Danish bank crosses a million clients globally
Saxo Bank – the online trading platform that connects investors and traders to global financial markets – has significantly reduced its fees in some of its main markets, with a worldwide rollout scheduled for the coming months.
The Copenhagen-headquartered bank’s new move aims to incentivise its global and Middle East-based client investors to earn more on their returns. As such, the bank’s clients can avail of substantial price reductions, including when they trade US and home market stocks, amongst other products such as ETFs, ETPs, Listed Options and Futures. Inactivity and platform fees are also removed.
In principle, Saxo’s new prices allow investors to invest for less, with low prices and transparent fees.
Huge reduction
According to a Saxo statement, the commission will be 0.08% for the classic tier for the US and UK markets, with minimum commissions at $1 (reduced from $5). The bank’s platinum and VIP client tiers will benefit from 0.05% and 0.03% commissions, respectively.
Saxo achieved a historic milestone of one million end clients and crossed $100 billion in client assets globally in 2023.
According to Kim Fournais, founder & CEO of Saxo Bank: “We are proud to announce what will be the leading prices among the major banks and brokers of the world. Because in today’s investment landscape, the value Saxo offers to our clients is very much linked to our ability to provide cost-effective solutions together with our award-winning platforms, products, and services. Lower costs mean higher potential gains for our growing number of clients.
“As we cross the milestone of serving over one million clients who trust us with more than €100 billion, our scale enables us to lower our fees and prices significantly.”
Fournais added: “Investors have increasing demands for the overall investment experience, and the ability to trade across markets and products on award-winning multi-asset platforms has always been Saxo’s core pedigree.
Diversification plus-point
“With the lower prices and fees, it is becoming even more accessible and attractive to diversify across asset classes, which is critical to any healthy and profitable portfolio. Diversification is really the ‘only free lunch’ in investing.
“This pricing overhaul is an important strategic move for us for the future, as we take another big step forward to create even more win-win with our clients,” Fournais stressed.
Damian Hitchen, CEO at Saxo Bank MENA, added: “As we cross the milestone of serving over one million clients globally, our scale enables us to significantly lower our fees and prices.
“This scale is not just a number – it is a testament to the trust our clients place in us and a responsibility we take seriously to continuously seek ways to enhance their investment experience. This pricing overhaul is an important strategic move for us for the future, as we take another big step forward to create more win-win with our clients,” Hitchen noted.
In 2023, the Danish Financial Supervisory Authority appointed Saxo as a Systemically Important Financial Institution, while the bank also received an investment grade rating from S&P.
For the newly announced Saxo pricing overview, visit here.
Featured image: Saxo headquarters in Copenhagen, Denmark. Image: Saxo
