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

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
Agnieszka,
Poland,
Aug 17, 2009,
Guest

Be careful with Saxo Bank. I have lost opportunity to buy some shares for a very good price only because they could not send the email message to me (their email message was prepared against the IT rules). I will not reccommend this bank.
 
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
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.
 
Thomas,
Spain, Spain,
Feb 20, 2014,
Guest

Saxotrader could be a cool platform - it is were not for those obnoxious DISCONNECTIONS.
You can easly get disconnected up to 10 x per hour - which is what happens to me - in a trading hour. Even though I have 9MB download and 2MB upload line.
I tend my internet speed when I get disconnection, and my speed is mega fast, yet the Saxotrader plaform disconnects - again.
There support email plenty of "tricks" or options such as changing connection from AUTO to TCP or HTTPS but all of this is a complete waste of time.

I would like to hear from other users who suffer the same issue - very frequent disconnections, very slow popups when cancelling orders (half of the time empty with no text), very slow order delivery to their servers.

If it were not for those major acceptable issues, I would recommend them 100%. Very transparent and honest in my opinion, but Saxotrader platform too slow and buggy.

I would recommend they produced a "fast", "lightweight" platform without all the gimmicks that sends orders FAST to the server and they should increase server speed on their side.

Pity, could be perfect, but disconnection makes it a nightmare.
 
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?
 
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.
 
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.

 
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
 
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.
 
Afamiii,
Lagos,
Jan 31, 2011,
Guest

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

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

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

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

 
CrackHouse32,
Poland,
Mar 10, 2017,
Guest

I do recommend this broker, it is reliable broker with vast range of instruments. I had account with them and I can recommend it.
Support is absolutely amazing !!!
 
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.
 

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/