Saxo Bank
What Is The Saxo Bank?
Experience shows that for one to gain reasonable success in any investments in foreign exchange, they need high level of information flow and interpretation. They may also need a real financial vehicle through which they can channel their ambitions. Luckily, innovation has not failed. Aside from normal forex investment tools, there are institutions which are now providing excellent services to these who intend to plunge into this "uncharted waters".
An example is the forex Saxo Bank whose initial name was Midas Fondsmaeglerselskab. This is a Danish online investment bank which was founded as an online broker in 1992 by Lars Seier Christensen, Kim Fournais and Marc Hauschildlt. Like all new products, this online bank has attracted a lot of controversy across Denmark and even in the virtual community. Saxo offers capital markets trading through an online forum christened the "SaxoTrader". Other services that are offered include Forex, stocks, CFD's, futures, funds, private wealth management services and bonds.
Online Banking
Given its nature as an online bank, its running and activities are certainly not very similar to the everyday banks that we know. For example, you will not find Saxo Bank branches across the world and neither will you find the normal banking facilities. Indeed, Saxo is only licensed to deal like any other broker and all clients funds are held by conventional banks.
It is interesting to note that Saxo operates almost comfortably in most parts of the world which need or have the ability to accommodate such technology and sophistication. To enable such flawless trade, Saxo Bank has partnered with more than 120 partners across the globe. These are referred to as White Label Partners, and the process involves the customization and presentation of online trading platform (SaxoTrader) for other financial institutions and brokers. It may be important to note that although the bank is headquartered in Copenhagen, Denmark, it has offices in other cities including London, Paris, Geneva, Singapore, Beijing, Tokyo and Marbella.
Opening an account with Saxo Bank
Saxo offers three types of accounts that a prospective client can opt to open. Firstly, there is the SaxoWebTrader, a web based trading platform that allows trading by clients to be done from anywhere, and at anytime. This account allows a full integration with the SaxoTrader and what the bank calls the'add-on' SaxoMobileTrader.
Secondly, there is the SaxoTrader, which is considered to be sitting at the height of innovation. It is comprehensive, and better still, downloadable trading platform that deals with all trading assets and has been linked to the SaxowebTrader and the SaxoMobileTrader.
Thirdly, one can open the SaxoMobileTrader account which gives clients access to their accounts through their mobile devices and iPhone. With this account, one can access news on forex trading, place or change orders or even trade online.
Lastly, the bank offers the SaxoMiniTrader account which offers compact access to the world markets, especially to these trading in major Foreign exchange currencies.
Although this bank has been severally lauded for its technological superstardom, traders will need much more knowledge in order for them to effectively deal with its forex trading features. With extra diligence on the part of the investor, Saxo Bank is a worthwhile try.
References