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  • #1
  • First Post: Edited 2:35pm Aug 27, 2009 1:58pm | Edited 2:35pm
Ok, I used to think of Saxo as a reputable broker until they took over £27,000+ in my profits, gave no credible explanation other than pricing error and refuse to give a detailed explanation.

And

When I had a position open two days ago, their website went down and I lost over £400 and they refuse to admit that I was unaffected and refund my losses.

I got no where with customer service and I sent an email to their compliance officer but he hasn't replied. Next step is to contact the FSA / Ombunsdman, etc. Also, they never gave any reason in writing.

Also, I had a friend who was also trading had his profits taken away this morning and the excuse they gave was pricing error.

Now, lets share experiences and list all the deceptive Brokers on this thread.
Humble Lifetime Member
  • #2
  • Aug 27, 2009 2:59pm Aug 27, 2009 2:59pm
Sorry for your loss bro.

Grab a Currenex hub if poss?
  • #3
  • Aug 27, 2009 3:00pm Aug 27, 2009 3:00pm
Quoting direct-trade
Sorry for your loss bro.

Grab a Currenex hub if poss?
I have been thinking about for a very long time but was too lazy but now I definately will (as soon as I can get my monies back from Saxo).
Humble Lifetime Member
  • #4
  • Aug 27, 2009 3:19pm Aug 27, 2009 3:19pm
For me they are all bastards, they steal from you in many ways, but i guess is part of the game, a friend of mine got rob by mbtrading once like 3000 dollars, and they told him sorry but the bank made a mistake and we are just a broker
The Chonchy
  • #5
  • Aug 27, 2009 3:25pm Aug 27, 2009 3:25pm
Quoting chonchy
For me they are all bastards, they steal from you in many ways, but i guess is part of the game, a friend of mine got rob by mbtrading once like 3000 dollars, and they told him sorry but the bank made a mistake and we are just a broker
MB Trading? I have neevr had a problem with them. I thought that they were one of the most honest around but I guess you learn something new everyday.
Humble Lifetime Member
  • #6
  • Aug 27, 2009 4:05pm Aug 27, 2009 4:05pm
Hey Ash, not to say you aren't credible (10v+ / 2513 posts), but you know these are pretty heady claims to be making against the reputation of a large corp.

Can you let us know the timestamps/pairs of the pricing error?

Thx
  • #7
  • Aug 27, 2009 4:17pm Aug 27, 2009 4:17pm
Quoting Ash
Ok, I used to think of Saxo as a reputable broker until they took over £27,000+ in my profits, gave no credible explanation other than pricing error and refuse to give a detailed explanation.

And

When I had a position open two days ago, their website went down and I lost over £400 and they refuse to admit that I was unaffected and refund my losses.

I got no where with customer service and I sent an email to their compliance officer but he hasn't replied. Next step is to contact the FSA / Ombunsdman, etc. Also, they never gave any reason in...
If Saxo really did it to you then it means that other 'nw' broker(MT4) must do it even more!

Aren't they regulated by EU bank regulatory? Did you try checking with them?
  • #8
  • Aug 27, 2009 4:26pm Aug 27, 2009 4:26pm
Quoting blazespinnaker
Hey Ash, not to say you aren't credible (10v+ / 2513 posts), but you know these are pretty heady claims to be making against the reputation of a large corp.

Can you let us know the timestamps/pairs of the pricing error?

Thx
True. I thought it through very hard and long. Before I even took the step of starting this thread on various dis-honest brokers, I did a google search on Saxo and found that I am not the only one complaining.
Humble Lifetime Member
  • #9
  • Edited 4:32pm Aug 27, 2009 4:32pm | Edited 4:32pm
Quoting RVettel
If Saxo really did it to you then it means that other 'nw' broker(MT4) must do it even more!

Aren't they regulated by EU bank regulatory? Did you try checking with them?
I always thought highly of them and was recommending them to all of my close friends who trade until this happened.

I tried very hard to get them to give me an explanation in writing but they never sent me an explanation. After giving up with customer service, I sent a lengthy email to their compliance officer but even he hasn't replied. Now I am preparing the paperwork to submit to the Financial Ombudsman. I am also looking at other avenues.

I will also have friend submit his paperwork for the profits that were taken away from him this morning.
Humble Lifetime Member
  • #10
  • Aug 27, 2009 4:36pm Aug 27, 2009 4:36pm
This is just more proof that once you get to a certain point, you should never trade with a dealing desk, it's all ECN at that point. If you are in the USA, (I think I saw that) and they are in Copenhagen, I would think 27k GBP might be worth a short trip over there. Even if you spend a few thousand - it should be worth it.
  • #11
  • Aug 27, 2009 4:44pm Aug 27, 2009 4:44pm
Actually, I think in the US, with an ECN they're allowed to revert trades that are mistaken, while dealing desks are not.

It's the new rule.

http://www.nfa.futures.org/NFA-faqs/...e-2-43-QA.HTML

CR 2-43(a), Price Adjustments1

Q. Section (a)(1)(i) of the rule provides an exception from the prohibition on price adjustments where the adjustment is favorable to the customer and is done as part of the settlement of a customer complaint. Does that mean a Forex Dealer Member ("FDM") can't make a favorable adjustment if the customer does not complain?

A. It depends on the circumstances. The intent of this provision is to ensure that FDMs can settle customer complaints before or after they end up in arbitration. It was not meant to prohibit FDMs from adjusting prices on customer orders that were adversely affected by a glitch in the FDM's platform. A firm may not, however, adjust prices on customer orders that benefited from the error (except as provided in section (a)(1)(ii)). Furthermore, an FDM may not cherry-pick which accounts to adjust.


Q. An FDM operates several trading platforms. Two provide exclusively straight-through processing, but one does not. Can the FDM make section (a)(1)(ii) adjustments for trades placed on the two platforms that provide straight-through processing?

A. No. The Board intended to limit the relief to those firms that exclusively operate a straight-through processing business model, and the submission letter to the CFTC uses this language when explaining the rule's intent. NFA recognizes, however, that the use of the word "platform" in the rule itself may be confusing, and we intend to ask the Board to eliminate that word at its August meeting.

Q. For price adjustments made under section (a)(1)(ii), the rule requires written notification to customers within fifteen minutes. If the liquidity provider informs an FDM of the price change twenty minutes after the orders are executed, can the FDM still make the adjustment?

A. No. The rule provides that customers must be notified within fifteen minutes after their orders are executed, and it was written that way intentionally. Since a customer's subsequent trading decisions may be based on the customer's belief that a particular trade was executed at a particular price, the rule provides a narrow window for price adjustments.

1 For purposes of this discussion, the term "adjustment" also refers to cancellations.


Pretty safe at an STP too, for that matter.
  • #12
  • Aug 27, 2009 4:47pm Aug 27, 2009 4:47pm
Sadly, I don't think these rules are the same over. Do all brokers have to face them? Seems like the NFA is really coming down hard on forex brokers here. I guess there's been a lot of complaints similar to Ash's.

I'm just waiting for the massive pricing error that's going to bankrupt an FDM.
  • #13
  • Aug 27, 2009 4:51pm Aug 27, 2009 4:51pm
Quoting clockwork71
This is just more proof that once you get to a certain point, you should never trade with a dealing desk, it's all ECN at that point. If you are in the USA, (I think I saw that) and they are in Copenhagen, I would think 27k GBP might be worth a short trip over there. Even if you spend a few thousand - it should be worth it.
I've been trying to be calm and patient about it but my patience is running short. I've tried to resolve it with customer service but to no avail, then I sent an email to the compliance officer but he hasn't replied. I get the feeling they don't want to give anything in writing, otherwise, they can get screwed.

I am taking it one step at a time. I have all the evidence from the trade confirmations, statements and emails that I have sent.

You absolutley correct about dealing with an ECN but have been too lazy about it but now I have no choice. Also, a friend of mine has over 3.75 Million stuck with a broker.
Humble Lifetime Member
  • #14
  • Aug 27, 2009 5:15pm Aug 27, 2009 5:15pm
Is there anyone who ever received a notification like " because of losses accured to you through pricing error we have deposted $ xxxxx.xx amount back to your account". I am not talking about spikes in the data feed which is very obvious.
I think each time there is a pricing error the dealer should be required to report to a regulators so we can be assured that money lost by clients gets returned also.
  • #15
  • Aug 27, 2009 5:43pm Aug 27, 2009 5:43pm
Quote
I think each time there is a pricing error the dealer should be required to report to a regulators so we can be assured that money lost by clients gets returned also.

See two messages previous
  • #16
  • Aug 27, 2009 5:53pm Aug 27, 2009 5:53pm
i've had issues with oanda before where a trade was screwed up and lost money. But Oanda refunded it back without even me complaining first. So you got your diamonds in the rough.
  • #17
  • Aug 27, 2009 6:06pm Aug 27, 2009 6:06pm
Quoting hilmy83
i've had issues with oanda before where a trade was screwed up and lost money. But Oanda refunded it back without even me complaining first. So you got your diamonds in the rough.
Yeah, I've scoured their forums for people complaining. There are usually just posts about how they were made good.
  • #18
  • Aug 27, 2009 6:08pm Aug 27, 2009 6:08pm
Okay confused, how do they take back 27K+ did they cancel a lot of your profitable trades ?? on what ground did they cancel these trades and how many are we talking about to make 27K+ ??

I presume they haven't cancelled all of your profits, how much profit have you got left ??

This is why I have the 20K max account value rule, being dumped back to 10K beginning of every month not trusting brokers with this kinda money.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #19
  • Aug 27, 2009 7:19pm Aug 27, 2009 7:19pm
Quoting blazespinnaker
See two messages previous
LOL That's way one should never start to write a post and have a coffee break in the between and then hit the submit button.
  • #20
  • Aug 27, 2009 8:45pm Aug 27, 2009 8:45pm
Hey Ash, I was going to email Saxo and ask them for their side of the story. let me know if that'd be OK with you.
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