Spread Betting Broker Summary
Saxo Bank has quickly emerged as one of the best known names in the Spread Betting industry. Saxo Bank is an international investment bank but its specialties lie in their product offerings in the online trading world, allowing traders access to a wide variety of global financial markets. While institutional clients are given access, the majority of the bank’s offerings are catered to private spread betting investors able to trade forex, CFDs, Stock Shares, Futures contracts, ETFs and Options. Saxo’s trading platform has won multiple industry awards as the company remains focused on the importance of technology as a means for securing trading efficiency. Here we will analyze the company’s main components.
Trading Markets Offered
One of the things that is helping to separate Saxo Bank from other members of the industry competition is the wide variety of product offerings and trading markets that are available to all traders. Their platform offers so many markets it would be difficult to cover them all in this short review. But in forex (which is quickly becoming one of the most popular choices for spread betting traders), traders are allowed to access more than 160 currency cross pairs. This also includes access to Gold and Silver as well as Forex Outrights. Forex is one of Saxo’s strengths as a majority of their own trades are based in the Forex markets and their educational and strategy offerings are also unrivaled in the industry.
When looking at share offerings, Saxo Bank has one of the best relative to the industry competition. Currently, more than 14,500 stocks are available to traders (on 29 different exchanges) and this includes more than 20 stock indexes (which is something that will be seen as attractive for macro level trading styles). The trading markets that are made available by Saxo Bank rival any of the major industry names and this will cater to many different trading styles and strategy methods.
While Saxo Bank’s trading platform is not its number 1 strength, the software that is made available will meet any trading needs private investors are likely to encounter. Saxo just released its Saxo Trader version 2.5, which offers many new features for traders looking for the highest levels of trading efficiency. The trading station can be downloaded or used as a web application (from any computer with an internet connection), and these can be used in conjunction with the mobile applications that can be accessed from any hand-held device.
These software applications can be used on both Macs and PCs, as well as with the iPhone or any Android device. Trading analysis tools on the Platform include a Stock Screener, a separate panel that shows equity research and Saxo Bank official trading strategies, an economic calendar and charting tools for technical traders. All of these features are fully customizable, and this allows traders to focus on the data pieces that are most relevant for your personal trading style.
The Special Offers area is where Saxo Bank shows its major weakness. There are no significant new account incentives and in addition to this, the spread betting demo account that Saxo Bank makes available is only open for 20 days. While there is no minimum account size, this is something that is offered by many other brokers and this should not be viewed as a benefit compared to other Spread Betting brokers.
When looking at the Saxo Bank Learning Center, we can see the true strength of this companies product offerings. I have long been a fan of the daily research videos that Saxo Bank makes freely available to all clients, as these daily reviews boil down the essential aspects of the trading day and gives traders a clear and concise idea of what will likely be driving markets on a given day. In addition to this, the Bank tells you about its own trades (with clear exit and entry levels) and explains the rational for each trade in both technical charting terms and using fundamental analysis.
In addition to this, Saxo Bank offers an extensive trading glossary and a Trade Mentor application. The Trade Mentor feature is a very interesting collection of tutorial videos that will allow new traders to develop their own trading plans based on their own technical styles and fundamental knowledge strengths. The Trade Mentor feature is a 12-chapter video tutorial that will serve to cover the basics of trading as well as explaining the features of Saxo Bank’s trading platform.
The Charting package that is offered by Saxo Bank is basic in appearance but all of the major technical indicators are covered and the design lends itself well to efficient execution and minimal mistakes when new trades are placed. There are some difficulties in customizing the trader, which will likely be a slight drawback to technical traders. But fundamental traders are likely to appreciate the design as it allows to a clear way to monitor trades and access the Saxo Bank’s daily trading strategies.
Site Strengths/ Weaknesses
The Saxo Bank offering can be clearly viewed in terms of its strengths and weaknesses, with the educational offerings and daily strategy pieces being the clear strength of the Saxo Bank product. I have been a fan of this feature in my own trading for years and I highly recommend this tool as a way of knowing what will move markets on a given day.
Weaknesses can be seen in their lack of special offers and in the lack of interactive features in the charting software. There are examples of other Spread Betting companies that are offering more technical analysis tools, so the Saxo Bank offering is better suited for fundamental traders.
On the whole, the Saxo Bank spread betting platform offering is one of the best in the business. Their educational and strategy offerings are the best in the business and the company is tailoring its research for fundamental trading strategies that use technical levels for exits and entries. Saxo Bank is a highly recommended broker provider, mostly because of its wide range of product offerings, enhanced educational tools, and highly efficient trading platform.