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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Traders Reviews

Emmanuel j abah,
Lagos.Nigeria,
Oct 27, 2008,
Guest

This review is for Saxo Bank and Finexo.Com.I have a live account with Finxo which have been inactive since last year. Sometime this year a Representative of Finexo called me to talk me into starting forex traing with them again. I wired the sum of $470 to Saxo Bank Gentofte,Denmak since 29th September,2008. Beneficiary is Finexo Ltd. Finexo is a subsidiary of Saxo Bank . I read somewhere that Saxo Bank Is an EU regulated Bank. But I am deeply suprised at the high level of unethical practice being displayed by the so called Bank. Saxo Bank has continued to hold on to my $470 since 29th September 2008. They have refused to release this money to Finexo and have also refused to return my money ,even after several requests by my Bank to return the funds.They have even ignored several correspondences from their Intermediary Bank (Deutsche Bank) on this. Please somebody should tell them to return my money. I can give proof of this transfer and also a copy of telex sent to them by Deutsche Bank on this matter. My email:emmajabah@yahoo.com
 
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.
 
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,-
 
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.


 
Crispin,
Currently in Colombia,
Jun 24, 2008,
Guest

Been trading on Saxo for about 3 years now, and it's been a ROCKY road to say the LEAST! They have raped me on slippage so many times that my head spins thiking about it. They did it JUST TODAY. I had a stop bid order for GBPUSD @ 1.9703 , there was no news or any real volatility, but the price started steadily rising. When it hit my price, it opened me at 1.9716! When I saw this, I blew a gasket and chatted them and told them that trade was outrageous. My account manager was online and said he'd look at it, and told me it was acceptable, and to look at their minute chart.

Needless to say, I had to remind him that I wasn't stupid, and there was NO reason in the world why that order couldn't open at 1.9707 (the offer price with the spread). We went back and forth for over a half hour, and said he'd investigate it more tomorrow, and get back with me. I have a transcript of the entire chat session.

EVERYTIME I mention that I didn't like the price or the spread, they have a bs excuse. When I opened this account, I had $120K in it. About year into it, they screwed me with a MARGIN CALL for about $40K on some open positions I had that were down. Because they DOUBLE MARGINS on the weekend! I had to either put in more money or close the positions. I did a calculation, and my calculation showed I had enough margin even for the weekend. Apparently not, according to Saxo. The following monday, I open my account and my email to find out that ALL MY POSITIONS had been closed! My major position MOVED THAT DAY! After that, I brought my balance way down from there, and never traded at that level with them again. I'm still trying to get some legal action against them on that margin call, but apparently in Denmark this kind of litigation is very difficult.

Another thing that they did which I'm sure you'll all love. While this account was not being actively traded, I contracted a managed trader to trade it for us. He came highly recommended. For the first 3 or 4 months or so, they did a pretty good job, netting us about 25% average a month. Then, they started slacking, they would open good trades but never take any profits, had horrifically wide stops. I would see our profits vaporize because they didn't close our positions. To the point where I had to manually close them myself. I couldn't understand it. Eventually, we had to dump them. When I cancelled the LPOA we had with them, I discovered that Saxo had allowed them to INCREASE OUR SPREADS in some cases to more than DOUBLE their standard spreads so they can keep the difference!!! For example, our spread on GBPUSD was 11 PIPS!!!

I COULD NOT FRICKIN' BELIEVE IT. When I confronted my account manager about this, he put it off as if it was my fault because I hired that trader. NOWHERE in our trading agreement or in our LPOA, was there any mention that they or Saxo was allowed to manipulate from the retail spreads. In fact, they said that they would move us to the "institutional" platform, that would actually give us tighter spreads. Yeah right. After several emails and legal threats, they refunded us almost $4K (the trader, not Saxo, they to this day claim no responsibility). I'm sure there is more that we are owed, but we have to sift through our activity logs and audit every trade, and get all the info dating back to late 2006. It's easier said than done.

Earlier this year, I began trading again with our money in Saxo that had been inactive for some time, and in that time, we've been clipped quite a bit. Usually it was for 3-4 pips more (which they would blame on light trading in Asia), but sometimes it would go as high as 8 or 10 pips for no reason, and they killed lots of our positions by taking out our stops even though the market wasn't moving that way. We were still making decent money so I let most of it pass. But now, we're not doing as well, so I'm holding them to the fire and they don't like it one bit. My account manager said he'd get back with me tomorrow on this current brouhaha. I've resolved that if they make good on these last few ripoff trades that they pulled on me, I am closing the account for good, this is the final straw. And I will scour the earth to find the right broker to replace them. I'm using FXCM right now, but only for a very small nut, and may give them a shot. But I'm not keen on their weird, arbitrary spreads that I've seen so far. And their order execution leaves much to be desired.

One more note, their new SaxoTrader2 sucks, so many times the thing sits when I open it so it can update itself for what seems like 10 minutes. And other times I have to crash it manually because it goes nuts opening multiple dealer chat windows for no reason and jams everything up.


There are so many parts of the software that I don't dare use (like the FX Majors tab) because I KNOW that it will go nuts and lock up my whole system. I've been trading on a intraday strategy that's been working well the past few months, but apparently too well for them, because they are intent on screwing me every chance they can.

So, no, I can't recommend Saxo to anyone. In fact, after reading all this to myself, I find it safe to say that I'm done with them whether they resolve this current trade issue I have with them or not.
 
Joispa,
Dubai,
Jun 22, 2008,
Guest

The only headache is that theirs can be one bloated platform with bugs. They know it and they've been working hard at debugging it. When requesting funds, I received the greenback in 3 days, no glitches. In volatile markets, their spread increase a little but then again who in the market can guarantee small spreads in mad markets. Their client service is great and they speak many tongues.
 
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!!!
 
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
 
SaxoVictim,
Canada,
Mar 18, 2008,
Guest

They just screwed me, and not for the first time. however in the past they corrected their mistakes (although last time it took them 3months to admit they stole me and another 2 months to return the money), I should have closed my account after that but did not and now they wiped out half my account. I don't want to go over the full story again but here is a copy of the last email I sent to them to which they have yet to respond (and don't even ask how useless the customer service guy was regarding this problem when I called in). I have a sinking feeling that they are going broke and are therefore screwing clients to make thier books look better, but that could just be because I am really pissed at them right; seeing and thinking red.

------------------------------------------
To Whom It May Concern,

Today I received a Several emails from you at the US market open saying that
my margin utilization was over my limit. To cover my margin positions I sold
shares, which reduced my margin position to 70% utilization. Then I
receive a message from you saying that you are increasing the margin
requirements for shares in financial companies one minute (60 seconds)
before you dumped all of my CFDs to cover positions that I had already
covered an hour previously and with no time to meet your surprising NEW
requirement.

I can't fathom how you think 60 seconds is an adequate warning for me to
correct my positions to meet your new policy. Nor do I understand why you
would close ALL of my positions rather than just closing as much as
necessary to bring my margin utilization to your NEW standard for financial
companies. Not to mention the fact that you also closed my position in
Valero (VLO), which, last time I checked, is NOT a financial company.

This is the most despicable, unethical behaviour I have ever witnessed.

I hope that something can be done to correct this situation, but given that
your customer service already told me that I am screwed, albeit in more
diplomatic words, I doubt you will begin behaving in a professional, ethical
manner now. Still I feel it necessary to write to you in order to let you
know that this behaviour is totally unacceptable, and hope that it can be
corrected as soon as possible.


PS. Below please find a copy of your trade confirmation for the closed
positions as well as the chat indicating the change in your policy. Note the
time stamp indicating how long you gave me to correct the situation on my
own before forcing the positions closed without forewarning or consent.
-----------------------------
 
Paul ,
London ,
Jan 12, 2008,
Guest

I have been trading with Saxo for a little over 3 years now and I can only say that I have never experienced anything other that solid execution and fantastic customer service.

I went with Saxo Bank because that is exactly what they are, an EU regulated bank with a great platform.

Paul
 
Magnus ,
Northern Europe,
Dec 29, 2007,
Guest

Saxo are not a bank! Get that straight first. Secondly they are after your money. Many little things happen such as very large slippage - take up the problem and nobody is there to really solve the problem but they will be nice to you! Platfrom disconnection. Also the charts are slightly delayed. Get a 15 min chart and the bar/candle actually completes after 18 minutes!!! but its still a 15 min chart? Looks like they don't want candle traders? They will tell you - charts are only indicative! Futures are very very expensive - this alone is a reason to trade through a regulated futures broker. FX they will get you in on recommendations and then dump their big bank customers orders into your hands! FX is unregulated they can do as they wish! Look around at other brokers and test their platforms for months before risking your hard earned cash!
 
Andrew,
New Zealand,
Dec 7, 2007,
Guest

I am surprised to the wide range of reviws on Saxo Bank!

For me I have found Saxo to be no problem what so ever, and I have used them for about 5 years. I don't news trade maybe thats why?
 
Stuart Clennell,
UK,
Dec 3, 2007,
Guest

Iv been trading two years with this bank and find them excellent in all areas, why i come on this site and see bad reviews i cant understand obviously to someones advantage, i wonder who.

They have some of the smallest spreads i have seen anywhere and the platform is fantastic once setup and customised, people complaining about it crashing maybe need to blame their computer and not the platform, in two years iv known it go down once, margins and spreads have been known to be altered in volitile conditions but were restored very soon after to lower than what you usually see.

Those calling it a SCAM are just funny SCAM, SCAM everythings a SCAM I believe this site to be a scam
 
Saad Alharbi,
Kuwait,
Dec 2, 2007,
Guest

Good broker, well regulated. The best they have a wide range of instruments. The worst is their charting system.
 
G,
London,
Nov 23, 2007,
Guest

Been trading with them for 2 years now.

Excellent platform, the best I've tried, and I've tried many. Takes some getting used to but once you do it's very good to use.

Never been requoted, and never seen any unusual spikes. I've had trades where the market went within 0.5 pips of my stop but they didn't push it that bit futher to take me out.

Slippage is the only minor annoyance as it NEVER works in your favour; only in theirs. I've seen slippage up to 5 pips in a fast market, but usually it's less than 1.5 pips.

You can place stops as you close as you like, there's no "minimum distance" as reported in other posts.

I trade short term technical trades anywhere from 20 minutes to 2-3 days; they don't seem to have any problems with that style of trading.
 
MJK,
copenhagen,
Nov 16, 2007,
Guest

I thought I would give them a go as I am living in Copenhagen, however are trying their platform last year, and again today I would not consider opening an account with them. It has crashed 3 times in the past 2 hours. Its user interface is confusing - tabs within tabs. Opening a new chart from the list of instruments just replaces the current chart with the new instrument - doesnt open a new chart, and thereby loses all the chart customization. But that fact that is has crashed so often, when other platforms have never crashed - I cannot risk placing a trade and then having the platform crash. I really recommend Saxo use some other platforms and learn a little about userablity and stability.
 
Big Pip'n,
Zurich,
Nov 15, 2007,
Guest

They have a decent platform and great execution.

I posted other positive comments on this and a couple of other brokers in the past....And so far it seems that only the negative reviews and ratings get thru......

Felix is your site a SCAM?
 
Ellil,
aleppo,
Sep 27, 2007,
Guest

what happened to them suddenly?
they doubled the margin, and raised the spreads and played us like yoyo.
 
Pratosh,
Gulf,
Sep 21, 2007,
Guest

I have been trading with saxobank and i am satisfied as of now.
The most important thing is their plateform which is traderfriendly.
The software allows you to book your loss to be stopped ( not booked) and allows you to use convert to a profitable trade in future anytime . The trades are done in realtime and i suppose this is just what one wants when one uses trading forex for one of the investment tools which yields comparitively much higher returns than any other asset/instrument.

This is not a get rich quickly option for sure
Its better to buy a lotto than trade forex!!

I wish and hope i keep on enjoying trading forex with saxo bank.

 
Anthony,
UK,
Sep 5, 2007,
Guest

I have used Saxo for almost a year now. The platform is very good and the support has been their when needed. Sometimes the spreads get a bit slack, especially during asian trading. There is also a new feature calle Trade Commander that allows you to define atomated conditions for trading strategies with automated back testing, e-mail and text alerts. This looks qite useful but they could do with a more comprehensive help/maual to advise how to use the functions. All in all I've looked at and tested other platforms but still not found anything I like better so I am sticking with Saxo.
 
E.Ioannou,
Cyprus,
Sep 3, 2007,
Guest

They are among the best in the market. I am enjoying their services for over a year now.
If you can handle the margin requirements, you will enjoy working with them.
 
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.
 
Dariush,
Iran,
Aug 20, 2007,
Guest

They dont have good services and support, i recieved my money with 1 month delay and they didnt help me.
 
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.
 
Mark,
Germany,
Aug 6, 2007,
Guest

I have been using the Saxowebtrader for about 4 months now and i did not face any problems so far.
They have a good client support and the platform is stable.
They are Stophunters like probably all Brokers, therefore I try to work with mental stops.
I do classic swingtrading and I would not use them for trading Robs oder Felix´Signals
 
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.
 
Mat,
Singapore,
Jul 26, 2007,
Guest

This is my first forex broker. I'm trading EURUSD in 50K lots which is the smallest size without getting charged USD10 commission. 2 pips in spread is okay. I have not had much problem with not getting my orders filled promptly when ordering live. I really like the software platform, even though it could be improved (more indicators, especially volume related for stocks and CFDs). The printouts are really good quality.

Some bad things:
- A couple of times when I have used stops the price changed just around the stop. I presume the price feed is correct. It would be good with some info about where the feed is coming from since not all feeds look similar at all.
- Their service would be much better without the USD10 commission under 50K. Sometimes I would like to split orders and enter at different time points. To do so I would need to enter multiples of 50K orders, which I'm not yet comfortable with.
- They do not allow paper trading. Well, they do have trial accounts but a live and a trial account cannot be installed on the same computer. This kind of forces you into live trading immediately. And with 50K lots unless you're willing to pay the USD10 commission. Not good.
 
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.
 
MONEY B GONE,
Canada,
Jun 27, 2007,
Guest

If you are smart stay away. These guys will steal your money. Watch out for these BASTARDS. In Canada they disguise as TRADEFREEDOM FX. During news reports very hard to get into a trade, and then when you are in they sometimes won't let you out. One time I clicked on buy and they put me down instantly 30 pips. Don't be like me and lose alot of money before you learn the truth. GOD BLESS
 
Tom,
London,
May 20, 2007,
Guest

Good platform - shame about the service sometimes - also try and get you with the conversions sometimes - not very transparent! Knowledge not brilliant- try asking them to exlain a delta hedge on the Forex options or even a forward sometimes - sell the things but not much of an idea of how they work etc.
 
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.
 
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.
 
ashok sagar,
Bahrain,
Apr 16, 2007,
Guest

Saxobank has been good for me since I am not basically a news trader. I have never had any complaints against their execution and the spreads are not that bad considering the commissions that you pay to other brokers who offer tighter spreads. Never had any trouble withdrawing money from them so far. The only complaint I have against them is that almost always you get negative slippage on stop orders, so I have been using mental stops. My account size is < 100K with them as I believe in diversification.
 
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
 
LL PP,
Europe,
Mar 25, 2007,
Guest

Ive been using them for about 2 years now, and I like this broker. It works good for my style of trading. Spreads are generally higher than on other brokers (anything up to 5 pips on gbp usd even during non volatile times), but I have not been cheated by them (so far). One of the things is also there is a minimaln distance from the market to put stops (20 pips on eur usd, and 30 on gbp usd), so if your relying on stops near the current market price a lot of times, this is maybe not the best one to choose. Also, once it happened to me that a limit order wasnst filled in a very questionable way (it missed by 0.1 pip, and then it turned out that it was exactly the extreme of the day, and the postition, if it was filled, would be very much profitable), but it might be just coincidance. Charts are non-usable, at least for my standards, day trading from their charts can be a real pain. Sometimes you will also see the (in)famous yellow price - when spot orders are not accepted, this can be a pain (read: especially if you are caught on the wrong side of the market). It generally lasts for a second or two, but those 2 seconds can drain your capital if cought on the wrong side of the move. But otherwise, disregarding what I just said, and if you accept those shortcomings (I am sure most wont) all works ok, at least for me. Fills are good, support is very good, and if you like to trade real fx options (not box options), you can - you can use options instead of stop orders if you want actually, its just a bit more complicated and not useful for all scenarios. As always, it depends on your style of trading and your expectations, some people will like it, some wont.
 
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.
 
kid,
Portugal,
Feb 21, 2007,
Guest

Here's what occurred: I and my partners carefully read the Saxo customer trading agreement and tested the Saxo platform before opening a FX trading account. We identified areas of concern and were told in reply both by our Saxo sales rep and the account manager later assigned to us that the problems that concerned us would not materialize. In particular, we asked for assurance, and received it, that Saxo would not price discriminate against our positions and orders. The customer trading agreement -- in very fine print mind you -- allows Saxo to price currency pairs differently for different customers. That's a free pass for manipulation against the customer, and we knew that going in. However, to repeat, Saxo assured us that it never actually price discriminated against individual customer positions and orders and that the prices streamed to the Saxo Trader (the platform) were the same for all customers and would be reliable for trading. None of these promises and assurances were honored. When our profitable limit orders were breached by prices streamed to the platform, Saxo intervened against the orders and refused to honor them. It replied that the breaching prices were mistakes ("misquotes"), yet it never corrected its own charts to correct the so-called misquotes. It hardly could if it was stopping out at those prices other customers in positions opposite our side of the currency pair. In short, it collected from the losers (the stop losses) and welshed on the winners (our limit orders). And, by the way, our own stop orders always were filled instantly, which is to be expected since Saxo, as the house, profited from every stop. We opened a six-figure USD forex trading account with Saxo Bank after demo-trading the Saxo Trader for more than one year. After a successful first week of real-money trades, Saxo cheated us out of more than 12k USD by manipulating prices against our orders and refusing to fill profitable limit orders. The latter occurred three times, in each case after the limit price of the order was breached with room to spare. Saxo called the breaching prices "misquotes." No misquotes on the demo ever. No misquote ever when a price hit one of our stops. Our stops were always filled instantly. Here's an illustration possibly useful to novices:
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- Man in a casino plunks down three black chips ($300, the size, say, of a fx mini-account) at a blackjack table. The hand is dealt: he gets nineteen.
- Dealer has a ten showing and turns his hole card, an eight, for total of eighteen. Man smiles.
- "Mis-card," dealer says as he fans the deck, pulls out a ten, and lays it squarely on top of the eight. "20" dealer says as he sweeps in the three black chips.
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The above is one trick in the bag of tricks facing customers of spot fx dealers. It's the chief trick Saxo used against us. Now, knowing those are the rules that operate, why would anyone open an account with a spot fx dealer? Also bear in mind that SaxoBank's so-called Danish regulator (Finanstilsynet, the Danish Financial Services Authority) will not provide Saxo customers with any information on Saxo. When we were burned, we contacted the regulator, informed it that were Saxo customers, and were told by it in reply that it could not disclose anything about Saxo. Nor do Danish banking laws apply to SaxoBank's forex dealing. Thus, like us, you will be without any protection at all when (not if) you are cheated.
 
Greg,
UK,
Jan 8, 2007,
Guest

I trade the markets full time and have been using the Saxo Trader now to try our different strategies. The platform itself is OK for something that has been created in-house, but I have experienced the following problems which are really very significant if you want to make money and not lose money. 1. There is often very big slippage on STOP orders. 2. During fast market moves in the FX market you will not get your order filled! 3. The charts are not accurate. For example, if you see a Doji on a Chart from a Chart Service, the Doji on the Saxo will not be a Doji but a normal candle!!! 4. Slippage on CFDS is also a problem anything up to 5 points!!! Generally I had the feeling that they (Saxo Bank), were on the other side of my orders. Obviously if you are right in placing your trade and it moves into profit, they (saxo), will offset the order at some point soon after you have made the trade into the real market! But only if the market is moving in your direction. They have their own FX pool so they will know before hand what the market is expected to do, they can also see the orders etc.. Anyhow, if you are wrong you should be getting out pretty sharpish anyhow. Remember, if you trade from a plan and keep your losses short you will remain in business!! The platform offers access to many exchanges and there is also live news etc. But on the whole I would not trust these old Vikings at all....
 

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/