Saxo Bank (Now Totality) Review 2026
I opened a Saxo Classic account (now Totality) in January 2026 with an AUD 5,000 deposit, split across AUD and USD sub-accounts. I placed trades across forex, ASX shares and US equity CFDs over four months to evaluate the platform experience post-rebrand.
The rebrand is more substantive than a logo swap. Logging in post-April 2026 now goes through Totality Core for account management, while trading happens in Totality Edge (formerly SaxoTraderGO). The interface is cleaner than the old Saxo UI. However, the underlying execution infrastructure is identical — it is still Saxo Bank A/S technology under the hood. The most notable change for power users: FIX API and OpenAPI access are gone for Australian accounts. If you built algorithmic systems via the Saxo OpenAPI, that capability has been removed.
On EUR/USD via the Classic account, I recorded an average spread of 0.9 pips during London session hours and around 1.2 pips during the Sydney open. There is no separate commission — the spread is the all-in cost. For occasional or swing forex traders, this is competitive. For anyone placing dozens of lots per day, IC Markets at 0.08 pips + A$3 commission will be substantially cheaper on total cost.
This is where Totality genuinely stands out. I traded BHP, CBA and several mid-cap ASX names with full CHESS sponsorship under my individual HIN. Execution was clean, brokerage was AUD 6 minimum per trade, and my shares appeared under my HIN within standard T+2 settlement. Having 23,000+ global stocks alongside ASX shares in one account — without needing a second platform — is a genuine differentiator that no pure CFD broker can match.
I tested support twice. A routine query on sub-account setup was resolved in under two hours via the Totality Core in-platform chat. A second query on currency conversion mechanics took just over one business day. This aligns with the pattern visible in client reviews — routine questions handled promptly, complex back-office requests slower. Weekend support is not available.
Over four months of live testing I experienced zero platform outages, including during the 3 February 2026 ASX volatility event. The institutional-grade infrastructure shows.
71,000+ tradeable instruments across stocks, ETFs, bonds, forex, CFDs, options and futures — the widest range of any broker we have tested in Australia.
ASIC regulated with full Danish banking licence, SiFi designation since 2023, A– credit rating from Fitch, and client funds at HSBC and NAB. Among the safest brokers available to Australians.
Saxo’s Strategy Team produces original macro analysis and trade ideas that rival investment bank output. Autochartist pattern recognition included at no extra cost.
Totality Edge is a capable, modern platform. No MT4 or MT5 and removal of FIX/OpenAPI access for Australian accounts are meaningful limitations for power users.
Competitive for a no-commission multi-asset broker. Classic EUR/USD ~0.9 pips is fine for swing traders but significantly wider than ECN alternatives. The 0.12% custody fee adds ongoing cost for buy-and-hold investors.
Weekday business hours only — no 24/7 or weekend support. Routine queries resolved promptly; complex back-office requests slower, particularly post-rebrand.
Next-business-day withdrawal processing, no withdrawal fees. Currency conversion costs on cross-currency sub-account withdrawals are not clearly flagged on order confirmation screens.
Saxo Bank / Totality uses a tiered pricing model. Fees vary by account tier (Classic, Platinum, VIP) and by instrument. The higher your balance and trading volume, the better your pricing. Unlike ECN brokers, forex is commission-free — the spread is the all-in cost.
We recorded live spreads over four months (January–May 2026) across London, Sydney and New York sessions on a Classic account:
| Instrument | Classic Avg Spread | Commission |
|---|---|---|
| EUR/USD (London session) | 0.9 pips avg | None |
| EUR/USD (Sydney open) | 1.2 pips avg | None |
| AUD/USD | 0.8 pips avg | None |
| GBP/USD | 1.2 pips avg | None |
| Gold (XAU/USD) | 0.40 avg | None |
| ASX 200 CFD | 0.4 points avg | None |
| ASX shares (brokerage) | 0.10% (min AUD 6) | n/a |
| US shares (brokerage) | USD 0.02/share (min USD 1) | n/a |
| Custody fee (Classic stocks/ETFs) | 0.12% p.a. | Debited quarterly |
| Inactivity fee | None | |
| Withdrawal fee | None |
For a round-trip 1-lot EUR/USD trade (open and close), here is how Classic total cost compares to ECN alternatives:
| Broker | EUR/USD avg spread | Commission (round trip) | Total cost (1 lot) |
|---|---|---|---|
| IC Markets (cTrader Raw) | 0.08 pips | A$6.00 | ~A$7 |
| Pepperstone (Razor) | 0.09 pips | A$6.00 | ~A$7 |
| FP Markets (ECN) | 0.12 pips | A$6.00 | ~A$7 |
| IG Markets (Standard) | 0.86 pips | None | ~A$9 |
| Saxo Classic (Totality) | ~0.9 pips | None | ~A$9–11 |
For active forex traders placing multiple lots per day, ECN providers are substantially cheaper on total cost. For multi-asset investors who trade forex occasionally alongside stocks and ETFs, Saxo’s all-in no-commission structure is simpler to manage.
Saxo Bank / Totality applies overnight swap fees to all leveraged CFD and forex positions held past the daily rollover. Rates are based on the interest rate differential between the two currencies in a pair, plus a Totality markup. You can check current swap rates directly in the Totality Edge platform under each instrument’s details panel before placing a trade.
Real stock and ETF holdings (non-CFD) do not attract swap fees. Only the 0.12% p.a. custody fee applies to those positions. This is a meaningful structural advantage for long-term investors building a diversified portfolio through Totality — your holdings are not eroded by daily rollover costs.
As of April 2026, all trading for Australian clients runs through the Totality platform suite. The Saxo-branded apps — SaxoTraderGO, SaxoTraderPRO and SaxoInvestor — have been fully retired for Australian accounts.
| Platform | Replaces | Best For | Key Features |
|---|---|---|---|
| Totality Core | Saxo account portal | Account management | Funding, withdrawals, KYC, account settings |
| Totality Edge | SaxoTraderGO | Active trading (most users) | Full charting, 71,000+ instruments, algo tools, Autochartist, TradingView-style interface |
| Totality Apex | SaxoTraderPRO | Professional / high volume | Advanced order types, multi-screen layout, Level II data |
This is the most significant platform limitation for many traders. If you rely on MT4 Expert Advisors, existing custom indicators, or strategies built for MetaTrader, Saxo / Totality is not the right broker. Pepperstone, IC Markets and FP Markets all support both MT4 and MT5 for Australian clients.
Totality Edge’s charting is genuinely impressive — 50+ technical indicators, multiple chart types and a clean multi-asset layout handling stocks, ETFs and forex in the same window without switching apps. The research integration from Saxo’s Strategy Team is the best I have seen from any broker — original macro commentary, not recycled press releases. Autochartist pattern recognition is included at no cost.
Totality Edge supports basic algorithmic strategies and trading bots. However, FIX API and OpenAPI access were removed for Australian accounts in August 2025 — a meaningful step back for developers who had built on Saxo’s previously open API. Check rates in your platform before holding positions overnight: use the instrument detail panel in Totality Edge to confirm current swap rates.
Totality Core and Totality Edge are both available on iOS and Android. The mobile interface is clean and responsive. Charting on mobile is adequate for monitoring open positions — serious technical analysis and complex order entry remain better on desktop.
Saxo Bank / Totality offers three account tiers for Australian retail clients. All tiers access the same 71,000+ instruments and full Totality platform suite — the difference is pricing. A demo account is available on Totality Edge for practice trading before committing real funds.
Individual, joint, SMSF, trust and corporate accounts are all available — a genuine differentiator versus pure forex/CFD brokers. SMSF trustees who want global equities, ETFs and bonds access through a single ASIC-regulated account will find few better options in Australia.
Totality accepts AUD deposits via bank transfer, credit/debit card and BPAY. We processed a real AUD withdrawal during our testing — it arrived in our Australian bank account two business days after submission, with no fees charged by Totality.
| Method | Direction | Processing | Fees |
|---|---|---|---|
| AUD bank transfer | Deposit | 1–2 business days | None |
| Credit / debit card | Deposit | Same day | None |
| BPAY / PayID | Deposit | Same day (business hours) | None |
| AUD bank transfer | Withdrawal | Next business day processing · 1–2 days to clear | None |
| Cross-currency conversion | Both | Instant | ~0.25–0.50% FX markup |
Saxo Bank / Totality is one of the most regulated broker-level entities available to Australian traders — and uniquely, it operates under a full banking licence, not just a broker licence.
✓ AFSL 280372
✓ HSBC & NAB (AUD trust accounts)
✓ Confirmed (ASIC requirement)
✓ Confirmed
✓ Danish FSA (bank licence since 1996)
⚠ No AU govt scheme (FSCS-equivalent)
| Jurisdiction | Regulator | Licence |
|---|---|---|
| 🇦🇺 Australia | ASIC | AFSL 280372 |
| 🇩🇰 Denmark (HQ) | Danish FSA | Licence 1149 (full bank licence) |
| 🇬🇧 United Kingdom | FCA | 551422 |
| 🇨🇭 Switzerland | FINMA | CHE-106.787.764 |
| 🇸🇬 Singapore | MAS | CMS100131 |
| 🇭🇰 Hong Kong | SFC | AVD061 |
The ownership and brand change is more substantive than a typical broker rebrand. Here is exactly what changed and what did not.
- Brand name: Saxo Australia → Totality (11 August 2025)
- Majority ownership: DMA South Africa now holds 80.1% · Saxo Bank A/S retains 19.9%
- All platforms rebranded: SaxoTraderGO → Totality Edge · SaxoTraderPRO → Totality Apex
- FIX API and OpenAPI access removed for Australian accounts
- New account management portal: Totality Core (replaces Saxo login)
- Shareholder (proxy) voting no longer offered — contact share registry directly
- ASIC AFSL 280372 — same legal entity, Saxo Capital Markets (Australia) Pty Ltd, ABN 32 110 128 286
- Trading technology provider: still Saxo Bank A/S
- Client fund custodians: Saxo Bank A/S and Citigroup sub-custodian · AUD trust accounts at HSBC and NAB
- Pricing, instruments and execution infrastructure
- CHESS-sponsored HIN share ownership
- SMSF, trust and corporate account structures
Being honest here — Saxo Bank / Totality is not for everyone. It is genuinely best-in-class for a specific type of Australian investor.