Saxo Bank

This is a discussion on Saxo Bank within the Brokerages forums, part of the Commercial category; I find SaxoBank software really inconvenient when working with charts. Looks nice, but irritating when trying to put something on ...

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Old Oct 11, 2007, 4:13pm   #17
 
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I find SaxoBank software really inconvenient when working with charts. Looks nice, but irritating when trying to put something on a chart - a line, or a piece of text. It takes so much time to drop a copule of notes in there. Indicators cannot be changed/reprogrammed. Quotes cannot be downloaded!!! Annoying chat window. The platform indeed freezes at times. Too many clicks required to set up an order, to cancel it, to change. For a long time SaxoBank platform has been refusing to work behind firewall (their staff constantly was advising me to change firewal settings, put something in "friendly" list etc..). But the platform is somewhat big, with a lot of tools, etc... I don't use them but perhaps someone else does. In addition high actual transaction costs (wide spreads, slippage on FX, their "bucketshop-ness"). Their reps however insist that they have an award for best fills - makes me laugh indeed

CMC platform is much worse even. I don't know why people say otherwise. Totally user-unfriendly!
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Old Oct 11, 2007, 4:18pm   #18
 
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I will ...o...i will,...should i say here that i will turn 250usd account into 1b...and with Saxos help,...they offer the most sofisticated platforma for technical analises,...thos which was rated number 1, didnt even had MAs to check....lol...listen this is the last my reply,...evrybody should use the broker which suit their style of trading,..and this one, still fits my own...
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Old Oct 11, 2007, 4:57pm   #19
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"250usd account into 1b"...LOL...well you brightened my week !
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Old Oct 11, 2007, 4:57pm   #20
 
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Quote:
Originally Posted by de123 View Post
250usd account into 1b

You got your letter 'p' upside down....
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Old Oct 11, 2007, 5:48pm   #21
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You got your letter 'p' upside down....
LOL
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Old Oct 28, 2007, 3:11pm   #22
Joined Aug 2007
jkplay started this thread Found another guy's experience with them

I'm sending you my experience with SaxoBank so that other readers are warned before entering the pot so as to say...

Here's what occurred: I and my partners carefully read the Saxo customer trading agreement and tested the Saxo platform before opening a FX trading account. We identified areas of concern and were told in reply both by our Saxo sales rep and the account manager later assigned to us that the problems that concerned us would not materialize. In particular, we asked for assurance, and received it, that Saxo would not price discriminate against our positions and orders. The customer trading agreement -- in very fine print mind you -- allows Saxo to price currency pairs differently for different customers. That's a free pass for manipulation against the customer, and we knew that going in.

None of these promises and assurances were honored. When our profitable limit orders were breached by prices streamed to the platform, Saxo intervened against the orders and refused to honor them. It replied that the breaching prices were mistakes ("misquotes"), yet it never corrected its own charts to correct the so-called misquotes. It hardly could if it was stopping out at those prices other customers in positions opposite our side of the currency pair. In short, it collected from the losers (the stop losses) and welshed on the winners (our limit orders). And, by the way, our own stop orders always were filled instantly, which is to be expected since Saxo, as the house, profited from every stop. We opened a six-figure USD forex trading account with Saxo Bank after demo-trading the Saxo Trader for more than one year. After a successful first week of real-money trades, Saxo cheated us out of more than 12k USD by manipulating prices against our orders and refusing to fill profitable limit orders. The latter occurred three times, in each case after the limit price of the order was breached with room to spare. Saxo called the breaching prices “misquotes.” No misquotes on the demo ever. No misquote ever when a price hit one of our stops. Our stops were always filled instantly.

Also bear in mind that SaxoBank's so-called Danish regulator (Finanstilsynet, the Danish Financial Services Authority) will not provide Saxo customers with any information on Saxo. When we were burned, we contacted the regulator, informed it that were Saxo customers, and were told by it in reply that it could not disclose anything about Saxo. Nor do Danish banking laws apply to SaxoBank's forex dealing. Thus, like us, you will be without any protection at all when (not if) you are cheated.


The term ''approach with caution'' springs to mind....

JK


The above is not my experience but a third party review
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Old Nov 5, 2007, 3:16pm   #23
Joined Jan 2007
ppl can say anything...

Facts are

1. not cheap... maybe expensive but only for mini trades <10k $ orders some extra fees
2. no swap points over night/weekend
3. access to most futures with REALTIME data
4. Not friendly forex.... 1/2 lot minimum

thay are BANK and under danish fin. law so most of your monay are safe...

maybe you have better one with so many CFD and futures? maybe im gonna change em
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Old Nov 5, 2007, 3:32pm   #24
Joined Jan 2007
some of saxo reviews...
this is so easy to call someone a scam

From: Damien, UK
Rating: SCAM
Date of Post: 2007-09-24
Review: I am sorry but this is simple, SAXO BANK will play against you.

- No way... "chinese wall" between you and em

From: Ellil, aleppo
Rating: SCAM
Date of Post: 2007-09-27
Review: what happened to them suddenly?
they doubled the margin, and raised the spreads and played us like yoyo.

- normal thing.... hot summer with high Volatility...

From: Dariush, Iran
Rating: SCAM
Date of Post: 2007-08-20
Review: They dont have good services and support, i recieved my money with 1 month delay and they didnt help me.

n/c

From: MONEY B GONE, Canada
Rating: SCAM
Date of Post: 2007-06-27
Review: If you are smart stay away. These guys will steal your money. Watch out for these *******S. In Canada they disguise as TRADEFREEDOM FX. During news reports very hard to get into a trade, and then when you are in they sometimes won't let you out. One time I clicked on buy and they put me down instantly 30 pips. Don't be like me and lose alot of money before you learn the truth. GOD BLESS

n/c





financial markets are not for kinds

10000% profits are impossible

wondering about mechanical trading systems earning monay when they go party...
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