Anyone using Saxobank as a broker?

hi guys just wanted to know if anyone has feedback from Saxobank...i got a demo with em but i havent opened a real account..i know its heavily advertised and i do like the platform i suppose , however i dont know the behaviour regarding spreads, slippages, customer care etc...

anyone know anything? or not? or yes maybe?

cheers fellow forex traders....

I'f you're intending on hitting them round figures go somewhere else. If just normal swing trading they will be fine. You're better off somehwere else though but keep a demo with them, the news and analyses they provide are actually quite good

I wonder why Saxo bank have their own cycling team! Is this an effective sponsorship deal for an investment bank?

btw, they are currently leading the Tour de France (after Stage 3)...

I downloaded their trading platform (nice-looking front-end), but have seen a few negative comments around about them...

If you've got a demo account with them, be sure their sales team will bother you until you open a real account. At least they did a couple of years ago, the guys are very, very persistent

I had a account with them a few years ago. They are a Market Maker and not a very good one. The trade execution on their platform is terrible.

Saxo seem to have a large marketing budget! I wonder how much it costs to sponsor their cycling team (btw, still leading Tour de France...)?

I noticed they have a cycling forum, but no forum for traders!

http://translate.google.com/translate?hl=en&ie=UTF-8&sl=da&tl=en&u=http://finanstilsynet.dk/da/Nyhedscenter/Pressemeddelelser/Presse-2010/~/media/Tal-og-fakta/2010/Rapporter/Rapport_SaxoBank2010.ashx&prev=_t&rurl=translate.google.com&twu=1

Quite a few injunctions in FSA's audit of Saxobank.

FYI: Description of this dubious practice here (in case anyone doesn't know what this is about, like me): flash trading, HFT = high-frequency trading (a type of algorithmic/automated trading): http://en.wikipedia.org/wiki/High-frequency_trading

today for 12hrs they were offline. Saxo Bank is currently experiencing connectivity problems with our internet providers. This might affect client connectivity to the Saxo Bank trading platforms. If you experience difficulties trading please call the trading desk directly on (+45) 39 77 40 09.

this cannot be good.

Does anyone has any idea what the problem was as not even my demo was able to trade.

From what I remember, their order execution was bad. If you are a "Market Order" swing type of trader, then they weren't the broker for you. Stop/Limit pending orders were ok, like every other broker. This was a few years ago, don't know whats going on with them now.

Their news feed and analytics was the best in the industry. I missed all that free information their platform provided. If you prefer trading Web based platform, then they're not for you unless you're ok with installing .NET. I never got why a web based platform require .NET installation as a web based platform that suppose to be portable. Many machines back in the day wasn't compatible with .NET and couldn't install .NET. Plus .NET only worked on Windows machines and you had to use IE. I wonder if they've fix/changed that. I'm only going off of what I experienced a few year back with them.

Things could be better now or things could be worst. Contact support/sales and ask many questions as possible and look to extend their demo platform until your comfortable. You won't find a lot of current reviews on Saxo as it's considered an expensive broker to a lot of traders.

I was very keen on starting to trade with Saxo until major respected business newspapers in Scandinavia wrote that Saxo is practically running a bucketshop and are being investigated by the Danish FSA and the police. I live in the south of Sweden less than 200 km from Saxo's headquarters and here Saxo have gotten enough negative attention from respected sources and authorities that I am certain I will never trade with them.

I was with Saxo yrs ago. I liked the platform a lot but occasionally it froze. I closed my account in disgust after their charts plotted a price move down to my stop and back again. I compared the time this happened to 4 other data providers and none of them showed this price move which was just before the asian opened and then continued a big rally up with the trend. I still have the screenshots.

I almost signed up with another broker recently but in their contract it actually stated " Occasionally when trading forex you will see prices on our platform which won't appear anywhere else. Needless to say i assumed these unique price movements were not going to be in my favour.

As far as prices go the best I have found is interactive. platform sucks but theres always ninjatrader.

you should definitely avoid saxo, specially after what happened last week when swiss national bank removed the cap on the chf. Not only they cancelled trades (wst article) but they are threatening their own clients, they want them to pay negative balances (one of the very few brokers around the globe doing that, offering 6 - six - days to cover negative balances). they did not provide liquidity, allowed traders to use high leverage and have the arrogance of claiming that they knew the risks (possibility of snb removing chf cap) and increased margins.