Saxo ETF portfolio experience

• Level: For all
• Reading duration: 5 minutes

Saxo offers a comprehensive trading experience that includes access to a wide range of ETFs on the world’s major stock exchanges. But just how competitive is it on fees, customer support, and other services? 

Saxo key features

• Low commission on ETF trades. For example: ETF dealing on the London Stock Exchange costs 0.08% of the transaction amount (min £3 commission)
• 0.12% platform fee for ISAs and GIAs via Classic and Platinum accounts
• No minimum account balance. Minimum trading amounts vary but are typically low
• Choose from over 7000+ ETFs on up to 31 global stock exchanges
• You can earn extra revenue by signing up to Saxo’s securities lending scheme

Saxo platform fees

Saxo charges a competitive 0.12% platform fee (or custody fee) on ETFs held in Classic and Platinum accounts. The platform fee is reduced to 0.08% in VIP accounts. But your account balance must be worth £1,000,000+ before you qualify as a VIP. While the Saxo platform fee above applies to the SIPP account, there are additional third-party charges, too. The platform fee is uncapped so it keeps rising as your account grows. Thus larger Saxo accounts will be beaten on price - eventually - by percentage brokers with capped charges and flat-fee rivals. There are no entry charges but Saxo applies an exit fee of €50 per holding (up to a maximum of €160) for transfers from a GIA or SIPP. ETF investors won’t be tripped up by any other hidden charges such as deposit or withdrawal fees. FX fees are 0.25% of the transaction value.

Saxo trading fees for ETFs

• Saxo charges a competitive commission on ETF trades up to £6,000 in value. For example: a transaction fee of 0.08% (min £3) is levied on ETF trades made on the London Stock Exchange (LSE)
• Transaction fees are lower for Platinum and VIP customers. You need an account balance of £200,000+ to qualify for a Platinum account, and £1 million+ for a VIP account
• You can use a range of orders including limit, stop-loss and stop-limit
• Saxo does not offer an ETF savings plan nor automatic investing

Saxo investment and deposit protection

Saxo is authorised and regulated by the Financial Conduct Authority, [FRN 551422]. That means your investments should be covered up to £85,000 under the terms of the Financial Services Compensation Scheme (FSCS).

Saxo: customer support and services

Saxo’s platform is primarily geared to dedicated traders who are actively engaged with their portfolios. It offers an outstanding range of services and asset classes for highly skilled investors who wish to operate in a fully-featured trading environment. Saxo’s app has a slick user-interface and strong functionality. It also integrates well with the website so you can seamlessly switch between devices. Charting tools are powerful but complex and reinforced by a large volume of market commentary. Customer support is available 24/5 online or via a UK telephone number. Additional brokerage services include:

• Security-lending: a scheme that lends out ETFs and stocks to third parties such as short sellers. Participation in Saxo’s programme is voluntary and you may earn monthly income from loan fees if your assets are in-demand. The securities remain yours, and you will still receive dividends, however lending does entail some risk
• Multi-currency trading: at Platinum account level and above
• US ETF trading: if you qualify for a Professional account

Saxo review summary: an advanced platform for advanced traders

Saxo is highly regarded as a sophisticated platform aimed at experienced traders. However, that very depth of functionality also means that beginners are likely to find themselves on a steep learning curve. In the UK, new and small investors will benefit from low investment minimums, trading fees, and platform fees. Advanced investors, in contrast, will enjoy the platform’s extensive feature set, but will also pay relatively high charges for running large account balances and placing high volume trades. That said, you get what you pay for. Check Saxo out if you’re looking for:

• A richly featured trading platform
• Extensive access to major stock exchanges and a wide range of asset class options
• Regularly updated research and market analysis