Singapore Dollar Forex Trading Accounts
Saxo Bank Review
Saxo Bank is considered a leader in Forex and CFD Trading. Saxo Bank offers Taiwanese traders competitive trading conditions with low commissions and tight spreads. Saxo Bank offers over 71,000 instruments that can be traded.
- Riaan Myburgh
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Min Deposit
No minimum deposit requirement
Regulators
FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Throughout our experience reviewing online trading platforms, we have encountered many brokers catering to Taiwanese traders.
However, Saxo Bank has consistently caught our attention. Founded in Copenhagen in 1992, Saxo Bank has grown from a small Danish investment firm to a well-known online trading platform with a global presence.
From its humble beginnings as Midas Fondsmæglerselskab to securing a banking license in 2001 and becoming the first Danish broker authorized under the European Investment Directive in 1996, Saxo Bank’s story is especially noteworthy.
Saxo Bank stands out from other brokers due to its extensive selection of products and services. With access to over 71,000 assets across eight categories, Saxo Bank provides a wide range of options for portfolio diversification.
This platform is designed to cater to the needs of new and experienced traders and, institutions and hedge funds. The bank’s proprietary trading platforms, SaxoTraderGO and SaxoTraderPRO, offer a high-quality experience that surpasses standard platforms like MT4/MT5.
Traders in Taiwan find Saxo Bank’s offerings particularly appealing. The bank provides a range of account options to cater to the different requirements of traders.
These include individual (Classic, Platinum, and VIP), joint, corporate, and professional accounts. The pricing structure is presented clearly and transparently, providing detailed information on general charges, margin details, and trading conditions.
In addition, Saxo Bank offers a loyalty program that provides VIP benefits and a points system for account upgrades, which can be quite valuable for traders who are consistent in their trading activities.
The educational resources offered by Saxo Bank are impressive, offering a wide range of tools, including video courses, webinars, events, and market research. These resources are valuable for traders of all levels.
The bank’s dedication to sustainability and its recent S&P Global Ratings of BBB with a positive outlook enhance its standing as a responsible and secure financial institution.
Furthermore, we also found that Saxo Bank has reached several noteworthy milestones, such as exceeding USD 100 billion in client assets and approaching the appointment as a Systemically Important Financial Institution (SIFI).
The bank has also gained recognition through various awards, such as being shortlisted for the Banking Technology Awards for Best Mobile Initiative (Investment & Trading).
In addition, we also found that Saxo Bank’s recent pricing adjustments in 2024 have positioned it as one of the most competitive brokers in the market for Taiwanese investors.
Although custody and currency conversion fees exist, some customers find that the potential interest on cash balances can help offset these costs.
Finally, the bank’s adherence to regulations set by the Danish Financial Supervisory Authority and its protective measures for assets and cash balances offer Taiwanese investors extra security.
What year was Saxo Bank founded, and how has it grown for Taiwanese traders?
Saxo Bank was founded in 1992 and has since expanded to provide feature-rich platforms and diverse marketplaces ideal for Taiwanese traders.
How does Saxo Bank address the special demands of Taiwanese traders?
Saxo Bank provides instructional resources and market research specifically designed for Taiwanese traders, demonstrating their dedication to their success.
Saxo Bank Review at a Glance
| 👤Saxo Bank | ℹ️ Information |
| 📅Established Year | 1992 |
| 🏛Regulation and Licenses | Danish FSA, Danish FSA in UAE, Danish FSA in Brazil, Danish FSA in Czech, FCA, MAS, FINMA, CONSOB, Japan JFSA, Hong Kong FSC, ASIC, Dutch Central Bank and Authority for Financial Markets in the Netherlands, National Bank of Belgium and Financial Services and Market Authority, Banque de France and Autorite Marche Financial |
| 📈Ease of Use Rating | 4/5 |
| 💸Bonuses | Yes, Saxo Rewards, Referral Program |
| ⌚Support Hours | 24/5 |
| 💻Trading Platforms | SaxoTraderGO, SaxoTraderPRO, |
| 🗂️Account Types | Classic, Platinum, VIP |
| 💵Base Currencies | 18 currencies |
| 📈Spreads | From 0.4 pips |
| ⬆Leverage | 1:30 |
| 💷Currency Pairs | 185+; major, minor, and exotic pairs |
| 💳Minimum Deposit | 0 TWD ($0) |
| 💵Inactivity Fee | None |
| 🌐Website Languages | English, Danish, French, Thai, Chinese, Italian, Polish, Russian, Japanese, etc. |
| 💰Fees and Commissions | Spreads from 0.4 pips; commissions from $0 on Mutual Funds |
| 👥Affiliate Program | ✅Yes |
| ❌Banned Countries | United States |
| 📈Scalping | ✅Yes |
| 📌Hedging | ✅Yes |
| 🛢Trading Instruments | Forex, CFDs, stocks, commodities, futures, FX options, listed options, ETFs, bonds, mutual funds |
| 👉 Open Account | Open Account |
Saxo Bank Regulation and Safety of Funds
| 🔑Registered Entity | 🌎Country of Registration | 🔢Registration Number | 🚨Regulatory Entity | 🥇Tier | 🖋️License Number/Ref |
| Saxo Bank A/S | Denmark | 15731249 | Danish FSA | 1 | 1149 |
| Saxo Capital Markets UK Limited | United Kingdom | 551422 | FCA | 1 | 551422 |
| Saxo Capital Markets Pte. Ltd. | Singapore | 200601141M | MAS | 1 | – |
| BG SAXO Società di Intermediazione Mobiliare S.p.A. | Italy | 296 | CONSOB | 1 | – |
| Mobiliare S.p.A. | Japan | 0104 – 01 – 082810 | JFSA | 1 | – |
| Saxo Bank Securities Ltd. | Hong Kong | 1395901 | SFC Hong Kong | 1 | ADV061 |
| Saxo Capital Markets HK Limited | Switzerland | CHE-106.787.764 | FINMA | 1 | – |
| Saxo Bank (Schweiz) AG | Australia | 32 110 128 | ASIC | 1 | AFSL |
| Saxo Capital Markets (Australia) Limited | Netherlands | 33162223 | Dutch Central Bank and Authority for the Financial Markets | 1 | BO341 |
| 👮 Security Measure | ℹ️ Information |
| Segregated Accounts | ✅Yes |
| Compensation Fund Member | ✅Yes |
| Compensation Amount | 100,000 EUR |
| SSL Certificate | ✅Yes |
| 2FA (Where Applicable) | ✅Yes |
| Privacy Policy in Place | ✅Yes |
| Risk Warning Provided | ✅Yes |
| Negative Balance Protection | ✅Yes |
| Guaranteed Stop-Loss Orders | ❌No |
| 👉 Open Account | Open Account |
Saxo Bank’s Regulation in Taiwan
Taiwan’s Financial Supervisory Commission (FSC) does not regulate Saxo Bank. However, Saxo Bank’s global regulations are listed in the table below.
How does Saxo Bank secure the funds of Taiwanese traders?
Saxo Bank safeguards traders’ cash with segregated accounts and is a member of a compensation fund worth up to 100,000 EUR.
Does Saxo Bank provide negative balance protection to traders in Taiwan?
Yes, Saxo Bank provides negative balance protection to help Taiwanese traders avoid losing more than their account amount.
Saxo Bank awards and Recognition
Saxo Bank is a leader in providing online trading to traders globally. Apart from being well-regulated, Saxo has secured several awards over the years for outstanding products and services, including the following most recent ones:
Saxo Bank Account Types and Features
Saxo Bank offers Taiwanese traders three flexible options according to their experience levels and capital that they can invest. Each account level has unique features but offers the same access to trading platforms and over 71,000 instruments.
Below, we give traders a snapshot of the account types and some basic features before we delve into discussion each account option in detail for Taiwanese traders.
| 🔎Features | Classic | Platinum | VIP |
| ➕➖Availability | All; beginners and casual traders | Experienced and professional traders | Professional and Institutional traders |
| 💻Markets | 71,000 | 71,000 | 71,000 |
| 💵 Commissions | $1 – Stocks $1 – Commodities $1 – Futures $0.75 – Listed Options $1 – ETFs 0.05% – Bonds $0 – Mutual Funds | $1 – Stocks $1 – Commodities $1 – Futures $0.75 – Listed Options $1 – ETFs 0.05% – Bonds $0 – Mutual Funds | $1 – Stocks $1 – Commodities $1 – Futures $0.75 – Listed Options $1 – ETFs 0.05% – Bonds $0 – Mutual Funds |
| 📊Platforms | All | All | All |
| 📈Trade Size | From 0.01 lots | From 0.01 lots | From 0.01 lots |
| 📉Leverage | 1:30 | 1:30 | 1:30 |
| 💴Minimum Deposit | 0 TWD ($0) | 6.4 million TWD ($200,000) | 32.2 million TWD ($1,000,000) |
| 👉 Open Account | Open Account | Open Account | Open Account |
Saxo Bank Classic Account
The Saxo Bank Classic Account is perfect for novice traders or those who want to keep their losses in check.
Beginners or casual traders in Taiwan will find this account incredibly accessible because it has no minimum investment.
The SaxoTraderGO and SaxoTraderPRO, intuitive trading interfaces, are available to users of the Classic Account at Saxo Bank. These platforms are designed to accommodate varied degrees of trading expertise.
Our research shows that to help traders spread their risks across many asset classes, the Classic Account provides access to more than 71,000 trading instruments.
Furthermore, anyone who wants to start trading with smaller amounts with effective risk management can open an account that allows micro-lots (0.01 lots).
We also found that Saxo Bank is aligned with regulatory requirements and assists Taiwanese traders in balancing possible returns with related risk by setting the maximum leverage to 1:30.
In addition, we found that the Classic Account charges a reasonable 0.05% for bonds and a clear $1 for trading equities, commodities, futures, and ETFs. In contrast, Taiwanese traders and investors who trade mutual funds can rest easy knowing there are no commission fees.
Saxo Bank Platinum Account
The Saxo Bank Platinum Account is the next tier up, and it’s for Taiwanese traders with a lot more experience and the ability to invest a lot more than Classic Account holders.
Furthermore, the extensive access to more than 71,000 instruments is available to Platinum Account subscribers in the same way it is to Classic Account users.
With this account, you can trade with a leverage of 1:30 and a minimum size of 0.01 lots. Customers with Platinum status also access special pricing on popular currency pairs like the EUR/USD, which can result in huge cost reductions for active forex traders.
Further, Platinum members can take advantage of cutting-edge third-party platforms like MultiCharts and TradingView, which provide extensive analytical tools to help improve trading techniques.
Saxo Bank VIP Account
With a minimum deposit of around 32.2 million TWD ($1,000,000), Saxo Bank’s VIP Account is designed for elite traders and institutional clients in Taiwan, and it is the pinnacle of the bank’s products.
This account is crucial for professional and high-volume traders because of the best pricing and services.
Trading conditions, including micro-lot trading and standard leverage of 1:30, are identical for all accounts, while VIP account holders have access to all 71,000 instruments.
We found that there’s a dedicated relationship manager and access to Saxo Bank’s elite trading specialists at all hours of the day and night, which are just a few of the many benefits of the VIP Account.
Our evaluation of this account also showed the opportunity for additional revenue through stock lending and portfolio-based margin options as additional benefits for VIP clients.
Saxo Bank Demo Account
We were really impressed by the realistic simulation that Saxo Bank’s trial account offers to traders from Taiwan during our testing of this account to gain insight into the benefits and features it has for traders.
At the time of our testing, the virtual account balance of the demo account was set at 100,000 USD. Using this, traders can try out different trading techniques and get a feel for the market with this large virtual fund, all without risking any of their own money.
We were also impressed by how long the demo account lasts. With 20 days, we could obtain a good feel for Saxo Bank’s features and tools, concluding that it encourages deliberate investigation of the platform. However, some traders might argue for a longer duration.
You can access all 71,000 instruments Saxo Bank offers with the demo account. Everything from foreign exchange (FX), equities, commodities, and even complicated instruments like futures and options are part of this.
Trading in a wide range of financial instruments applicable to both domestic and international markets is a great way for Taiwanese traders to hone their skills and get a feel for the real market.
Using the trial account with SaxoTraderGO and SaxoTraderPRO, two of Saxo Bank’s proprietary trading platforms, stood out to us as a notable advantage. If Taiwanese traders opt to switch to a live account when the demo one ends, this integration will make the switch easy.
Trading decisions can be made with the help of the platforms’ extensive charting tools, risk management options, and performance analysis. The platforms are powerful and feature-rich.
In addition to simulating real-life trading conditions, the trial account also acts as a teaching tool. During our assessment, we made full use of Saxo Bank’s webinars, market analysis, and trading courses, among their many other educational offerings.
Can Taiwanese novices start trading with Saxo Bank without making a minimum deposit?
Yes, Saxo Bank’s Classic Account allows novices in Taiwan to begin trading without requiring a minimum investment.
What leverage options are available for Saxo Bank accounts in Taiwan?
Saxo Bank provides leverage of up to 1:30 for all account types in Taiwan.
How To Open a Saxo Bank Account
To register an account with this broker, follow these steps:
Step 1 – Visit the official website of Saxo Bank
To start the account registration process, Taiwanese can visit Saxo Bank’s official website and click the “Open Account” option from the top toolbar.
Step 2 – Click on the Open Account button
Complete the electronic application form by providing personal details, contact information, and tax residency. This will start the account setup process.
Step 3 – Fill in all your personal details.
Taiwanese must provide the required documents to verify their identity and residential address as part of the Know Your Customer (KYC) procedure.
Step 4 – Complete Form.
Taiwanese must fill out the financial questionnaire, providing information about their employment status, financial experience, and income. This will help Saxo Bank determine the trader’s investment profile and assess suitability for trading.
Is there a special KYC procedure that Taiwanese traders must follow?
Yes, Taiwan traders must submit evidence of identification and home address as part of the KYC procedure to meet regulatory requirements.
Can Taiwan traders begin trading immediately after creating an account with Saxo Bank?
Once the account application is accepted, Taiwanese traders will be given further instructions, access to trading platforms, and a client dashboard to begin trading with them
Broker Comparison
| 🔎Features | Saxo Bank | Axi | Tickmill |
| 🏛️Regulation | Danish FSA, Danish FSA in UAE, Danish FSA in Brazil, Danish FSA in Czech, FCA, MAS, FINMA, CONSOB, Japan JFSA, Hong Kong FSC, ASIC, Dutch Central Bank and Authority for Financial Markets in the Netherlands, National Bank of Belgium and Financial Services and Market Authority, Banque de France and Autorite Marche Financial | ASIC, SVG, FCA, FMA, DFSA | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA, DFSA |
| 📊Trading Platform | SaxoTraderGO SaxoTraderPRO | MetaTrader 4 | MetaTrader 4 MetaTrader 5 Tickmill App |
| 💵Withdrawal Fee | No | Yes | No |
| 💻Demo Account | Yes | Yes | Yes |
| 💴Min Deposit | 0 TWD ($0) | 0 TWD ($0) | 3,200 TWD ($100) |
| 📌 Leverage | 1:30 | 1:500 | 1:1000 |
| ✏️Spread | From 0.4 pips | 0.0 pips | Variable, from 0.0 pips |
| 💰Commissions | From $0 on Mutual Funds | From $3.5 | $1 per side per 100,000 traded |
| 🤙Margin Call/Stop-Out | Flexible | From 90%/50% | 100%/30% |
| 👉Order Execution | Market | Market | Market |
| ❌💵No-Deposit Bonus | No | None | Yes |
| 🛅Cent Accounts | No | No | No |
| 🗄️Account Types | Classic Account Platinum Account VIP Account | Standard Account Pro Account Elite Account | Raw Account Classic Account |
| ⚖️FSC Regulation | No | None | No |
| 💵TWD Deposits | No | No | No |
| 🗄️TWD Account | No | No | No |
| 🧑💻Customer Service Hours | 24/5 | 24/5 | 24/5 |
| 🏪Retail Investor Accounts | 3 | 3 | 2 |
| ☪️Islamic Account | No | Yes | Yes |
| 📉Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈Maximum Trade Size | Flexible | 1,000 (US500) | 100 lots |
| ⌚Minimum Withdrawal Time | Instant | Instant | 1 Business Day |
| ⌛Maximum Estimated Withdrawal Time | Up to 5 days | Between 1 to 3 Days | 2 to 7 Business Days |
| ⏱️Instant Deposits and Instant Withdrawals? | Yes, deposits | Yes | Instant Deposits |
| 👉 Open Account | Open Account | Open Account | Open Account |
Saxobank Instruments & Products
We’re impressed with the range and the functionality of Saxo’s platforms. While the broker doesn’t support third-party apps like MetaTrader or cTrader, its own technology is feature-rich and robust, catering to a range of traders from scalpers to day traders, swing traders, and more.
Join us as we discuss these platforms and trading technology in detail for Taiwanese traders.
SaxoTraderGO
We found our experience with SaxoTraderGO to be extremely valuable. This web-based platform, developed by Saxo Bank, is known for its innovative features and user-friendly design, making it easily accessible on various devices.
As we delved into its features, we were amazed by the platform’s impressive responsiveness and user-friendliness, qualities that we believe will be highly appreciated by traders in Taiwan.
SaxoTraderGO seamlessly integrates with Saxo Bank’s diverse range of assets. Traders in Taiwan have a wide range of instruments at their disposal, and the platform’s advanced search and filtering tools make it easier to find and trade these assets efficiently.
We were amazed by the platform’s remarkable speed in executing trades, especially in fast-paced markets. This is essential for traders who must respond quickly to market fluctuations.
We explored the platform’s cutting-edge risk management tools. We were impressed by the charting interface’s feature that allowed us to set alerts and create conditional orders, which helped us stay ahead of market shifts.
These risk management features fit the Taiwanese market, where traders frequently handle diverse investments across various asset classes.
SaxoTraderPRO
When we switched to SaxoTraderPRO, Saxo Bank’s downloadable platform designed for professional and institutional traders, we discovered a comprehensive range of advanced trading technology.
We had access to exceptional detail and depth in the platform’s analytical tools, which gave us precise control over our trading strategies.
The platform’s customization options are especially advantageous for Taiwanese traders who desire a tailored trading environment.
We customized our workspace extensively, which is a unique feature not commonly found on other platforms. This level of customization could be particularly beneficial for professional traders in Taiwan who closely track the market for subtle shifts that impact their trading decisions.
In addition to its direct market access (DMA), the platform offers a notable feature that enables users to view and interact with the order book easily.
Having a clear understanding of the market and the opportunity to interact with the exchange’s order flow can provide Taiwanese traders dealing with large volumes or looking for precise entry and exit points with notable benefits.
Connectivity and APIs
Finally, our analysis of Saxo Bank’s connectivity and API offerings uncovered a strong framework tailored to the requirements of traders who depend on automation and integration with their own systems.
With the APIs, you can gain direct access to Saxo’s infrastructure and put your automated trading strategies to the test in real time.
For traders in Taiwan who are operating in a highly technologically advanced environment, these APIs provide a way to enhance their trading experience and make it more tailored to their needs.
Integrating proprietary analytical tools or algorithmic trading models with Saxo’s platform is an incredibly enticing feature. The APIs have thorough documentation and reliable support, giving traders peace of mind when integrating their systems.
Does Saxo Bank offer third-party tools and API connections to Taiwanese traders?
Yes, Saxo Bank provides third-party tools and API access to meet the unique trading needs of Taiwanese traders.
Can Taiwanese traders practice placing orders using Saxo Bank’s demo account?
Yes, the trial account allows Taiwanese traders to practice placing orders and developing trading strategies.
Saxo Bank Range of Markets
We’re impressed with Saxo Bank’s trading technology and the sheer amount of instruments that can be traded on each. With over 71,000 instruments, Taiwanese traders are bound to find an option that perfectly fits their trading objectives and requirements.
Bonds
Saxo Bank offers Taiwanese traders a wide selection of over 5,900 bonds, including government and corporate options worldwide.
Trading these bonds online makes the process smoother and cheaper, especially for Taiwanese traders seeking efficient investment opportunities.
The competitive commission starting from 0.05% for government bonds appeals to those mindful of costs. Additionally, using a portion of bond investments as collateral for other trades helps Taiwanese traders make the most of their capital.
Mutual Funds
With over 17,700 mutual funds available, Saxo Bank offers Taiwanese traders ample options to diversify their portfolios. The zero commission on purchases is a notable perk, allowing traders to invest without worrying about extra fees.
We also found that the platform offers curated insights and learning resources, which are valuable for Taiwanese traders who prioritize well-informed investment decision-making.
Forex
Taiwanese traders can access a wide array of currency pairs through Saxo Bank’s platform, allowing them to participate in the global forex market. Competitive pricing and margin information provided by the platform give traders better control over their forex positions.
Additionally, our research shows that the platform offers comprehensive market insights and macro analyses, which can help Taiwanese traders make informed decisions when trading forex.
Futures
Saxo Bank allows Taiwanese traders to trade a diverse range of futures contracts, catering to various trading objectives. Detailed product analysis and charting data available on the platform offer valuable insights into futures markets.
Moreover, portfolio tracking tools assist Taiwanese traders in optimizing their futures trading strategies.
FX Options
The availability of FX options on Saxo Bank’s platform gives Taiwanese traders sophisticated currency options and opportunities. Comprehensive market insights and macro analyses enhance traders’ ability to effectively navigate the currency options market.
Furthermore, the platform’s connectivity and APIs allow advanced traders to integrate their trading systems with Saxo Bank’s infrastructure, enabling high automation and customization in FX options trading.
CFDs
Saxo Bank’s CFD offering enables Taiwanese traders to trade various asset classes, including stocks, commodities, and indices. We identified that transparent typical charges and trading conditions ensure competitive pricing for CFD trading.
Furthermore, the portfolio-based margin account feature helps Taiwanese traders optimize their CFD trading strategies while trade inspiration resources enhance their knowledge and skills.
Stocks
We believe access to a wide range of global stocks through Saxo Bank’s platform allows Taiwanese traders to build diversified equity portfolios.
The stock lending feature provides an innovative way for traders to earn additional revenue by lending their stocks and ETFs. The platform offers advanced margin models for enhanced leverage and risk management capabilities for professional clients.
Commodities
Saxo Bank’s commodities offering grants Taiwanese traders access to diverse commodity markets. Pricing overviews and margin information provided by the platform ensure transparent and competitive conditions for commodity trading.
In addition, the stock lending feature also presents an opportunity for traders to earn additional revenue by lending out commodities.
Listed Options
Taiwanese traders can trade options across various markets with Saxo Bank’s listed options offering.
In addition, the platform’s connectivity and APIs offer flexibility for advanced traders to connect their trading systems with Saxo Bank’s infrastructure, allowing for a high degree of automation and customization in listed options trading.
ETFs
With over 7,000 ETFs available, Saxo Bank’s ETF offering provides Taiwanese traders with a broad spectrum of exchange-traded funds.
The platform’s comprehensive screener and market insights enable traders to explore and select ETFs that align with their investment objectives. Portfolio tracking tools also allow traders to analyze their ETF investments and adapt their strategies as they grow.
Saxo Bank Leverage and Margin
Our in-depth analysis of Saxo Bank’s regulations revealed crucial information about margin and leverage that is adapted to the needs of Taiwanese traders.
These regulations indicate certain restrictions on leverage for Taiwanese traders, which conform with the standards established by the European Securities and Markets Authority (ESMA).
The maximum leverage that can be used for major forex pairs is 30:1, while smaller forex pairs, gold, and key indices have a restriction of 20:1.
The upper limit leverage for commodities is 1:10 (not including gold) and minor indexes. The maximum leverage available for individual stocks is 5:1, while the maximum for all other assets mentioned is 2:1.
Furthermore, we also discovered that Saxo Bank uses a tiered margin system, which should be noted. This means the amount of leverage you can access can decrease when your trade size increases.
Traders from Taiwan must understand these hierarchical structures since they have a major impact on trading methods in different asset classes.
In addition, when market volatility occurs, Saxo Bank changes its margin requirements like many other brokers.
Consequently, it is crucial to be informed about the platform’s updates. To help traders make sense of all these moving parts, Saxo Bank provides instructional materials and risk calculators.
Although large leverage is extremely appealing, Taiwan traders should proceed cautiously. In the event of a negative market movement, high leverage might cause significant losses. For this reason, traders in these markets must prioritize using risk management methods.
Does Saxo Bank provide ETF and bond trading for Taiwanese investors?
Yes, Saxo Bank provides Taiwanese customers with a wide range of ETFs and bonds to trade.
Can Taiwanese traders scalp and hedge with Saxo Bank?
Yes, Saxo Bank enables Taiwanese traders to use both scalping and hedging methods.
Saxo Bank Fees
Saxo Bank’s fees are transparent and straightforward to understand, with various ways that Taiwanese traders can save on trading costs. The spreads are competitively narrow, with low commission fees across markets, with some from $0.
Join us in the sections below as we explore each type of trading and non-trading fee that Taiwanese traders can expect with Saxo Bank.
Saxo Bank Spreads
We were happy to see that Saxo Bank provides attractive spreads across a range of assets, particularly for Taiwanese traders who choose the higher-tier Platinum or VIP accounts.
For example, the usual spread on major currency pairings like EUR/USD is about 0.4 pips on the Platinum account and much tighter, at 0.2 pips, on the VIP account. Considering other top brokers, this cost is really good.
The selected account level and the state of the market affect the spreads on other assets, such as stocks and commodities.
Therefore, because conditions constantly change and for precise pricing estimates of certain instruments, we advise Taiwanese traders to carefully examine the comprehensive spread tables on Saxo Bank’s website.
Saxo Bank Commissions
The volume-tiered commission system Saxo Bank uses typically sees commissions drop as trading volume rises. The market and account tier determines the commission arrangement for stocks.
For the first $100,000 traded on the Platinum account each month, US stocks are fee-free; after that, the commission rate as low as 0.02% of the traded value applies. Taiwanese traders should consult Saxo’s often revised commission schedules for exact values on FX and other asset classes.
Saxo Bank Overnight Fees
Saxo Bank charges overnight costs just like most brokers for positions kept past the end of the trading day. These costs change according to the asset class, trading direction (long or short), and present interest rate differentials.
Taiwanese traders should carefully review and consider the swap rates displayed on Saxo Bank’s website in their trading strategy, especially where leveraged positions are maintained for long durations.
Saxo Bank Deposit and Withdrawal Fees
We can tell that Saxo Bank does not charge deposit fees for popular financing options such as credit/debit cards and bank transfers. Less typical methods like domestic transfers, which can differ by region, might be subject to costs.
Saxo Bank typically levies a set fee for withdrawals that varies according to the currency and trader’s region. Taiwanese traders can get exact information catered to their situation by contacting customer service or consulting Saxo Bank’s extensive pricing schedule.
Saxo Bank Inactivity Fees
Under certain conditions, Saxo Bank levies an inactivity fee. A quarterly inactivity fee is charged if there isn’t any trading activity on an account for 180 days in a row and the equity balance drops below a predetermined amount ($100 at the time of our review).
Furthermore, the base currency of the account determines the charged amount. Taiwanese traders should be aware of this restriction, especially if they anticipate times when their accounts will be inactive.
Saxo Bank Currency Conversion Fees
When traders trade assets in a currency other than the base currency of their account, Saxo Bank charges a transparent currency conversion fee. Usually, this charge is a small percentage (around 0.25%) added to the exchange rate.
Though competitive, Taiwanese traders who transact frequently in foreign exchange should be aware of these costs and look at ways to reduce their effect, such as having many currency sub-accounts in their Saxo Bank account.
Does Saxo Bank impose commissions on mutual funds for Taiwanese traders?
Saxo Bank does not impose fees on mutual funds to Taiwanese traders.
How competitive are Saxo Bank’s fees when compared to other brokers in Taiwan?
Saxo Bank has competitive costs, with low spreads and commissions, making it an affordable option for Taiwanese traders.
Saxo Bank Deposit & Withdrawal Options
| 💰Payment Method | 🗾 Country | 💱Currencies Accepted | ⏰Processing Time |
| TT Wire Transfer | All | Multi-currency | Instant – 5 days |
| Onshore inter-bank transfer | All | Multi-currency | Instant – 5 days |
| Credit/Debit Card | All | Multi-currency | Instant – 5 days |
| Bank Transfers | All | Multi-currency | Instant – 5 days |
Saxo Bank Deposits
How to Deposit using Bank Wire Step by Step
Login to your SaxoTraderGO or SaxoTraderPRO account.
Go to the “Deposit & Transfer” section and choose “Deposit Funds.”
Select “Bank Wire” as your deposit method and enter your deposit amount.
Follow the on-screen instructions, which include entering your bank’s information and selecting the currency for the transfer.
To make the deposit process go more smoothly, include the unique reference number issued by Saxo Bank.
Start the bank wire transfer through your bank’s online portal or by visiting a branch.
Monitor your Saxo Bank account for deposit confirmation, which should appear within 5 days after processing.
How to Deposit using Credit or Debit Card Step by Step
Access your SaxoTraderGO or SaxoTraderPRO account.
Proceed to the “Deposit & Transfer” section and select “Deposit Funds”.
Choose “Credit/Debit Card” as your deposit method.
Enter the deposit amount and card information, including the card number, owner’s name, expiration date, and security code (CVV/CVC).
Verify the transaction details and confirm the deposit to fund your Saxo Bank trading account immediately.
Saxo Bank Withdrawals
How to Withdraw using Bank Wire Step by Step
Login to your SaxoTraderGO or SaxoTraderPRO account.
Navigate to the “Withdraw Funds” section of your account.
Choose “Bank Wire” as your desired withdrawal method.
Enter the withdrawal amount, select the currency, and give the bank account information for the transfer.
Confirm your withdrawal request and initiate the bank wire transfer.
Monitor your associated bank account for an incoming withdrawal, which should be completed within 1 to 5 days of processing.
How to Withdraw using Credit or Debit Cards Step by Step
Access your SaxoTraderGO or SaxoTraderPRO account.
Proceed to the “Withdraw Funds” section, then select “Credit/Debit Card” as your withdrawal option.
Enter the withdrawal amount and then choose the card you wish to transfer funds to.
Follow the instructions to finish the withdrawal procedure, which includes checking your card information and confirming the transaction.
The amount withdrawn will be credited to your associated credit or debit card within the processing period stated.
How does Saxo Bank manage currency conversions during deposits and withdrawals in Taiwan?
Saxo Bank conducts currency conversions at current exchange rates and may impose a conversion fee on Taiwanese traders.
What is the minimum withdrawal limit for Taiwanese traders at Saxo Bank?
Saxo Bank does not require a minimum withdrawal amount, giving Taiwanese traders more freedom in managing their cash.
Saxo Bank Educational Resources
Saxo Bank is a reputable and well-regulated bank and forex broker with clients’ needs at heart. This can be seen in the extensive educational materials, research, and trading tools available on the website.
Here’s what we found while evaluating Saxo’s education and research for Taiwanese traders.
Videos
The video library provided by Saxo Bank is a valuable resource for Taiwanese investors. It offers a wide range of visual content that aims to simplify complicated trading concepts. We were especially impressed by the videos that delve into technical analysis.
We found that these videos clearly explain the fundamentals and demonstrate how these concepts can be applied to real-life scenarios in the Taiwanese market. They provide more than just basic tutorials.
Instead, they offer strategic insights to help traders navigate global economic fluctuations, which is essential for those looking to align with international market trends.
Trade Inspiration
The Trade Inspiration section on Saxo Bank’s platform is a valuable resource for Taiwanese traders seeking new trading ideas. This resource provides comprehensive market analyses and potential trading setups, including thorough evaluations of risks and rewards.
We value how this section addresses the careful approach of Taiwanese investors, providing them with thoroughly researched and practical insights based on Saxo Bank’s expert analysis.
Events and Webinars
Saxo Bank’s events and webinars offer an engaging educational experience designed specifically for Taiwanese traders.
From beginner tips to complex strategies, these webinars cover a wide range of topics and provide real-time interaction for traders to get instant clarification on any doubts they may have.
The scheduling of these events considers different time zones, making it convenient for traders in Taiwan to join these live learning sessions.
SaxoStrats
SaxoStrats provides a distinctive viewpoint with timely and future-oriented analyses from the strategists at Saxo Bank. This feature is revolutionary for Taiwanese traders, offering them valuable insights into predicting and planning for future market trends.
We found that the content is varied, encompassing various asset classes, and customized to mirror both local economic conditions and global market shifts.
Support Centre
The Support Centre at Saxo Bank is highly efficient and specifically designed to cater to the requirements of Taiwanese traders. We found that it covers a wide range of subjects, from basic account management to in-depth platform troubleshooting.
Risk Management Rules
Saxo Bank’s focus on risk management resonates with the cautious trading preferences often observed among Taiwanese traders.
The platform’s risk management rules offer a strong framework that assists traders in effectively managing their exposure and protecting their investments. The focus is on promoting sustainable trading practices rather than high-risk tactics.
“Your Week Ahead”
“Your Week Ahead” is a weekly briefing from Saxo Bank, a crucial planning tool for Taiwanese traders.
It emphasizes important economic events and potential market influencers for the upcoming week, enabling traders to plan ahead. This is a vital advantage in the fast-paced trading realm, where timing and readiness are crucial.
Introduction to Trading (Courses)
The Introduction to Trading courses at Saxo Bank provide a well-structured educational pathway that is comprehensive and tailored for Taiwanese beginners to trade.
These courses provide a comprehensive understanding of trading concepts in different asset classes and incorporate interactive elements such as quizzes to enhance the learning experience.
“Become a Better Trader”
The “Become a Better Trader” series is an exceptional educational resource we highly recommend for Taiwanese traders looking to enhance their trading techniques.
We found that this series is essential for individuals who want to gain a competitive advantage in the markets by exploring advanced topics like sophisticated charting methods and market psychology.
Thought Starters
Thought Starters from Saxo Bank aim to inspire creative trading ideas among Taiwanese traders.
According to our research, these concise, insightful articles inspire traders to think creatively and explore innovative trading strategies, offering a unique viewpoint that is particularly valuable for experienced traders seeking to broaden their approaches.
“Manage Your Account”
The “Manage Your Account” section offers comprehensive instructions on account customization, funding, and withdrawals, which we believe are crucial for Taiwanese traders.
This resource allows traders to easily manage their accounts, allowing them to focus on trading rather than administrative tasks.
“Trading Our Products”
“Trading Our Products” provides comprehensive guidance on the wide range of financial instruments offered at Saxo Bank. This resource is extremely useful for Taiwanese traders, offering detailed information on popular local instruments such as Asian equities and regional currency pairs.
“Meet SaxoStrats”
“Meet SaxoStrats” introduces the strategists behind Saxo Bank’s market analyses, creating a personal connection and fostering trust among Taiwanese traders.
In our experience, having a clear understanding of the individuals responsible for providing insights allows traders to feel more connected to the global markets and have greater confidence in their trading decisions, which are informed by these expert analyses.
Market Call Podcast
The Market Call Podcast is a valuable resource for Taiwanese traders who want to stay informed even when they are on the go. This audio update provides insights into market trends and strategies in a convenient format, perfect for listening during commutes or while multitasking.
Platform Video Guides
Saxo Bank’s platform video guides are comprehensive tutorials that assist Taiwanese traders in maximizing the potential of trading platforms.
These guides are designed to help traders fully utilize their trading tools, from basic navigation to advanced features, to maximize their potential.
Podcasts
Lastly, Saxo Bank’s podcasts thoroughly examine financial subjects, showcasing interviews with experts and conversations about significant economic events.
These podcasts provide a captivating opportunity for Taiwanese traders to enhance their comprehension of the market dynamics that influence the trading landscape.
How can Saxo Bank’s market analysis help Taiwanese traders make educated decisions?
Saxo Bank provides market research that includes expert insights and detailed studies tailored to the Taiwanese market, allowing traders to make educated decisions.
Are Saxo Bank’s market evaluations routinely updated for Taiwanese traders?
Yes, Saxo Bank provides regularly updated market studies to guarantee Taiwanese traders have access to the most recent market knowledge.
Saxo Bank Bonuses and Promotions
The sophisticated loyalty program Saxo Rewards was designed to recognize and reward customers according to their degree of involvement and contribution.
All traders start at the Classic level and, by reaching specific trading volume and account equity requirements, can move up to Platinum and VIP status. Taiwanese traders can access several benefits through these tiers that improve their trading experience.
The advantages of moving up the Saxo Rewards levels are significant. These include access to state-of-the-art research and analysis, tighter spreads, and lower trading commissions.
Extra benefits include personalized service from specialized account managers and invitations to special events. By often changing each tier’s rewards, Saxo Bank keeps the details of these advantages current and relevant.
For instance, traders at the Platinum level may benefit from substantial commission savings on several asset classes.
For Taiwanese traders, in particular, who value a high standard of service, customized support, and chances to cut expenses based on their trading actions, Saxo Rewards proves to be a desirable feature.
With this program, we believe that Saxo Bank highlights its aim not only to attract but also to retain and appreciate traders through meaningful interaction and acknowledgment, therefore fostering a fulfilling and long-lasting connection with its clients.
Do Saxo Bank’s incentives and promotions have any limitations particular to Taiwanese traders?
Although Saxo Bank provides incentives and promotions, there are no special requirements for Taiwanese traders.
Can new Taiwanese traders receive any welcome benefits when they sign up with Saxo Bank?
No. Saxo Bank does not specify any welcome bonuses for new Taiwanese traders who sign up.
Saxo Bank Affiliate Programs
Signing up to become a Saxo Bank affiliate has numerous benefits; we cover this in the section below. Then, we provide a step-by-step for Taiwanese traders interested in partnering with this versatile and well-established broker.
Features
After careful evaluation, we have determined that the Saxo Bank affiliate program is a solid opportunity that offers solid support systems, the chance to earn substantial revenue, and is well-structured.
Affiliates with a strong web presence in the financial industry may be interested in Saxo Bank’s program because of the brand’s worldwide reputation and regulation and the cash rewards and support it offers.
No minimum deposit is needed to participate in the Saxo Bank affiliate program, which is a notable feature.
This makes it suitable for affiliates with little to no experience and those who have already built a solid online presence through blogs or websites.
This openness is crucial because it opens the door for more people to get involved. Saxo Bank’s affiliate program is designed for people with a large following who post about trading and investing, which is the same demographic as the bank’s target customers.
We found that Saxo Bank’s assistance to its affiliates is outstanding. Affiliate marketers are available to program participants as a whole.
By using efficient promotional tactics, this group assists affiliates in optimizing their campaigns and maximizing their earnings. Affiliates benefit greatly from this assistance because it makes financial marketing much easier to understand and implement.
Our research also shows that Saxo Bank provides affiliates with detailed reporting tools so they may monitor their progress and change their approach as needed.
Because of this, Taiwanese affiliates can easily learn what works with this data-driven strategy, improving their decision-making and yielding greater outcomes.
Overall, we found that the program is structured to generate a healthy profit. You can earn commissions at Saxo Bank that are comparable with the finest in the business.
Therefore, if you’re looking for a way to monetize your visitors successfully, the Saxo Bank affiliate program is a great alternative because of its strong support and tools and potential for large returns.
How to Register an Affiliate Account with Saxo Bank Step-by-Step
To get started with the Saxo Bank affiliate program, go to https://www.home.saxo/en-gb/campaigns/affiliate.
Scroll down to the ‘Become an Affiliate’ section. Click the ‘Apply now’ button to start the application process.
You will be redirected to an online form. First, enter your personal information, including your complete name, email address, and contact information.
Next, describe your company or the scenario in which you will refer clients. This may include information about your website, clientele, or marketing plan.
Also, provide information about your business approach, whether you operate as an individual or a company, your firm size, and the key markets you target.
Describe your marketing strategies, including how you intend to promote Saxo Bank’s services. This could be internet material, social media, email marketing, or another medium.
Please review and agree to the terms and conditions of the Saxo Bank affiliate program. Read the accompanying paper and check the appropriate box to indicate your comprehension and acceptance.
Once you have completed the form, click the ‘Submit’ button at the bottom of the page. To avoid delays in the approval process, ensure that all information submitted is accurate and comprehensive.
After submitting your information, you should receive an email confirmation from Saxo Bank. This email will acknowledge the receipt of your application and give you with a reference number for your records.
Saxo Bank will then assess your application, which can include further questions about your business or marketing strategy. Prepare to provide complete answers to these questions.
Once your application is approved, Saxo Bank will send you a welcome email with your affiliate account information and instructions for accessing the affiliate site.
Log in to the Saxo Bank affiliate portal with the credentials supplied. Marketing materials, tracking tools, and other resources can help you efficiently promote Saxo Bank’s services.
Spend some time familiarizing yourself with the affiliate portal’s dashboard and reporting features. These tools will enable you to track referrals and commissions and evaluate the effectiveness of your marketing efforts.
Begin advertising Saxo Bank with the accompanying marketing materials and your unique referral link. This guarantees that your referrals are properly monitored and assigned to your affiliate account.
How can Taiwanese traders measure their progress in Saxo Bank’s Affiliate Programme?
Taiwanese traders can monitor their progress using Saxo Bank’s affiliate dashboard or the reporting tools generally included in such programs.
What services does Saxo Bank provide to Taiwanese traders participating in the Affiliate Programme?
Saxo Bank assists a specialized affiliate manager and support staff.
Saxo Bank Customer Support
| 🔑Customer Support | 🥇Exness Customer Support |
| ⏰Operating Hours | 24/5 |
| 🌎Support Languages | Multilingual |
| 🔊Live Chat | ❌No |
| 💻Email Address | support@exness.com |
| ☎️Telephonic Support | ✅Yes |
| 🏆The overall quality of Exness Support | 4/5 |
| 🖳Support Channel | Average Response Time | User-based Response Time |
| ☎️Phone | 5 – 8 minutes | 6 minutes |
| 24 – 48 hours | 24 – 48 hours | |
| 💬Live Chat | No live chat | No Live chat |
| 📱Social Media | 6 minutes | 4 – 6 minutes |
| 🧑🤝🧑Affiliate | 24 – 48 hours | 24 – 48 hours |
| 👉 Open Account | Open Account |
Does Saxo Bank have a customer service center or an office in Taiwan?
No. Saxo Bank doesn’t have a customer support office in Taiwan. However, Saxo offers its services globally.
How does Saxo Bank ensure that Taiwanese traders receive high-quality customer support?
Saxo Bank provides exceptional customer service through skilled employees and many means of communication, yet no special steps are stated for Taiwanese traders.
Saxo Bank Social Responsibility
Saxo Bank stands out for its strong commitment to corporate social responsibility (CSR), which extends beyond basic compliance to create good change in various industries. Here are a few important highlights from their environmental initiatives:
Environmental responsibility is inherent in Saxo Bank’s business model. They actively work to lower their carbon footprint by implementing energy-saving methods, appropriate waste management, and sustainable purchases. Furthermore, they encourage clients to make environmentally responsible financial decisions by providing sustainable investment options and insights into supporting environmentally friendly businesses.
Saxo Bank believes that everyone deserves access to financial markets. They’ve made considerable strides in making this a reality by offering educational resources, user-friendly platforms, and clear pricing. They aim to help people of diverse financial backgrounds manage their money confidently.
Saxo Bank does not only talk about social responsibility; it puts it into practice. To have a significant social effect, it supports various humanitarian causes and community projects. Its efforts to improve society extend beyond the corporate sector, from cooperating with educational institutions to funding initiatives focusing on financial literacy and social mobility.
Saxo Bank prioritizes its workers’ well-being by creating a diverse and inclusive environment. They advocate for equal opportunities and aim to foster an environment where everyone feels supported and valued. Furthermore, the bank focuses on employee development, offering ongoing growth and skill-building possibilities.
User Comments
Saxo’s clients aren’t shy to write reviews about their experience with the broker, and we’ve sourced some of the top and most recent user comments:
✅I like to spend for the long term, so Saxo’s inactivity fees bother me. Besides that, it’s a good tool that works reliably.”
✅”Saxo Bank’s platforms are great; they’re very flexible and full of useful features. The bad thing? Compared to some rivals, spreads are a bit on the high side.”
✅”I love that SaxoTraderGO lets me trade multiple assets. It’s a big deal to be able to switch between stocks, forex, and options easily.”
✅”I moved to Saxo because they have so many stocks worldwide. The research tools are great, but I initially found the pricing system to be a bit confusing.”
✅”I’m happy with Saxo Bank in general. Their customer service is great, and they always answer my questions quickly. Could use better materials to help new students learn, though.”
10 Best Forex Brokers in Taiwan
Rank
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Conclusion
After reviewing Saxo Bank extensively, we can say that its robust trading interface and extensive market access set it apart as a versatile, reputable Forex and CFD broker catering to the Taiwanese market.
We found that Taiwanese traders can access various financial instruments, including commodities, options, forex, CFDs, and market analysis tools. The platform’s interface is just right for novice and seasoned traders in terms of complexity and ease of use.
Saxo Bank’s responsive support staff and transparent pricing structure demonstrate the bank’s commitment to transparency and client service.
The high-quality educational resources provided can help traders gain the knowledge they need to make educated judgments.
In addition, we found that Saxo Rewards is another way the broker shows they care about their customers’ long-term relationships by giving them incentives for being loyal and active traders.
However, it should be noted that Saxo Bank’s services are not cheap. New traders or those with little funds might be put off by the greater initial deposit requirement and trading costs when compared to some competitors. Less active traders might end up paying more even with the novel rewards program.
In addition, while it offers various currency options, it should be noted that Saxo Bank does not have a TWD-denominated account, and the broker doesn’t support TWD deposits or withdrawals. Several fees, including overnight, currency conversion, and inactivity fees, must also be considered.
However, despite the drawbacks, Saxo Bank is still a valid option. Therefore, if you’re a trader from Taiwan looking for a top-tier trading platform with a wide variety of tools and great customer service, Saxo Bank might be ideal.
Because of the level of professionalism clear from its more premium accounts, experienced investors can satisfy their needs using the broker’s sophisticated platform and wealth of information.
Our Insight
Saxo Bank provides an easy-to-use platform for trading stocks, indices, and cryptocurrencies. Their customer support is outstanding in terms of service. Their emphasis on financial education appeals to new traders. Their fees are market-related for everyday traders.
Our Recommendations
Customize trading tools to suit the trading styles and preferences commonly found among Taiwanese traders.
Ensure that customer support is extremely responsive and accessible during Taiwanese trading hours, with a strong dedication to promptly resolving any issues.
Introduce special offers and bonuses tailored for the Taiwanese market, such as lower spreads or commissions for trading Asian securities.
Given the significant mobile usage in Taiwan, it is crucial to prioritize optimizing the mobile trading platform for optimal performance and user experience. Features specifically designed to cater to the needs of traders who are constantly on the move must be incorporated.
Offer consistent market analysis and insights centered on the Taiwanese economy and its connection to global markets, aiding traders in making well-informed decisions.
Develop collaborative relationships with financial institutions in Taiwan to provide educational opportunities such as seminars, workshops, and other initiatives to improve traders’ knowledge and skills.
Ensure that TWD is available as a base currency, deposit, and withdrawal currency to avoid expensive currency conversion fees.
Saxo Bank Pros and Cons
| ✅Pros | ❌Cons |
| There’s competitive pricing for higher-tier accounts | Saxo Bank might be too complex, especially for beginners |
| Taiwanese traders get high-quality research and educational materials | The platform is more ideal for active and professional traders |
| There is a robust regulatory framework, ensuring a safe trading environment for all traders | There are withdrawal and inactivity fees |
| There are advanced trading platforms like SaxoTraderPRO and SaxoTraderGO | Saxo Bank doesn’t offer any local deposit or withdrawal methods |
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Frequently Asked Questions
How does Saxo Bank meet the demands of expatriate traders in Taiwan?
Saxo Bank’s global platform is suitable for Taiwanese traders. It offers a seamless trading experience, access to international markets, and multilingual support.
What types of accounts does Saxo Bank provide to Taiwanese investors?
Saxo Bank has several account categories, including Classic, Platinum, and VIP, each with unique features and perks to meet the demands of Taiwanese investors. Saxo Offers Individual, Joint, and Corporate accounts to its clients.
Can Taiwanese traders use leverage to trade with Saxo Bank?
Yes, Taiwanese traders can use leverage of up to 1:30 on major forex pairs.
How do Taiwanese traders withdraw funds from Saxo Bank?
Using flexible payment options, Taiwanese traders can withdraw immediately through Saxo Bank’s platform.
Does Saxo Bank provide risk management tools acceptable for the Taiwanese market?
Yes. Saxo Bank offers a variety of risk management tools, like stop-loss orders and notifications, to help Taiwanese traders control their exposure.
