clients. T&Cs apply.
Guide on how to make a trade on Saxo
Once you’ve opened your account, you can access Saxo’s platforms to start trading. Here’s how to get started on SaxoInvestor:
Photo credit: Saxo
Clicking the Stocks page will show you an overview of different global stocks:
Photo credit: Saxo
In the instrument search box, search for Apple Inc., and you’ll see details about Apple’s price and performance. If you decide to buy, click the blue “Buy” button to open a trade ticket.
Photo credit: Saxo
Simply enter the desired amount of shares you want to purchase and click BUY to confirm your purchase.
Photo credit: Saxo
SaxoTraderGO (below) lets you create a watchlist of products you’re eyeing, track them, and then place orders for them. Their support page has detailed video tutorials on how to place orders for different products.
Photo credit: Saxo
Who should use Saxo?
SaxoTraderGO can be a good choice if you want to trade forex or stocks on foreign exchanges, as it offers access to these markets at a good price and on a platform that doesn’t make you want to tear your hair out.
Saxo is known for its lower commission fees compared to other online brokerages.
If you’re only going to trade on SGX, Saxo offers a good price. But if you are not comfortable having your stocks held in custody rather than transferred to your CDP account, you will need to look elsewhere.
Bear in mind that if you plan to use Saxo’s platform to buy and sell stocks, check stock prices, and view charts, you should ensure that it works well and is easy enough for you to use, especially if you tend to trade frequently and on the go.
Beginner investors may want to consider SaxoInvestor, as it offers access to a large basket of products and has a simpler interface so that you don’t drown from information overload. If this is your first time, you can also watch the instructional videos that guide you through searching for funds, monitoring your investments, and upgrading to more complex products.
Alternative investment brokerages to Saxo
Interactive Brokers (IBKR): One of the US’s biggest trading platforms. It also has a strong presence in Asia. More importantly, it’s one of the cheapest ways to trade US and Singapore stocks at the moment. Check out my review of IBKR here.
- Min. Commission Fee US Stocks
- US$1
- Min. Commission Fee SG Stocks
- $2.50
- Min. Funding
- $0
POEMS : PhillipCapital’s POEMS is a familiar local investment platform that also offers access to SG and US stocks at pretty decent fees. A great option for local investors who want to get their feet wet.
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- Min. Commission Fee US Stocks
- US$3.88
- Min. Commission Fee SG Stocks
- 0.08% (no min.)
- Min. Funding
- $0
Compare online investment brokerages in Singapore before you commit.
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