Saxo Bank — 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
- not stated
- Platforms
- —
- Local funding
- not applicable
- Max leverage
- not stated
- EURUSD
- not priced
This broker against the South Africa middle (60 of 104)
| Saxo Bank | South Africa median | |
|---|---|---|
| Round turn, USD | not priced | 7.0 USD |
| Min deposit, USD | no data | 50.0 USD |
| Max leverage | no data | 500.0geo |
| Withdrawal, h | next business day hgroup | 24.0 h |
| EURUSD, standard | not priced | 1.0 pips |
| EURUSD, raw | not priced | 0.0 pips |
| Established | 1992group | 2009.5 |
| Platforms | 0 | 3.0 |
Accepts residents of South Africa
No
Score (4/6 axes)
Shown, not ranked: no round-turn price
Licence check
Who actually onboards you
Not served. Saxo stopped onboarding South African clients effective 1 July 2024 and offboarded existing clients thereaft
Entity not established
Cost per round turn, and the South Africa middle (60 of 104)
The numbers across South Africa
Round-turn cost, USD (60 of 104)
Median 7.0 · Range 1.5–20.0 USD
Minimum deposit, USD (36 of 104)
Median 50.0 · Range 0.0–1000.0 USD
What each account gives you
not applicable
What the broker publishes about payouts
Reviews
Saxo Group is rated "Average" with 3.7 / 5 on Trustpilot
Trading software and asset classes (0)
not applicable
Trading profits and South Africa tax
SARS taxes residents on worldwide income. Frequent/active forex trading is generally taxed as income at the individual's marginal rate (progressive 18%-45%), not as capital gains. Active traders typically register for provisional tax (IRP6 due end-Aug and end-Feb, plus a third top-up if owing) and file the annual ITR12; trading-related expenses are deductible. Rates/brackets change annually - pres
Where it wins, where it loses
Pros (1)
- Withdrawal published at next business day h
Cons (2)
- No local licence: the client is onboarded by a foreign entity
- Minimum deposit for this country not published
The rest of the shortlist in South Africa (6)
Where it does not serve
United States, India, South Africa, Nigeria, Brazil, Pakistan, Spain, Portugal, Mexico, Kenya
Methodology
2 + 3 × weighted mean of six axes · reviews 25%, cost 20%, safety 20%, payouts 15%, track_record 10%, platforms 10%
Verified · what changed · sources (3)
Checked: 2026-07-09
FAQ (4)
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.
How long does a withdrawal from Saxo Bank take?
next business day hours as published. Saxo Bank processes all withdrawals the next business day