Are SaxoBank good for long term share trading?

This is a discussion on Are SaxoBank good for long term share trading? within the Brokerages forums, part of the Commercial category; 1. Huuuge commissions on stocks: min. $15/transaction for stocks (if you buy $1000 stocks you pay 1.5% commission) comparing to ...

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Old Sep 26, 2017, 8:55am   #9
 
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Joined Sep 2017
Run like hell from SAXOBANK

1. Huuuge commissions on stocks: min. $15/transaction for stocks (if you buy $1000 stocks you pay 1.5% commission) comparing to $1 at Interactive Brokers (FIFTEEN times higher!)
2. Options commissions also higher ($3/transaction + extra commission for every long or short longer time option)
3. FOREX Stop Loss orders in periods of volatility DO NOT execute at your price, but at a WORSE price
4. Option orders cannot be modified when price is going lower due to a PLATFORM ERROR, I told them the error and they told me that I should buy Real-Time prices...outrageous! (Well, if you cancel the order, and add a new that works...another proof that for the modification there is a system error, but first time I didn't know and I lost some money)
5. From time to time you cannot access at all certain types of orders on the (Web) platform...although not often, this can be big if you want to close an order, we are talking about real money...
6. The number of option or CFD tickers is limited (comparing to Interactive Brokers for ex.), I don't know about FOREX
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Old Sep 28, 2017, 5:46pm   #10
 
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^^^^^

The exaggeration in that post is unreal...

1 - 2 cents per share minimum $15 is hardly expensive in the UK..
3 - Stop loss orders not being triggered is called slippage and it happens with every bank and broker

The others seems like isolated incidents.. Saxo has been brilliant for me and only IB compares in terms of price but that is all
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Old Sep 29, 2017, 8:46am   #11
 
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"The exaggeration in that post is unreal... " - in fact, quite very real facts...
Now, maybe somebody can see "the exaggeration" as unreal - sure, everybody can have an opinion so I call back my "Run like hell from SAXOBANK", I just present the facts everybody has his own path, and for some profiles indeed it might not be a problem:
- $15 is 15 times more expensive than $1 in every country of the world. However, it's true that for large amounts of money, you might pay only a few cents/share - probably for a portfolio > $100K the $15 minimum it's not a problem
- Indeed the slippage might happen on every broker, so the (much) lower cost is a much appreciated criterion for me
- No, not all of them are isolated incidents: the options order that cannot be closed when the price is going down is persistent, and I noticed them, and they did nothing
- IB is much cheaper than SAXO, however mostly all others are a little cheaper (Ameritrade etc.)
- IB is better not only from the cost point of view, but also: much more CFD, options, and I think stock tickers; more tools etc.
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