Saxo Bank Review

2.059 · 81 REVIEWS

Formerly SaxoBank.com

Updated: Jul 27, 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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2.059 · 81 REVIEWS
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DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

David W,
Brazil,
Jan 22, 2010,
Guest

They are terrible.

Go on their website now, 01/22/2010, and try to use the search feature--it doesn't work. It is a prop on the websites that want to look fancy.

Its just marketing to lure in clients.

Terrible system will keep you away from your money in peak hours.

A truly regretable experience. You don't know how badly you get get treated until you trust Saxo with your money.
 
Dev, M.P,
USA,
Nov 18, 2009,
Guest

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.

 
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.
 
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.
 
Salvador,
Portugal,
Jul 2, 2009,
Guest

One of the best platforms out there... you guys have to keep in mind that this is a direct feed to markets... it's not like those brokers that play against you... This is a serious bank, of course spreads can get high, spreads are made by the market... The other day EURUSD spreads went up to 25 pips when lots of volatility were around...

The only con I give them is their platform still not being able to accept custom indicators, and formulas... other than that... very good.

I trade with 500K + and no way I'd deposit this kind of money in brokers like Alpari or Fxpro or anything...
 
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.
 
Saleem,
Norway,
Mar 6, 2009,
Guest

Very high spreads, if you is looking for small profits so they will eat all your profits.
 
Cesil,
London,
Mar 1, 2009,
Guest

Have used Saxo for over a year. Started as a complete beginner to FX trading so it took abit to get my head around their platform but once I'd done that I found it very very easy. I've not really had any issues with it, it only asks to be updated about once a fortnight. I don't experiance delays in the charting at all.

Customer service-wise they've been excellent. I get about 6 email forwards per day from my account manager which are all the analysis papers & trade recommendations done by the major european banks (useful to see what everyone else is doing & thinking).

Money has never been a problem either as it seems to have been for others. Deposits appear instantly (literally) & withdrawls take 2 minutes to request & 2 days.

I'd recommend them without hesitation.
 
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 ((((

 
Emmanuel J Abah,
Lagos Nigeria,
Nov 4, 2008,
Guest

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
 

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/