Saxo Bank Review

2.069 · 81 REVIEWS

Formerly SaxoBank.com

Updated: Sep 10, 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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2.069 · 81 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

JT,
, Singapore,
Mar 28, 2013,
Guest

Saxotrader2 platform is out of the most unstable in terms of FX data feed. Almost 100% problem after each software update or every other fortnight. If you are an intraday FX scalper, forget it. Its the FX market, no one can wait for minutes for a chart to be called up and problem is normally worse during the NY hours!!! Support is unhelpful and arrogant
 
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
 
trading-volume,
, Denmark,
Jun 8, 2012,
Guest

I have been client with them since 2006.Only lost money with them ,but thats not the point .I want to tell another story just had lately :In my account was still left balance of $68 .I emailed them that I want to withdraw my funds ,then I had to download terminal again after longer period of time(no trading 1 year ),and they also asked for some indentity proof documents ,because after longer period of no activity of my account i had to prove that me is me !after few days i got an answer with my login and password .I downloaded terminal again and logged in ....Imagine my balance was at =0 .00$ !! They even stole my $68 .First they show me that I still have left $68 and I knew it myself ,after they reset it to 0$...They not worth any more minute of mine .
 
Adam,
Warsaw, Poland,
Apr 17, 2012,
Guest

@staxx123
You can find it in your papers from Saxo. Saxo Bank is MM and they are doing a lot of bad tricks, but this one is nothing strange. If you don't have any plans (pending orders like SL or TP) it's better for you to open the same positions next day (you hadge the loss of floating and you have to pay swaps). And You can find it in TERMS OF USE.
  1 trader has found this review helpful
staxx123,
, Cyprus,
Jan 15, 2012,
Guest

i hedged my account only to find out the next working day that they closed my two possitions. They said that i ought to know their business terms which in this case they were as follows: when you open two opposite possitios saxo sytem will close them unless you associate one of the two possitions with another order like take profit or stop loss. Is that the meaning / translation of hedging? that is you open two opposite possitions but in order to be called hedging you have to do another click and associate on of the two orders with another order. Your conclusions!!!!!
 
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!
 
Olaf,
Amsterdam, Netherlands,
Nov 18, 2011,
Guest

I am using Saxo for only 3 months now, mainly for CFD's. And this is my first trading experience so I have not much to compare.

That said, I have to say my Saxo experience is bad. I have big problems with their client software SaxoTrader 2. There are numerous bugs in it, I already found a few dozens, most of which can be worked around. Apart from that, the software is very clunky and user unfriendly. For example, changing the price of a limit order needs too much interaction. For a good order timing this software is very very poor.

The most important issue however is the fact that the graphs have big big big problems to refresh themselves and it is worsening. This week they show me more hourglass then trends. As an IT expert of course I ruled out any possible local cause. Especially the most popular instruments have the biggest problems. Also more volatility leads to more problems. Clearly an overload problem on the server.

So when it really matters, the software and the platform let you down.

The only answer was: "I called Copenhagen and everything should be allright. Perhaps you should put more memory in your computer...". Really astonishing.

Some people in this thread have had problems with executing transactions. I haven't until now. And I have to say: they are very cheap indeed. But the problems with their software and platform already cost me significant money. In Holland we say: "cheap = expensive". So this is really the case with Saxo.

So I have to look for something better. Which is why I am desperately seeking for good reviews! I haven't found much until now.
  1 trader has found this review helpful
Afamiii,
Lagos,
Jan 31, 2011,
Guest

I have used Saxobank for about 3 years. Mainly CFDs, stocks and some commodities. Overall their service has been good, but not without hiccups. That said I have 3 other brokers and they all have their own unique issues.

Price alerts set in Saxobank do not alert during fast trade. This is a problem if you trade multiple positions and don't want to put in hard stops. Some times they pop up a couple of hours later.

The system freezes for up to 30 seconds during fast trade, then gives a message not executed because the price has moved too far. This can be infuriating if you are trying to get out of a losing position or take profits close to a high. This can then be repeated for up to four times. The solution is to put in a limit order some points below the bid (if it is a sell order.)

Another issue related to the last one is that sometimes, your market order will be filled quite far from the price when you put it in (they say it is due to congestion on my broadband and that the signal was received late.) Again the solution is to put use limit orders.

 
maneta,
uk,
Jan 27, 2011,
Guest

I used Saxo for almost a year. right, the stop loss price never hit and would lost money, plus three times it started up it's own buy a commodity automatically at unearthly hours of 5am!!!! and another time when there was no one home to place the 'buy'! When i complained they said someone had done it from our computer and they could do nothing about it! We lost about 3000 us like that! Very risky/dangerous.
 
Amaury,
Colombia,
Dec 15, 2010,
Guest

For 4 years I was a customer of them and i had a good performance;
any day they sent an email saying my account was closed, they
closed all my positions causing loss big for me and not
I gave reasons for closing the account.
 
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.
 
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/
 
Joseph,
USA,
Feb 28, 2010,
Guest

I've been FX-trading with Saxo for five years now and never, i repeat, never experienced any kind of problems with them. For the US they offer only FX because of regulations but they are pretty competitive with other US brokers. Their trading platform is superior to MT4 and to the prop platforms of the other brokers. (Compared to FXCM, Oanda, FXDD, Ikon-royal, Fx-sol and DB) So, first one should look at her/himself to find the mistake with her/his own strategy, trade idea etc, and not to blame on the trading platform or on the account manager.
 
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.
 
David,
Spain,
Feb 9, 2010,
Guest

A few years with them, but I will change soon as now I am trading more active. It´s a perfect broker if you do few trades and you keep positions for some days or weeks.

Not a bad analysis tools platform, but data for any analysis is often incorrect in some time frames. For instance one day you can´t see a correct eurusd daily chart, another day it will be the 4 hours usdjpy chart...

Moreover, almost impossible to trade news with them, and BIG RISK: if you want to close a position during high volatility periods (NOT ONLY news releases) you can´t!! Because you need to click on "ask price", then wait until sometimes 7 or 8 seconds, and when finally the "tradable price" is displayed and you click you will probably see "price has changed too much"... and so again...

I am now looking reviews on FPA to change. Congratulations for your site!
 
David W,
Brazil,
Jan 22, 2010,
Guest

They are terrible.

Go on their website now, 01/22/2010, and try to use the search feature--it doesn't work. It is a prop on the websites that want to look fancy.

Its just marketing to lure in clients.

Terrible system will keep you away from your money in peak hours.

A truly regretable experience. You don't know how badly you get get treated until you trust Saxo with your money.
 
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.

 
Agnieszka,
Poland,
Aug 17, 2009,
Guest

Be careful with Saxo Bank. I have lost opportunity to buy some shares for a very good price only because they could not send the email message to me (their email message was prepared against the IT rules). I will not reccommend this bank.
 
Andrew ,
Singapore,
Jul 30, 2009,
Guest

Horrendus problems with the Saxo Web Trader platform. I'm getting a rejection rate of about 90% on trying to hit market prices especially when trying to exit positions.

Enterting orders is difficult and then service off chat is minimal, arrogant and full of attitude. You will never see any sort of refund off these guys but a rabid defense and constant inference that it is your fault.

Order prices reset themselves, seen prices trade through a couple of times before an order fills, latency so bad I managed to end as short as I was long because I assumed when I had tried to close a position that the order hadn't filled becasue nothing popped up to get two notifications 20 seconds later.

Looks great but I am afraid that is about it. I don't mind them making money but they resent you making money and will charge for absolutely everything they possibly can..

I am in the process of moving the FX part of my business to another broker.
 
Salvador,
Portugal,
Jul 2, 2009,
Guest

One of the best platforms out there... you guys have to keep in mind that this is a direct feed to markets... it's not like those brokers that play against you... This is a serious bank, of course spreads can get high, spreads are made by the market... The other day EURUSD spreads went up to 25 pips when lots of volatility were around...

The only con I give them is their platform still not being able to accept custom indicators, and formulas... other than that... very good.

I trade with 500K + and no way I'd deposit this kind of money in brokers like Alpari or Fxpro or anything...
 
Stefan,
Austria,
Mar 27, 2009,
Guest

Very high spreads! It hard to get the orders filled. I would not recomend them. Now I am trading with Activtrades (London) and I am realy happy with them.
 
Saleem,
Norway,
Mar 6, 2009,
Guest

Very high spreads, if you is looking for small profits so they will eat all your profits.
 
Cesil,
London,
Mar 1, 2009,
Guest

Have used Saxo for over a year. Started as a complete beginner to FX trading so it took abit to get my head around their platform but once I'd done that I found it very very easy. I've not really had any issues with it, it only asks to be updated about once a fortnight. I don't experiance delays in the charting at all.

Customer service-wise they've been excellent. I get about 6 email forwards per day from my account manager which are all the analysis papers & trade recommendations done by the major european banks (useful to see what everyone else is doing & thinking).

Money has never been a problem either as it seems to have been for others. Deposits appear instantly (literally) & withdrawls take 2 minutes to request & 2 days.

I'd recommend them without hesitation.
 
Pavel,
Moscow, Russia,
Dec 12, 2008,
Guest

I have used this service for couple of years from time to time.
Surely they have great spreads (5-6 pips for GBP/USD) and extreme violation within news.
It is not a problem to send them a money but when you want withdraw it - it is horrible.

Couple of weeks ago I sent them EUR 10,000 to my EUR subaccount.
Then I decided to get out of that and withdraw EUR 10,060 but they transfered it to Bucks at 1.25 when the lowest price this week since I have sent them a request 1.2795.
I wanted to transfer them about EUR 100,00 hoping EUR would go up and now I understand that I could possible loose money because my EUR account would have been denominated in USD ((((

 
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
 

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/