Saxo Bank Reduces Minimum Deposit and Simplifies Account Opening Procedures
Saxo Markets has lowered the minimum deposit requirements for over 9 different markets. Traders in the UK, France, Singapore, Switzerland, Poland, Czech Republic, Slovakia and Australia will no longer be subject to minimum deposit requirements when funding their accounts.
Saxo Markets Removes Minimum Deposit Requirement
Saxo may have removed the minimum deposit requirement, but that doesn't mean that new Saxo customers can open anything other than a regular account with a modest cash balance.
That's because under Saxo's tiering system (based on activity and account size), you need to deposit £200,000 to qualify for a Platinum account, and £1 million or more to make the leap to a VIP account with the broker. Platinum and VIP accounts enjoy benefits such as narrower spreads, lower commissions, dedicated support lines and account managers.
For example, Classic account holders pay a minimum ticket fee of $10 for US stock trades, while Platinum and VIP account holders pay a minimum fee of $7.0 and $3.0 respectively.
Rapidly growing customer base
The tiered account system and variable fees don't seem to be deterring new customers from joining Saxo.
In its 2022 results report, Saxo acknowledged that 157,000 new accounts were opened that year. This brings the broker's total number of clients to 876,000 and client assets to DKK 584bn, or around $83bn.
Saxo also recently announced a new open banking partnership with Mastercard, which allows clients to easily transfer funds to their trading accounts, a new payment feature that has been successfully trialled in Denmark and will now be rolled out across Europe.
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