Saxo Bank Review

2.049 · 82 REVIEWS

Formerly SaxoBank.com

Updated: Oct 1, 2020 · Home.Saxo  · Is this your company?

Saxo is a forex broker. SaxoBank offers the SaxotraderGO and SaxoTraderPRO forex trading platform., Home.Saxo offers over 165 forex currency pairs, stocks, cfds, commodities, futures, bonds, gold, silver and oil for your personal investment and trading options.

Saxo Bank

Other websites of this company include ForexTrading.com, Markets.saxo and SaxoMT4.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $10,000
Established: 1992
Address: Philip Heymans Alle 15, Hellerup, 2900, Denmark
Contact: +48 222 755 570
Regional offices:
Regulators: ASIC #126 373 859, CNB #28949587, DFSA #1149, Bank of France #483632501 R.C.S. Paris, SFC #1395901, CONSOB #296, FSA #239, DNB #34357130, MAS #200601141M, FINMA #CHE-106.787.764, Central Bank #2017/995/13, FCA #551422
Prohibited countries:
Trading platforms: SaxoTraderGo, SaxoTraderPRO
Mobile Trading: Yes
ECN: Yes
Currencies: (165+)
Cryptocurrencies:
CFD: (19000+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Securities transfer
Withdrawal Methods: Bank Wire, Transfer to Existing Broker

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2.049 · 82 REVIEWS
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Traders Reviews

Dionisis,
Greece, Greece,
Sep 29, 2020,
Guest

Worst broker Ever

Service use: Live

Length of use: over 1 Year

I started trading with Saxo Bank in the beginning of 2018. They have the worst contact support than any other broker out there. Εxpensive commissions, not accurate trade transactions and more. If you have a big account they give you priority to your support. Big Lie! They only want to take your money. At the beginning they used to send me a Christmas Card, I had phone calls from my "personal banker". But after loosing 60% of my capital, they never continued the contact they had. Also when I had 100%+ to my margin (I was a Professional client so I had the option to go above 100%) I received a lot of notifications about adding more funds and if I don’t ,“maybe” my positions will be closed. When I asked when my positions will be closed (for example at 110% or 120% etc) I never got a specific and clear answer.

I do not recommend this broker. 100% of their clients lose money with them.

Finally I have moved my money to a different broker which have lower commissions and better support. Not the best but actually better than Saxo Bank.
 
sydney, Australia,
Jul 16, 2020,
Registered user

Worst trader I have ever used

Service use: Live

Length of use: over 1 Year

Worst trader I have ever used. I have had two tickets open (one for more than 5 weeks) regarding dividends that were not credited to my account. I have chased them almost daily via ticket or via chat. The answer is always we will get back to you soon (and they never do).
I now want to transfer securities out due to their incompetence and lack of customer service and they want to charge me 200AUD to transfer shares out. It's the only broker I have ever dealt with that does that
  1 trader has found this review helpful
Newcastle, United Kingdom,
Jun 23, 2020,
Registered user

Warning Terrible Market makers, Unethical, SCAM

Service use: Live

I wish I would read reviews before I join this Market Maker called Saxo

You can wait hours to speak to somebody from Saxo support if by chance you get connected either the person sits in India and has no access to anything or you get to connected to Copenhagen and the agent doesn't speak English properly with a terrible thick French accent so that you don't understand what they say.

Many times I have lost connection simply when it was to my favour!!!

Saxo is a market maker and trades against it's clients traders.
Saxo says no withdrawal fee, but actually withdrawal has a fee under the name of intermediary charges, funny enough that there is no other bank involved in the withdrawal transaction.

Stop loss chasing happens within mili seconds.
If you are on winning side you will see enormous spreads which keeps you winning in a minimum, remember you win they lose.

Avoid this trader, the warning says 72% lose trading with Saxo, I would say 100% traders will lose their capital trading with Saxo.
 
KL, Malaysia,
Apr 13, 2020,
Registered user

User since 2018

Service use: Live

Length of use: over 1 Year

After 2 years of being there as a trader and investor, I’m very satisfied with the platform. It’s intuitive, genuine and fast process of withdrawal. Look forward more improvement from Saxo!
 
london, United Kingdom,
Jan 22, 2020,
Registered user

WARNING - Worst Broker for setting up new account with

Absolutely disgraceful service and incompetent London employees. They seriously need to learn how to communicate to new clients. Impossible to open a Corporate Ltd account, sent all required info and they don’t bother to even confirm receipt or if in the process, I’ve been calling them for 9 days since submitting and they pass you around to someone else who says they are not dealing with it. I would hate to think how stressful it would be if I had to call them to try resolve a trading issue. I went to IG and they transferred me to corporate team right away and after filling their forms they advised the account should be up in 72 hours. Stay clear of these cowboys is my recommendation. Saxo if you respond to this, rather you focus on providing better customer service rather than trying to fire fight after the event!
  1 trader has found this review helpful
Bucharest, Romania,
Dec 10, 2019,
Registered user

Customer Support does not exist - Withdrawal not possible.

Service use: Live

Length of use: over 1 Year

Suddenly, out of the blue, Saxo send me an email to upload again all compliance documents and they blocked the account for trading without any reason (according the email they requested compliance documents earlier, but this was not the case, I triple checked all my emails and nothing was send to me).

I immediately uploaded my docs same day, and send them emails and messages on the platform to solve the issue, but 3 weeks passed NOTHING HAPPENED!!

Today I decided to withdraw my money but seems they removed the withdrawal option in my account! So I can not take out my money!

Contacting them via telephone is not possible. Nobody is replying emails and messages in the platform itself.

This broker is a TOTAL NIGHTMARE!
  2 traders have found this review helpful
London, United Kingdom,
Nov 29, 2019,
Registered user

bombarded by calls every day

Service use: Other

started the online application process but midway through i checked this site for their reviews and seen how bad they are. I stopped the process but my details were saved on their system. They have tried to call me 3 times every day for the last 2 weeks and no signs of them stopping. Why do they need to do this and it is a major red flag. avoid
 
Tom,
Göteborg, Sweden,
May 26, 2019,
Guest

Customer service does not exist

It is a joke! Customer supper simply does not exist. Forget them. They have a great affiliate marketing to convince people to join but that is all.
  1 trader has found this review helpful
Singapore,
May 15, 2019,
Registered user

yea. they are one of the worst here in sg next to city index. i got a case against them already for cheating the customers. they are legally committing a crime while under the protection of multiple licences.
 
Netherlands,
Dec 12, 2018,
Registered user

Stocks a lot, forex untrustable like cyprus brokers, Market maker against costumer

As stocks they have a big range of stocks. that is very good. But have to be rich to use them. High fees but I think it is still doable, takes only longer time to go in profit. On Forex part I think and I almost know or experience every time I enter a trade they are market maker. They say they are both ecn and Market maker. A-book broker they say. But the prices fluctuates when entering and go against the costumer inmediately after taking position.
they do everything to make you lose or trade against you. Same as cyprus brokers.. no difference. They trade against the costumer and rather have them lose and leave Saxo then trying to keep costumers. enough donkeys on this planet to steal their dumb money. Meaning, they see the costumer as a temporary low life who has to become poor as fast as possible before they leave again and wake up. Their Conflict of interest is with the bank because they are a bank as well. Looks very fancy but lots of disconnections, what is the reason for this ? Maybe for manipulation ? should not be an issue anymore in 2018 of disconnections in these modern times and always put you in bad prices when entering. you need a very big margin money to overcome their market making tactics.. For stocks can be an option for forex, better go on and look for better broker and conditions.
  2 traders have found this review helpful

Frequently Asked Questions

How much does it cost to open a Saxo account?

The minimum fund to open a Saxo account varies depending on the account type you want to open.

  • Classic account is $10,000
  • Platinum account is $200,000
  • VIP account is $1,000,000

What is Saxo Trader?

Saxo offers trading access to a number of assets on Saxo Trader. Saxo Trader is the trading platform of Saxo. There are 2 versions of Saxo Trader.

  • SaxoTraderGO
  • SaxoTraderPRO

Does Saxo offer the MetaTrader platform?

Saxo does not offer MetaTrader (MT4) platform. SaxoTraderPRO and SaxoTraderGO are their trading platforms.

How do I withdraw money from Saxo?

To withdraw funds from your Saxo account, please follow the steps below:

  • In SaxoTraderGO: Click Account > Deposit and Transfer > Withdraw funds
  • In SaxoTraderPRO: Click Menu > Deposit and Transfer > Withdraw funds

Saxo only allows withdrawals to accounts that have been verified to belong to you.

Is Saxo a good and reliable broker?

A collection of unbiased traders reviews on ForexPeaceArmy is the best resource to provide you with a good insight to determine whether Saxo is a good and reliable broker. https://www.forexpeacearmy.com/forex-reviews/149/saxo-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Saxo community discussions: https://www.forexpeacearmy.com/community/tags/saxo/