Saxo Bank

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jkplay

Active member
Aug 28, 2007
157
20
28
#22
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
 
Jan 6, 2007
15
0
11
Warszawa, Mazowieckie
#23
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
 
Jan 6, 2007
15
0
11
Warszawa, Mazowieckie
#24
some of saxo reviews...
this is so easy to call someone a scam :rolleyes: :confused:

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...
 

ns1000

Active member
Feb 26, 2004
524
38
38
london
#25
some of saxo reviews...
this is so easy to call someone a scam :rolleyes: :confused:

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...
Be fair - these are selective quotes from a 'moan about your broker' website. I don't see much evidence, or even facts in these grumbles. Anyone wants to post objective facts, fine, but forgive me if I ignore quotes along the lines of 'my broker ripped me off. Never trade with them'
 

jkplay

Active member
Aug 28, 2007
157
20
28
#26
Be fair - these are selective quotes from a 'moan about your broker' website. I don't see much evidence, or even facts in these grumbles. Anyone wants to post objective facts, fine, but forgive me if I ignore quotes along the lines of 'my broker ripped me off. Never trade with them'
Read my first post and im sure you will understand the unattractiveness.

JK
 

ns1000

Active member
Feb 26, 2004
524
38
38
london
#27
Agreed - your first post gives concrete reasons why you found Saxo poor - just what a board like this is meant for. It's more the previous posting of unsubstantiated hearsay on a board devoted to whinges that I object to. It's not even particularly helpful.
 

de123

Active member
Nov 19, 2006
120
2
28
Novo Mesto, Slovenia
#28
hey guys, could you stop with the manipulating wona be facts,..the fact is, that the forex isnt as futures,...at futures they didnt manipalting with prices,..since they cant,...so if you play futures with them,..any kind,..they cant do anything about requotes,..i have made many many futures trades with them,...none was manipulated,..no matter if it was currency, oil, gold, or whatever, but for forex, we all know any broker can manipulate with quotes...especially if u win a lot,..so thos guys who actually talked over the internet that they wwere maniupalted, i dont believ a **** about that,..if they were really playing BIG money,...why didnt they play with futures,..it is controlled, and u can get your quotes from i dont which asociation,..but i know that if u wont it can be done,..so if u play big,...then play big, in smart way...
 
May 13, 2008
71
7
18
#32
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.
 

patong

Active member
Jul 26, 2008
213
12
28
#33
Eagletower,

Think yourself a very lucky person.

Go and buy a lottery ticket, you have more chance winner that than winning anything with SUXO.
 

patong

Active member
Jul 26, 2008
213
12
28
#34
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:
May 13, 2008
71
7
18
#35
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
 

artful_dodger

Active member
Aug 26, 2008
217
5
28
#36
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
 
Sep 27, 2008
3
0
11
Moskva
#38
SAXO is... just read their general business terms:
http://www.saxobank.com/site/open_account/Documents/General%20Business%20Terms%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...
 

patong

Active member
Jul 26, 2008
213
12
28
#39
SAXO is... just read their general business terms:
http://www.saxobank.com/site/open_account/Documents/General%20Business%20Terms%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...
 
Sep 27, 2008
3
0
11
Moskva
#40
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 :mad: