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Saxo Bank Reviews
| SCAM | Horrible broker!! Traded one year with them and lost money with each transaction. Strange thing happen with your stop losses and margins. Very rude and arrogant helpdesk. Pure horror, total scam, avoid at all costs. | Mark | 30.12.18 |
| SCAM | Do not think they are a legitimate operation because they have a big name (big marketing budget...) and good online reviews (employees?). Saxo's mission is to get your money, one way (fees) or the other (dirty tricks). Example: 2 weeks ago I lost 34000 USD because they send an email a couple of hours before market close stating that the margin requirement for a certain currency pair would be increased by 400% the next day. I called the office and they confirmed, so I had to close my position with a big loss. Later that evening I found out that the margin requirement would not be raised that high, which meant I did not had to close any position at all! I have all the evidence that they did wrong but still they are not willing to compensate me for their error. Stay away from Saxo, they cannot be trusted. | David | 29.12.18 |
 | Careful with these guys. If you are happy to trade without stops then you can maybe use them. Otherwise stops get triggered way out of the normal trading range. | Olaf | 08.12.18 |
 | Karl Anderson of Saxo bank clealy stated that their trading platform was ful of errors and that I should possibly only rely on the 8hour charts and not the daily charts. He even refused to honour a purchase clearly shown in the daily chart . All screen shots were sent to him but he refused to put pen to paper (email) stating that "I HAVE NO TIME TO WASTE". However SAXO BANK did have "time to waste" when they introduced their platform to me. | Saxo Bank Client | 26.07.18 |
| wowww. saxo bank provide better services to the customers. idon't know exactly what is happened. but its really good. | viji | 18.12.17 |
 | all OK, I long time saxobank trader if lose money , only my mistake - as you :-) | wladav | 28.11.17 |
| SCAM | Wow I am not the only one! I open an account with Saxo in 2006. Opened a 10000$ account and lost all the money. I learned trading for 14 years plus I have a degree in Economics and in Finance. This is not important. When I was trading I was noticing to all kind of strange behavior from Saxo. For example my trading conditions ware changing that way that it always hit my stop loss or trades wore not executed in the price I have put and many more strange things, until I was so frustrated that I just couldn't understand what’s going on, why every trade I loose. For many years in my mind was that something was not right there, but I always assume that I didn't understand something. I couldn't believe that Saxo Bank is a Scam until this day. Today I went to Google in order to read about Saxo. For my big surprise I found lots of web pages saying Saxo is a scam. I started to read and found exactly the same things happened to others. Some traders describe in detail exactly what have happen to me to with there trades. In one of the blogs I notice message "calling to all ho fall victim to write to this guy together.against.saxo@gmail.com .I hope he can help us. I lost all my money with Saxo SCAM I like to get my money bake if it is possible. I am optimistic. Good day for you and may god bless you. | roman | 24.10.17 |
| SCAM | today is my fourth trading day and I have lost almost all my money. My intension was not to make some profit but to check their system. I am an IT professional and develop systems for investment banks. During these days whatever strategy I applied it did'nt work, reason is not that my strategy was poor,it was the software working against me. It is designed to wipe out balances from all the accounts cleverly; lost connection, screen jam, not enough margin, prices start moving against your bet until you change your bet or get panic. They have different approaches for different type of clients, they asses this when you declare your profession and any trading experiance at the time you open your acount with them. If u R doing well then Good Luck! if not then don't make it easy to loose your money. | alee | 27.05.17 |
| SCAM | they increased the margin from 10% to 100%!!!!!!if this is not robbery dont know what is!!!!? | nekal | 16.05.17 |
| SCAM | Scam or not, one of the worst trading experiences I had with a broker was those a*holes... as many say, it's a trap that liquidates... a monstrous machine that eats up money and they s*t us with an award winning platform... what the hell. They should be class-actioned. | Bilal | 30.04.17 |
| I lost USD 150K with an account in PWM division in Saxo Bank, my "professional advisor" opened different long positions in Natural Gas futures (one of the most volatile futures) without stop losses, you can imagine what happened, in only 1 day, my money dissapeared; my advisor told me "well, now we have won more experience". I can tell you, don't work with this broker, they will only take your money in one way or another, you will lose, it doesn't matter if at the begginig you start winning, at the end of the day you will lose your money. | Hector | 28.02.17 |
| SCAM | I also experienced strange behaviour using the Saxotrader. Placing a stop, the price could drop below the stop, and then bounce back up - stop was hit on the way up again, but stop price was at the bottom. What they do with stops, is they wait and see if the price bounce up, and then trigger the stop. Clearly this can only be done if the are a "Bucket shop" doing pseudo-brokerage, which is illegal in many states in US, but legal in Europe. Dont trade with Saxo Bank. | Jesper K | 02.02.17 |
| SCAM | Scam 4000 euros - Fraude 4000 euros - Frode 4000 euros The worst broker!!! When I had my positions open they increased the margin. I was wiped out!!!!!!!!!!! El peor corredor! Cuando tuve mis posiciones abiertas que aumentó el margen. Me fue aniquilada !!!!!!!!!!! Il broker peggio! Quando ho avuto le mie posizioni sono aperte aumentato il margine. Sono stato spazzato via !!!!!!!!!!! | Mrs. Gentile | 10.01.17 |
| SCAM | when i was trading 'news' , they changed the price(after 3 hours) retroactively and said that it was the first intrabank price ... | trader | 31.12.16 |
| Saxobankwebtrader has a few bugs, I cannot tailore un unperfect system when dealing with money.. well you should know about it. so 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 | 28.12.16 |
| SCAM | On their website, it clearly expressed the availability of trading exotic options, such one-hand, no-hand and others. For sure, you can practice those strategies with demo account. However, when you get to real trading, all those features disappear. You ends up with plain vanilla options only, even on major currency pairs. Worse part is that Saxo charges pretty high premium as well as large spreads on those options. Stay away from this company. | David C. | 16.10.16 |
 | I have experience with Oanda (forex) and mytrack (stocks). Disadvantages : the account summary (how much money you have and can use) is updated infrequently, probably every 1-2 minutes... at oanda it was every two or five seconds. rollovers seem to cost quite a bit more at saxo than the interest i paid at oanda. You can only watch one chart at a time. selecting to chart another currency deletes the chart you are watching. Changing between symbols is not that fast. onada had unlimited number of simultaneois charts The charts can only go down to 1 minute bars. Onada has 5 second bars the high rollower cost compared to oanda makes carry trades using spot impossible on some crosses THEY DOUBLE FOREX MARGIN REQUIREMENTS ON WEEKENDS THEY SOMETIMES DOUBLE FOREX and CFD MARGIN REQUIREMENTS WITH SHORT NOTICE the above *never* happened with oanda. The worst out of oanda was a big widening of the silver spread in the panic last april/may - but at that time other brokers stopped trading silver entirely i got cut out on a margin call with a price 8% better than the bottom - so they are not trying to cheat it seems. position size at saxo can be smaller than approx usd 100000 but then you pay a comission of typically 20 usd. at oanda there was no comission no matter the position size. spreads are wider at saxo than oanda, about 20% to 50% wider. you cannot see for a given position how much margin that position uses right now (probably not bc they for most forex crosses have 1% margin for the first 25K assets, 2% margin for the reset) you cannot see for a position how much margin it wil use going into weekend margin levels (which are typically double up) you cannot see for your entire portfolio if it will be margincalled when you go into the weekend (or how close it is) you have to guesstimate this yourself. margin calls and margin warnings look similar, the first warning is clearly a warning, the next one looks like a margin call but is also a warning. i have never had a real margin call, not sure how that looks like. you get a warning at 110% utilization and one again at 120 or 130%. they will close you out at 150% (so they say). These rules are not easy to locate in their material, and the support staff does not know of where it is written down. advantages you can trade cfd's futures and stocks using the same account and the same margin they comment on the market in the chat channel, but also have a news channel with more traffic It seems to me they won | Pinball | 21.09.16 |
| SCAM | Saxo bank is a danish scam operation. Their software is designed to seperate the client from any funds that have been transfered into the accounts that they have set up at Deutschebank. They don't give you clear information on what they are charging you in rollovers, the employees are instructed to clean out clients' accounts, the software program reduces your margin in a manner calculated to eliminate your account, and they change margin rated sometimes several times per week which wipes out many depositors. There are many lawsuits against them and even criminal complaints in several countries. The 2 principals (who own more than 50% of the stock) had a pretty bad reputation in Denmark before and some fraud investigations against them. | jerome powers | 23.04.16 |
| after changing from GFX to Saxo, i appreciate the difference! orders confirmed at prices quoted. real 2 spread on Eur/Usd It seems more reliable than GFX who refuse to pay me over usd 50.000 profits made on their platform on usd/thb at prices quoted, and confimed by them. under the reason that their prices were "off market"... ( approximate cost of lawyer to sue them : 10.000 Swiss francs and 3 years if everything is fine!) | remy colin | 09.03.16 |
| Excelent service from Saxo Bank. I don't know exactly what happened to newbie. I think it might have been teh incorrect strategy used. | John Doe | 01.02.16 |
| SCAM | The worst broker!!! When I had my positions open they increased the margin. I was wiped out!!!!!!!!!!! | newbie | 19.01.16 |