Saxo Bank Trading App Review
The online trading community appreciates the Saxo Bank mobile apps. Users have awarded nearly 5-star ratings to both the Android and iOS apps.
Saxo Bank is a Danish entity. Danish law governs all trading activities taking place on the broker’s trading platforms, mobile or desktop-based.
The brokerage belongs to Saxo Bank A/S and is a well-established and trusted destination for traders.
The company behind the brokerage is headquartered at Philip Heymans Alle, 15, 2900, Hellerup, Denmark.
Saxo Bank is available in many countries, from the UK to Australia, Belgium, Switzerland, and China. To access its services from these countries, users must go through the country-specific sites the broker maintains. At home.saxo, potential users can select their countries from a roll-down menu.
The entity behind the online brokerage is a fully licensed European bank. The authority regulating its activity is the Danish FSA. The registration number of the company is 15731249. The bank license number of the organization is 1149.
The operation is fully MiFID-compliant. It provides full licensing details for every one of the international corporate entities that represent its brand in various markets. Saxo Bank assumes full responsibility for safeguarding and handling your personal information.
Traders who deposit money with Saxo Bank for trading purposes can earn an interest of about 4% on their idle funds.
User Interface
The SaxoTraderGO user interface is clean and crisp. It features customizable watch lists that traders can use to gain quick access to their preferred tradable assets. The cool black/grey/white color scheme is easy on the eyes and makes important information pop.
Traders can access charts directly from their watch lists. By turning their mobile devices sideways, traders can access advanced charting features. The advanced charts are visible, with all the tools and indicators accessible at a couple of taps.
Functionality and Features
The SaxoTraderGo mobile trading apps deliver standard functionality in every regard. If you’re an experienced mobile trader, you will find everything where you know it should be.
The mobile platforms allow traders to place and manage their trades on the go. They give them access to integrated charts, complete with a great selection of technical indicators, drawing tools, and time frames. In addition to everything they need for technical analysis, the apps give traders access to news, allowing them to couple their technical skills with fundamental analysis for optimal results.
AutoChartist generates trading signals, and traders can access expert analysis on their mobile devices.
Performance
The app only takes a few seconds to download and install. Once they manage to go through the tedious and lengthy account-opening process and make their deposits, traders can jump into trading.
The app loads charts, watch lists, and news instantly. Trade execution is lightning-quick. Everything works as one would expect.
Privacy and Security
Perhaps traders will find it a cause for comfort that Saxo Bank, a licensed European banking entity, handles their sensitive information. Upon registration, Saxo Bank will require every bit of sensitive information an individual can produce, from social security numbers to passport details, source of wealth, bank account details, etc. Biometric data may also be part of the package.
The broker will share this information with tax authorities, exchanges, regulators, auditors, insurers, and various other service providers. It may even transfer its traders’ personal information out of the EU.
Customer Support
SaxoTraderGo users can access customer support directly from the mobile apps. The broker maintains a help center where clients can open support tickets. The support staff is knowledgeable, and response times are short.
Traders can also seek support by phone at +44 (0) 207 151 2100
Pros and Cons
Many traders appreciate the features and security the SaxoTraderGO mobile platforms offer. Here’s what traders also like about the broker:
- The platform is reliable and delivers what one would expect from it.
- Saxo Bank’s regulatory profile is top-tier.
- The broker offers investor protection.
- Some traders like the design and content of the app.
Some traders don’t like the broker or the app and are quite vocal about why that is the case.
- Some don’t find the interface of the app user-friendly enough.
- Some users find the data overwhelms the small screens of many mobile devices.
- Some traders don’t like Saxo Bank’s customer service.
Conclusion
Saxo Bank is a solid, well-regulated, and trustworthy European banking entity. It observes strict operating procedures and offers outstanding investor protections. The SaxoTraderGO apps are reliable, functional, and useful for trading on the go.