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Saxo Bank in South Africa — review, licence and costs
Score (6 of 6 axes scored)
ranked against full-basis brokers
- Reviews25%35
- Round-turn cost20%80
- Safety20%0
- Payouts15%80
- Track record10%100
- Platforms10%30
Numbered by weight: axis 1 counts for most.
Key facts
Licence check
Open an account with Saxo BankThe broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards South Africa residents
- Not served. Saxo stopped onboarding South African clients effective 1 July 2024 and offboarded existing clients thereafter.
- Local standing
- Not applicable — no longer offered to South African residents.
- Licence as the register states it
- Not FSCA-registered for onboarding; South Africa removed from Saxo supported-countries list.
- Leverage for this entity
- not applicable
- The firm behind it
- Saxo Bank A/S, founded 1992, Copenhagen, Denmark; tier-1 multi-asset investment bank; SaxoTraderGO/PRO, no MT4/MT5.
- What we hold against it
- Reputable bank but exited South Africa in 2024 country-presence reduction; new ZA clients cannot open accounts.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards South African residents enters the score.
not applicable
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youNot applicable — no longer offered to South African residents.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against South Africa market median(priced from 80 of 103)
Medians run over the 80 of 103 brokers that publish a price for South Africa, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: not applicable. The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where Saxo Bank sits in the South Africa base(103 brokers)
Round-turn cost, USD (80 of 103 priced)
Median 7 USD · range 1-20 · this broker 9 USD · 23 of 103 brokers do not publish it
Minimum deposit, USD (49 of 103 priced)
Median 50 USD · range 0-1000 · this broker 0 USD · 54 of 103 brokers do not publish it
Retail leverage (72 of 103 with a South Africa figure)
Median 1:500 · range 20-5000 · 31 of 103 brokers do not publish it
Withdrawal time published (103 brokers)
Deposit and withdrawal methods (1 methods · 0 local rails)
not applicable
- Account currency
- not applicable
- Fee declared
- 0 of 0 methods
- Withdrawal back to
- the funding method
Where it does not serve(10 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(1 platform)
| Class | Count | Min spread | Leverage |
|---|---|---|---|
| All instruments | 71000+ | — | —ZA |
184 further account types are named by their brokers but publish none of these figures, so they are not in the comparison: IC Markets Raw Spread MT4/MT5, IC Markets Raw Spread cTrader, Eightcap Standard, Eightcap Raw, Fusion Markets Classic account, Pepperstone Standard and 178 more.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 3.7 | 7,458 |
Share of reviewers in South Africa: — The platform does not publish it.
Pros and cons(3 for and 3 against, each tied to a figure on this page)
- Min deposit 0 USD, under the South Africa median 50
- Withdrawal in 24 h, one of 86 of 103 brokers here that publish a time
- Track record 100 of 100, its strongest of 6 scored axes
- Round turn 9 USD on the standard basis, over the South Africa median 7
- No South Africa authorisation on file: the entity that onboards you is licensed elsewhere
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in South Africa(6 of 103 scored in South Africa)
- Round turn, USD
- 7ZA
- Min deposit, USD
- 0 groupZA
- Leverage
- 500ZA
- Rank in this country
- #24
- Round turn, USD
- 7ZA
- Min deposit, USD
- 5 groupZA
- Leverage
- 1000ZA
- Rank in this country
- #46
- Round turn, USD
- 10ZA
- Min deposit, USD
- 10 groupZA
- Leverage
- 2000 group
- Rank in this country
- #64
- Round turn, USD
- 6ZA
- Min deposit, USD
- 0 groupZA
- Rank in this country
- #67
- Round turn, USD
- 8ZA
- Min deposit, USD
- 50 groupZA
- Leverage
- 1000ZA
- Rank in this country
- #56
- Round turn, USD
- 8.5ZA
- Min deposit, USD
- 20ZA
- Leverage
- 200ZA
- Rank in this country
- #7
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a South Africa score. Full methodology
| Axis | Weight | What is measured | Saxo Bank |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 35 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 80 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 80 |
| Track record | 10% | Years since the firm was founded, from its own filings | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 30 |
FAQ
- Does Saxo Bank accept residents of South Africa?
- No. Not applicable — no longer offered to South African residents. Onboarding entity: Not served. Saxo stopped onboarding South African clients effective 1 July 2024 and offboarded existing clients thereafter.
- Is Saxo Bank licensed to serve clients in South Africa?
- Not FSCA-registered for onboarding; South Africa removed from Saxo supported-countries list. Checked on 09.07.2026.
- How much does one round turn cost at Saxo Bank?
- About 9.0 USD per standard lot on EUR/USD. The median across brokers measured for South Africa is 7.0 USD.
- How can I withdraw money from Saxo Bank in South Africa?
- not applicable
- What account types does Saxo Bank offer?
- not applicable
Taxes for a South African resident(1 rule)
- SARS taxes residents on worldwide income.https://brokerchooser.com/broker-reviews/saxo-bank-review/saxo-bank-south-africa
Not tax advice. Check with SARS.