Saxo Bank

This is a discussion on Saxo Bank within the Brokerages forums, part of the Commercial category; Originally Posted by Tenapenny XPat mentioned the LCG connection in post 49 so I assumed we were discussing Saxospreads. Apologies ...

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Old Apr 2, 2009, 4:56pm   #57
Joined Feb 2004
Quote:
Originally Posted by Tenapenny View Post
XPat mentioned the LCG connection in post 49 so I assumed we were discussing Saxospreads. Apologies if they meant CFDs or FX.
We might be - I've come to this thread a bit late, and admit I haven't trawled through all the posts.

Mea culpa
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Old May 21, 2009, 12:55am   #58
 
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Went to a presentation last week in London, and had a short but enjoyable seminar with T** H******d.
I've been trading for 3 years and I wouldn't go near this lot. Their sales person is a **** and their policies regarding fill prices suck. He was not impressed when I put the stopruner question to him either.
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Old May 21, 2009, 3:46am   #59
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Bint Crusher,

I went to a presentation in Bangkok and took copies of this thread and another of all the dodgy scams they pull and peoples experiences. Went down like the Titanic. I had about 200 printed copies and started handing them out to everyone, at first the people thought I worked for Suxo, then realised. After I managed to fire some good Questions at Suxo, which they would not answer, then i read a short post to them. It was a great to get some revenge on the pricks. They were unaware of the copies i gave out until after the presentation.
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Old May 21, 2009, 2:55pm   #60
 
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Weren't they running some adverts on here some time back? Anyway, I used to be one of their clients, nothing 'award-winning' about their platform, just plain ol' vanilla.
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Old May 30, 2009, 6:54pm   #61
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Why waste your time with suxo, they are nothing but robbers.
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Old Feb 14, 2017, 10:43pm   #62
 
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Please avoid them at all costs. It is better an armed robber robs you than the way these guys operate. They are shameless the way the handle their forex trades, once you win they try to swindle the money off you through wide spreads etc. Please avoid these people they are fraudulent
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Old Jun 16, 2017, 8:13am   #63
 
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more Saxo fees

Saxo have just announced more fees (apols if this is not new; i have not had chance to read all the posts). This is from their email:

Introduction of Carrying Cost and Holding Fee from 1 July 2017

In recent years we have seen regulators place stronger prudential rules on financial institutions to keep sufficient capital reserves and liquidity, making them more stable.

These regulatory requirements are increasing the cost of conducting business and holding our clients’ positions in certain products. Therefore, as of 1 July 2017, Saxo is introducing two charges which are applied when maintaining open positions in Futures, Listed Options and Expiring CFDs:

Carrying Cost on Futures, Listed Options and Expiring CFDs
Holding Fee on bought Listed Options (above 120 days maturity)
Carrying costs and holding fees are the costs associated with maintaining an investment position, so called because of the cost incurred by the business for ”carrying“ or holding the investments.


Carrying Cost on Futures, Listed Options and Expiring CFDs

From 1 July 2017, positions held overnight in Futures, Listed Options and Expiring CFDs will be subject to a carrying cost.

The carrying cost will be calculated on the basis of the daily margin requirement and applied when a position is held overnight. It will be charged at the end of each month.
The funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup (150 bps).

Carrying Cost = Margin requirement * Days held * (Relevant Interbank rate + Markup) / (365 or 360 days)


Example: You BUY 1 Futures Contract in E-mini S&P 500 with a margin requirement of USD 5,500 and hold the position for 5 days.

Nominal Value 115,000 USD
Margin Requirement: 5,500 USD

Days held: 5 days
1M USD LIBOR rate: 1.00%
Markup: 1.50%

Carrying cost: 5,500 * 5 * (1.00%+1.50%) / 360 = 1.91 USD

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