Saxo Investment Brokerage Review (2024): How to Invest Using SaxoTraderGO?

Saxo-Trading

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.

Saxo logo
MoneySmart Exclusive
Min. Commission Fee US Stocks
US$1
Min. Commission Fee SG Stocks
S$3
Min. Funding
S$0
MoneySmart Exclusive:

[MoneySmart Exclusive]
Get S$288 via PayNow when you open, fund and trade* within 14 days of account opening with Saxo. T&Cs apply.
  
[Saxo Promotion]
• Get a free upgrade to trade with our Platinum prices. Learn more
 Plus, get an additional S$750 when you refer a friend. T&Cs apply.

Valid until 31 May 2024

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’re trading with S$300K, you will be 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 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 0.9 pips for EUR/USD, 1.4 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. 

Saxo also offers a Regular Savings Plan where you can invest in managed ETF portfolios, offered by asset managers BlackRock and Lion Global. It allows you to build long term savings with an initial minimum investment of $2,000, and subsequent regular monthly contributions from $100. The service fee is 0.75% per annum.

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. 

Saxo-Open-Account

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.

Saxo logo
MoneySmart Exclusive
Min. Commission Fee US Stocks
US$1
Min. Commission Fee SG Stocks
S$3
Min. Funding
S$0
MoneySmart Exclusive:

[MoneySmart Exclusive]
Get S$288 via PayNow when you open, fund and trade* within 14 days of account opening with Saxo. T&Cs apply.
  
[Saxo Promotion]
• Get a free upgrade to trade with our Platinum prices. Learn more
 Plus, get an additional S$750 when you refer a friend. T&Cs apply.

Valid until 31 May 2024

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:

Saxo-Investor

Photo credit: Saxo

Clicking the Stocks page will show you an overview of different global stocks:

Saxo-Investor-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.

Saxo-Investor-Apple

Photo credit: Saxo

Simply enter the desired amount of shares you want to purchase and click BUY to confirm your purchase.

Saxo-Investor-Buy

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. 

SaxoTraderGO-Watchlist

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. 

If you need help, Saxo has a detailed FAQ section in its support centre. You can also contact them via live chat on the Saxo platform.

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.

Interactive Brokers logo
Online Promo
Newest desktop trading platform on IBKR Desktop
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.

PhillipCapital logo
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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