Saxo relaunches online broking service

Saxo Capital Markets has relaunched its online broking service, aiming to pick up market share with lower fees, faster transaction times, better interconnection of user devices and a facility that allows clients to share research.

Saxo Capital Markets, the local subsidiary of the Denmark's Saxo Bank, has offered online broking in Australia since 2011.

To date it has not troubled the market leaders, which include Commonwealth Bank's CommSec, ANZ's E*Trade, Westpac Online Investing and nabtrade. In the most recent Investment Trends online broker report Saxo did not have sufficient share to be included in the market share table.

Saxo Capital Markets Asia Pacific chief executive Adam Reynolds is confident the new service, SaxoTraderGo, will change that. He said Saxo surveyed traders to find out what they wanted from an online broking service before making changes.

Pricing starts at A$15 for an Australian share trade and $9.90 for a US share trade.

Clients' funds are held in segregated trust accounts.

All client devices are interconnected, so that account set-up only has to be done once and will operate in the same way on an iPhone, Android phone, iPad and web browser.

Saxo gives clients access to its traders' market commentaries and trading ideas, as well as opening up the site to commentaries from clients and third parties.

SaxoTraderGo provides access to 80 "venues" - equity, foreign exchange, commodity and derivative markets. Clients can set up sub-accounts in multiple currencies.