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

staxx123,
, Cyprus,
Jan 15, 2012,
Guest

i hedged my account only to find out the next working day that they closed my two possitions. They said that i ought to know their business terms which in this case they were as follows: when you open two opposite possitios saxo sytem will close them unless you associate one of the two possitions with another order like take profit or stop loss. Is that the meaning / translation of hedging? that is you open two opposite possitions but in order to be called hedging you have to do another click and associate on of the two orders with another order. Your conclusions!!!!!
 
Johnny Honda,
Zurich, Switzerland,
Dec 17, 2011,
Guest

I use this broker since ca. 2 years to invest in stocks. For this purpose Saxo is OK.

But I tried to trade CFDs, futures and forex with Saxo. And here Saxobank shows its real face: Total scam.

If you set a stop loss, it will be triggered, doesn't matter how far away the price is. The second time it happened I made a screenshot that proves that the price NEVER reached that level and complained. The support just said: Our indicated prices are not binding and just a rough indication where the price could be....Great broker, isn't it?

They royally suck!
 
Olaf,
Amsterdam, Netherlands,
Nov 18, 2011,
Guest

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

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

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

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

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

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

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

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

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

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

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

 
maneta,
uk,
Jan 27, 2011,
Guest

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

For 4 years I was a customer of them and i had a good performance;
any day they sent an email saying my account was closed, they
closed all my positions causing loss big for me and not
I gave reasons for closing the account.
 
AV.Bessler,
Moscow ,
Nov 21, 2010,
Guest

They are a very dangerous tool, I have used for example DBFX it asked me double and triple time, if I really want to do a certain action, with Saxo, I mistakefully just wanted to find a reate and boom, trading started, nobody could take me out of it, lost 1000USD in 10 minutes, looking sadly on the screen, and having their control room not really cooperative, I've complaied, got nothing.
 
naji,
cyprus ,
Apr 15, 2010,
Guest

Saxo Bank's license is under threat following a Portuguese client's lawsuit http://forexmagnates.com/saxo-banks-license-is-under-threat-following-a-portuguese-clients-lawsuit/
 
Joseph,
USA,
Feb 28, 2010,
Guest

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

Please stay away from Saxo bank. There are too many errors in their trading platform. Sometimes you cannot place or exist a position, as the system show some error message. Your stop loss never stop at the point where you set. You will always lost your money than you desire.

It is very easy to deposit your account. It takes few second, then your money is there. But if you want to withdraw your money, it takes too long time and I withdrawn cash from my account last week, I still did not get my money back and I do not know when it will happen.

Customer support is very poor. They never reply your email. I wrote them and asked about an account, they never reply.

There are two types of account for a private investors, as they wrote on their website. Saxo trader with minimum deposit of 10000 USD and miniaccount with minimum deposit of 2000 USD. If you apply for mini account, you would not get that. They will only give you an account with minimum deposit of 10000 UDS.

I recommend that you should stay away from this broker.
 

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/