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Hi everyone, Andrew here.

This video I'm talking about Saxo Bank and why I use it as my second brokerage account. This is for those people NOT in America. If you are from America, you luckily have a range of some great brokerage accounts.

For almost every country in the world, even if I was American, my main and first brokerage account would be interactive brokers. But I think everyone should work towards having a second and third brokerage account.

I know from experience that brokerage accounts can have issues. Here are some concerns you might face with a broker.
Proof of “source of funds”.
For most of us, it should be easy enough to prove source of funds. But if you invested in bitcoin ten years ago and are now sitting on a theoretical pile of money, well you will find it far far more difficult to prove.
High maintenance fees.
This will hurt your overall performance substantially.

If I was American, I would aim to have Interactive Brokers as my main account and probably Charles Schwab as my second account. I think they are the next best based on track record, fees and management.

A lot of my viewers are from England and Canada, so If I was British or Canadian, I don’t know enough about the players in those spaces but I’m sure there are some good options for a second account. If not, maybe Saxotradergo is a good alternative.

I think the best thing about Saxotradergo is that the platform is simple to use. It’s easy to make an investment, handle your voting rights and contact support.

So the things I like about Saxotradergo are.

I get access as an International investor based in the Republic of Georgia. For those in strange countries like me, you will quickly find that most brokers don’t want us. That is frustrating. Interactive brokers and Saxo allow many countries and that is important for those out there not living in America, Canada, England etc.

Saxotradergo gives me access to many markets. Hong Kong, Tokyo, London, Australia, Amsterdam are all able to be accessed in saxo. I can also get access to the options market but that’s mostly for liquid american companies. I was able to sell put options into Alibaba here in Saxo Bank and the fees were comparable to interactive brokers.
I like how it is very simple to use.

But, the one thing I don't like about Saxotradergo is that the fees are higher.

Only 100k euro cash balance is government guaranteed. So if something was to happen with Saxo Bank, 100k Euro is protected from your cash balance. That compares to $250k USD for most American brokers.
There are fees for holding ADR’s
Transaction fees are higher as well compared to Interactive brokers.
Other account fees as well.

Overall the fees are just far worse than Interactive Brokers. Simple as that. I much prefer Interactive Brokers, but I still have a saxotradergo account as my second account.

Because what if something happens with Interactive Brokers?
Maybe they get hacked
Maybe they are fraudulent
Maybe they change the rules and don’t allow me to be an investor on their platform anymore because I am a Georgian resident?
Maybe something political happens out of my control.

So I think it is prudent to have a second account, even if the fees are worse.

So there you go, Saxotradergo is a good alternative for a lot of people out there. I hope you think about getting a good broker account. Be careful with the Robinhoods and other brokers that only have a few years of experience. That is scary in my opinion. We already take enough risk investing into companies, that we don’t need to have a huge extra risk investing in a poorly understood brokerage account as well.