Saxo Bank

This is a discussion on Saxo Bank within the Brokerages forums, part of the Commercial category; I noticed that there is no thread for discussing Saxo Bank on this forum. Has anyone had any experience in ...

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Old Sep 21, 2007, 6:46pm   #1
Joined Aug 2007
Saxo Bank

I noticed that there is no thread for discussing Saxo Bank on this forum. Has anyone had any experience in dealing with them? If so what are your thoughts?

This is what I think.

IMHO their spreads are too wide (3 Point FTSE, 7 Point Dow, 5 point CABLE), margin requirements too great (10% on indices since the August volatility!) and their platform is too unreliable and slow. Also for the DMA CFD's you need to pay a monthly subscription fee to the relevant exchanges while ig markets give this for free. Saxo's overnight financing is LIBOR plus 3, which is edging on the more expensive side.

There is a 10 Basis point mark up on the Equity CFD's and that isn't DMA. IG's DMA is 10 and CMC is 8 basis points for non DMA.

One good thing is the ability to use stocks and bonds as collateral for speculative trading, which I imagine would appeal to people with a mix of long term views and short term. Also 160 fx pairs is very impressive, despite the fact that the spreads are very variable around news and wide for the rest of the time.

Also you find that if you do less than 1/2 a lot on the major FX pairs (£50,000 on cable for example, roughly £2.50 a point) you will get a $10 fee to cover administration. Now this wouldn't bother most people who trade heavily and have a sizable amount of risk capital but for a newbie over £2.50 per point is alot of risk and can be a very easy way to loose money.

Your fund's arn't segregated either but if you hold less than 40,000 euro's then you are protects by the Danish FSA.

They do however offer trailing stops and have a very good in house analyst team. They also give you UBS, BARCAP and Commonwealth bank of Australia FX analysis for free which is a good perk. Also you can see you entry points and pending orders on the charts which is handy, although you can't drag them up and down on the graph into new positions like GFT.

In short - Very expensive compared to competition, nice platform and range of fx pairs, lots of instruments on their platform but don't like the lack of fund segregation, the sizable and variable spreads plus the fact Saxotrader 2 seems very unreliable and freezes and crashes more than others I have used. Also im not sure if I would trust the Danish FSA as I would the english. They have had their authorization passported into the UK but they are still supervised by their home regulator.

Personally as a Spreadbetter I don't see any reason to switch to their services as they are very expensive, the platform is unreliable, the margin requirements would't allow me to diversify as much as I would like too and of course it's not tax free.

Im sticking to spreadbetting for now and when I need to upgrade it's straight to Interactive Brokers.

Any thoughts?

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Old Sep 24, 2007, 7:33pm   #2
Joined Aug 2007
jkplay started this thread no thoughts?

I take it you all think there's no reason to trade with them either?

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Old Sep 24, 2007, 8:39pm   #3
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Joined Sep 2005
Originally Posted by jkplay View Post
no thoughts?

I take it you all think there's no reason to trade with them either?

I couldn't. Everything they could do, Interactive Brokers could do better and (much) cheaper. Except CFDs, but they're not my thing. I quite liked the platform, but wouldn't pay a premium for it.
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Old Sep 24, 2007, 8:58pm   #4
Joined Aug 2006
after reading what you wrote jkp im suprised they have a single customer
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Old Sep 26, 2007, 9:53am   #5
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Joined Nov 2006
hm...yeap they are expansive as hell, the most...and i am still one of their custom....

i dont like the spread either and comision is way 2 big....

but that i could take all...i dont like for example their limited stop loss, forex, which is aprox 80 pips, and if u win, u cant lock the profit since u didnt win for 90 pips, that i still hate, and i aint never gona do the forex again, if not futures futures or as a hedge...i hope they are reading that, because i tried to convince them over chat,...still they play stupidness...

yes the platforma freezes, but not when there is a big volatility like evrywhere else, but sometimes, when u win,..they freezs it, then u have to restart and book profit, since thats one of their still do not whish to change broker, untill there is one which covers more clients then this one,..and as of near future, thats whats not going to happen,...well if u trade big money their expensivness diminish quickly....for small amounts better to open somewhere else. me thinks.
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Old Oct 10, 2007, 8:38pm   #6
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Joined Oct 2007
You may find few interesting reviews and ratings about Saxo Bank by Googling the serch phrase "Saxo Bank reviews" - without quotetion marks
A common mistake that people make when trying to make something completely foolproof is to underestimate the ingenuity of complete fools...
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Old Oct 10, 2007, 11:14pm   #7
Joined Aug 2007
jkplay started this thread yeh and this is the most shocking (from forex *******s)*******

fxid10t, us
Date of Post:
Avoid Saxobank like the plague...I found this on earlier today:
From: Knights
I thought this bank/broker was a serious one but it badly screws you. Today alone I made a profit of $30K on a long GPDUSD position. Soon after I received a shocking email from a saxo bank representative called Erdal saying that THEY ARE CHANGING MY TRADES!!!!!! !!! I EARNED THIS PROFIT FAIR AND SQUARE (IN SPITE OF ALL THE SAXO SLIPPAGE AND REQUOTES) AND NOW SAXO BANK IS SIMPLY WIPING OUT MY PROFITS, AND IS IN ADDITION THREATENING ME OF I DON`T KNOW WHAT...THIS IS THE BIGGEST SCAM IN THE WORLD.

Here`s the email I received from them:
"Dear xxxx,
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,

Med Venlig Hilsen | Yours Sincerely
Erdal Erbas | Associate - Institutional Sales Trading Saxo Bank A/S | Smakkedalen 2 | DK-2820 Gentofte Company phone: +45 39 77 40 00 | Direct phone: +45-3977 6019 | Fax number: +45 39 77 42 00ā€¯

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Old Oct 11, 2007, 10:29am   #8
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Joined Nov 2006
When Yen was at 150-155 EUR/jpy,...i want it to Play options,...u know what they were disabled,..u couldnt use them,...until it was 158-163...that was the bigest bul**** i have ever seen...But on the other hand,...they are still number 1...if u can provide me, with someone else which is better then them,..and i mean, the software, the online staff, the nice calls,...the money fast withdrawing,...let me know,...otherwise, complaints,... get over them...
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