Saxo review
Details checked 27 Sept 2026. Always confirm current terms on the broker's site.
Our verdict
Saxo is a Danish bank and multi-asset broker with top-tier regulation and very broad gold product coverage. Its gold spreads are above average and it does not onboard Indian residents.
Saxo was founded in 1992 and is based in Denmark, where Saxo Bank A/S is a licensed bank designated as systemically important. It is majority-owned by the J. Safra Sarasin Group and holds Tier-1 licences in every region it serves, including the UK, Australia, Singapore, Switzerland, Japan and Hong Kong. Unlike most brokers here, Saxo has no offshore entity. Gold is available in many forms, including spot and CFD contracts, futures, options and exchange-traded products. BrokerChooser measured Saxo's XAUUSD spread at $0.42 in September 2026, above the $0.32 market average; pricing improves on the Platinum and VIP tiers, which require $200,000 and $1,000,000 respectively. There is no raw-spread account, no MetaTrader or cTrader, and no swap-free option. Retail leverage on gold is 1:20 under EU and UK rules. Trading takes place on SaxoTraderGO, SaxoTraderPRO and via a TradingView integration. There is no minimum deposit on the Classic tier. Danish clients are covered by the Danish Guarantee Fund and UK clients by the FSCS. Saxo does not accept clients from India and is not on the RBI Alert List. It suits gold traders who value bank-level safety over the lowest spreads.
Pros
- Licensed Danish bank, designated systemically important by Danish FSA
- Tier-1 regulation in every jurisdiction it operates
- Gold available as spot, CFDs, futures, options and ETFs
- Strong proprietary platforms and research
Cons
- Gold spread ($0.42) above market average
- No MetaTrader or cTrader
- Does not accept Indian residents
- No swap-free account
Key facts
| Founded | 1992 |
|---|---|
| Headquarters | Copenhagen (Hellerup), Denmark |
| Regulators | Danish FSA (Saxo Bank A/S - licensed bank) (Tier-1); FCA (Saxo Capital Markets UK) (Tier-1); ASIC (Tier-1); MAS Singapore (Tier-1); FINMA Switzerland (Tier-1); JFSA Japan (Tier-1); SFC Hong Kong (Tier-1) |
| Gold (XAUUSD) available | Yes |
| Gold spread, standard account | $0.42 per BrokerChooser XAU/USD spread benchmark, updated 17 Sep 2026, in USD per ounce (Classic tier) |
| Gold spread, raw/ECN account | No raw account; tighter pricing on Platinum/VIP tiers (gold-specific figure not published) |
| Commission, raw account | None on gold CFD/spot (spread-only); gold-specific tier pricing not published |
| Max gold leverage (offshore entity) | Not applicable (no offshore entity) |
| Max gold leverage (Tier-1 entity) | 1:20 (EU/UK/ASIC retail) |
| Minimum trade size | not published |
| Platforms | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor, TradingView integration |
| Minimum deposit | $0 |
| Account types | Classic, Platinum, VIP, Professional |
| Indian deposit methods | Not applicable |
| Accepts clients from India | No (BrokerChooser) |
| Negative balance protection | Yes for EU/UK retail clients |
| Segregated client funds | Yes |
| Investor compensation | Danish Guarantee Fund (cash deposits up to EUR 100,000; securities up to EUR 20,000); FSCS for UK clients |
| Swap-free account | No |
| On RBI Alert List | No: 2025-11-19 (latest RBI update found; checked 2026-09-27) |
Member reviews
Sources used for this review
- forexbrokers.com/reviews/saxo
- brokerchooser.com/broker-reviews/saxo-bank-review/xauusd-spread
- brokerchooser.com/broker-reviews/saxo-bank-review/saxo-bank-india
- home.saxo/rates-and-conditions/forex/spreads-and-commissions
- upstox.com/news/personal-finance/trading/rbi-alert-list-updated-full-list-of-unauthorised-
- completetradersedge.com/rbi-alert-list/
- au.bank.in/hi/hi/assets/banner-text-table/pdf/unauthorised-forex-transactions.pdf
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