Online trading and investment platform Saxo Bank has experienced an increase in its client base following an aggressive pricing overhaul, with new trading accounts soaring 132% in 2024 compared to the previous year. Moreover, the number of female clients has tripled.

Saxo Reports Surge in UK Client Base After Price Cuts

The Danish-owned broker has seen particularly strong momentum in the UK market, where demographic shifts point to broader market participation. Female traders have emerged as a key growth segment, with new female client accounts tripling year-over-year to represent 18% of new UK accounts. Additionally, younger investors under 25 now comprise 15% of new clients, up from 9% in 2023.

“Our pricing model reflects our commitment to providing best-in-class investment solutions at competitive rates,” said Andrew Bresler, CEO of Saxo UK. “Seeing such robust growth in our client numbers – both in the UK and globally across our markets – is a testament to the strength of our offering and attractive pricing.”

The surge follows Saxo's January 2024 pricing revision, which introduced significant reductions for UK clients trading US and domestic stocks. Commission rates now start at $1 for US trades and £3 for UK trades, while custody and platform fees have been eliminated. Currency conversion fees were reduced to 0.25% across all account types.

Saxo Bank's UK division experienced visible growth, with its assets under management (AUM) reaching £2 billion and net profit rising to £11.2 million in 2023, surpassing the previous year's figures.

“Our clients have access to over 70,000 instruments globally, providing them with a breadth of investment opportunities,” adds Dan Squires, CCO at Saxo in the UK. “This also enables us to observe some interesting trends in trading and investing habits – in 2024, for instance, UK stocks were noticeably absent from the top 25 most traded instruments on our platform, with the S&P 500 dominating in terms of value traded.”

Saxo Australia Acquired by DMA

Two weeks ago, Saxo's Australian branch ownership changed hands as Johannesburg-based DMA acquired a majority stake in the company. The financial technology provider , which serves wealth managers and financial advisers, now holds an 80.1% share, while Denmark’s Saxo Bank retains the remaining 19.9%.

The acquisition comes as Saxo Bank explores strategic options following its unsuccessful attempt to go public. While reports suggest multiple bids were received, the Danish firm has yet to confirm any finalized agreements.

The announcement highlights Saxo Bank’s shift in focus within the Asia-Pacific region, aligning with DMA’s expansion into the Australian market. The deal reflects broader efforts by both companies to enhance their market presence and growth strategies.