SAXO Bank ETF
Saxo Bank is one of the leading European brokers. They offer a great choice in ETF’s coming from all popular ETF providers. So the question remains, is Saxo Bank a great choice to pick as broker for you as an ETF investor? Here we will share some pros and cons.
Pros of Saxo Bank as an ETF broker
Saxo Bank has much to offer for ETF investors. They are one of the most used brokers of ETF’s in Europe and that already is a significant fact.
The best online trading platform in the world?
I had to put the question mark there because I do not know all online trading platforms out there. But maybe we can skip the question mark. Saxo Bank is the creator of a large part of the trading platforms you will get from other brokers.
Developing trading platforms is one of the core businesses of Saxo Bank. They offer their technology as a white label to more than 100 customers in the world. So you would not be surprised to notice that their own trading platform is really, really good.
It is very customer-friendly, easy to get used to, it offers all information you need and the charts are great. So this is a no-brainer, the Saxo Bank trading platform is superb. For you as an ETF investor this is important especially when you are an active ETF trader.
Great on prices, but not the cheapest
Let me put it in other words. For a broker with a banking license and a great online platform their fees are extremely low. But, that being said, they cannot beat the “discount brokers”. So they offer great value for money and maybe that is exactly what you need.
Most ETF investors do not get in and out of their positions so often as futures traders or FOREX traders do. If you are a fast trader with large amounts then Saxo’s fees may be too high for you, otherwise they are just fine and they do not hamper your returns much.
Safety and security
The Saxo Bank trading platform is safe and holding positions is secure as they are covered by the Danish banking guarantee. So if you hold money in the open account of Saxo Bank you will be safe up to € 100.000,-. Your positions in equities and ETF’s are secure by the holdings themselves, so that is not an issue.
Cons of Saxo Bank as your ETF broker
What are the most conspicuous weaknesses of Saxo Bank as an ETF broker? There always are some cons to discuss, so here we go.
High deposit requested
The minimum initial deposit for opening a trader’s account at Saxo Bank is € 2.000,-. Many brokers do not ask for a minimum deposit. At Saxo Bank the initial deposit minimum has gone down but it still exists.
Not always the best spreads
This is a common heard complaint with many brokers. It is difficult to gauge it in general. But I must say that this is a working point for all brokers in the market.
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