Broker Details
Minimum Trade Size: | 0.01 |
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Maximum Leverage: | 30:1 |
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Minimum to Open Live: | $10,000 |
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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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Traders Reviews
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 ((((
WARNING - Worst Broker for setting up new account with
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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.
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Worst trader I have ever used
Service use: Live
Length of use: over 1 Year
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
Warning Terrible Market makers, Unethical, SCAM
Service use: Live
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.
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 !
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/