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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DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

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.
 

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/