Keeping them honest | Forex Factory

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Keeping them honest

  • #1
  • First Post: Nov 22, 2012 1:07am Nov 22, 2012 1:07am
Many of you probably know about Anderson Copper's 360 podcast, in particular "Keeping them honest" show.

My idea is to create smth like that here, but about FX brokers.
  • #2
  • Nov 22, 2012 1:08am Nov 22, 2012 1:08am
The first story is about Saxo Bank.

After many days of considerations I decided to open account at Saxo Bank to trade US Futures (I point out, real FUTURES, not CFDs on futures).
I have only 1 question. Do they really execute orders on CME and ICE or not? Please have a look at my chart with Saxo Bank.
Attached Image (click to enlarge)
Click to Enlarge Name: SaxoBank.PNG Size: 65 KB
  • #3
  • Nov 22, 2012 1:11am Nov 22, 2012 1:11am
This guy does not know that CME=GLOBEX and he/she does not know what ICE is and my overall impression is that he/she does not know that Saxo Bank offer futures for trading.

Now, I am eagerly waiting for reply from them. I will post here once I get it.
  • #4
  • Nov 22, 2012 2:17am Nov 22, 2012 2:17am
Saxo Bank is a worse place to trade with..
Back in 2004-2005.. I opened an account with them with a good amount.
In 1-2 months time, my account got busted.

Reason: They do not sometimes show the actual market price, some how they manipulate it, the orders we trade, do not go to the market, they offset position themselves taking a risk on them. So they want a client to lose, so they make money.
Its a ratio like 5:1000 - out of 1000 clients 5 maybe win on trades always.. so they make more money..

I would stay away from them.. No idea right now what model they are applying these days.
Classical chart patterns of currencies from 15+ Year Pro Trader
  • #5
  • Nov 22, 2012 2:37am Nov 22, 2012 2:37am
Quoting aviz12
Saxo Bank is a worse place to trade with..
Back in 2004-2005.. I opened an account with them with a good amount.
In 1-2 months time, my account got busted.

Reason: They do not sometimes show the actual market price, some how they manipulate it, the orders we trade, do not go to the market, they offset position themselves taking a risk on them. So they want a client to lose, so they make money.
Its a ratio like 5:1000 - out of 1000 clients 5 maybe win on trades always.. so they make more money..

I would stay away from them.. No idea right...
Sorry about that.
Also, I was told about constant spikes on their platform during 2004-2009.
Recently I opened demo and did not find any spikes on Futures. So I decided to give them a try. But this problem with NFA license is a big obstacle now.
  • #6
  • Nov 22, 2012 4:14am Nov 22, 2012 4:14am
The story goes on...
Now they told me via email that SAXO Bank is a member of CME GLOBEX.

I can't see them here, do you?

http://www.cmegroup.com/tools-inform...ectory-eu.html
  • #7
  • Nov 23, 2012 1:12am Nov 23, 2012 1:12am
Ok, they sent me an email with the link to SAXO Bank Best Execution Policy that 'proves their CME membership'.
http://www.saxobank.com/documents/bu..._policy_en.pdf

6.1 Clause that says ' Saxo Bank is a member of NASDAQ OMX Copenhagen and Chicago Mercantile Exchange (“CME“)'. No confirmation on CME website yet.

that's the way how they prove it

"I want to believe " but I do not buy it.
  • #8
  • Nov 23, 2012 4:24am Nov 23, 2012 4:24am
Quoting slovforex
Ok, they sent me an email with the link to SAXO Bank Best Execution Policy that 'proves their CME membership'.
http://www.saxobank.com/documents/bu..._policy_en.pdf

6.1 Clause that says ' Saxo Bank is a member of NASDAQ OMX Copenhagen and Chicago Mercantile Exchange (“CME“)'. No confirmation on CME website yet.

that's the way how they prove it

"I want to believe " but I do not buy it.
This thread just got funny, yeah, we all want to believe when the broker says that the check is in the mail but it rarely pans out along those lines.
On keeping them honest, all for it but as regards the details - how do we go about it?
  • #9
  • Last Post: Nov 23, 2012 5:18am Nov 23, 2012 5:18am
Quoting Forexnuts
On keeping them honest, all for it but as regards the details - how do we go about it?
It's called due diligence or research
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