What's Wrong With Saxo Bank?

Hi Folks.

I would like to know what's wrong with Saxo Bank. As far as I'm concerned, they are one of the biggest brokers in the world (although they are MM) and they have been regulated by tons of governments around the globe like Denmark, Japan, Switzerland, etc. but nobody seems like doing business with them here.

So the question is: does anybody here hold acct with Saxo ?

Comments are welcome.

Regards,
MrJinks.

Seems like even with all the regulated bodies they are abiding with, it isn't enough to make them one of the biggest names in financial markets.

Regards,
MrJinks.

Have a saxo acount no problems at all but they do charge commision on small FX trades

Why don't you just look at their site, I did. Regulation is always a good thing, but in the end you have to make sure that you can actually trade with them, could you trade with the following?

- Their minimum to open is 2K.
- Even though they say they aggregate prices from Tier-1 sources, their spreads are very high, target spreads are as follows (does not say fractional pips): EURUSD-2, GBPUSD-4, AUSUSD-3, USDCHF-3, USDJPY-3, USDCAD-4, GBPJPY-7.
- Their stop orders for some pairs have minimum distance to market, in pips (does not say fractional pips); AUDUSD-15, GBPUSD-25, GBPJPY-50, USDCAD-20, USDCHF-20.
- There is a USD10 fee to cover administrative costs on low value trades below the Ticket Free threshold.

I'm sure there are some benefits to larger traders but to the folk of day traders, I can't see them.

For anyone who isn't happy with the spreads they are getting from Saxo and are a professional trader/scalper/algo trader/etc, should check out CapMar Financial. We are a price aggregator with tight spreads and low costs; eg EURUSD from 0.5 and we are NOT a market maker.
Contact: [email protected]

not have metatrader

Saxo's retail version for MT4: http://www.forextrading.com/

For larger accounts they have good spreads.

Not the best swaps and 200:1 leverage.

I had a live saxo account, not using it now days though. Here is my experience:

Pros:

- number of instruments that you may trade with is just huge:
stocks, stock cfds, fx options (exotics too), forwards, futures, futures options, commodity/index cfds, loads of fx crosses
- decent platform, personally i loved it more than meta
- lot of additional tools / analysis available
- execution speed
- great for position traders with large capital

Cons:

- commission fees
- spreads are not the best
- smallest account is 2k (this might have changed recently)
- stop-hunting (show spikes on their chart only, reuters/bloomberg charts never showed)
- micro trading is not possible


I would say if you are a position trader with plans on building a balanced portfolio go for it. If you are in for day_trading especially scalping than this is not the best broker for you.

saxo, this is it:

http://www.forexscamalerts.com/saxo-...ded-danish-fsa

http://www.ombudsman-decisions.org.u...?FileID=145580