Saxo Bank Reviews and Comments

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Unreliable and Limited. The platform is to some extent good; however, if you need to chat with the agent and receive support it is very challenging. The chat can be open for 5 min at most and then it restarts and you end up speaking with 10 agents before you can only address your problem. I never solved one so far. Saxo Bank is also very unreliable. They change margins, fees and their interpretation of regulation without any previous communication and as they seem appropriate, usually on client's damage. They also never send you a name or a link to the regulation they are enforcing. Especially if you are a non EU citizen, avoid it. There are many other platforms in the US which are more reliable and less costly than SAXO. Do a better research. This is a branded mamut which will not survive the New Age.
Andriana 23 May 2022 Reply

Very bad experience. I asked them to withdraw some money on the 1/2/2021. I got no response until I made official complaints to the Monetary Authorities of Singapore where I hold the Account and to their "complaints dept". They finally registered the bank account of the receiving bank on the 8/2/2021 but. still today on 17/2/2021 I have not received my money. The people answering the phone are totally irrelevant. I have started worrying about the rest of my money with them and I think I will have to change broker. Its not the first time that I have problems with this broker. Stay clear.
George 16 Feb 2021 Reply

Thank you for your honest review, this helps new clients be aware and cautious for sure.
Jonathan Bartsch 8 Sep 2021

Saw an add for NDD Saxo bank trading accounts, later I find they are market makers. below is from their Product disclosure statement. 3.14 Conflicts of interest: Trading with Saxo for the Saxo Products carries an automatic risk of actual conflicts of interests because Saxo is acting as principal and issuer of the Saxo Products and Saxo sets the price of the Saxo Products and also because it might be transacting with other persons, at different prices or rates, or Saxo might be trading with market participants.
HB 10 May 2018 Reply

Saxobank dead company without support team. In Saxobank doesn't exist support team, they doesn't answer on me emails. It is SCAM broker.
Pavol 31 Jan 2018 Reply

That’s not a good broker for some sort of trading strategies. I’ve got very poor performance since started trading using small take profits and stop losses. Other words, spreads too high for scalping. It brings my strategy performance to negative level comparing to other brokers. I also found that results are the same on all main currencies. So my conclusion is to use this broker only for position trading.
Silva 3 Jul 2017 Reply

It's a terrible and not advanced company in terms of trading currencies. In my story, I was attracted by promises of broker's advantages among other firms. It pushed me to open account and make deposit after relatively short period of time. No demo at all! In addition, I had an ECN account, but in reality, there were no advantages compared to other types of accounts. All the same: requotes, wide spreads, etc. If someone wants to protest against my statements, I will glad to provide all the evidence. Unlikely, I won't communicate to anybody from broker after such a negative experience.
K.L. Slater 25 Apr 2017 Reply

Please, can someone leave a comment of true experience with Saxo Bank? Look, when I see list of all trading currencies, I get a little confused. There are 182 currency pairs. My current broker offers 32 currencies for trading. The difference is huge especially when I see much better conditions with saxo. What I do not like is a minimum required balance that is $10000. Comparing to my broker it is very high level of entrance even if Saxo bank gives you so many trading instruments. Is it really worth to deposit 10K? What special with trading solutions if broker provides the same mt4 trading platform, regulated by same authorities and have all major currencies for trading?
Pad65 2 Aug 2016 Reply

Damn rude tha's all I can say of their night dealer no damn manners at all, system slower than my grandmother walking
Rude ??? 22 Mar 2011 Reply

I'm a Private Wealth Management client in Saxo Bank, what can I tell you about this service?, well, they've made me lost USD 150K trading with Natural Gas futures, they offer a senior advisor for your investments (with a lot of experience) but this only a joke; the senior advisor bought the future contracts without an stop loss order, the result was I lost USD 150K in just 1,5 days. It would be funny for you, but it was not for me, believe me Saxo Bank is not as good as they say.
Pavo 8 Apr 2010 Reply

please somebody tell me... which is the best forex borker?
Predac 13 Jan 2010 Reply

guys iam confused! which is the best forex borker?
johannes 30 Dec 2009 Reply

Jean Claude blaming the broker is one thing but "legal" excuses not to give you your profits is quite another I dont think you read the comments proprerly
Gary De Lacy 5 Jul 2009 Reply

people on this page is complaining only because they do not know how the market works.....
before you open a trading account with a broker or a bank PLEASE LEARN THE MARKET.....
blaming the broker for slippage, execution or else comes only from ROOKIES....

jean claude 5 Jul 2008 Reply

I am a client of Saxo bank and the platform is great but the execution on the FX is frankly average. I use saxo for my stock trading only where its quite ok.
saxo trader 25 Jun 2008 Reply

I opened with Saxo as they have a multi product platform but their execution on fx markets is always requoted and quite many problems placing stops. I have found a better deal for fx and so just kept Saxo for CFD's it works ok.
fxlion 23 May 2008 Reply

when Money matters open a real bank account.

When you open a real bank account you will be the one that is interested to open the account. You will not be getting hundreds of calls from the supposed bank.

The real bank account works like this:

You either visit the bank or open the account by mail though it is not just sending scannned copies of contract or IDs.

You will have to :
Send hard copy of pasport notarized by public notary.
Sometimes a letter from other bank, it is a letter of recommendation.
Hard copy of contracts sign and dated.

And Bank has to be authorized to be securities dealer and authorized to be a BANK .

visit this site below, they are consultants:

swissbankingaccounts.com
John 28 Dec 2007 Reply

Platform is excellent. No requotes, no spikes, pretty fair pricing all in all. Slippage is a bit of an annoyance as it only works one way, i.e against you, never in your favour.

I'm not a news trade, I trade short-term trades anywhere from 20 minutes to 2-3 days, they've never had an issue with my type of trading.
Graeme 23 Nov 2007 Reply

Hi there,
This review is related to saxo and forexwebtrader together, I gave a scam to saxo because that decision was taken by saxo bank
Here is the review
Stay awaaaay from this group of mafia members called Forexwebtrader and god Father Saxo bank
I had been with this company since Apr 2007 and when I was trading the news with their platform and when I found that there execution is good I decided to open another account with them. Last month after more than two month trading I asked to withdraw money from one of my account and then I got this e mail after one week
Your request to withdraw funds from your account is still being processed by Finexo and its business partner - Saxo Bank.
The reason for this delay is that we have reason to believe that exploitative strategies such as 'sniping' were employed in the account. For details please see section 4.12 of Finexo's General Business Terms.
We shall reply to you shortly following further investigation.
And I looked at this Section 4.12 and it says
4.12. Trading strategies aimed at exploiting errors in prices (commonly known as “sniping”) are not accepted by Finexo Global Investments Ltd.. If Finexo Global Investments Ltd., at its sole discretion in good faith, determines that Client is taking advantage or attempting to take advantage of such misquotes or is performing other forms of abusive trading, Finexo Global Investments Ltd. is entitled to take one or more of the following countermeasures: i Adjust the price spreads available to the Client; ii Restrict the Client’s access to streaming, instantly tradable quotes, including providing manual quotation only; iii Retrieve from the Client’s account any historic trading profits that have been gained through such abuse of liquidity – as determined by the bank in its sole discretion in good faith – at any time during the client relationship; and/or iv Terminate the client relationship immediately by giving written notice.
If you look at this statement which is not related at all to the news trading and I already have a proof for almost 85% of the trading that I got the same price plus or minus 2 pips from other two platforms with the same prices as I got from forexwebtrader which proof that I never got a wrong prices like they mention in the statement and I got several messages in several cases says (price is too old. try again) which also give the evidence that there system never give a wrong price with me and I got around 50 trades within the last two month ….could anybody believe that any system give 50 wrong prices in 60 days??????? Then they should go out of business because they don’t deserve to be professional.
And if you read the statement again you will realize that they just write the statement to be fogy and flexible to accuse anybody who gained profits with this accusation without giving any definition for sniping act means.
Then I got this e mail
After having investigated the situation of your two accounts, we, together with Saxo Bank, have established that the entire activity of your accounts (profits and losses) were acts of 'sniping'. We are therefore annuling all trades made in these accounts and returning the original deposit in accordance with your contract.

Your accounts have now been frozen.

The refunds will be made within the next few days and our Client Service Director will be in touch with you tomorrow.

Elon Bezalely

Finally they stole around $20,000 from me and $30,000 from my wife and we will go back after them all the way and we have all the proof of our profits and proof of right prices we got and I got also contact from another trader they stole also around $17,500 from his account also and we all will complain against Forexwebtrader BaFan in Germany and saxo bank in NFA in USA. And if we didn’t get our money we also going to sue them in British virgin island and I start to contact a lawyer there to be ready since they stole around $67,000 and it worth to go all the way for it.
Finally I read the statement wrote by Michael Primus - Marketing Director - ForexWebTrader.com, Duesseldorf, Germany
He wrote: This trader's deposit was returned to him in full - which we feel is more than fair”
So I want to ask him…to refund the trader deposit in this case is consider for you as a more than fair…so what about if your company treat him with your just fair treatment not (more than fair)….what are you going to do with him and what do you used to do with other traders….take there fund also???????
My advice to all traders that go away as far as you can from this company and the god father Saxo bank because you will lose you money and time and you will get you original fund after more than month like me and maybe they will treat you next time with their fair treatment and take you fund.

Note: if anybody wants to have a look at the statements and trades history reports I had with them, just send me an email to hesham_ha@yahoo.com and I’ll send it to you as
an attachments.

hesham 16 Aug 2007 Reply

They are great. Offering multiple products. You can get access to a forex board which is much more easy to use than any other competitor in the market.
Brian 3 Jul 2007 Reply

Dude,
Sorry to hear that you had to get burned like that.
I got out of there when those fUUUckers fished my stops!!!!! Friday afternoon you better not even trade. The margin call shoots up to 4%. They must spend the whole weekend laughing with the extra bucks made.
I only lost around 4 thousand EUR, but I learned my lesson well.
My friends and business partners are advised about this SuX-o-bank

SuX-o-bank 19 Apr 2007 Reply

They dont care, they just want max profit so they can sell the company, end of story. They are going to sell for a billion dollars and thats it...
Marc Rob 19 Apr 2007 Reply

I thought this bank/broker was a serious one but it badly screws you.

Today alone I made a profit of $30K on a long GPDUSD position. Soon after I received a shocking email from a saxo bank representative called Erdal saying that THEY ARE CHANGING MY TRADES!!!!!!!!!

I EARNED THIS PROFIT FAIR AND SQUARE (IN SPITE OF ALL THE SAXO SLIPPAGE AND REQUOTES) AND NOW SAXO BANK IS SIMPLY WIPING OUT MY PROFITS, AND IS IN ADDITION THREATENING ME OF I DON'T KNOW WHAT...

THIS IS THE BIGGEST SCAM IN THE WORLD.

Here's the email I received from them:

"Dear xxxx,

We have changed your trades on GBPJPY and GBPUSD as these trades were speculative and done after an announcement. We see speculative trades after announcements as illegal and would advise you to stop this behavior immediately. Otherwise we would need to take further action.

Best regards,
Erdal

Med Venlig Hilsen | Yours Sincerely

Erdal Erbas | As-sociate - Institutional Sal-es Trading Saxo Bank A/S | Smakkedalen 2 | DK-2820 Gentofte Company phone: +45 39 77 40 00 | Direct phone: +45-3977 6019 | Fax number: +45 39 77 42 00

ex-saxo client 17 Apr 2007 Reply

These Saxo guys are not bad, just annoying: One can't place a stop unless there is 20 pips between it and the current quote. Nor can one use all their money to leverege up - only about 70 percent of it. If you leverege close to the limit, but still below it, you may get a call to reduce or close the position. And lastly, you will get a constant barrage of news whether you want it or not - the chat window can't be turned off. Other than that, they seem to be on the level.
romen k 7 Apr 2007 Reply

Many of the comments here are completely wrong. The margin increasing at weekend was clearly signalled. In any case it no longer happens. When the market is moving very rapidly do you really expect a window on your computer relayed by god knows how many other computers to instantly reflect what is happening at Saxo? That said quote box requotes are not that common in my experience....and all i am talking about here is that is at these times it comes back for you to have another go....and you get in. The box changes colour when the market is moveing fast to show you it is requoting. I have never seen a limit fail to fill on a spike to my advantage. And never seen a stop missed by more than a couple of pips. I have the impression that people who write on these boards no nothing of the realities of retail forex. Service is excellent. Placing stops can be very very difficult in a fast market and there are other issues related to wanting to profit in fast markets about speed of access to change existing instructions and so forth. It could be better but it could be much much worse. Is there better somewhere?
Survivor 17 Mar 2007 Reply

i love them !!!!!!!!!!!!!!!!
dina 12 Mar 2007 Reply

Yeah Zak, accounts do blow up fast with Saxo, not yours of course because you work there and have never traded in your life. Saxo has bad conditions, end of story. Requotes and cheap margin scams are not to be expected from a bank, but from a bucketshop scandinavian bank...sure why not.
John Mennely 7 Feb 2007 Reply

\"When I had my positions open over the weekend THEY INCREASED THE MARGIN TO 4%. I WAS WIPED OUT. BASTARDS! I’m changing brokers.\" Bastards, eh? If you have spent even 5 minutes reviewing their website you would know that they up the margin over the weekend AND...AND when liquidity dries up. Mr. Phil Mickel.. you don\'t know jack I am sick and tired of people like you and ProfxTrader posting garbage and confusing everyone...i hope your accounts blow up fast
Zak McKracken 30 Jan 2007 Reply

Absolutely the best bank on the market...Very vast range of products and Instant prices on Forex. The platform has been winning the best award for the past five years. Recommended A++++++
MarkFx 15 Jan 2007 Reply

Not a bank, just by name.. Try to send some funds and see if you can get interest. Not a chance.
This is a bucketshop of worst kind, and a marketmaker against you. They will quote special prices against you. Which they also state in their EULA they have the right to do.
Peter 15 Jan 2007 Reply

Oh yeah man, that 4% weekend margin is such a scam, one of the biggest scams on the forex market. Another that does something similar is Realtimeforex, they increase margin requirements to 2.5% at night!! So they can cover themselves for the rollovers. fuckers. Saxobank just gives good image and profits from being a bank but lets get real, their shit sucks besides the fact that they offer other products than forex... I left them already a few months ago.
profxtrader 14 Dec 2006 Reply

Saxo Bank

Saxo Bank is a leading specialist in online Forex trading and investment, offering access to global markets and providing a powerful suite of products and online trading platforms to clients in over 160 countries and high-profile institutional partners. In addition to FX, we offer 11,500...

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