I agree. They are a software company. Though with a solid financial understanding. That can be intepretated just as you want :-)
 

I think saying that Saxo Bank is a "software company" is overstating it a bit, because if you buy that, most of their peer group are just "software companies." And there are others, like Barclays Global Investors, that are arguably more so.

And I don't believe that's completely accurate. Particularly since Saxo Bank keeps a great deal of risk on its books (otherwise they probably wouldn't make so much money) and a lot of their products are quite vanilla.

Their truly innovative products, such as their huge range of stock and stock index CFD contracts, are not IMHO software successes but more financial innovations.

Lastly, a lot of their software platform lags behind competitors. For example, why can't they implement stop or GTC orders on futures exchanges that don't support them? (What are sometimes called "simulated orders.")

I'm a happy Saxo Bank customer and really love them, but not because of the software. ;-)