Saxo Bank is a Danish bank specializing in online trading and investment. The Bank provides access to over 40,000 instruments for online trading including 182 currency pairs and more than 19,000 shares. Saxo Bank has developed its own platform for the average trader – SaxoTraderGO.
The default workspace is black but can easily be changed to white by the button in the upper right corner. It is divided into two main windows – for instruments and for charts. The left one is the instrument window. The top 20 instruments are initially displayed but you can rearrange them from the drop-down menu.
Instruments can be viewed as a list or as a tradeboard. While they are like a tradeboard yoy can trade directly by clicking the buy or sell price. If they are like a list, double clicking the instrument’s name opens the Trade Ticket window where deals can be made. Each line contains the instrument name, bid price, ask price, spread, daily and net change.
Open positions are displayed in the Positions window. You can close them quickly or add Stop loss or Take profit orders here.
There is a button that allows you to trade in 1 click. The 1-click trading mode bypasses order confirmation but increases execution speed. It is suitable for the scalping strategy, but unintended trades can be executed.
The other window is for charts. It is also available as a detachable window that can be moved outside the workspace. You can search for instruments in the search box at the upper left corner. Time periods are from 5 minutes to 1 week, but you can define custom values as well. You can trade directly from the chart window while the buy and sell buttons are shown. They can be hidden as well. The chart can be displayed as bid/ask prices, line, candlesticks, Heikin-Ashi candles, bars and percentage change. Nearly 60 technical indicators are available for place. A lot of drawing tools can be used including Fibonacci retracement. There is a button for a chartshot. Multiple properties can be modified from the settings window so that the chart looks as you would like.
Account information can be watched on the bar at the bottom of the platform. It includes Cash, Available cash, Account value and Initial margin.
We think this is a well-designed platform that provides all the necessary tools for trading. It requires no software installation and can be started in any browser. Although the platform is web based, it runs smoothly, offers many features and is intuitive. It is suitable for most traders and only the lack of automated trading may not appeal to the experts.