Comments on: Saxo Bank Review

By: M

Thu, 11 Feb 2010 07:25:26 +0000

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 I withdrawn my money last week, but haven’t got any money so far and I am not sure if I would get it.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.

By: L Court

L Court — Wed, 09 Sep 2009 12:25:04 +0000

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.

By: alexandre

alexandre — Tue, 25 Aug 2009 10:09:03 +0000

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

By: duncan

duncan — Sat, 22 Aug 2009 10:02:33 +0000

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!!

By: L Court

L Court — Thu, 16 Jul 2009 20:26:34 +0000

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.