Home.Saxo (Was SaxoBank.com)


Security & Privacy Saxo email Statements

Security & Privacy Saxo email Statements

My concern is the lack of security of emailed statements from Saxo (Singapore) but also more generally the apparent lack of concern for client privacy by Saxo in general.

Statements are emailed unencrypted over public networks to the account holder. The statements include your name, physical address, account number, transactions and position and cash position.

When an unencrypted email is sent, you cannot know the route it will take to get to your email server. The email could pass through servers in countries with poor reputations when it comes to computer security and privacy. System administrators (perhaps on the verge of retrenchment) could siphon off information like this and sell it en masse to criminal/hacker groups.

Because there is so much information in these emailed statements criminal/hackers could target those where the payoff would justify the investment, i.e. holders of large accounts.

If for example you used the same email account to arrange holidays, hackers would know when you would be absent and indeed where you would actually be located. This leaves you vulnerable to a physical breach of your trading computer and residence while you are away. And if you travel to third world countries you could also become a kidnap/ransom target (kidnaps increase as economies worsen).

Since the information includes your physical address and the sizes of your position it might not just be your Saxo account that would be at risk, but other accounts and your online identity.

There is a big difference between a physical paper statement and an emailed statement. Although paper statements are not secure they at least are more difficult to siphon off en masse and they are not as easily intercepted or transmitted/sold to crooks.

Even if your emailed statement is not intercepted as it travels unencrypted over the public network, you have to trust your mail server sys admins, not just now but forever. Also should your email account be breached (e.g. while traveling) you are immediately vulnerable, your information could be public knowledge, on the hacker networks that purchase this information.

It is clear that Saxo (Swiss version here) realize that public networks are not secure, as evidenced by para 36 of the client agreement (similar for other Saxo regions). Haven’t they heard of VPN?

36. Banking secrecy
The Client is aware of and acknowledges the fact that data relating to him is transmitted via open and generally public networks (the Internet), which are not encrypted. Accordingly, data is transmitted in a regular and unmonitored manner, including outside the borders of Switzerland, even in cases where the sender and the recipient are both based in Switzerland. Even if data is encrypted, this encryption may not extend to the sender or the recipient; and this fact could lead third parties to infer the identity of the sender and the recipient. The
Bank accepts no liability for this.

If a solution to Saxo client privacy was difficult I could perhaps understand why they transmit insecure statements, but there is a simple solution that costs very little. Why not simply provide pdf statements on the trading servers behind the login firewall this would only require a couple of RAID enabled hard-disks and the information would only pass over the usual encrypted SSL connections and so would remain private.

The fact that Saxo appear to be so careless or perhaps clueless regarding client confidentiality also makes me worried that their internal security controls may not be very good either.

It also makes me think that serious traders/investors would not use Saxo, since most serious traders value their privacy. Perhaps Saxo is more a “Toy” bank/broker aimed at small accounts and small retail traders/investors who don’t know better.

I have not seen another Broker or bank with such a seemingly laxidasical attitude to client privacy.

I am looking for a serious full service international broker covering all asset classes with a good reputation and good software, any suggestions would be welcome.
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Master Sergeant
I use FXPro.com but they do not send your daily STATEMENT. All your account info is stored on their company servers in house and accessed thru Internet(SSL). This is an MT4 Broker though. I also know IBFX does send daily STATEMENTS(MT4) thru email as well.


Saxo "Bank" Review

Though they look flashy and their trading platform looks good
the reality is that according to their annual report they are trading their own accounts for profit as well as acting as a broker.
Not a great foundation for trust particularly when you monitor prices using another system and your orders do not get filled.

In addition Saxo email your statements unencrypted and in the clear and you cannot turn it off. Basically your address, position, cash balance, account number and transaction may as well be posted on the internet for anyone to see. Sending an email on the internet is not secure.

Basically that a financial services company (not actually a bank at all in some jurisdictions) is this clueless about client confidentiality and privacy you have to wonder what their internal controls are like or whether your money and investments are really safe?

After all it only takes one rogue trader and poor internal controls and a lot of money could be lost including yours.


I use FXPro.com but they do not send your daily STATEMENT. All your account info is stored on their company servers in house and accessed thru Internet(SSL). This is an MT4 Broker though. I also know IBFX does send daily STATEMENTS(MT4) thru email as well.

Yes most brokers work like FXPro. Statement accessible and secure behind SSL.

Actually I noticed IBFX does allow you to switch off emailed statements, but Saxo does not. Saxo gives you no choice, you will have your statements sent to you via insecure means, whether you like it or not.

Really quite incredible a financial institution should be this clueless about privacy & confidentiality?!!

joseph jones

saxo bank in the news in denmark

Since a couple of weeks saxo bank had the police in the bank as well as the DFSA
this is some of the articles, worth a read

Saxo Bank is considering libel case against the angry customer
Of David BentowWednesday 14th April 2010, 15:14
Saxo Bank flatly rejects a two-digit claim from a Portuguese finanshus, and is considering pursuing a libel case against the Portuguese. At the same time rejects Saxo that up to 90 percent. customers lose their deposits within a half years.
According to Børsen, it will Portuguese finanshus Fortune require that the DFSA withdraws Saxo Bank licensed to operate financial firm, and have a compensation of 10 million. euros, or just 74 million. kr, because there has been correspondence between exchange rates in the market and the rates were trading at Saxo Bank.
Saxo Bank nonetheless reject the accusations.
"Customers can always say what they want, but we can not, because we can not comment on individual customer relationships. But this could operate at better videne and we have refuted all accusations, then traded in bad faith by attending a press, without necessarily having taken a case, "says CEO and co-founder of Saxo Bank Lars Seier Christensen to Business.dk.
"We will now await with confidence whether there will be an issue but we are amazed that approach, so we must carefully consider whether we want to launch a libel case," continues Lars Seier Christensen.
Declines to 90 percent. of customers lose all money
He also rejects a story second story in the newspaper Børsen that "a number of former executives and employees in the bank today in the Stock Exchange says the attention up to 90 percent. By Saxo Bank clients lose their entire deposit within the first six months in the bank. "
"It is simply wrong. In 1999 we had 100 million kroner. In customer deposits, and today we have over 40 billion kroner, so simple math says of course that it can fit as many customers lose their deposits. Naturally there are some who loses money, and some are losing money because it runs the risk of currency trading. But that figure is so high is simply not true, "says Lars Seier Christensen, who does not reveal what number it is.

Socialists requires Saxo Bank penetration
Thursday 15th April 2010, 07:29
Social Democratic fiscal policy spokesman Morten Bødskov now requires that Economy and Industry Minister Brian Mikkelsen (Conservative) initiates a study to test its business models in Saxo Bank.
It writes Børsen.
The study will culminate in a report to be presented in the Parliamentary Finance Committee. The requirement from the Socialists came after newspaper Børsen has revealed that one of its former great customers, the Portuguese finanshus Fortune, requires that the DFSA withdraws Saxo Bank licensed to operate financial business. Fortunes Director João Laranjeira accused Wednesday of Exchange Saxo Bank for having cheated, because according to the Portuguese director has not been consistent between exchange rates in the market and the courses that were traded with Saxo Bank.
Fortune has also announced that it will sue Saxo Bank with a claim of nearly 75 million. kr
Prosecutors at Saxo Bank will, while a number of former executives and employees at Saxo Bank told Børsen that up to 90 percent. by Saxo Bank's customers lose their deposits within the first six months in the bank.
"These are serious accusations that are carried over from Saxo Bank. We will obviously have the certainty that things are functioning optimally. And we assume that the next report will look at whether there is consistency between FSA approval by Saxo Bank business concept and so the practices we are seeing unfold in the bank, "says Morten Bødskov.
Economy, Trade and Industry Minister Brian Mikkelsen will not comment on the matter.
"It makes the minister never when there is an individual case on an unnamed bank," said Minister Press Manager Sandy French.
Nor does the FSA, responsible for the supervision of the Danish banks, to say nothing of the case. The Portuguese company, Fortune, has hired lawyer Ole Sigetty from the law firm Németh and Sigetty in Copenhagen to pursue the matter.
Ole Sigetty explains to Børsen that he yesterday received several inquiries from other Saxo Bank customers who believe they have been exposed to the same as Fortune. It was about Saxo Bank clients from Sweden and Switzerland.
Founder and director of Saxo Bank Lars Seier Christensen calls the accusations of tinkering with exchange rates for quite unfair.
"It is totally unjust that any challenges to the quality of Saxo Bank's currency prices. Saxo Bank runs matched completely in the same manner as other leading investment banks and has managed to be among the world's 25 largest banks in the currency, which is a clear sign that we have much to contribute in this area, "he said.
Saxo Bank clients investigated in cases of money
For EditorsFriday the 16th April 2010, 07:24
Several times, the Financial intelligence assisted both Russian and Ukrainian authorities to investigate cases of financial crime, where the tracks have led to the Danish Saxo Bank, writes Børsen.
This has resulted in so-called coercive steps, where Financial intelligence with a court order in hand has forced Saxo Bank to provide account information on bank customers. Such warrants can only be achieved if there is demonstrated a concrete suspicion that there has been no criminal.
"It has primarily been cases in Russia, but there have also been cases in Ukraine. We have seen Saxo Bank will be used in several Eastern European criminal matters. There have been some major cases of capital flight, which has drawn large sums out of some Russian companies, "says a source in Financial intelligence to Børsen.
The source tells him that subsequently there has been no reporting from either Russia or Ukraine on what action has happened in the cases. With FSA explains Head Stig Nielsen, the authorities have a special eye to Saxo Bank when it comes to foreign criminals are using the bank's trading platform, SaxoTrader, to launder money.
"Saxo Bank has many remote customers who make many transactions that can easily hide some strange things. So all things being equal, Saxo Bank is more susceptible to money laundering than other banks. So they must be especially vigilant, "says Stig Nielsen.
He also points out that there are differences in how each bank has its customers along.
"If customers come from some countries that are more known for crime and corruption, so the risk is of course also higher. And that is some countries the more known for than other countries, "says Stig Nielsen.
At Saxo Bank explains press chief Kasper Elbjørn that he did not want to say about Saxo Bank has ever notified customers because of suspicion when washing.
'We should just not say anything about, and the police have the same confidentiality rules as us, "says Kasper Elbjørn. He does not want to comment on individual cases, where Russian and Ukrainian authorities have asked the Financial intelligence for help. But Kasper Elbjørn explains that Saxo Bank claims to have good cooperation with authorities, and he estimates that the bank protect themselves well against money laundering, writes Børsen.
Saxo Bank's business model unwanted in the U.S.
Of Birgitte ErhardtsenFriday the 16th April 2010, 08:43
Saxo Bank in 2008 was close to establishing a subsidiary in the U.S., but its business model of online currency trading is a problem in relation to the U.S. rules on consumer protection.
With Lars Seier Christensen pull horse was Saxo Bank close to "launch" in the U.S. in New York in late 2008 when a new chief for North America, Patrick Mortensen was in place. But at the last minute the plan was for the expansion eager banks took on the U.S. market dropped.
The reason for that Saxo Bank leadership in the last hour came on the brake, according to former senior Saxo employees, Saxo Bank's business model. Customers can trade currency online, and it was a problem in the U.S. where there are strict rules for consumer protection in online commerce.
"The U.S. is perceived as something negative that people are lured in to Saxo Bank's online platform to make risky currency trades," said two former directors of the bank who do not want to come forward.
Saxo Bank's press chief Kasper Elbjørn will not comment on what it actually was for the problems that got Saxo to stop U.S. betting, just that there were "very much bureaucracy" in the U.S.:
"We already have 50 staff in our legal department, it would probably have been doubled if we have succeeded with it," he says. According to Kasper Elbjørn warned Saxo Bank's U.S. PR agency is also the bank that it was not great enough to conquer the U.S. market.
Threat of lawsuits
Professor of Company Law at CBS, Caspar Rose suggests that the risk of being sued in the U.S. market is very large: "In the U.S. there's a tradition that every plaintiff all. It can probably get some Danish companies to think on an extra time before they establish themselves in the U.S.. "
In Denmark, Saxo Bank more threatening cases hanging over their heads. Dagbladet Børsen revealed recently that a major customer Portuguese are preparing a lawsuit against the bank with a demand exceeding 70 million. kr Portuguese Fortune prosecutor Saxo Bank for having cheated clients who have lost 90 per cent. of their deposits in six months.
In 2008, summoned a group of South African investors Saxo Bank with a recovery of 200 million. kr Saxo Bank rejects the accusations.
Saxo Bank's aggressive growth increases the risk of trouble
Of Birgitte ErhardtsenFriday the 16th April 2010, 13:36
If we grow and compete very aggressively, so increases the risk that you step on anybody's toes, "says CBS expert as commentary on Saxo Bank's threatening lawsuits
The risk that someone gets acid is greater for firms which Saxo Bank is growing much, "says CBS Professor of stock exchange regulation, Caspar Rose in a commentary on the cases that pop up around Saxo Bank.
"When you as Saxo Bank rates hard on product development and obtaining market share, so exposes Mon itself easily to criticism. It would surprise me that if nobody complained Saxo Bank," said Caspar Rose, which prides Saxo Bank for at one time to be very innovative and be very conscious of finding the right people are rewarded if the performer and firing, if not.
"Trading is a very competitively market, Saxo Bank is not a listed company. Therefore, they can pretty much do as they wish in the unregulated and shanty-style market for foreign exchange," says Casper Rose.
Two lawsuits threaten
Saxo Bank has at least two threatening lawsuits hanging over their heads. A group of South African pension savers opened in 2008 action against the bank in connection with the fact that they lost money on one of Saxo Bank's previous White Label Partners Leatherguard Spot Forex (LSF), which collapsed in 2005.
Leatherguard used Saxo Bank platform and lost all customer deposits. Saxo Bank closed, according Business.dk 's information Leatherguards accounts in 2005.
The South African investors summoned Saxo Bank by the Maritime and Commercial Court in late 2008 calling for compensation of 200 million, but since there has been no new case.
Lawyer Ole Sigetty threatening on behalf of one of Saxo Bank's previous large customers, the Portuguese stockbroker Fortune with a complaint to the Financial Supervisory Authority of Saxo Bank and the application of the bank. Saxo Bank closed trading Fortune in autumn 2008 because the company acted in Icelandic krona, which Saxo Bank in light of the financial crisis deemed unethical. Fortune yesterday after a compensation of 75 million. kr Fortune had another form of partnership with Saxo Bank, namely Introducing Partner where Saxo Bank has a direct customer relationship with the partner, so in this case Fortune, customers. Saxo Bank rejects both demands
Lars Seier Christensen: Saxo Bank clients make money
Of Birgitte ErhardtsenFriday the 16th April 2010, 12:38
One of Saxo Bank's founders reject that 90 per cent. of customers losing their money that anonymous sources have claimed
"Saxo Bank has plenty of satisfied customers make money," says one of Saxo Bank's founders, Lars Seier Christensen.
He thus counters the information from anonymous sources which have been advanced in Børsen recent days that 90 per cent. by Saxo Bank's customers lose their money within the first six months in the bank.
Lars Seier Christensen will not address how many of Saxo Bank customers who make money and how many people lose money. "That is confidential information that the bank could not give," he says.
It has also been suggestions that the customer flow through Saxo Bank is quite large. Lars Seier Christensen admits that there are some customers who go in and out of the door, but according to Saxo Bank founders represent the proportion of new customers coming to the annual 25 per cent., Indicating that there are plenty of old satisfied customers in the store.
"Ten years ago we had deposits from customers of 100 million kroner. Today the figure has grown to 17 to 18 billion kroner If our customers did so poor a business as it has been suggested, why they flock to? It do not hang together, "says Lars Seier Christensen.
Customers are sure losers at Saxo Bank
Of Birgitte Erhardtsen, Peter Benson SupplieWednesday 21 April 2010, 05:01
None customers make money by investing in the currency in Saxo Bank. This is the claim by former prominent staff member. The money eaten up by leveraged investments and fees to the bank - the only winner is Saxo Bank, which serves big money whether the market goes up or down.
"Come to a customer with $ 100,000, it was the same as it was my money. The customer can forget about getting from the investment with a profit. Was it an ordinary investor without special knowledge or interest, so money was actually lost in the same second as they were deployed on Saxo's accounts. "
Is the statement really wide? Is it possible in 2010 to be a customer in a major Danish investment company which Saxo Bank and then actually play money away like that.
"Did we have a Russian customer in, who might put $ 100,000 on the table, so was the experience that their money was gone in six weeks. Customer's massive leveraged investments, and it meant that money very quickly eaten up. Then the customer perhaps persuaded to make some extra money into his account, but they were too soon gone. "
The above statement comes from a former senior executive with several years of Saxo have deep insight in Saxo and in its way to transact with customers. Berlingske Business has chosen to conceal his identity, but have checked the statements of a number of other sources.
The former employees will be happy when its working methods - including because they are fully legal. When he chooses to stand up now, it is because first and foremost that Saxo Bank does not even want to stand by what it is like to be a customer of the bank and the risk of loss is great, really close to 100 percent.
"I'm not embarrassed about the way we acted in Saxo Bank. I will do the same today, it's just that customers should know what they are getting into. Of course it is more than difficult to beat the market when it comes to currency speculation. You have to just stand by as a bank and tell the customers. "
Saxo Bank has many small and relatively few large customers. Small customers are actually not so small, if one takes an ordinary Danish household budget as a starting point. An investment of £ 100,000 is not something that counts, at least in the bank. Here must be the amount in dollars or euros in order to be counted for anything.
'When a new customer, so they come into what was in the bank calls "starters book' or 'management-book'. Immediately we began to monitor the client closely. All customer actions on the network were monitored, all trades, all clicks, timing of trades, all to teach him to know. This meant that we could target our offers and prices of currency, so we withdrew the customer further into the bank and could easily get him to continue to invest - and put more money into his account, "says the former employees. The monitoring of customers is set in the system. As described in Berlingske Business today, the Bank has particular a small group of highly skilled mathematicians staff working to monitor customers and their trading patterns - 24 hours a day.
Many clients know what they are doing
'To understand what is happening in Saxo Bank, you have to remember that a lot of nice customers know what they are doing. They do not think about Saxo Bank as a 'bank' in the old sense but a place where you gamble with his money. A very large group of customers are Russians, another is Asian, when Chinese people are very active. They have a totally different player than the Danish culture. In fact, Danish customers are not particularly interesting for Saxo Bank, there are Danes too cautious and hesitant. The Bank serves the big money on the Russians, Asians and Arabs, "says the former employee.
A large proportion of its customers 'sucked' into using Iber, or Introducing Brookes. This is independent investment advisors around the world, often in tax havens, has built smaller client portfolios. You get Saxo Bank as accessed through the Pilot - a fee of course.
'IBerne is crucial for Saxo. IBernes customers have allowed that IBerne invest on their behalf, and in general they are extremely risk. IBerne receive a fee from Saxo Bank, each time one of their customers are acting, whether the customer loses or wins, and it motivates Iben to have completed many deals, "says the former Saxo employee.
Did not care about customers
'The major partners represent a small portion of the profits. By far the best customers are, for example. Russians and Arabs, as we got in through IBerne. Often was IBerne completely indifferent to their customers. It was only to earn as much as possible, as quickly as possible, "says the former employee.
You have been in the Saxo in a number of years. Know someone who has gone from an investment with a plus?
"I can not remember that there are some who have actually left the Saxo Bank, having made money on their investments in currency," says the former employees.
Do you think that the way things are going on is ethically reasonable to customers?
"Most know that it comes to gambling. It is the way it happens in this industry and I have no problems. But customers should know what they are up against, how reality is, "says the former employee.
Expert: Show us the rich clients, Saxo Bank
Of Vibeke Daell BjerrumWednesday 21 April 2010, 13:54
Must Saxo Bank's image saved, the bank must quickly demonstrate that not all customers are going home empty-handed. This is the council from a communications adviser.
We will see the rich clients. Fairly such sounds council to Saxo Bank from a communications adviser, after the bank has come the accusation against market rigging and allegations that 90 percent of customers lose their money.
"If I were them, I would urgently provide documentation showing that there are people who have been very velhavde of using the trading platform, Saxo Bank will make available. Right now there is in the media a perception that nine out of ten of their customers will roughly form of, and it's very unfortunate for a company to have seated on it, "says Anders Heide.
He is a former communications and press work in Finance, Skandia, Business Affairs and Sampension but has since formed his own consultancy firm Heide Communications.
Unpleasant situation
And he can live imagine how it is to be Saxo Bank owner Kim Fournais and Lars Seier Christensen in those days.
"It is unpleasant for two reasons. Firstly, because among other things is former employeesLaid out and throw rocks and you never know what rock they would have to throw with, "says Anders Heide and continues.
"Secondly, Saxo Bank built up a political philosophy and both founders have spoken countless times about the market economy pleased. The problem with the current prosecutor is that one begins to suspect that in the rhetoric lives a conviction that the wise fool the less clever. "
Use of reflection
Saxo Bank founders have so far kept a relatively low profile, and such insistence on exclusively to communicate with journalists from Business Times via email.
A classical approach when you want to "think for a moment," says Anders Heide.
"If you need to check the answers that you send out, say" Mon e-mail form, "he says, but admits that he probably would advise Saxo Bank founders to use the same strategy.

"Yes I would. At least to start with. But I would also advise them that they must run as fast as they can get evidence that they also have rich clients so they can be led to believe with all their clients lose money, shaken by it. Otherwise it may end up being a crippling blow to their reputation. "
The Bank has a number of cases reached a settlement with customers who have suffered losses of Saxo Bank's partners. Since Eric Rylberg joined in 2008, is thoroughly cleared up in the stable of partners, several of which have turned out to be frayed.
Saxo Bank has over 2009 in some cases made a settlement with customers who have threatened legal action. Settlements are allegedly made to avoid bad publicity and high profile lawsuits. In some cases, Saxo Bank itself was at fault, in other cases, questionable partners, led to a loss of customers, which in turn demanded compensation from the bank.
"It is true that there are some things we have closed with a settlement. Like all others in the industry, we experience naturally from time to time, situations where we can see that the bank has made an execution error. Otherwise, we are obviously aware of our responsibility and keep customers harmless. Sometimes there may be reason to share in the gate because of course there are circumstances where both parties share in an error. In such cases it is natural to conclude a settlement, and often both parties for commercial reasons are more interested in entering into a settlement rather than go through an expensive and exhausting trial, "says Lars Seier Christensen.
Dishes always error
"Saxo Bank has just concluded a settlement if there was a basis for it. We are not a settlement if there was something there in the bank's handling of a particular case, or we believed that the case should be terminated now. But those times where there has been a basis for getting a customer in meeting this way, there we have done it. When we find a mistake, we will correct it always. "
One of the former Saxo Bank customers who have signed a million-settlement with the bank, the wealthy Californian Mark Benjamin David. According to Berlingske Business information he threatened Saxo Bank with litigation and claims for damages of ten million. dollars - a situation Saxo Bank did not want to end up in - the American legal system considered.
Mark Benjamin, David felt that Saxo Bank was partly responsible for one of its partners the Swiss FX PMG, cheated him in a series of currency trades. FX PMG is owned by the German Manfred Schmauz resident in Monaco. FX PMG explains that allocated losses and gains on its customers tilted so that the losses ended with Mark Benjamin David. Saxo Bank partners are required to advance to state allokeringsnøglen to the bank. But FX PMG delivered supposedly only this key, after the trades were completed.
Lars Seier Christensen will not comment on individual cases, but the former managers at Saxo Bank explains to Berlingske Business, that a major reason there have been so many black sheep among its partners, is that it is extremely simple to acquire a license to act on behalf of clients in various tax havens like Mauritius and Cyprus. For example, it costs in Dubai just around 10.000 DKK to get a lawyer to certify that you are 'fit and proper'. In Switzerland, a license to act acquired on a couple of months. The area is regulated in the Alpine country of a so-called SRO (self-regulating organization).
Rylberg cleaned up
From Lars Seier Christensen says:
'We are always requirements for a license to our partners, but there are countries where we have to accept that a Legal 500 Chambers confirms that the proposed activities can be implemented.
Since the former ISS boss, Eric Rylberg entered management in 2008, Saxo Bank has cleared out strongly in the stable of partners. Rylberg have been so harsh with sweeper that has cost at turnover in the bank. Rylberg former ISS colleague, George Hauglund has developed an IT system to monitor the partners' deals.
"We have an entire team sitting, which has changed in a variety of criteria and procedures to ensure that the bank will match customer and the customer matches the bank. The success running slightly from Kim Fournais and I, and therefore there have been cases in which we now wanted had been well, but the cases have not been alarming. We have learned from the cases that have been. We have altered in a variety of criteria required to become a client of Saxo Bank. We have implemented rigorous procedures when we receive a request fraen new customer, and we screen our clients closer. All to ensure that the bank matches the customer and the customer matches the bank, "said Christensen, but stresses that there always is some uncertainty:
'Although Saxo Bank has procedures for managing the risks associated with our partners, there is no certainty that an illegal or unethical action of hernia transferee or partner can not have a negative impact on Saxo Bank's reputation or otherwise affect our financial results negatively, "he said.
Saxo: "One out of three serving the online commerce
Of Peter Benson Supplie, Birgitte ErhardtsenFriday 23 April 2010, 07:27
Saxo Bank counters now the massive criticism of the bank's client to clients and alleged massive losses among foreign customers. In the hitherto secret figure notes the bank that a third of customers serves on the trade in currencies, equities and futures.
After several days of fierce criticism and attacks from experts and a number of previous Saxo Bank employees, enter the bank's management is now up and accept that the vast majority of bank customers lose their money when investing through Saxo Bank. 32 percent of the bank's online customers earned money on their investments in 2009, said Saxo Bank One founder Kim Fournais.
Berlingske Business and several other newspapers have published articles in which former prominent staff member said that at least 90 per cent. the bank's currency customers lost their money in risky, leveraged investments. In Berlingske Business has a former prominent staff member thus told that in some cases took only a half months before a typical client who invested $ 100,000, had lost his money through risky, leveraged investments.
The data rejects Saxo Bank's management and presents figures showing that 32 per cent. the bank's customers in 2009 earned on their online trading currency, equities, futures and CFDere. It is however important to stress that the bank does not provide specific figures for foreign exchange trading, and when the shares rose sharply in 2009, they draw the overall picture significantly positive direction, although currency fills 75 to 80 percent. of online trading with Saxo Bank.
"We can not recognize the image that has been shown in recent days. We would never have been able to grow as much as we have done, if our customers had suffered such serious losses. We make no bones about the fact that it is extremely risky to speculate in currencies. Our records show that 48 per cent. by our customers in 2009 lost in their online transactions, but it does not change the fact that many earn good money to speculate, "says Kim Fournais, Saxo Bank.
Is it a good figure to 48 percent. from your online customers lose on their investments?

"We believe it is a very good figures which are among the best in the industry. One should remember that there are many who earn very good money, despite the risk always is when it comes to investments in such. currency, "says Kim Fournais.
Difficult for professionals
Berlingske Business has over the past day, described how difficult it is to make money on currency speculation. Several anonymous sources, supported by particular Professor Caspar Rose, CBS, have reported that it is virtually impossible to earn money to beat the market.
According to new data from Saxo Bank serves about one in three of its online customers on their investment - an indication that Caspar Rose find it difficult to interpret.
"It is difficult to verify the type of information. But the basic rule is that even sophisticated investors find it difficult to systematically beat the market when it comes to currency trading. It is also difficult to measure the return which include depends on the investment leverage and the risk taken, "he says.
The position is shared not by Saxo Bank, Kim Fournais certainly believe that it is possible to make money on currency speculation.
"We think certainly good that you can make money in the market. Saxo Bank would simply not exist if we were some bandits who cheated our customers or if our customers are not earned money on their investments, "says Kim Fournais.
Bank man gave half a million for party
By RitzauSaturday 24 April 2010, 14:05
Liberal Alliance had last year and a half million dollars from Saxo Bank's Lars Seier Christensen.
Liberal Alliance has one and only one sponsor: Saxo Bank director, Lars Seier Christensen.
Lars Seier Christensen did so last year and a half million dollars to the Liberal Alliance, according to the party's financial statements as Saturday was approved at the national meeting in Copenhagen.
Of party accounts, it appears that Liberal Alliance received 2,578,318 dollars in public party funding, 182,290 dollars in contingent income and 500,250 dollars from private donors - where Lars Seier Christensen alone accounts for 500,000 crowns.
Bank manager was last year criticized - without being elected to anything - to stand behind the nearest kupagtige shift in the party in the liberal direction, among other leading Naser Khader goodbye.
Although the Liberal Alliance's national chairman, Leif Mikkelsen, then explained that the bank manager just wanted to help and that "the reality is that Lars Seier provides nothing in the Liberal Alliance," so was the party's elected leadership in line to congratulate him on Saturday. Lars Seier Christensen is a member of the Liberal Alliance and chairman of its so-called vision committee.
"When the storm you have to look around. And - I'm not so high - there was Lars Seier, sounded among different from party leader," Anders Samuelsen.
Although the bank manager explained from the podium at national meeting in DGI-byen, Copenhagen, that he never had doubts about his support for the party. As the New Alliance then was replaced by Liberal Alliance.
"When the party finally decided to be a liberal party after elections in 2007, so I knew that it was simply a project you had to join in. For there will not be the next 10 years get a better chance finding a genuinely liberal alternative to the socialist gray mass that Danish policy has unfortunately become. "
Saxo customer lost large six-figure sum of three quarters years
Of Birgitte ErhardtsenPeter S. Benson, pebe@berlingske.dkTuesday 27 April 2010, 05:00
"My trader promises that we can get it home before the year end, but how can I get a return of 120 percent. Where the bank's own figures show that over one third of the customers lose money," asks Thomas Bülow, one of Saxo Bank customers.
Thomas Bülow, who has built a small medical device firm, stood in March 2009 for the first time in his life with a capital stock, which he wished to place.
He has no more experience udi investment and therefore favored at Saxo Bank's website and downloaded online trading platform Saxo Trader.
In retrospect bright lights he would never have done it. Today, he has lost a substantial portion of the wealth he has created his company, BL Medical in Jyllinge on currency speculation.
Saxo Bank's IT systems scheduled for immediate Thomas Bülow, who was quickly approached by one of its vendors:
"I was a little valentine, but not entirely dismissive of it could be interesting. Eventually I said yes to a meeting, and around June I opened an account at the bank where I put my deposit in, "says Thomas Bülow.
Promised help
'At the meeting told me that I have acted very little in stocks, but I am not familiar with currency and CFDer by Saxo Bank is mainly concerned with. But it was no problem. It would obviously help me. I was told that there is leverage, and that there was a risk and I am well aware that there is a greater risk in currency trading than stock trading, but certainly not in the figures that we are up now. '
"One of the reasons why I was not deterred by the risk is that Saxo Bank presented a data sheet with figures which showed that their department had made 40 per cent. the currency trades recommended.
It was a great success, and they asked me the prospect that if I was fairly active, I could earn 25 to 30 percent. That is to say that I should act once or twice a month. So I threw myself into it. "
Daily Newsletter
But things evolved so far from bright for Thomas Bülow. Today most of his money - ie. a major six-figure sum - is lost. This despite the fact that he has been advised regularly by Saxo Bank:
"It is part of what makes me angry and makes me stand in the press. One of Saxo Bank's directors said last week that they do not give advice. It's not true. I get a daily newsletter from the bank and through EuroInvestor and the bank's trading floor get many messages out about how to act. And if they have any suggestions for trades send to an email or you dialed by the Trade, which says it is now or the currency cross cheap compared to the market, and then you get a story and then you can jump on it or not. "
Thomas Bülow have experienced being gripped by a kind of pathological gambling:
'When you reach a certain point on a baromenter, transfer fresh money to continue - not to risk being forced closed. This is done so, although you know that you risk losing them too, "explains Thomas Bülow.
Ludo fashion
"I can understand those who in various discussion forums manufactures Saxo Bank clients as ludo manes. We're capitalists. We are there with a wish and a dream to earn big money. This is the type of people, Saxo Bank is addressed. You come into a situation where either you are tough enough and stop loss ... but most people know it - I must win it back. The urge to support the bank by sitting saying to yourself: 'We'll win the lost. "
At present, it corresponds to my account to my trader must get 120 percent. in returns during the 2010th This he confirmed to me last Friday that he could so well. But I have set myself on that money is probably lost.
The first half year was my account although up to plus 30 per cent. I can not really get the idea that the bank may sit and let me get the urge to go further, and then suddenly turns cask ...
Saxo Bank does not want to comment on Thomas Bülow history.
DFSA vets Saxo Bank
For EditorsWednesday 28 April 2010, 06:22
It is a complaint from a Portuguese customer who has received FSA to respond.
FSA sets now critical microscope on the controversial investment bank Saxo Bank, writes Politiken Wednesday. What's in the wake of several weeks with hard allegations by former employees and require one million claims from former clients.
"I can confirm that we received a complaint from the Portuguese finanshus Fortune, a former client of Saxo Bank," said Head International news from the DFSA to Politiken.
Authority shall examine in particular whether the bank has acted in violation of Executive Order 213 of 5 March 2007, which deals with banks to provide customers the best possible result for their investment.
This states that "securities dealer shall carry out the orders received to take all reasonable steps to obtain the appropriate best possible outcome for its customers."
'We are now investigating whether the bank's trading system is designed in a way so that customers achieve optimal performance, "said International news for politics.
She will first ask the bank for an explanation

Director Kim Fournais and Lars Seier Christensen, Saxo Bank Photo: Jens Nørgaard Larsen
Saxo Bank switches explanation for advice
For EditorsWednesday 28 April 2010, 06:59
While Saxo Bank criticized sharply for both to monitor customer behavior, advising them of their investment while serving on the customer's loss, the bank has more than difficult to answer unambiguously on whether there is a proper advice to customers, writes Børsen.
Initially, the bank has categorically denied that their customers even get advice in relation to speculation among other currencies. The explanation from the bank has been that it only makes trading platform SaxoTrader available to customers online. But after the daily newspaper Børsen in early this week reveal that a senior employee of a band telephone conversation with a customer accepts advice, changed its direction suddenly position - and the same day as the Stock Exchange revealed the taped conversation, switched Saxo Bank also explanation.
Among others sent Saxo-founder and CEO Lars Seier Christensen following opinion via email:
"The vast majority of our customers are acting fully automated via SaxoTrader. But we also have customers that due to trade size, complexity or special needs receive individual counseling. It is a natural and necessary part of being an investment bank with a professional service. How it can be interpreted as something negative, I have trouble understanding, "wrote Lars Seier Christensen.

"Trading is an nulsumsmarked. There is one to buy, and one who must sell. And they can each. definition not both win, "says Kim Fournais.
Saxo customers are allowed to lose everything
Of Birgitte Erhardtsen, Peter Benson Supplie, Rasmus MoebiusWednesday 28 April 2010, 07:19
One of Saxo Bank's two founders, Kim Fournais, is considering introducing a red light that flashes when the client has lost 25 per cent. of its deposits. "We have not come to that yet, but customer demand, it does not," he explains. Consumer Council thinks the idea is good.
Even if it goes wrong in currency roulette, will Saxo Bank's customers are allowed to trade foreign exchange and equities to the bitter end, that is entirely the customer's deposits are lost without bank intervenes. Bank management has considered introducing a warning signal if a customer example, has lost 25 per cent. But such a yellow light is not yet established.
"I could well imagine it - and I would not rule out that at some stage we introduce a warning signal if a customer such as losing 25 percent. in a single month. That we wrote something like this to them: 'Are you sure you want to continue it here - because it has so cost you 25 percent.? "Says one of Saxo Bank's two founders, Kim Fournais.
Consumer Council chief economist, Carsten Holdum believe that such a warning signal is a good idea: "We know from cases in Pengeinstittutnævnet that many speculative customers regret that they were not in time were warned that they risked losing everything. Many have trusted that the loss would not be bigger than that. Therefore it is important to stop the loss, rather than continue to run, "he says.
According to Kim Fournais Saxo Bank has previously prioritized other issues, and its liberal attitude also matter:
"We have not reached it yet, but there are no customers who have requested it. If we introduce such a warning signal, then it's because we have no desire to see customers sit and burn themselves out, "says Kim Fournais, which suggests that loss never comes as a surprise to its customers, as in real time can result in gains and losses on the online platform SaxoTrader.
The platform also contains a kind of barometer at certain points of measurement electronically makes the customer aware that they lost money and that should be allocated to the account more resources.
"We are people who believe in a fair, free world. I hope people who manages to get acquainted with how our online trading platform works, including the ability to invest. But there is always a risk associated with investing, and both we and the customers have learned to live with the fact that some of them lose money. But we can not go around the world and believe that we can only have clients who make money. Forex is a nulsumsmarked. There is one to buy, and one who must sell. And they can each. de-fi-ni-tion not both win. How we have chosen to run our business, "says Kim Fournais.
A number of former senior executives at Saxo Bank claims that 90 per cent. the bank's currency customers lose their money within a few months. The figure includes alleged bank's many small retail customers who are particularly vulnerable to damage. Saxo Bank sought last week to counter criticism by producing figures showing that in 2009 "only" 48 per cent. of customers who lost their money. It included, however the major equity returns by Saxo Bank customers received last year, while the bank does not want to disclose the pure numbers for currency trading.
Some lose money
Yesterday came one of Saxo Bank's many clients, Thomas Bülow, rather than in Berlingske Business, told how he was against the expectations that the bank had given him, had lost a large six-digit amount of currency speculation during the three quarters years.
Saxo Bank would not comment on individual bank's exposures, but Kim Fournais would like to explain how the bank looks at its customers:
'The best customer of Saxo Bank is happy and active. One who is adept at trading currencies is the very best customer, we can get. He will make money and tell whether broadly that Saxo Bank has some nice people with the best platform. Our desire is that customers are doing as good as possible. It has our own interest. But both we and our 100,000 customers have learned to live with the fact that some of them lose money, "says Kim Fournais


Saxo Bank Cycling team!

I was wondering why Saxo have their own cycling team?
- is this a wise sponsorship strategy?
- looks like they have a cycling forum, but don't have one for the trading community - right priorities?

btw, currently leading Tour de France... ;)


“.”Emmanuel Joseph Abah. I live in Lagos Nigeria.Iwired a sum of $470 to fund my account with FINEXO through their bank Saxo Bank since 29 September 20008".

On the funny side, Emmanuel, FINEXO would say you have sent the money way too far into the future (29 Sep. 20,008) and that’s why nobody in this century have received it.:)

On the more serious side, have FINEXO Rep Melissa solved your problem???


The upside:
- Saxo has the best charting tools and another point why I like them are their FX options allowing for high risk trades while limiting the amount of money invested.
- You can trade anything from FX, FX options over index tools, CFDs and stocks from around the globe.

The downsides:
- Saxo requires very large distances to market price for stop oders. For EURUSD it's 20 pips, for GBPJPY it is 50 pips. That's an easy way to generate losses lol
- Limit orders need to be close to market price. Let's say you buy a CFD for 1.00 US$, you can not set a limit order to take profit at 2.00 US$. It's just not possible to set limits that exceed 20 or 25%. So you need to be there at the time of trade and hope to catch spikes, manually.
- Spreads are not very attractive. GBPJPY clocks a spread of 7 pips. More exotic pairs are even worse.
- Their margins are not calculated properly for customers who daytrade FX options. It can happen sufficient margin is suggested, but when placing a new trade you do get stopped out of all your trades due to insufficient margin. However, it's a wrong error as their customer service admits, it should be due to insufficient funds. They do nothing to fix the issue. I complained at least 5 times, but no action from Saxo's party.
- Expensive stock and CFD trades. Trading 3000 items of a penny stock can cost you 200 or 300 $ or more in fees while a US discount broker just charges 3 to 7$ for the same trade.
- Bad quotes for FX options: if you want to exercise options before expiry you may be short a couple of pips and sometimes auto quotes are turned off with dealing desk rejecting quote request. Bad times for scalpers.

On bottom line I believe to be addicted to their charting. Sometimes I use Saxo for just this purpose and conduct actual trades with another broker. Their FX options are great to make huge profits or small losses with high risk events. You just gotta be on the right side of the market.
From my feeling Saxo is looking for wealthier clients and they don't care too much about small traders. Their restriction in placing orders close to market prices make it very difficult to control losses for risky scalp trades.




Do any of you know anything about Saxobank's solvency? I have been trying to get some info through the web and I have not been able to as it does not have any rating because it is a private bank (a few owners only)

I am asking this because I have been told that its platform is very good and I do trade a lot but I am always afraid on the pockets I put my money in.

Any comments will be very welcome!

Thank you very much.

All the best!