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Saxo Bank Reviews

2013/14 Saxo Bank Reviews

May 1, 2013 - Apr 30, 2014

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The worst broker, put an option trades, and they were closed prior the expiry date for no reason .... commission is killing ... I had to pay around 150$ commission and interest for SPX short. while with other broker I had the same trade and paid only $6.65 .... my advise do not and do not go with them ... I am closing my account with them
Reviewed by yanal, September 17, 2013. Rating = 1/10

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2011/12 Saxo Bank Reviews

May 1, 2011 - Apr 30, 2012

They are clearly manipulating clients account. I have experienced unusual activities in my saxo account and even price off my trade changed by few cents.
Reviewed by nish, April 24, 2012. Rating = 1/10
Beware of Saxo, they can and do interfere with your trades.

If you open a hedged position, eg. two trades, one long one short on the same currency pair, Saxo will automatically net them out at around 3am.

Putting a limit order on them will prevent this BUT Saxo will take the limit order off IF your positions are showing unrealized losses - they claim that their 'terms-of-business' allow them to do this. They did it to our account thus forcing a loss of $80,000 to be realized! As the counterparty to the trades (also noted in their terms-of-business) they made this amount in profit.

A broker should NEVER interfere in a clients account, nor change any of that clients trades, orders, etc., should treat their clients with 'honesty and fairness', and have transparent dealings. Our experience with Saxo was exactly the opposite and we will be reporting them to the FSA. I would strongly recommend NOT DEALING with them in any way.

Reviewed by traderman, June 14, 2011. Rating = 1/10

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2011/12 Saxo Bank Ratings
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2010/11 Saxo Bank Reviews

May 1, 2010 - Apr 30, 2011

(+) full online account, everything can be sent via mail ( even ID).
I like the chart print out aut scaling.
Webtrader plattform is awesome.
(-) the trader has a lot of instruments, but the .net 2.0 Software needs a little update. And an API would be also good.
Unfortunately all the background are white. so trading in the evening is bad for the eye.
Reviewed by acdp, August 18, 2010. Rating = 7/10

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2010/11 Saxo Bank Ratings
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2009/10 Saxo Bank Reviews

May 1, 2009 - Apr 30, 2010

Not reliable. Not recommended.
Reviewed by Aga, August 17, 2009. Rating = 1/10
Trading platform is user friendly, but the charting system is problematic. The newest problem is that the trendline I drawn will shift after 15 mins on 15 times time frame chart. I reported this problem for about 2 weeks, problem not solved, and still receiving e-mails asking me to conform the problem. Bad customer servive!!
Reviewed by Lewis, July 16, 2009. Rating = 2/10

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2009/10 Saxo Bank Ratings
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2008/09 Saxo Bank Reviews

May 1, 2008 - Apr 30, 2009

I am trying to get in touch with other victims of Saxo Bank's unethical and fraudulent practices. If you have been scammed or cheated by Saxo Bank, please email me at together.against.saxo@gmail.com
Reviewed by AlanForexer, March 31, 2009. Rating = 1/10
I trade quite frequently. Not a professional, but do some pretty big trades, read some surprisingly bad reviews here. Personally whilst im not a news trader even on reasonably big trades of c 1M never had any noticeable slippage. The back office staff are usually really efficient. Was on this site looking for other brokers and wanted to read some reviews especially on FXCM as read a lot about FXCM, which seemed very pro and as though they might offer more depth and charting than Saxo does. but then the comments here suggest otherwise, yet they also suggest Saxo is a scam which hasn't been my experience so who knows!
Reviewed by adamc, February 3, 2009. Rating = 7/10
I would personally suggest that you avoid the use of this market maker if you are an intraday FX trader or a news trader. I ever witnessed a 50-pip spread on pre-news announcement, and an ex-colleague of mine who was also trading with them, had his/her stop taken out that was out of the market (meaning no trades were done on Bloomberg and Reuters). For trading on exchange traded products, such as Futures and Equities, I would suggest anyone to set a limit order for entry instead of executing through live market.
Reviewed by grentone, January 29, 2009. Rating = 3/10
Wide Spreads. Complicated Platform. Minimum contract size (with no commission) is 50,000.
Reviewed by Mikey, July 22, 2008. Rating = 3/10

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2008/09 Saxo Bank Ratings
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2007/08 Saxo Bank Reviews

May 1, 2007 - Apr 30, 2008

Have had no problems with Saxo (used them 4+ years). Good platform and back office.
Reviewed by Andrew, October 22, 2007. Rating = 8/10
Wide range of products, not stable platform, bad execution of orders, bad customer care, low level of reliability.
Reviewed by jao, August 16, 2007. Rating = 3/10
Didn't have much noted problems with the company .. I just wonder, how Saxo could win FX Week awards for number of years if to look at all these reviews? Hehe ..
Reviewed by Juzik, May 21, 2007. Rating = 7/10

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2007/08 Saxo Bank Ratings
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2006/07 Saxo Bank Reviews

May 1, 2006 - Apr 30, 2007

From Saxo: "Dear xxxxx,
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"
Reviewed by abeiks, April 30, 2007. Rating = 1/10
Scam pure and simple ...they will skin you alive.
Reviewed by JimFX, April 17, 2007. Rating = 1/10
Not reliable. System jam when during figures night and unable to get out even when running on decent computer spec and bandwith. Stop loss trigger not professional.
Reviewed by john, September 22, 2006. Rating = 1/10
Excellent service, clumsy platform.
Reviewed by patapon, August 13, 2006. Rating = 7/10
Terrible when it comes to news time. The spreads are too wide and slippage on stop orders is ridiculous. I placed identical trades on Saxo and on IFX and when the positions were closed, Saxo gave me a 1 pip profit while IFX gave me the full 20 pips.
Reviewed by Sheyne, August 1, 2006. Rating = 1/10

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2006/07 Saxo Bank Ratings
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2005/06 Saxo Bank Reviews

May 1, 2005 - Apr 30, 2006

It's a crime to call this company a bank. What makes things worse is Danish government is protecting Saxo bank on all the ripping off they do. You are absolutely helpless. They are worse than the second hand car dealers. If you want to lose your money and like to get treated like a piece of dirt when you point out their unethical behaviour this is the ideal place to do trading.
Rating = 1/10 - February 14, 2006
I had such a strange one-week experience with Saxobank's Forex platform that no algorithm I ever heard of would explain it. Offhours was especially bewildering. Whatever I'd do, the platform would for a minute swing the other way before "reverting back" to normal. Had somebody hacked the feed? Is the platform outdated and it updated by sheer coïncidence at the worst moment even if I picked the time at random? Call it bad Voodoo, I will not touch again.
Rating = 3/10 - December 6, 2005

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2005/06 Saxo Bank Ratings
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2004/05 Saxo Bank Reviews

May 1, 2004 - Apr 30, 2005

Will skin a client at the drop of a hat. Will confirm thru chat system prices that are above the ask price. Bad manners.
Rating = 2/10 - Apr 30, 2005
Bucket shop, pure and simple.
Rating = 1/10 - Mar 31, 2005
Saxo's customer service very bad. No replies to emails.
Rating = 1/10 - Dec 1, 2004
They just keep getting better.
- Nov 6, 2004

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2004/05 Saxo Bank Ratings
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