|Saxo FXMT is a legit broker and one of the most reputable companies in the industry. Their intuitive trading platform is the best around and we highly recommend Saxo FXMT to traders of all experience levels, beginner to advanced.|
Saxo FXMT is an online trading platform that allows you to trade a variety of financial instruments including binary options, stocks, forex, ETFs, commodities, and cryptocurrency.
This broker was founded in 2011 and is operated by Saxo FXMT LTD. Saxo FXMT has rapidly become one of the most popular trading platforms for traders across the world with over 48,000,000 registered users and over 1,000,000 transactions per day. Saxo FXMT accepts traders from over 213 countries including India, Nigeria, South Africa, The Philippines, Malaysia, Pakistan, Singapore, and many more.
Saxo FXMT is based in Cyprus and regulated by the CySEC (Cyprus Securities and Exchange Commission).
In this Saxo FXMT review, I'll tell you everything you need to know about this broker to help you decide whether or not this company is right for you.
Table of Contents [show]
- 1 Saxo FXMT Trading Platform
- 2 Video Demo of How To Trade With Saxo FXMT
- 3 What Assets Can You Trade With Saxo FXMT ?
- 4 Trade Types and Payouts
- 5 Technical Indicators
- 6 Charting Tools
- 7 Mobile Trading
- 8 Account Types
- 9 Saxo FXMT Demo Account
- 10 Cryptocurrency Multiples
- 11 FX Options
- 12 Order Types
- 13 Regulation and Security
- 14 Deposits
- 15 Withdrawals
- 16 Is Saxo FXMT Safe?
- 17 Can You Really Make Money With Saxo FXMT ?
- 18 Bonuses and Promotions
- 19 Countries and Languages
- 20 Customer Support
- 21 Is Saxo FXMT A Scam?
Saxo FXMT Trading Platform
Unlike other brokers that use a standard trading platform, Saxo FXMT has a proprietary custom-built platform to cater to the needs of its users. The platform is very easy to use and is well-designed. It has many useful features including multi-chart layouts, technical analysis, historical quotes, volatility alerts, market updates, stock screeners, economic calendars, and more. It's also available in 13 different languages.
Within the Saxo FXMT trading platform, you can trade a variety of assets and financial instruments including stocks, digital options, binary options, forex, crypocurrencies, ETFs, and commodities. However, it should be noted that binary options are prohibited in the EEA.
In the image below, you can see that the chart is in the middle. The Buy and Sell boxes are on the right-side. Your account balance and the asset you're trading is located at the top of the screen.
On the left-side of the platform, you'll see a drop-down box which allows you to choose which financial asset you want to trade. Your available assets to choose from include Cryptocurrencies, ETFs, Stocks, Options, Forex, Indices, and Commodities. You can browse assets by category or use their search function to find a specific asset.
On the right side of the trading platform interface, you will have the option to enter the amount you wish to trade and whether you want to Buy or Sell. You can also enter a multiplier if you wish to multiply your potential profit by a coefficient. However, a multiplier increases the risk as well. You also have the ability to close the trade automatically if the asset reaches a certain threshold that you set forth.
What Assets Can You Trade With Saxo FXMT ?
Saxo FXMT originally started off as just a binary options broker, but they now offer clients the ability to trade Contract For Difference (CFDs) on Cryptocurrency, ETFs, Forex, Stocks, and a variety of binary option contracts.
As of this review, Saxo FXMT allows you to trade CFDs on 169 of the best-performing stocks without opening fees. The minimum investment is $1 for Stock CFDs with leverages up to 1:20. Their list of stock assets include some of the biggest companies in the world such as Apple, Tesla, Amazon, Boeing, and many more.
FX trading is one of the most popular trading markets on Saxo FXMT . This broker offers competitive spreads and a wide range of currency pairs including EUR/USD, USD/JPY, GBP/USD, USD/CAD, AUD/USD, NZD/USD, and USD/CHF. Currently, there are 50 Forex Pairs on the Saxo FXMT platform.
Saxo FXMT gives you the ability to trade CFDs on Exchange-Traded Funds, also referred to as ETFs. An ETF is where many different assets are combined into one basket. There are 25 ETFs currently available to trade.
Saxo FXMT allows you to trade CFDs on 27 different cryptocurrencies including Ethereum, Bitcoin, Ripple, Neo, Cosmos, Binance Coin, Litecoin, Cardano, ZCash, TRON, Stellar, Iota, Dash, EOS, and Bitcoin Cash. You can expect great margin trading leverge and short selling options with quick deposits and easy withdrawals.
Saxo FXMT currently offers CFDs on 5 commodities including Silver, Crude Oil Brent, Crude Oil WTI, Gold, and Platinium.
Trade Types and Payouts
Binary options is a financial instrument that pays a fixed return for a correct market prediction on the price of an asset within a predetermined time-frame, or expiry time. Correctly predicting an asset's price movement (up or down) can result in a profit of up to 95%. Trading binary options on Saxo FXMT has a $1 minimum investment, $0 brokerage fees, and expiry times ranging from 60 seconds until the end of the month.
Digital Options (CFDs)
Digital Options is a financial instrument that allows you to speculate on the extent of the price movement of an asset. Payouts for digital options can go as high as 900% if the asset reaches the threshold specified by the trader. The minimum investment for digital options is $1 and the expiry times range from 60 seconds to 15 minutes.
Saxo FXMT offers over 15 different technical indicators to help you identify trends and to spot profitable trades. The 15 technical indicators that are available to you include: MA, Volume (exchange), Bollinger Bands, Alligator, RSI, MACD, Parabolic SAR, Stochastic Oscillator, Awesome Oscillator, ATR, ADS, Fractal, CCI, Ichimoku Cloud, KDJ, DPO, and Belkhayate Timing.
In order to help you get the most benefit from trading with Saxo FXMT , the broker offers a variety of charting tools that can help you formulate a successful trading strategy. The 5 charting tools available on Saxo FXMT include Area, Line, Candles, Hollow Candles, and Bars.
Saxo FXMT offers clients the ability to trade options and CFDs using their proprietary mobile application. The mobile app works on Android and Apple iOS operating systems. It is available for download via the Apple Store or on Google Play.
The app is very easy to use and has a very clean and intuitive graphical interface. It has the same charting options that you can find on their regular web-based platform as well.
By using the Saxo FXMT mobile app, you can:
- Execute Trades
- Check Account Status
- Stay Updated With Market Developments
- Use Charting Tools
- Setup Customizable Alerts and Push Notifications
- And More
Saxo FXMT has 2 different types of trading accounts to choose from: Standard and VIP.
For a standard trading account, just a $10 minimum deposit is needed. Unlike other CFD providers, there are no restrictions on trading functionality. You get access to over 350 assets to trade as well as 24 hour withdrawal processing. You also get access to several trading competitions that are held on the Saxo FXMT platform (only applies to customers outside of the EU).
A VIP trading trading account is only available for clients that deposit $1900 or more within a 2-day period. A VIP account includes a personal account manager, monthly reports on your trading records, and 3% in additional returns. VIP accounts are only available to customers outside of the EEA.
Saxo FXMT Demo Account
Like many brokers, Saxo FXMT offers a free demo account that includes $10,000 in virtual money. There is no limit on how long you can use the demo account for. This offers you the ability to test different trading strategies and to get familiar with the platform before investing real money. If you run out of virtual funds inside of your demo account, you can have them replenished so you can continue practicing.
You don't have to register or give out your personal information in order to access the Saxo FXMT demo. This is not always the case with other brokers, as a lot of companies require you to provide at least an email address in order to gain access to their demo.
Saxo FXMT has recently came out with a product known as "Cryptocurrency Multiples". The product basically works the same as a leveraged trade, where the price movements of an asset is magnified by a multiplier. Cryptocurrency multiples was originally produced with the idea of Bitcoin X 100. This essentially increased the price movement by 100X times, which created a large opportunity, as well as risk, for traders.
Due to the popularity of Bitcoin X 100, Saxo FXMT has expanded the concept to IOTA, Ethereum, Ripple, and other cryptocurrencies. The multipliers you have to choose from include X20, X50, and X100. However, the cryptocurrency multipliers are only available for citizens outside of the EU.
Saxo FXMT is one of the only brokers that offer a product called FX Options. Currently, this product is only available for the 5 main currency pairs.
FX Options are available in regulated markets inside the European Union. They are similar to binary options because they offer a fixed-risk investment. You understand the potential profit and risk upfront. Each FX Option has an expiry time and the potential profit depends on the asset's price. Payouts can reach up to 2000% and there is a minimum trade amount of $500 for FX Options.
It's also important to know that FX Options can be sold at any time, even before expiry time is reached. This is a useful feature that can help you lock in profits or cut losses.
Saxo FXMT offers its traders a variety of order types and stop loss tools to help minimize losses and maximize profits on binary option trades.
Stop Loss Orders - This feature allows you to set a maximum loss that you're willing to accept on a trade. When this order type reaches the amount you specified, the trade automatically closes to limit your loss.
Multiplier Orders - This feature allows you to improve your return on investment via a multiplier. If you set a multiplier, the price movement of the asset will increase by 20X, 50X, or 100X. This feature can dramatically increase your profits as a result, but it can also expose you to more risk as well.
Take Profit Orders - This feature is the exact opposite of a stop loss order. You can close a trade early and take your profit when it reaches your specified amount.
Pre-Order - This feature allows you to enter the market when an asset reaches the exact price that you specify. Once the asset reaches that price, the trade will be executed automatically.
Regulation and Security
Over the years this binary option broker has been operational, it has won multiple awards praising it's quality of service and reliability for customers. Saxo FXMT is recognized as one of the best brokers in the industry by many millions of traders worldwide.
Saxo FXMT is regulated by the CySec and is registered in Cyprus under the company name " Saxo FXMT Europe LTD". This means that they are able to service clients within the EEA.
For traders that reside outside of the European Economic Area, their trading accounts are managed by a sister company known as " Saxo FXMT LTD". This company is registered in St. Vincent and Grenadines, and this entity is not regulated.
The minimum deposit for opening a real account with Saxo FXMT is $10 USD/GBP/EUR. This broker does not charge any processing fees for depositing funds. In order to make your first deposit, you will have to go through an account verification process which might require photo identification. Some countries will have different requirements than others.
For your convenience, Saxo FXMT offers many different ways to deposit money into your account including credit cards (Visa and Mastercard) and wire transfers. This broker also accepts many different E-wallets including Skrill, Maestro, WebMoney, Neteller, Cash U, and Moneybookers. IQ does not accept Paypal as a payment method.
The minimum withdrawal amount for Saxo FXMT is $2. In order to make a withdrawal request, you will need to use the same payment method as your deposit because the transaction is processed as a refund. Afterwards, you can choose whichever payment method you want for withdrawals. Bank transfers may incur a small processing fee.
In order to withdrawal funds from Saxo FXMT , you'll need to verify your identity. This verification process can take up to 3 days and is necessary to prevent fraudulent activity and to secure your account from unauthorized use.
All withdrawal requests are processed by Saxo FXMT within 1 business day. If you request a withdraw to a bank card, it may require additional time depending on your bank.
Is Saxo FXMT Safe?
Yes, Saxo FXMT is safe. This company is one of the biggest and most successful binary option brokers in the industry with over 40,000,000 registered users. They are also licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission) and the FSA (Seychelles Financial Services Authority). All client funds are held in segregated bank accounts for further security. Saxo FXMT is also a member of the Investors Compensation Scheme, which protects client funds up to a maximum of $20,000.
Can You Really Make Money With Saxo FXMT ?
Yes, of course you can make money with Saxo FXMT . In order to make a profit, you have to correctly predict an asset's price movement by the time the trade contract expires. Saxo FXMT offers short-term trades that allow you to make money within 60 seconds if you predict the market direction correctly. Binary options pay up to 95% profit, while digital options pay up to 900% profit.
Bonuses and Promotions
Due to regulations set forth by the CySec, Saxo FXMT .com doesn't offer any type of deposit bonuses.
However, this broker does offer trading competitions that allow you to compete against other traders for prizes ranging from $100 all the way up to $100,000. Unfortunately, these trading tournaments aren't available for citizens within the EEA. Standard accounts can join the competitions for a fee, while VIP accounts get free entry.
Countries and Languages
Countries NOT Accepted:
Unfortunately, Saxo FXMT is not able to accept traders from the United States, Russia, Canada, Australia, France, Japan, Belgium, Turkey, Israel, Iran, Syria, and Sudan. The countries listed above have stricter restrictions and regulations, making it difficult for Saxo FXMT to provide trading opportunities to their citizens.
Countries Accepted By Saxo FXMT
Saxo FXMT accept traders from over 213 countries including Argentina, Bangladesh, Bolivia, Botswana, Brazil, Cambodia, China, Colombia, Egypt, Ghana, India, Indonesia, Iran, Ireland, Jamaica, Japan, Korea, Nigeria, Germany, Kenya, Malaysia, Maldives, Macedonia, Mexico, Morocco, Namibia, Netherlands, New Zealand, Pakistan, Philippines, Saudi Arabia, Serbia, Singapore, Somalia, South Africa, Sri Lanka, Switzerland, Tanzania, Thailand, Turkey, UAE, Uganda, Ukraine, United Kingdom, Vietnam, Zambia, and Zimbabwe.
Saxo FXMT has various forms of customer support including email, telephone, and online chat. There are currently about 90 customer service support representatives available to assist you.
For your convenience, Saxo FXMT has toll-free phone numbers available in the following countries: United Kingdom, Brazil, South Africa, India, Singapore, Thairland, Colombia, Australia, Mexico, Portugal, Spain, Argentina, and Chile.
For online chat support, the average wait time is an impressive 38 seconds. For email support, the average response time is 14 minutes.
Is Saxo FXMT A Scam?
Absolutely not! As of 2020, this broker has over 41 million registered users from over 213 countries worldwide. The number of active traders is growing every year and there's no signs of that changing. They also process more than 1 MILLION transactions per day.
Saxo FXMT is a legit broker and one of the most reputable companies in the industry. Their intuitive trading platform is the best around and we highly recommend Saxo FXMT to traders of all experience levels, beginner to advanced.
* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.