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

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!!!
 

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/