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

Live discussion

Join live discussion of Home.Saxo on our forum

Go to forums

Video

Your company video here? Contact ad sales

2.049 · 82 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

Emmanuel j abah,
Lagos.Nigeria,
Oct 27, 2008,
Guest

This review is for Saxo Bank and Finexo.Com.I have a live account with Finxo which have been inactive since last year. Sometime this year a Representative of Finexo called me to talk me into starting forex traing with them again. I wired the sum of $470 to Saxo Bank Gentofte,Denmak since 29th September,2008. Beneficiary is Finexo Ltd. Finexo is a subsidiary of Saxo Bank . I read somewhere that Saxo Bank Is an EU regulated Bank. But I am deeply suprised at the high level of unethical practice being displayed by the so called Bank. Saxo Bank has continued to hold on to my $470 since 29th September 2008. They have refused to release this money to Finexo and have also refused to return my money ,even after several requests by my Bank to return the funds.They have even ignored several correspondences from their Intermediary Bank (Deutsche Bank) on this. Please somebody should tell them to return my money. I can give proof of this transfer and also a copy of telex sent to them by Deutsche Bank on this matter. My email:emmajabah@yahoo.com
 
MONEY B GONE,
Canada,
Jun 27, 2007,
Guest

If you are smart stay away. These guys will steal your money. Watch out for these BASTARDS. In Canada they disguise as TRADEFREEDOM FX. During news reports very hard to get into a trade, and then when you are in they sometimes won't let you out. One time I clicked on buy and they put me down instantly 30 pips. Don't be like me and lose alot of money before you learn the truth. GOD BLESS
 
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.
 
Crispin,
Currently in Colombia,
Jun 24, 2008,
Guest

Been trading on Saxo for about 3 years now, and it's been a ROCKY road to say the LEAST! They have raped me on slippage so many times that my head spins thiking about it. They did it JUST TODAY. I had a stop bid order for GBPUSD @ 1.9703 , there was no news or any real volatility, but the price started steadily rising. When it hit my price, it opened me at 1.9716! When I saw this, I blew a gasket and chatted them and told them that trade was outrageous. My account manager was online and said he'd look at it, and told me it was acceptable, and to look at their minute chart.

Needless to say, I had to remind him that I wasn't stupid, and there was NO reason in the world why that order couldn't open at 1.9707 (the offer price with the spread). We went back and forth for over a half hour, and said he'd investigate it more tomorrow, and get back with me. I have a transcript of the entire chat session.

EVERYTIME I mention that I didn't like the price or the spread, they have a bs excuse. When I opened this account, I had $120K in it. About year into it, they screwed me with a MARGIN CALL for about $40K on some open positions I had that were down. Because they DOUBLE MARGINS on the weekend! I had to either put in more money or close the positions. I did a calculation, and my calculation showed I had enough margin even for the weekend. Apparently not, according to Saxo. The following monday, I open my account and my email to find out that ALL MY POSITIONS had been closed! My major position MOVED THAT DAY! After that, I brought my balance way down from there, and never traded at that level with them again. I'm still trying to get some legal action against them on that margin call, but apparently in Denmark this kind of litigation is very difficult.

Another thing that they did which I'm sure you'll all love. While this account was not being actively traded, I contracted a managed trader to trade it for us. He came highly recommended. For the first 3 or 4 months or so, they did a pretty good job, netting us about 25% average a month. Then, they started slacking, they would open good trades but never take any profits, had horrifically wide stops. I would see our profits vaporize because they didn't close our positions. To the point where I had to manually close them myself. I couldn't understand it. Eventually, we had to dump them. When I cancelled the LPOA we had with them, I discovered that Saxo had allowed them to INCREASE OUR SPREADS in some cases to more than DOUBLE their standard spreads so they can keep the difference!!! For example, our spread on GBPUSD was 11 PIPS!!!

I COULD NOT FRICKIN' BELIEVE IT. When I confronted my account manager about this, he put it off as if it was my fault because I hired that trader. NOWHERE in our trading agreement or in our LPOA, was there any mention that they or Saxo was allowed to manipulate from the retail spreads. In fact, they said that they would move us to the "institutional" platform, that would actually give us tighter spreads. Yeah right. After several emails and legal threats, they refunded us almost $4K (the trader, not Saxo, they to this day claim no responsibility). I'm sure there is more that we are owed, but we have to sift through our activity logs and audit every trade, and get all the info dating back to late 2006. It's easier said than done.

Earlier this year, I began trading again with our money in Saxo that had been inactive for some time, and in that time, we've been clipped quite a bit. Usually it was for 3-4 pips more (which they would blame on light trading in Asia), but sometimes it would go as high as 8 or 10 pips for no reason, and they killed lots of our positions by taking out our stops even though the market wasn't moving that way. We were still making decent money so I let most of it pass. But now, we're not doing as well, so I'm holding them to the fire and they don't like it one bit. My account manager said he'd get back with me tomorrow on this current brouhaha. I've resolved that if they make good on these last few ripoff trades that they pulled on me, I am closing the account for good, this is the final straw. And I will scour the earth to find the right broker to replace them. I'm using FXCM right now, but only for a very small nut, and may give them a shot. But I'm not keen on their weird, arbitrary spreads that I've seen so far. And their order execution leaves much to be desired.

One more note, their new SaxoTrader2 sucks, so many times the thing sits when I open it so it can update itself for what seems like 10 minutes. And other times I have to crash it manually because it goes nuts opening multiple dealer chat windows for no reason and jams everything up.


There are so many parts of the software that I don't dare use (like the FX Majors tab) because I KNOW that it will go nuts and lock up my whole system. I've been trading on a intraday strategy that's been working well the past few months, but apparently too well for them, because they are intent on screwing me every chance they can.

So, no, I can't recommend Saxo to anyone. In fact, after reading all this to myself, I find it safe to say that I'm done with them whether they resolve this current trade issue I have with them or not.
 
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.
 
Slovakia,
Jan 31, 2018,
Registered user

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.
 
London, United Kingdom,
Nov 29, 2019,
Registered user

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
 
ashok sagar,
Bahrain,
Apr 16, 2007,
Guest

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.
 
Dariush,
Iran,
Aug 20, 2007,
Guest

They dont have good services and support, i recieved my money with 1 month delay and they didnt help me.
 
Singapore,
May 15, 2019,
Registered user

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.
 

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/