Saxo Bank

This is a discussion on Saxo Bank within the Brokerages forums, part of the Commercial category; SAXO should be called SUXO. Worst in every manner of trading. Its you vs SUXO....

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Old Aug 10, 2008, 10:07am   #31
Joined Jul 2008
SAXO should be called SUXO.

Worst in every manner of trading.

Its you vs SUXO.
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Old Aug 12, 2008, 3:58pm   #32
Joined May 2008
their platform sounded so promising, at the moment i use IG for CFDs but heard i could trade everything with Saxo so was considering using them, very disappointed to read this thread about them. Glad i read this sooner rather than later.
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Old Aug 12, 2008, 4:51pm   #33
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Eagletower,

Think yourself a very lucky person.

Go and buy a lottery ticket, you have more chance winner that than winning anything with SUXO.
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Old Aug 12, 2008, 4:55pm   #34
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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 did so. (Refer to above.)

Please note, we don’t provide phone record for clients. And, it is always clients’ decision if want to keep position over weekend or not. You didn’t give our dealers any instructions on the remaining open short position.

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

Please feel free to let me know if you need any assistance. Thank you and have a nice day!



Yours Sincerely

Helen, Zha Yudan | Associate | Private Client Account Management - Asia Pacific

Saxo Capital Markets Pte. Ltd.



SAXO BANK GROUP. SERIOUS TRADING. WORLDWIDE.

Last edited by patong; Aug 12, 2008 at 5:00pm.
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Old Aug 13, 2008, 9:29am   #35
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Originally Posted by patong View Post
Eagletower,

Think yourself a very lucky person.

Go and buy a lottery ticket, you have more chance winner that than winning anything with SUXO.
i guess when something is too good to be true it usually is, a jack of all trades platform. I am just surprised, I thought a big Company like Saxo would be more honourable with thier trades. thanks for your input
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Old Aug 29, 2008, 11:09am   #36
 
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Hi guys

So if Saxobank is a bit dodgey...which online broker do people recommend for trading commodity ETF's and spot gold/silver?

Regards

Richard
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Old Aug 29, 2008, 2:49pm   #37
Joined Jul 2008
not saxo , thats foresure
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Old Sep 27, 2008, 9:36pm   #38
 
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SAXO is... just read their general business terms:
http://www.saxobank.com/site/open_ac...erms%20ENG.pdf
Read 5.12
And you will see that these guys may TAKE all your profits just provided that it was error in their system I am sure they will never let any client to get really good profit. They always will do this 5.12 from their general business terms and it is completely legally from Danish side
And i am 100% sure they are bucket shop...
By the way, in Demo account in Saxotrader one of my friend quickly got +50% profit and asked them to check if everything was correct. They confirmed. When he put 100K usd in his real account and made +30% profit with the same strategy as in demo, they cut all profits and returned him only his deposit...again they refered to 5.12 from their "general business terms"
He was sure they just used his strategy on real market and get his money instead of him...
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Old Sep 28, 2008, 8:04am   #39
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Quote:
Originally Posted by fx777 View Post
SAXO is... just read their general business terms:
http://www.saxobank.com/site/open_ac...erms%20ENG.pdf
Read 5.12
And you will see that these guys may TAKE all your profits just provided that it was error in their system I am sure they will never let any client to get really good profit. They always will do this 5.12 from their general business terms and it is completely legally from Danish side
And i am 100% sure they are bucket shop...
By the way, in Demo account in Saxotrader one of my friend quickly got +50% profit and asked them to check if everything was correct. They confirmed. When he put 100K usd in his real account and made +30% profit with the same strategy as in demo, they cut all profits and returned him only his deposit...again they refered to 5.12 from their "general business terms"
He was sure they just used his strategy on real market and get his money instead of him...
These guys SAXO should be put out of business. They are sooooo dodgy,

I have used two accounts with SAXO. one a demo and the other a mirror of the demo, and guess what i was winning on the demo and lossing on the Livr with exactly the same positions...
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Old Sep 28, 2008, 8:36am   #40
 
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Quote:
Originally Posted by patong View Post
These guys SAXO should be put out of business. They are sooooo dodgy,

I have used two accounts with SAXO. one a demo and the other a mirror of the demo, and guess what i was winning on the demo and lossing on the Livr with exactly the same positions...
I know this thing... I also used two accounts Demo and Real. Same situation as you had. They always random raised spreads and you always in loss... if you get good profit they almost 100% will do 5.12 from general business terms
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Old Sep 28, 2008, 8:39am   #41
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so wots the next system to use to avoid this happening?
Any idea is a good one at this point.
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Old Sep 28, 2008, 9:10am   #42
 
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As to me, I really need some Exotic pairs like USR/RON, and as I know olny SUXO bank offers such pairs
Currently I use AvaFx and they act very well, spreads are always exactly as they stated! But they do not have many pairs.
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Old Feb 6, 2009, 1:08pm   #43
 
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Patong - i'm not sure you have a clue what you are talking about. You honestly think a company with thousands of clients carefully monitors which accounts are successful, and 'copies' their strategy? Absurd. Sounds like you have lost money, and need someone to blame.
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Old Feb 6, 2009, 1:25pm   #44
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Originally Posted by ju_broker View Post
Patong - i'm not sure you have a clue what you are talking about. You honestly think a company with thousands of clients carefully monitors which accounts are successful, and 'copies' their strategy? Absurd. Sounds like you have lost money, and need someone to blame.
Firstly, I do not blame anyone for my losses, when it my fault. However, when a broker such as Suxo give me incorrect fills, hit my stops I have no option but to post this.

Do you work for them?

I trade for a living, so if you think I am emtiona , I am not.

Saxo is not a good bank/broker to trade through regardless of your personal opinion.



Check this out. This happened to me.

2008-08-04

Review: 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.


another.

2008-06-24

Review: Been trading on Saxo for about 3 years now, and it's been a ROCKY road to say the LEAST! They have raped me on slippage so many times that my head spins thiking about it. They did it JUST TODAY. I had a stop bid order for GBPUSD @ 1.9703 , there was no news or any real volatility, but the price started steadily rising. When it hit my price, it opened me at 1.9716! When I saw this, I blew a gasket and chatted them and told them that trade was outrageous. My account manager was online and said he'd look at it, and told me it was acceptable, and to look at their minute chart.

Needless to say, I had to remind him that I wasn't stupid, and there was NO reason in the world why that order couldn't open at 1.9707 (the offer price with the spread). We went back and forth for over a half hour, and said he'd investigate it more tomorrow, and get back with me. I have a transcript of the entire chat session.

EVERYTIME I mention that I didn't like the price or the spread, they have a bs excuse. When I opened this account, I had $120K in it. About year into it, they screwed me with a MARGIN CALL for about $40K on some open positions I had that were down. Because they DOUBLE MARGINS on the weekend! I had to either put in more money or close the positions. I did a calculation, and my calculation showed I had enough margin even for the weekend. Apparently not, according to Saxo. The following monday, I open my account and my email to find out that ALL MY POSITIONS had been closed! My major position MOVED THAT DAY! After that, I brought my balance way down from there, and never traded at that level with them again. I'm still trying to get some legal action against them on that margin call, but apparently in Denmark this kind of litigation is very difficult.

Another thing that they did which I'm sure you'll all love. While this account was not being actively traded, I contracted a managed trader to trade it for us. He came highly recommended. For the first 3 or 4 months or so, they did a pretty good job, netting us about 25% average a month. Then, they started slacking, they would open good trades but never take any profits, had horrifically wide stops. I would see our profits vaporize because they didn't close our positions. To the point where I had to manually close them myself. I couldn't understand it. Eventually, we had to dump them. When I cancelled the LPOA we had with them, I discovered that Saxo had allowed them to INCREASE OUR SPREADS in some cases to more than DOUBLE their standard spreads so they can keep the difference!!! For example, our spread on GBPUSD was 11 PIPS!!!

I COULD NOT FRICKIN' BELIEVE IT. When I confronted my account manager about this, he put it off as if it was my fault because I hired that trader. NOWHERE in our trading agreement or in our LPOA, was there any mention that they or Saxo was allowed to manipulate from the retail spreads. In fact, they said that they would move us to the "institutional" platform, that would actually give us tighter spreads. Yeah right. After several emails and legal threats, they refunded us almost $4K (the trader, not Saxo, they to this day claim no responsibility). I'm sure there is more that we are owed, but we have to sift through our activity logs and audit every trade, and get all the info dating back to late 2006. It's easier said than done.

Earlier this year, I began trading again with our money in Saxo that had been inactive for some time, and in that time, we've been clipped quite a bit. Usually it was for 3-4 pips more (which they would blame on light trading in Asia), but sometimes it would go as high as 8 or 10 pips for no reason, and they killed lots of our positions by taking out our stops even though the market wasn't moving that way. We were still making decent money so I let most of it pass. But now, we're not doing as well, so I'm holding them to the fire and they don't like it one bit. My account manager said he'd get back with me tomorrow on this current brouhaha. I've resolved that if they make good on these last few ripoff trades that they pulled on me, I am closing the account for good, this is the final straw. And I will scour the earth to find the right broker to replace them. I'm using FXCM right now, but only for a very small nut, and may give them a shot. But I'm not keen on their weird, arbitrary spreads that I've seen so far. And their order execution leaves much to be desired.

One more note, their new SaxoTrader2 sucks, so many times the thing sits when I open it so it can update itself for what seems like 10 minutes. And other times I have to crash it manually because it goes nuts opening multiple dealer chat windows for no reason and jams everything up.


There are so many parts of the software that I don't dare use (like the FX Majors tab) because I KNOW that it will go nuts and lock up my whole system. I've been trading on a intraday strategy that's been working well the past few months, but apparently too well for them, because they are intent on screwing me every chance they can.

So, no, I can't recommend Saxo to anyone. In fact, after reading all this to myself, I find it safe to say that I'm done with them whether they resolve this current trade issue I have with them or not.

Damien, UK
Rating:

Date of Post: 2007-09-24

Review: I am sorry but this is simple, SAXO BANK will play against you. This bank only gets revenue from trades so if they can snip they will. I worked for their UK office and traveled to Copenhagen to visit there main operation. I watched them crank up spreads and hit stops early. I am not saying the platform is bad but be aware very aware that it is you v them. I must also add when I worked there the service provided depended very much on your account size. Be wary of options spreads!!


I rest my case.
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Old Feb 9, 2009, 4:17pm   #45
 
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My personal opinion is that you bear a grudge, and have too much time on your hands to scour through the internet looking for criticisms of Saxo. By the way calling them 'Suxo', doesn't do your credibility any favours at all.

1)So in the first example, Saxo admitted the mistake and refunded.....seems reasonable.
2) The intermediary broker/trader increased their cut (commission), and Saxo is blamed - absurd, that is a gripe with the intermediary. The relationship you have is with the intermediary. It is his responsibility to inform you of spread changes/changes in fee structure, not Saxo.
3) The guy was stopped out on a $40k margin call. Ok, he had $120k to start with, but how much was on the account at this point. If the margin was over 100% then this is actually good business - if everyone was allowed to rack up $40k losses, the company would be stuffed, to the detriment of all the responsible traders.
4) The guy doesn't like FXCM either. I suggest he goes and learns how the FX market works - there is no guaranteed spread when trading the actual market. If you don't like the way the FX market works - DON'T TRADE....but stop bad-mouthing an organisation based on personal gripes.
5) Double spreads at the weekend - Saxo are not open for FX trading at the weekend. In any case, the spreads would be wider because the markets are very thin.
6) Too many of these criticisms are just wild accusations, e.g 'because they are intent on screwing me every chance they can' - evidence please!
7) Re the last review. A disgruntled ex-employee (probably recently made redundant). If this is true, then do the decent thing and notify the authorities.
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