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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DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Fara,
Malaya,
Aug 24, 2007,
Guest

They require telegraphic transfers of funds even for a local currency witin the same country! instead of more convenient means such as cash or cheque or internet banking.
 
lynx,
Singapore,
Jul 28, 2007,
Guest

I am not surprised by mat's remarks. What he should have done was to do his dd before opening an account with any retail broker. The fact that Saxo Bank (not a bank) obtained clearance from MAS to set up shop was not an endorsement of their integrity. I was in touch with one of their sales reps and he told me it's ok to trade futures with them, but not forex. Understandably, they can't mess too much with the futures quotes because futures have time-and-sales from CME, CBOT etc. Not so the forex market; it's an unregulated market, an open season for retail brokers. It's safer to trade with an ECN brokers. The margin requirements are between 30k and 50k and they don't accept minis. That shouldn't be a problem if you are a serious trader and have a robust trading methodology. There is no point trying to trade $2000 or $5000 with a retail broker. They will eventually wipe out your account with requotes and slippages, notwithstanding your Holy Grail system.
 
Daniel Vandborg,
Saxobank, Copenhagen, Denmark,
Apr 15, 2008,
Guest

Hello to all!

I am working in Saxo bank, and I would just like to participate in the discussion! It is very important to Saxo Bank to have satisfied customers, and especially to hear if that is not the case!

Please be in contact with us on + 45 3977 4000 if you feel you have not been serviced in a proper manor.
If that is the case Saxo Bank appologizes for the inconvenience, and promise to do what ever we can to transform you from a dissappointed individual, to a satisfied customer!
Challenge us!

All the best,

Daniel Vandborg
 
naji,
cyprus ,
Apr 15, 2010,
Guest

Saxo Bank's license is under threat following a Portuguese client's lawsuit http://forexmagnates.com/saxo-banks-license-is-under-threat-following-a-portuguese-clients-lawsuit/
 
I.a.a,
RIYADH, Saudi Arabia,
Mar 14, 2013,
Guest

SAXO BANK AS IT IS FROM OLD DAYS RUNING FOR YOUR MONEY AND HOPE THAT YOU WILL LOSS ONLY THATS WHY I NEVER OPENED ACCOUNT WITH THEM .befor couple of days i had a zulu account and i linked there division metatrader saxomt4 .it was good for two days after that they disabled trading on there platform for my account .they are so cheap be carefull of them dont ever try to open an account with them take my advice
 
Emmanuel J Abah,
Lagos Nigeria,
Nov 4, 2008,
Guest

Update on my Saxo Bank Review. They still have not returned my stolen money. After my public outcry on this matter, Saxo Bank is still pretending not to see all these complaints I am making. I challenge them to react to this allegation here in this forum . I am sure some of their officials must have seen this review. I think this is a new method they have devised of defrauding innocent guys like me.

2008-10-29 Update on my review of 27th October,2008. My bank has written several reminders to SAXO BANK to return the Funds. They still refused to respond. They have not responded to a single official bank correspondence on this issue. At this stage i strongly believe they are out to steal my money.SAXO BANK please proof your integrity and do the honourable thing by returning my hard earned money.This is a clear case of FRAUD by a so called EU Bank. I want to give them the benefit of doubt before posting SCAMMM
 
Dev, M.P,
USA,
Nov 18, 2009,
Guest

Still I am searching for a good top-end broker for forex.

in my search I am finding Saxo Bank to not be one of them.

Just a little research shows some odd and some disturbing things.

For one, they are NOT A BANK, what they are is an investment firm w/ a BANKING LICENSE, they do not offer banking products, your funds are put into other associated banks.


The founder has been investigated, and brought to court(though he won the case) on charges of fraud.


They have been found to be manipulating any bad info on them in their respective danish/us wikipedia pages.

---

Finding things like this out really does suck, because I was quite excited to begin trading with them, the amount of currency pairs they off is quite overwhelming.

With this I will continue my search, and will probably stick to ECN/interbank firms.

 
Singapore, Singapore,
Mar 26, 2018,
Registered user

Illegal, Unjust and Unfair Practices by SAXO Bank

Delibrately logs you out during important events / news. Closes and groups your position with other positions to put your positions to greater negative losses. Complaints are returned by low level staffs that ridicule you and make gives you replies that makes you go in circles and solves nothing but put you back in the same ill-treated and unresolved manner!

Mar 26, 2018 - 1 Star We are a group of SAXO Bank Singapore customers who have lost a total of $5,000,000 SGD from illegal, unjust and unfair practices by SAXO Bank. If you had experienced such practices on your account with SAXO Bank, please contact me immediately. We are taking a class action suit against SAXO Bank and your input will greatly benefit in helping youself and each and everyone of us in getting back monies which have been illegally, unjustly and unfair stolen away from us.
  1 trader has found this review helpful
paulos125,
Thailand,
Aug 4, 2008,
Guest

The worst trading system ever used.

Saxobank Serious Faults
________________________________________
Saxo Trader stopped me out of a trade with no stop being hit and at a loss of about 35 pips EUR/GPB on Friday 1/8/2008

They have refused compensation.
Here are the extracts from Saxo email.


Order 90261972 should not be triggered.

You called us to report this error. My colleague in Demark called you and informed you that we would cancel the position for you due to our fault on this.:

We are sorry for the wrong filled (for order 90261972) and we have revised for you asap.

Deal with SAXO at your own perril. I also have charts to prove this.


 
Bibi,
Europe,
Apr 6, 2007,
Guest

Got in trade at Canadian employment. Got delayed fill for 30 seconds and I was unable to cancel pending order. Was filled in short position at the exact bottom. Saxo = scam
 
RB,
USA,
Jul 14, 2007,
Guest

Promised the sky, offered the dirt. I trade the news and they assured me of limited requotes, as soon as I deposited the funds and started to trade, they called and said that their strategic department will hunt down any news traders who send their orders immediately after the news. I wasted a lot of time on them and after I emailed a letter to my rep asking why he was saying that they have no problems with news traders he didn't bother to respond to my email. He was constantly bombarding me with emails to open an account, but after receiving mine decided to ignore it.
 
AV.Bessler,
Moscow ,
Nov 21, 2010,
Guest

They are a very dangerous tool, I have used for example DBFX it asked me double and triple time, if I really want to do a certain action, with Saxo, I mistakefully just wanted to find a reate and boom, trading started, nobody could take me out of it, lost 1000USD in 10 minutes, looking sadly on the screen, and having their control room not really cooperative, I've complaied, got nothing.
 
Mai,
Denmark,
Feb 9, 2010,
Guest

Please stay away from Saxo bank. There are too many errors in their trading platform. Sometimes you cannot place or exist a position, as the system show some error message. Your stop loss never stop at the point where you set. You will always lost your money than you desire.

It is very easy to deposit your account. It takes few second, then your money is there. But if you want to withdraw your money, it takes too long time and I withdrawn cash from my account last week, I still did not get my money back and I do not know when it will happen.

Customer support is very poor. They never reply your email. I wrote them and asked about an account, they never reply.

There are two types of account for a private investors, as they wrote on their website. Saxo trader with minimum deposit of 10000 USD and miniaccount with minimum deposit of 2000 USD. If you apply for mini account, you would not get that. They will only give you an account with minimum deposit of 10000 UDS.

I recommend that you should stay away from this broker.
 
Patrizia,
Munich,
Aug 13, 2008,
Guest

The worst thing of Saxo is that I have experienced several times problems and big delays with transferring and crediting funds.
Last month they debited my account with 500,-
 
SaxoBank Story,
, Hungary,
May 31, 2015,
Guest

My Saxo Bank story: ~ 90.000$ loss after a blink

The link for my story on Youtube:

https://www.youtube.com/watch?v=CFgxe9HIBfA
 
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
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
Johnny Honda,
Zurich, Switzerland,
Dec 17, 2011,
Guest

I use this broker since ca. 2 years to invest in stocks. For this purpose Saxo is OK.

But I tried to trade CFDs, futures and forex with Saxo. And here Saxobank shows its real face: Total scam.

If you set a stop loss, it will be triggered, doesn't matter how far away the price is. The second time it happened I made a screenshot that proves that the price NEVER reached that level and complained. The support just said: Our indicated prices are not binding and just a rough indication where the price could be....Great broker, isn't it?

They royally suck!
 
Sadam,
Slovakia,
Apr 17, 2007,
Guest

I made some money with them. Thank you Saxo. until now. Today i got email and they stole me money from my account. They said that my trading style is abusive. and they corrected my entries 45 pips out of real price. They are bucket shop like others. They just play game on people how good they are.
 
SHAD,
Sweden,
Jun 19, 2008,
Guest

I start a smal account to test Saxo. It realy sucks! if the bid is 20-30 pips from your SL, be sure that it comes a pick/dip to touch your SL (in just miliscounds) and your out! and it just happens in Saxo's system. I have compared with several other charts and there is not any trace of this dip/pick anyplace. So, if you want to trade with Saxo, make sure that to not use SL!!!
 
Dennis,
Alkmaar, Netherlands,
Apr 21, 2013,
Guest

Total scam!!
Stop losses are always hit, often at "spike" that didn`t occur in real time.
They also tamper with your margin, two times I got a margin stop out at night (forex) while the spotlevel did not reach the values at the time of the stop out.
Helpdeskservice is very unfriendly and arrogant.
Avoid the Saxobank, flushing your money through the toilet is easier and more fun.
 
Elise,
Australia, Australia,
Aug 15, 2016,
Guest

Some of the worst facilities I've come across - $200 margin call at 10pm at night, transfer $1000 and send remittance and they close every single position within half an hour. Apparently funds have to be in there immediately, however they don't provide you with any facilities to allow you to do that. Much better platforms out there
 
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.
 
Maurice Ka,
Poland,
Apr 18, 2007,
Guest

If you want to trade news, forget about it. They will steal the money out our account, they will change your opening price even after a few hours. Last time with them, I have opened position using the SNW and kept it open for 6 hours afterwards. Then I closed it with a nice profit. 10 minutes after closing my position, I have noticed that they have changed my opening price and instead of being in profit I was minus a few hundreds.
 
Ellil,
aleppo,
Sep 27, 2007,
Guest

what happened to them suddenly?
they doubled the margin, and raised the spreads and played us like yoyo.
 

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/