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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Traders Reviews

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.
 
KL, Malaysia,
Apr 13, 2020,
Registered user

User since 2018

Service use: Live

Length of use: over 1 Year

After 2 years of being there as a trader and investor, I’m very satisfied with the platform. It’s intuitive, genuine and fast process of withdrawal. Look forward more improvement from Saxo!
 
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
Bucharest, Romania,
Dec 10, 2019,
Registered user

Customer Support does not exist - Withdrawal not possible.

Service use: Live

Length of use: over 1 Year

Suddenly, out of the blue, Saxo send me an email to upload again all compliance documents and they blocked the account for trading without any reason (according the email they requested compliance documents earlier, but this was not the case, I triple checked all my emails and nothing was send to me).

I immediately uploaded my docs same day, and send them emails and messages on the platform to solve the issue, but 3 weeks passed NOTHING HAPPENED!!

Today I decided to withdraw my money but seems they removed the withdrawal option in my account! So I can not take out my money!

Contacting them via telephone is not possible. Nobody is replying emails and messages in the platform itself.

This broker is a TOTAL NIGHTMARE!
  2 traders have found this review helpful
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
 
Tom,
Göteborg, Sweden,
May 26, 2019,
Guest

Customer service does not exist

It is a joke! Customer supper simply does not exist. Forget them. They have a great affiliate marketing to convince people to join but that is all.
  1 trader has found this review helpful
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.
 
Netherlands,
Dec 12, 2018,
Registered user

Stocks a lot, forex untrustable like cyprus brokers, Market maker against costumer

As stocks they have a big range of stocks. that is very good. But have to be rich to use them. High fees but I think it is still doable, takes only longer time to go in profit. On Forex part I think and I almost know or experience every time I enter a trade they are market maker. They say they are both ecn and Market maker. A-book broker they say. But the prices fluctuates when entering and go against the costumer inmediately after taking position.
they do everything to make you lose or trade against you. Same as cyprus brokers.. no difference. They trade against the costumer and rather have them lose and leave Saxo then trying to keep costumers. enough donkeys on this planet to steal their dumb money. Meaning, they see the costumer as a temporary low life who has to become poor as fast as possible before they leave again and wake up. Their Conflict of interest is with the bank because they are a bank as well. Looks very fancy but lots of disconnections, what is the reason for this ? Maybe for manipulation ? should not be an issue anymore in 2018 of disconnections in these modern times and always put you in bad prices when entering. you need a very big margin money to overcome their market making tactics.. For stocks can be an option for forex, better go on and look for better broker and conditions.
  2 traders have found this review helpful
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
Singapore, Singapore,
Mar 26, 2018,
Registered user

Illegal, Unjust and Unfair Practices by SAXO Bank

Delibrately logs you out during important events / news. Closes and groups your position with other positions to put your positions to greater negative losses. Complaints are returned by low level staffs that ridicule you and make gives you replies that makes you go in circles and solves nothing but put you back in the same ill-treated and unresolved manner!

Mar 26, 2018 - 1 Star We are a group of SAXO Bank Singapore customers who have lost a total of $5,000,000 SGD from illegal, unjust and unfair practices by SAXO Bank. If you had experienced such practices on your account with SAXO Bank, please contact me immediately. We are taking a class action suit against SAXO Bank and your input will greatly benefit in helping youself and each and everyone of us in getting back monies which have been illegally, unjustly and unfair stolen away from us.
 
Jack,
NL, Netherlands,
Feb 13, 2018,
Guest

Simply not a competitive option

Perhaps ok depending upon what you're comparing to, but if you're familiar with other U.S./U.K. trading platforms, Saxo is a non-starter - simply no comparison. They charge for every conceivable thing. Not only are trading fees higher, but their custodial fees are gouging, and they charge for things that other platforms do not. Even their belief of how "real time trading" works, is the exact opposite of well established norms elsewhere. During my time with them in 2017 I felt I was bled dry month after month.

I've sent multiple emails, and had many calls with their offices to get them to understand how different they are, but I think they're comparing themselves to shit little European/Nordic competitors, not the big boys. My belief is that they don't actually want the business of most of the people on this blog, and seem to be more focused on small niche market traders in-region.
  2 traders have found this review helpful
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.
 
CrackHouse32,
Poland,
Mar 10, 2017,
Guest

I do recommend this broker, it is reliable broker with vast range of instruments. I had account with them and I can recommend it.
Support is absolutely amazing !!!
 
Port Vila, Vanuatu,
Oct 25, 2016,
Registered user

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
Elise,
Australia, Australia,
Aug 15, 2016,
Guest

Some of the worst facilities I've come across - $200 margin call at 10pm at night, transfer $1000 and send remittance and they close every single position within half an hour. Apparently funds have to be in there immediately, however they don't provide you with any facilities to allow you to do that. Much better platforms out there
 
Z. N.,
Wellington, New Zealand,
Feb 22, 2016,
Guest

Pros:
Does offer the biggest Range of CFD instruments.

Cons:
Positions do not show margin used, only units.
Charts and Combined charts cannot be saved into Favorites.
Cannot auto-login and skip-updates.
Upon trying to sell some CFD's an error message popsup "short selling is disabled for this instrument"... So annoying, no way to hide disabled instruments.
No support forum or email address.
  1 trader has found this review helpful
Krisztian,
Tatabanya, Hungary,
Jan 26, 2016,
Guest

I hope somebody will close this Bucket Shop. Always hunting the Stop Loss levels. Always disconnect the platform or freeze. They have cancelled profit from the account. How can they still alive? Never open real account with them.
 
SaxoBank Story,
, Hungary,
May 31, 2015,
Guest

My Saxo Bank story: ~ 90.000$ loss after a blink

The link for my story on Youtube:

https://www.youtube.com/watch?v=CFgxe9HIBfA
 
Yuri,
Haifa, Israel,
May 4, 2015,
Guest

Won't go into the quality of the broker because I only had a small account with them, but at least they're legit! I've put in a wire withdrawal request and had the money in my bank account within a week more than can be said for a lot of so called FX brokers out there.
 
Thomas,
Spain, Spain,
Feb 20, 2014,
Guest

Saxotrader could be a cool platform - it is were not for those obnoxious DISCONNECTIONS.
You can easly get disconnected up to 10 x per hour - which is what happens to me - in a trading hour. Even though I have 9MB download and 2MB upload line.
I tend my internet speed when I get disconnection, and my speed is mega fast, yet the Saxotrader plaform disconnects - again.
There support email plenty of "tricks" or options such as changing connection from AUTO to TCP or HTTPS but all of this is a complete waste of time.

I would like to hear from other users who suffer the same issue - very frequent disconnections, very slow popups when cancelling orders (half of the time empty with no text), very slow order delivery to their servers.

If it were not for those major acceptable issues, I would recommend them 100%. Very transparent and honest in my opinion, but Saxotrader platform too slow and buggy.

I would recommend they produced a "fast", "lightweight" platform without all the gimmicks that sends orders FAST to the server and they should increase server speed on their side.

Pity, could be perfect, but disconnection makes it a nightmare.
 
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 !
 
jonas hammar,
Dublin, Ireland,
Dec 14, 2013,
Guest

I have been with SAXO since August 2013. I invest mainly in stocks.
8 times of 10 when I buy a stock I got them lower than my buy order = I saved money. So this means that they ARE honest!

My experience with their support is very good. My account manager always get back within hour and give good advice/ explanation etc.

Just started to learn Forex trading in their system, can't say if they are cheating or not but since they have a 8PIP spread I dont see why they would cheat as they make tons of money on this high spread.

Conclusion for me is that they are very good and I trust them.
Maby little expensive on the spread but thats it. You get what you pay for. Many "low spread" have many hidden costs, I prefer a trader who is transparent with costs as Saxo Bank.
I have mixed result on the forex BUT thats only because of me doing wrong choices.
 
Dennis,
Alkmaar, Netherlands,
Apr 21, 2013,
Guest

Total scam!!
Stop losses are always hit, often at "spike" that didn`t occur in real time.
They also tamper with your margin, two times I got a margin stop out at night (forex) while the spotlevel did not reach the values at the time of the stop out.
Helpdeskservice is very unfriendly and arrogant.
Avoid the Saxobank, flushing your money through the toilet is easier and more fun.
 
Alessandro,
Firenze, Italy,
Apr 9, 2013,
Guest

I'm experiencing a live account with SAXO. I was catched by a very good offer for new customers: deposit $2000 and get a Mini Ipad for free. Well, infact you need to do a more than reasonable amount of trades every month for almost six months, but it's fair enough.
They were really professional and sent me the Ipad the same day I deposited. I also tried to withdraw part of my money: it took only one business day, WOW. That's becouse it's a bank I guess.
Problems arrived one day, when the connection to the platform was very instable. I could not access it for more than an hour and I lost money. I asked for refund and after they checked the log, they admit I was unfairly damaged and refund the part of my loss due to the bad connection.
I think this broker has a solid organization behind, they proved to be very smart, honest and efficient. The platform is also good, apparently the black out was a very rare event and I hadn't any other problem.
I reccomend it: try this broker with confidence.
 

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/