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

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.
 
Survivor,
Europe,
Mar 17, 2007,
Guest

My overseas Bank recommended them, my bank said they would be ok and the spreads were tight. Also I know their platform is the basis of at least one platform which other serious Forex users suggest as an ok retail outfit that is being used in my country. A friend of mine is using this version. They are easily contactable at all hours and will promptly deal with a position as you require with for me instant phone pick up *by a dealer* each and every time.....have not needed that for over a year though as my internet is more reliable. I compare at all times the rates they are offering with one other well known internet platform and generally they seem better especially at news times when i dont think i have ever seen spreads widening? I no longer fool around at news times. Generally i have got trades in at such times. I think alot of the stuff you hear about retail forex is coming from unrealistic people.....the bucket has to protect itself. The game version does not have to. There are issues. The platform is 'clunky'. To place a stop requires multiple screens and seems designed to make you have to page up and maximise this or that to finally get the stop in place. I have always been successful but you are going to sweat a bit until you get used to it. Seems designed to prevent fast trading when things are moving fast. For sure there is no way i am going to trade the news if i want to place a stop. No really major complaints about stops or limits. They might be slightly against me by a few pips but i can be paranoid. In fact the only way i have found i can make money in Forex is by not placing stops until my trades are way into profit and this says more about Forex than it does Saxo who i cannot say have robbed me on a trade ever. One thing they do to frustrate you and slow you down that i have not seen for some months is that you ***cannot close*** a position once you place a stop loss! at certain times of the night unless you phone them to do this. They say this is because some program or other is running overnight but really!!! seems designed to protect them when they are not fully manned or something?? My solution was to hover over the screen ready to close the position with a stop. Very exhausting. There dealer recommendations were at one time quite good when they had 'John Henry recommends' but otherwise they are c*** in my experience and dont seem to be backed by a person who can then be laughed at for messing up.....at least you would have that pleasure! John Henry once made a recommendation on USDCAD which immediately stopped out and he immediately admitted that it was a disaster as the whole world seemed to have jumped in and gone the other way to him. Depending where you live the platform allows you to trade a vast number of different types of financial products There response for service is excellent. I am not sure how they compare with others. I suppose i live in the real world and remain with them for now.

One thing i should have mentioned that seems very posative is that each and every time the displayed price (and i compare that price to another broker) has reached a buy limit and spiked back down then it has been executed. I said there dealer recommendations were crap. That might be unfair and reflect my lack of experience of Forex. Some of their recommendations are obviously well into the money. Forex is a numbers game rather than something that can be seen at a glance. I might see a loser crashing out quickly and forget they really do (they do) have plenty of winners that run for a longer period of time.
 
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
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!
 
TheBull,
UK,
Oct 14, 2008,
Guest

Lately it seems that nothing is working well on this platform, slippages galore and it seems that their service is going down big time, old reports and nothing is up to date. Not to mention the funds nightmare.
 
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
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.
 
Saleem,
Norway,
Mar 6, 2009,
Guest

Very high spreads, if you is looking for small profits so they will eat all your profits.
 
Kit,
UK,
Aug 13, 2007,
Guest

I have done two forex options on this platform with no problems. I find their forex options platform very useful. It is possible to obtain quotes on any strike price for any date and therefrom calculate the probable movement of any quote relative to movement of the spot currency.
 
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
 
Jack,
NL, Netherlands,
Feb 13, 2018,
Guest

Simply not a competitive option

Perhaps ok depending upon what you're comparing to, but if you're familiar with other U.S./U.K. trading platforms, Saxo is a non-starter - simply no comparison. They charge for every conceivable thing. Not only are trading fees higher, but their custodial fees are gouging, and they charge for things that other platforms do not. Even their belief of how "real time trading" works, is the exact opposite of well established norms elsewhere. During my time with them in 2017 I felt I was bled dry month after month.

I've sent multiple emails, and had many calls with their offices to get them to understand how different they are, but I think they're comparing themselves to shit little European/Nordic competitors, not the big boys. My belief is that they don't actually want the business of most of the people on this blog, and seem to be more focused on small niche market traders in-region.
  3 traders have found this review helpful
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.
 

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/