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

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.
 
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
Krisztian,
Tatabanya, Hungary,
Jan 26, 2016,
Guest

I hope somebody will close this Bucket Shop. Always hunting the Stop Loss levels. Always disconnect the platform or freeze. They have cancelled profit from the account. How can they still alive? Never open real account with them.
 
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:
--------------------------------------------------------------------------------
- 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.
--------------------------------------------------------------------------------
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.
 
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!!!!!
 
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....
 
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!
 
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.
 
Jon,
Singapore,
Nov 9, 2018,
Guest

very bad broker with multiple hidden costs and un-honoring prices shown on their platform. when you close your positions, they will not close them at the price shown on their platform, they will instead close it out at a much worse price making you lose more money than you should. downright scam broker. please save yourself lots of frustration and avoid this broker at all cost.
  3 traders have found this review helpful
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 ((((

 
london, United Kingdom,
Jan 22, 2020,
Registered user

WARNING - Worst Broker for setting up new account with

Absolutely disgraceful service and incompetent London employees. They seriously need to learn how to communicate to new clients. Impossible to open a Corporate Ltd account, sent all required info and they don’t bother to even confirm receipt or if in the process, I’ve been calling them for 9 days since submitting and they pass you around to someone else who says they are not dealing with it. I would hate to think how stressful it would be if I had to call them to try resolve a trading issue. I went to IG and they transferred me to corporate team right away and after filling their forms they advised the account should be up in 72 hours. Stay clear of these cowboys is my recommendation. Saxo if you respond to this, rather you focus on providing better customer service rather than trying to fire fight after the event!
  1 trader has found this review helpful
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.
-----------------------------
 
sydney, Australia,
Jul 16, 2020,
Registered user

Worst trader I have ever used

Service use: Live

Length of use: over 1 Year

Worst trader I have ever used. I have had two tickets open (one for more than 5 weeks) regarding dividends that were not credited to my account. I have chased them almost daily via ticket or via chat. The answer is always we will get back to you soon (and they never do).
I now want to transfer securities out due to their incompetence and lack of customer service and they want to charge me 200AUD to transfer shares out. It's the only broker I have ever dealt with that does that
  1 trader has found this review helpful
Newcastle, United Kingdom,
Jun 23, 2020,
Registered user

Warning Terrible Market makers, Unethical, SCAM

Service use: Live

I wish I would read reviews before I join this Market Maker called Saxo

You can wait hours to speak to somebody from Saxo support if by chance you get connected either the person sits in India and has no access to anything or you get to connected to Copenhagen and the agent doesn't speak English properly with a terrible thick French accent so that you don't understand what they say.

Many times I have lost connection simply when it was to my favour!!!

Saxo is a market maker and trades against it's clients traders.
Saxo says no withdrawal fee, but actually withdrawal has a fee under the name of intermediary charges, funny enough that there is no other bank involved in the withdrawal transaction.

Stop loss chasing happens within mili seconds.
If you are on winning side you will see enormous spreads which keeps you winning in a minimum, remember you win they lose.

Avoid this trader, the warning says 72% lose trading with Saxo, I would say 100% traders will lose their capital trading with Saxo.
 
aj,
Canada, Canada,
Feb 1, 2014,
Guest

Customer service sox!
they dont even bother to reply.
sent first email and they said this is wrong department, contact the other " EMAIL " , sent 2 email to "OTHER EMAIL" and oh yea ! SURPRISE SURPRISE ! NO ONE BOTHERED TO ANSWER MY SIMPLE QUESTION !
 
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.
 
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
 
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
 
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.
 
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.
 
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.
 
Slovakia,
Jan 31, 2018,
Registered user

Saxobank dead company without support team. In Saxobank Doesn't exist support team, they doesn't answer on me emails.

Saxobank dead company without support team. In Saxobank Doesn't exist support team, they doesn't answer on me emails.
 
London, United Kingdom,
Nov 29, 2019,
Registered user

bombarded by calls every day

Service use: Other

started the online application process but midway through i checked this site for their reviews and seen how bad they are. I stopped the process but my details were saved on their system. They have tried to call me 3 times every day for the last 2 weeks and no signs of them stopping. Why do they need to do this and it is a major red flag. avoid
 
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.
 
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.
 
Singapore,
May 15, 2019,
Registered user

yea. they are one of the worst here in sg next to city index. i got a case against them already for cheating the customers. they are legally committing a crime while under the protection of multiple licences.
 
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 .
 
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.
 
Port Vila, Vanuatu,
Oct 25, 2016,
Registered user

GBP Flash Crash - I feel Rape

During the GBP flash crash Saxo sold me out at a lower price than the lowest price of that day according to Bloomberg, and Saxo keep using lowest price of Bloomberg as the lowest of the last 52 weeks in all their external communication, I feel rape.
  1 trader has found this review helpful
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.

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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.

 

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/