Saxo Professional Account Review

This review will focus on Saxo Professional Account eligibility, fees, application process, trading, and pros and cons.

The account is intended for professional traders who satisfy specific qualifying requirements like having a sizable portfolio or a lot of trading expertise.

This product is from Saxo Bank, a Danish investment bank with a focus on investment services and online trading.

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What is the Saxo Professional Account?

By enabling traders to be categorized as Elective Professionals, Saxo Trader Professional gives them access to more leverage and increased trading flexibility.

But traders who select this status give up access to some protections that are normally offered to regular customers, like leverage caps, negative balance protection (which means that losses could surpass deposits), standardized risk alerts, and product limitations.

This category is intended for seasoned traders who would rather have more trading alternatives and risks as a bargain for less regulatory restrictions.

There are still certain safeguards available to traders, including the right to request a change classification if needed and access to the guarantee fund for cash deposits worth up to 100,000 US dollars.

The Professional Account offers further advantages designed specifically for experienced traders, including access to the Saxo Trader Pro platform.

You don’t necessarily need a Professional Account to use the Saxo Trader Pro platform; all you need is a Saxo account.

Saxo Pro Trader Eligibility

To be granted professional status, traders need to fulfill a minimum of two requirements:

• own more than 500,000 USD worth of assets.
• have finished at least ten significant trades in the previous four quarters.
• possess a minimum of one year’s worth of experience working in the finance industry.

How to Apply for Saxo Professional Account

It’s intended to be a simple and quick procedure.

Users must register, log in, and make a request using the account settings in order to apply for professional status.

Saxo Trader Pro Login

• Visit Saxo Bank’s official website.
• There’s a Login button in the upper right corner of the platform.
• Enter the password for your Saxo account and your registered email address.
• If you have activated two-factor authentication, adhere to the instructions to use your authentication method (such as an app or SMS code) to confirm your identity.
• You may see balances, initiate trades, and access your dashboard after logging in.

How to Trade on Saxo Trader Pro

1. Make sure you are eligible and set up a professional account.
2. Based on your preferences, select either SaxoTraderGO or SaxoTraderPRO to trade on Saxo Trader Professional Account.
3. Professional and high-volume traders are the target audience for the latter, although both newbie and experienced traders can use the former.
4. Amounts deposited must match your account tier to begin trading.
5. Examine instruments for market analysis like charts and dashboards.
6. Commence trading.
7. Tools like account shields and trailing stops can be used to monitor performance and control risk.

Saxo Trader Fees

The main fees on the platform are commissions, which start at 1 USD per trade for US ETFs and stocks and also 1 USD per contract for futures.

It is free to make deposits and withdrawals online, and there are no penalties for inactivity as well. Intermediary banks, however, have the right to apply fees to transactions.

Is Saxo a good trading platform?

Saxo Bank Professional Account Benefits

• Professional clients can use their cash more effectively thanks to advantageous margin rates offered across a range of asset classes.
• They have the option to utilize part of their stock as margin trading collateral.
• Access to more than 71,000 products in several asset types.
• Access to SaxoTraderGO and SaxoTraderPRO
• For traders seeking cost efficiency, the platform provides favorable pricing paired with lowered commissions and narrowed spreads.

Saxo Pro Trader Disadvantages

• There is no negative balance protection for professional clients, unlike retail clients. Accordingly, you may be facing serious financial consequences if your account balance drops below zero as a result of trading losses.
• The possibility of large losses is greatly increased when leverage is used, even though it can also magnify returns.
• The account permits trading in highly risky complicated items like CFDs.
• Traders who choose professional status give up some regulatory safeguards intended for new investors.
• Losses could cause your account’s equity to drop below the necessary margin level, in which case you might receive margin calls and have to close trades at disadvantageous prices or deposit more money.
• Despite being geared mostly toward seasoned traders, the Saxo Trader Professional Account might not provide the same degree of customization usually associated with high net worth individuals.
• Personalized investment plans are not as important in professional accounts as trading ability are.

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Adam es un autor reconocido internacionalmente en temas financieros, con más de 830 millones de respuestas en Quora, un libro muy vendido en Amazon y colaborador de Forbes.