Recalculated 2026-11-02 · Established 1992 · Not served. Saxo stopped onboarding Sout
Saxo Bank — South Africa
Saxo Bank is rated 2.49 out of 5 by our formula (Rank #61 of 70) for traders in South Africa: round turn 9 USD, residents accepted — No.
Suits you if you can open with 0 USD · it has been trading for 34 years
Look elsewhere if the round turn is 9 USD against a 7 USD median here · it holds no licence issued in South Africa · it does not take residents of South Africa
Key facts (8)
- Who actually onboards you
- Not served. Saxo stopped onboarding South African clients effective 1
- Licence number
- not stated
- Established
- 1992group
- Min deposit, USD
- 0 USDgroup
- Platforms
- —
- Local funding
- not applicable
- Max leverage
- —
- EURUSD
- 0.9 pipsgroup
Accounts (3)
3 of 3 accounts with a published cost per lot
3 of 3 shown
Click a column heading to sort. Figures are list terms, no promo codes.
This broker against the South Africa middle (81 of 104)
| Saxo Bank | South Africa median | |
|---|---|---|
| Round turn, USD | 9.0 USD | 7.0 USD |
| Min deposit, USD | 0 USDgroup | 50.0 USD |
| Max leverage | — | 500.0geo |
| Withdrawal, h | next business daygroup | 24.0 h |
| EURUSD, standard | 0.9 pipsgroup | 1.0 pips |
| EURUSD, raw | — | 0.0 pips |
| Established | 1992group | 2009.0 |
| Platforms | 0 | 3.0 |
Does not accept residents of South Africa
Not applicable — no longer offered to South African residents.
56 of 104 brokers in our base hold a licence issued in South Africa. That is a fact about the market, not about Saxo Bank.
- Who actually onboards you
- Not served. Saxo stopped onboarding South African clients effective 1 July 2024 and offboa
- Licence number
- —
- Local licence
- no
- Checked
- 2026-07-09
Score (6/6 axes)
A weighted average of the axes below. Each axis is measured on the same scale as the score itself, and carries the weight shown beside it.
Check:25.0% × 1.75+ 20.0% × 4.00+ 20.0% × 0.00+ 15.0% × 4.00+ 10.0% × 5.00+ 10.0% × 1.50= 2.49
Ranked against brokers measured on every axis
Licence check
- Licence number
- —
- Checked
- 2026-07-09
Who actually onboards you
Not served. Saxo stopped onboarding South African clients effective 1 July 2024 and offboarded existing clients thereaft
Entity not established
What each account gives you
not applicable
Cost per round turn, and the South Africa middle (81 of 104)
standard
Client-money protections
not applicable
What the broker publishes about payouts
Trading software and asset classes (0)
not applicable
Reviews
Saxo Group is rated "Average" with 3.7 / 5 on Trustpilot
Where it wins, where it loses
Pros (1)
- Withdrawal published at next business day
Cons (2)
- Round turn 9.0 USD against a South Africa median of 7.0
- No local licence: the client is onboarded by a foreign entity
Where it does not serve
United States, India, South Africa, Nigeria, Brazil, Pakistan, Spain, Portugal, Mexico, Kenya
Methodology
the weighted mean of six axes, each on the same 0–5 scale · reviews 25%, cost 20%, safety 20%, payouts 15%, track_record 10%, platforms 10%
Sources (3)
3 sources, read on 2026-07-09. Ordered by weight of evidence: regulator registers first, then the broker's own documents, review platforms and aggregators.
- Aggregators and directories
- 1brokerchooser.com/broker-reviews/saxo-bank-review/saxo-bank-south-africabrokerchooser.com · pageAggregator
- 2investingintheweb.com/brokers/saxo-bank-south-africainvestingintheweb.com · pageAggregator
- 3fxnewsgroup.comfxnewsgroup.com · domainAggregator
FAQ (5)
Does Saxo Bank accept residents of South Africa?
No.
Which entity onboards a South Africa client of Saxo Bank?
Not served. Saxo stopped onboarding South African clients effective 1 July 2024 and offboarded existing clients thereafter.
What licence does Saxo Bank hold for South Africa?
No licence number is published for this country.
What does one EURUSD lot cost at Saxo Bank?
9.0 USD per round turn against a South Africa median of 7.0 USD, measured on 81 of 104 brokers.
How long does a withdrawal from Saxo Bank take?
Saxo Bank publishes next business day. Their own wording: “Saxo Bank processes all withdrawals the next business day”.