Similar brokers offering MT4 & Sirix Webtrader, with a similar variety of instruments:
Markets.com – View review: http://thefxview.com/2013/06/02/markets-com-review/
- About the Company: Saxo MT4 is the trading name Saxo Capital Markets CY Limited, who in turn are a wholly owned subsidiary of Saxo Banks.
- Founded: Saxo MT4 was founded in 2012, Saxo Bank itself was founded back in 1992.
- Payment Options: Credit/Debit Card, Moneybooker and Wire Transfer.
- Platforms: MetaTrader 4 and MT 4 WebTrader and MetaTrader for mobile devices.
- Minimum Deposit: No Minimum Deposit.
- Regulation: Saxo MT4 is registered and regulated in Cyprus by CySEC
- Social Trading: ZuluTrade, Sirix Social and Currensee
- Support Options: Phone, Callback and Email.
Saxo MT4 was launched to be the home for those who wanted to trade with Saxo Bank and use the ever popular MetaTrader 4 platform. So it should be unsurprising that MetaTrader is at the heart of the Saxo MT4 offering. As well as the standard much loved MetaTrader 4 platform which is available to download, there is also the Web based version of the MetaTrader 4 platform. This is quite useful as the different versions of the MetaTrader platform all integrate well together, with the web trader allowing you to access your Saxo MT4 account from anywhere in the world. The same goes for the mobile versions of the platform that are available for both Android and Apple devices. Those interested in social trading also have plenty of choice with Saxo MT4 providing support for the ZuluTrade and Currensee social trading platforms. The platform also features the SIRIX Social trading feed which is another nice touch adding even greater social trading support.
- Leverage: Up to 1:200 on Forex and up to 1:100 on CFD’s.
- Scalping: Allowed
- Expert Advisors: Allowed, with no restrictions.
- Hedging: Allowed
- Trailing Stops: Yes
- Spreads: Variable, 2 pips target spread on EUR/USD
The trading conditions at Saxo MT4 are overall pretty good, with the platform not placing any restrictions of the usage of Expert Advisors. This is should be music to the ears of the large number of traders who make extensive use of Expert Advisors in their trading. Spreads at Saxo MT4 are variable and while they are not the tightest in the industry they are competitive with many other brokerages. Again while the leverage on offer at Saxo MT4 isn’t among EU regulated brokerages, it is still pretty significant and will allow traders to take on large scale positions in the range of different markets on offer. All in all, the trading conditions on offer at Saxo MT4 are pretty favorable.
- Number of currency pairings: 53 (9 of which are listed as exotics).
- Other instruments: Indices, Precious Metals and Commodities.
As you would expect the Saxo MT4 platform has a pretty comprehensive range of currency pairings. Though only 9 of the 53 pairings are listed on their site as exotic, this is partly due to the fact Saxo seem to have pretty stringent criteria on what counts as a exotic currency pairing. Aside from currency trading, there is a decent range of commodities and precious metals to trade. All of which come with pretty favorable trading conditions. Saxo MT4 also offer a small range of global Indices on the platform, while the list of availiable Indices isn’t particularly comprehensive it does give Saxo clients a greater range of trading opportunities. Forex traders are going to be more than happy with the range of pairings on offer with the extra CFD’s being an added bonus.
- Contact Methods: Phone, Livechat, Callback and Email.
- Telephone Numbers: Cypriot Numbers only.
- Support Languages: Not Listed.
In all of my personal dealing with representatives of Saxo MT4, I have never had any problems. With Saxo Bank being one of the most reputable names in the world of online trading, you can expect to receive a high level of customer service. The staff at Saxo MT4 are polite and gracious doing there best to resolve any problems you have with their service. The only criticism I have is that at the time of writing Saxo MT4 have not listed any toll free international numbers for those wanting to get into contact with the brokerage over the phone, however this a relatively minor complaint. There is also no information on the site regarding the various languages in which Saxo MT4 are able to provide customer service, so for foreign speakers this might be something to check out.
- Regulated: By CySEC of Cyprus.
- MiFID Regulated: Yes, can take on clients from throughout the European Union.
- Can accept US Traders: No, Saxo MT4 is only regulated in Europe and thus cant accept American citizens.
- Regulatory Record: Saxo MT4 has a clean regulatory record.
Saxo MT4, has a totally clean regulatory record and has never been found to have committed any regulatory breaches. This should give traders who choose to deposit with Saxo MT4 some peace of mind. It should also be remarked that Saxo Bank, the owner of Saxo MT4 has a good regulatory record which again can only help boost a traders confidence. For those who want to trade with a EU (MiFID) regulated firm with a top regulatory record should look no further than Saxo MT4.
Overall, Saxo MT4 is a good choice for anyone looking for a MiFID regulated brokerage which has no minimum deposit requirement and good overall reputation. Those interested in trading at Saxo MT4 should definitely consider it and one could do far worse than opening an account with them.
Last Updated: 22 May 2013
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