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Saxo Bank Review

Saxo Bank rating: 4 votes, average: 2.75 out of 54 votes, average: 2.75 out of 54 votes, average: 2.75 out of 54 votes, average: 2.75 out of 54 votes, average: 2.75 out of 5 (4 votes, average: 2.75 out of 5, rated)
Write your own review of Saxo Bank

saxo-bank-logotypeEstablished in 1992, Saxo Bank is a fully licensed and an officially registered European Bank.It is headquartered in Copenhagen, Denmark, with operating offices in London, Geneva, Zurich, Singapore, Tokyo, Marabelle and Beijing. Saxo Bank is also registered with the Danish Financial Supervisory Authority.

Company’s Market Position

Saxo Bank has a formidable presence in forex markets with more than 120 White label partners and clients in more than 180 countries. Another great feature of Saxo Bank is that it employs staff from more than 72 countries which is in close proportion to the composition of its client base.

Types of Services offered

Saxo Bank has probably the biggest number of currency pairs traded in its platforms. It offers the individual retail trader access to over 155 + Forex crosses (including Gold and Silver) and more than 6000 CFDs. In addition it also provides portfolios and fund management solutions to the professional investor. Spot gold and spot silver can also be traded in this platform.
A demo account is easily available for a twenty day trial period.
For investment below Euro 50,000 the account can be leveraged up to 100 times i.e. 1% margin. For investment above Euro 50,000 the account can be leveraged up to 50 times i.e. 2% margin.
The Mini account can be opened with US $500 and permits leverage up to 200:1. But it requires US $5000 to open a standard account and leverage offered is 100:1.
Saxo Bank has the best possible spreads in normal market conditions and it is usually 2 pips on EUR/USD.The spreads may however widen during periods of volatile market conditions.
This broker also offers a dealing desk option.

Trading Platform

One of the best things about Saxo Bank is the fact that all their trading platforms have been developed in-house. This underlines the technological excellence that Saxo Bank possesses.
Saxo Bank has three specialized and integrated trading platforms. They are, the browser-based Saxo Web Trader, the downloadable Saxo Trader and the Saxo Mobile Trader. These platforms are available for use in over 20 languages.
From the usage point of view, for any account below 10,000 K the Saxo Mini Trader could be used which allows trading in 16 currencies.
For accounts above 10,000 K the Saxo Trader is to be used which allows trading in 160 currency pairs and crosses.

Trader Support

Apart from the usual email facility there is also an online chat facility and toll free numbers for 30 different countries are given in the website.
Trader Support is also available in the following languages namely Arabic, Chinese, English, German, Spanish, Portuguese, Russian, Japanese, French, Polish and Turkish.

Site design and ease of navigation

It is a site that is designed for the professional trader. To that extent it is technically solid and user friendly.

Advantages

Saxo Bank is a great company from the financial point of view.
It has unique trading software with an unparallel range of tradable forex products.
Streaming newsfeeds from Dow Jones, Newswire and Market News International are supporting features that any trader would find useful.
Most traders would be enthused by the fact that in 2008 Saxo Bank received the Best Retail Platform award from Profit & Loss magazine.
That apart, Saxo Bank has also consistently won high accolade from leading Forex publications such as FX Week, Euromoney and so on.

Disadvantages

Saxo Bank has high margin requirements. Also opening an account is a complicated process.

Write your own review of Saxo Bank

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5 Comments»

Comment by L Court
2009-07-16 22:26:34

I have been using Saxo Trader platform for several months for stock trading. Whilst it has many good features, it has a number of major problems and its use is turning into a nightmare:
1. There is no transparency regarding bugs in the system. You find major problems, report them, only to be told, for example, that the problem is known, and they are working on a solution. But there is no advice when bugs are fixed. For example, I recently found that virtually ALL the daily charts for Xetra DAX constituents (and no doubt other exchanges as well) were wrong: eg, the decline on K+S one day of 3% was reported as a small gain. So all technical analysis using Previous Close data are incorrect!
2. They introduce a new version, and you find that it has bugs because of inadequate testing. But there is no provision to reinstall a prior, more stable version.
3. They seem to put all their efforts into adding more ‘bells and whistles’ when basic problems still exist.
4. There are extensive charting features, but there are major problems with chart basics. For example, the horizontal time scale is often broken up into unequal divisons; and even when the time divisions are equal, say 45 minutes, the horizontal space for each may differ markedly, so that the real shape of the chart is distorted. Vertical grid lines often occur haphazardly and not at major time intervals. These problems have been around a while, but no attempt seems to be made to fix them.
5. “Help” is hopelessly inadequate. Many features are simply not described; sometimes the description is incorrect.

There’s got to be a better platform than this.

L Court ratings for this post: L Court gives a rating of 1L Court gives a rating of 1L Court gives a rating of 1L Court gives a rating of 1L Court gives a rating of 1
 
Comment by duncan
2009-08-22 12:02:33

Saxo Bank is licensed, officially registered and has awesome presence in forex markets. I sure felt comfortable dealing with them, even if it was for a demo account. These guys put the right person to talk to you, the moment you show any interest in their forex trading platform.
Now coming to the Saxo Bank technicals, they have so many forex pairs to trade, that you are left bewildered. I counted more than 100, and with the crosses it’s more than 160. Then you have gold, silver and other CFD’s as well. They gave me a demo, but that was only for a 20-day period. The demo had Euro 50,000 paper cash with 100:1 leverage. They told me they could permit a mini account with $500 and leverage of 200:1, and that’s something I am planning to do soon. But the standard account minimum is pretty stiff at $5000. Their spreads of 2 pips on EUR/USD, I really can’t complain on that. But sure the spreads widen during volatility, something I didn’t come across in the demo. The demo didn’t have a dealing desk option, but the real account supposedly has.
As for the platform it is technologically super. It’s because they built those platforms by themselves, and didn’t really have to outsource it, making the Saxo Web Trader, the downloadable Saxo Trader and the Saxo Mobile Trader certainly the best in the business. However with the Saxo mini trader you could only trade 16 currencies, but otherwise with the regular Saxo trader it allows trading in more than 160 currency pairs. On the whole, a great platform for forex trading!!

duncan ratings for this post: duncan gives a rating of 4duncan gives a rating of 4duncan gives a rating of 4duncan gives a rating of 4duncan gives a rating of 4
 
Comment by alexandre
2009-08-25 12:09:03

Best is their news feeds from Dow Jones, Newswire and Market News.

alexandre ratings for this post: alexandre gives a rating of 4alexandre gives a rating of 4alexandre gives a rating of 4alexandre gives a rating of 4alexandre gives a rating of 4
 
Comment by L Court
2009-09-09 14:25:04

I forgot to add to my previous comment that 7 weeks after making a complaint, I still haven’t received any answer.

They obviously don’t give a damn about their customers.

L Court ratings for this post: L Court gives a rating of 1L Court gives a rating of 1L Court gives a rating of 1L Court gives a rating of 1L Court gives a rating of 1
 
Comment by M
2010-02-11 09:25:26

Please stay away from Saxobank. It is the worth broker ever. It takes only few second to deposit your account, but it is extremely difficult to withdraw cash from your account. I withdrawn my money last week, but haven’t got any money so far and I am not sure if I would get it.

I have called them several times, and they said everytime I called that you would get money today, but money never be transferred to my bank account.

The platform is horrible, too many errors and delay. I have experienced an error such as “internal server error”. You cannot place an order, cancel an order or even change your stop loss, unless you sign out and sign in again.

You stop loss does not stop at the point you set, and you will always loose money more than you have set your stop loss.

They wrote on their website, that the minimum deposit is 2000 USD, but this account is not available, and they will ask you to pay 10000 USD for deposit.

Saxobank is SCAMP. Please stay away from them.

M did not rate this post.
 
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