Saxo Bank established online for over 25 years, is a licensed bank and broker. Saxo equips its customers with a suite of proprietary trading platforms, powerful tools, and insightful market analysis to facilitate profitable trades. For example, foreign exchange (Forex) trading apps make buying and selling currencies on your mobile device easy. This is especially helpful because the foreign exchange market now plays a significant role in everyday business due to the globalization of the economy.

Saxo Bank Review

In this Saxo Bank review by Traders Union, there’s a brief information about its deposit and withdrawals, minimum deposit and payment methods.

Deposit and Withdrawals

When it comes to brokers, Saxo Bank is among the best because it accepts deposits via bank transfer, stock transfer, and credit/debit cards. The account’s base currency need not be used to calculate transaction fees. If you’re sending cash, there won’t be any fees. Withdrawals made through its online money withdrawal module are not subject to fees, unlike those made through other brokers. Saxo Bank assesses a $40 processing fee for traders who submit a withdrawal request using a manual form. Withdrawals can be processed through a bank account with the same name as the trading accounts.

Minimum Deposit

According to Traders Union analysis of Saxo Bank, customers in the United Kingdom who select the classic account type are required to put down a minimum of 500 pounds. Furthermore, the minimum deposit required varies by account type and country of residence for traders. Minimum deposits range from $2,000 in Australia and Switzerland to $10,000 in the Middle East and Central Europe. We can say that all these brokers don’t charge any service charges for deposits or withdrawals, and the minimum deposit required for a classic type of account is 500 GBP.

Payment Method 

The major credit and debit cards, including Visa, MasterCard, electron, and Maestro, are accepted here, as stated in our Saxo Bank review. In addition, this broker allows traders to deposit up to $100,000 per trade using a credit or debit card, providing them with high transaction limits. Deposit fees range from 0.51% to 2.86% based on the country of issue and are waived if the trader uses a credit or debit card issued within the European Economic Area (EEA). Traders using credit cards or debit cards can rest assured that their funds will be deposited into their accounts immediately. Saxo’s lack of support for e-wallets like Skrill and PayPal makes it the only broker that requires traders to use traditional bank transfers to fund their accounts. Traders’ accounts are typically credited with the money within two to five business days.

Best Apps for Forex Trading

Traders Union have hand-picked these best app for forex trading because of their lowS spreads, robust features, and lightning-fast execution times. The following is the list of top 3:

. IG

IG offers a streamlined mobile app that’s simple to use. It offers an interface that’s on par with the full desktop site. You can still make complex, multi-step orders from the app. In addition, users can place trades quickly and simply in the IG app without having to switch between multiple pages. The mobile app, sadly, does not have any extra security features like two-factor authentication or fingerprint recognition.

. FOREX.com

Among the many forex brokers we recommend, FOREX.com stands out as a top pick thanks to its competitive spreads and excellent mobile app for both Android and iOS. The app is fully functional on mobile devices. All the power of the desktop version’s advanced charting tools, news, and fund management are now available in your pocket.

. Nadex

NadexGOTM is a mobile app that provides the same great features as the desktop version but in a more compact package. Product options include account management software, direct market access in real time, and advanced charting and technological analysis tools. It may take some time to get used to switching back and forth between the chart and the order entry ticket. Binary options and dispersed trading are Nadex’s forte. There is a maximum fee of $50, and it is $1 per contract. You may close a position by entering an opposite trade or by waiting for the contract’s expiration date to arrive.

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