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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Traders Reviews
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.
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
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.
They dont have good services and support, i recieved my money with 1 month delay and they didnt help me.
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.
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 .
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.
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
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.
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.
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
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
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/
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
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
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
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.
---
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.
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.
---
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.
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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/