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

Fara,
Malaya,
Aug 24, 2007,
Guest

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.
 
lynx,
Singapore,
Jul 28, 2007,
Guest

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.
 
Daniel Vandborg,
Saxobank, Copenhagen, Denmark,
Apr 15, 2008,
Guest

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
 
naji,
cyprus ,
Apr 15, 2010,
Guest

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/
 
I.a.a,
RIYADH, Saudi Arabia,
Mar 14, 2013,
Guest

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
 
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
 
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.

 
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.
 
paulos125,
Thailand,
Aug 4, 2008,
Guest

The worst trading system ever used.

Saxobank Serious Faults
________________________________________
Saxo Trader stopped me out of a trade with no stop being hit and at a loss of about 35 pips EUR/GPB on Friday 1/8/2008

They have refused compensation.
Here are the extracts from Saxo email.


Order 90261972 should not be triggered.

You called us to report this error. My colleague in Demark called you and informed you that we would cancel the position for you due to our fault on this.:

We are sorry for the wrong filled (for order 90261972) and we have revised for you asap.

Deal with SAXO at your own perril. I also have charts to prove this.


 
Bibi,
Europe,
Apr 6, 2007,
Guest

Got in trade at Canadian employment. Got delayed fill for 30 seconds and I was unable to cancel pending order. Was filled in short position at the exact bottom. Saxo = scam
 

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/