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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Traders Reviews
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.
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.
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
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
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.
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.
1 trader has found this review helpful
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!
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
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!
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!
3 traders have found this review helpful
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
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
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.
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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/
Service use: Live
Length of use: 0-3 Months