anyone know much about SAXO BANK for fx trading? | Forex Factory

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anyone know much about SAXO BANK for fx trading?

  • #1
  • First Post: Sep 30, 2008 1:18am Sep 30, 2008 1:18am
they seem to have a simple tool for trading options and forwards.

just curious.
  • #2
  • Sep 30, 2008 8:46am Sep 30, 2008 8:46am
I've heard good and bad about Saxo so it's hard to break through the clutter. Most of the bad reviews seem to be from newstraders, so I disregard those.

What I'd like to have cleared up is the rollover terms. Their demo doesn't show rollovers, so I can't test any carry trade strategy, and it isn't clear to me from their website how "swap points" translate into profit/loss.

My main beef with Saxobank is their poor response on inquiries. I've sent several emails that have never been replied, opened their chat client and sat for hours without a rep, and the one time I got a rep (after 4 hours!) he seemed to not see what I was typing and closed the chat window. I'd call their toll free phone number, but God knows how long I'd be on hold before getting a operator.
  • #3
  • Oct 4, 2008 4:03am Oct 4, 2008 4:03am
One thing that scared me off was the fact that once you create a demo account and later decide that you don't want anything more to do with them you can't find a way to unsubscribe yourself. That set off red flags. It must be hidden somewhere because I couldn't find it the last time I looked. That's why I create throw away accounts for companies I contact and when they start to bombard me with garbage I then delete the account, make a note never to visit them in the future, and never hear from them again.
  • #4
  • Oct 4, 2008 1:40pm Oct 4, 2008 1:40pm
I have a live account with them and love them. But haven't traded options there yet...
  • #5
  • Oct 4, 2008 1:49pm Oct 4, 2008 1:49pm
I've traded a managed account with them for nearly a year now and have not had any issues with them.

Kind Regards
Steve
  • #6
  • Oct 4, 2008 10:34pm Oct 4, 2008 10:34pm
I have live account here.

Funding, Withdrawal and Customer Service are 5 stars. No problem.
Dont think of trading news here; they disable trading seconds before and after news so no way, no how will you be filled. Thats why news traders call them scam. But for other forms of trading, they are OK.

What I dont like is the way Open Positions' PnL are shown - it is NOT real time with a few seconds (perhaps as long as half a minute) delayed!!!

Oh yea, I forgot: their spreads arent the best in the industry.. so I closed and moved to another.
  • #7
  • Oct 6, 2008 9:49am Oct 6, 2008 9:49am
Thanks for the replies, everyone. I had a feeling most of the negative reviews were news traders or "scalpers" who are put off by high spreads (not that I like high spreads but an extra pip or two isn't scary for my long term, low leverage positions).

Can anyone explain how to convert their rollover pip points to trading account currency? I read a Word doc on their website that said to multiply the pip point by the trade amount (ie, $100,000 for one standard lot) to get the rollover, but the numbers I get look wrong, especially for exotics like TRY and ZAR.

Would anyone mind posting some example rollover calculations? I've tried to get their online chat to work, but I just sit on hold for hours while it tells me to wait.

Thanks!!
  • #8
  • Nov 9, 2008 9:55am Nov 9, 2008 9:55am
Quoting dr_zeus
Thanks for the replies, everyone. I had a feeling most of the negative reviews were news traders or "scalpers" who are put off by high spreads (not that I like high spreads but an extra pip or two isn't scary for my long term, low leverage positions).

Can anyone explain how to convert their rollover pip points to trading account currency? I read a Word doc on their website that said to multiply the pip point by the trade amount (ie, $100,000 for one standard lot) to get the rollover, but the numbers I get look wrong, especially for exotics like TRY and ZAR.

Would anyone mind posting some example rollover calculations? I've tried to get their online chat to work, but I just sit on hold for...
\

Hello,

I traded using Saxo's white label partner RCG in Chicago...I traded live for about a year....While RCG was great, any support regarding the software went through England...the support was horrible...the swap rate question took over 6 months to properly answer and only be the intervention of the guys who run pfx.com.

The software initially had glitches taht Saxo refused to acknowledge and RCG had to apoloize reguarly for them....theya re now trying to have real time tick by tick trading but it isn't working..their margin rules are not uniform, the spreads for option trading are not competitive, I found that IKON Platinium plaftorom had far better spreads when your wtoe calls (better preimiums by about 7 pips on the USD/CAD)...the difficulty with IKON is that is geared towards retail traders, it doesn't update your combine d marging position until the next day but it is a superior produect....

I still ahve my Saxo account becasue aside from IKON, I do not have an alternative...

For the carry trade, the preimums paid on the GBP/JPY weren't even close to an average of what you would get through any other broker
  • #9
  • Nov 9, 2008 1:30pm Nov 9, 2008 1:30pm
the worst & dangerous
  • #10
  • Dec 5, 2008 1:47pm Dec 5, 2008 1:47pm
Quoting DoctorPips
One thing that scared me off was the fact that once you create a demo account and later decide that you don't want anything more to do with them you can't find a way to unsubscribe yourself. That set off red flags. It must be hidden somewhere because I couldn't find it the last time I looked. That's why I create throw away accounts for companies I contact and when they start to bombard me with garbage I then delete the account, make a note never to visit them in the future, and never hear from them again.
After 30 days your demo account will be deactivated automatically and if you want to continue to demo trade after 30 days you have to contact them.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #11
  • Dec 6, 2008 10:15am Dec 6, 2008 10:15am
Quoting knged
the worst & dangerous
Oh dear new in the forum one posting spammer...
  • #12
  • Dec 6, 2008 10:48am Dec 6, 2008 10:48am
Quoting knged
the worst & dangerous
Do you know of any other broker that guarantee you that your funds are safe up to CHF 30'000.- even if the broker goes bankrupt ?

I think only Saxobank in Switzerland guarantees that !!! It is a swiss banking law.
  • #13
  • Dec 6, 2008 10:54am Dec 6, 2008 10:54am
Saxo is from Denmark.

And all european banks have to guarantee that.
  • #14
  • Dec 7, 2008 3:41am Dec 7, 2008 3:41am
Quoting BurgerKing
I have live account here.

Funding, Withdrawal and Customer Service are 5 stars. No problem.
Dont think of trading news here; they disable trading seconds before and after news so no way, no how will you be filled. Thats why news traders call them scam. But for other forms of trading, they are OK.

What I dont like is the way Open Positions' PnL are shown - it is NOT real time with a few seconds (perhaps as long as half a minute) delayed!!!

Oh yea, I forgot: their spreads arent the best in the industry.. so I closed and moved to another.

What happens if I'm in position already and my SL is 50 pips from the current pre-news price.. can it hit my SL during news announcment if as u say platform freezes but spread widens 50 pips?
  • #15
  • Dec 7, 2008 9:22am Dec 7, 2008 9:22am
Quoting Xaron
Saxo is from Denmark.

And all european banks have to guarantee that.
1. I think this is Saxobank of Switzerland.

2. Standard european guarantees cover banks only - not brokerage accounts.

Regards

Forex37
  • #16
  • Dec 7, 2008 1:57pm Dec 7, 2008 1:57pm
Quoting Forex37
1. I think this is Saxobank of Switzerland.

2. Standard european guarantees cover banks only - not brokerage accounts.

Regards

Forex37
Saxobank is from Copenhagen. For my fellow Americans, that's Denmark, which is in Europe. Like kinda near Germany. Or England.
  • #17
  • Dec 7, 2008 2:43pm Dec 7, 2008 2:43pm
Quoting clockwork71
Saxobank is from Copenhagen. For my fellow Americans, that's Denmark, which is in Europe. Like kinda near Germany. Or England.
We are closest to Germany
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #18
  • Jul 12, 2015 9:50pm Jul 12, 2015 9:50pm
ANY UPDATES?
  • #19
  • Jul 13, 2015 4:20am Jul 13, 2015 4:20am
couple of years ago there were a lot of negative from traders about saxo. I didn't trade with them, but try to watch on every middle-known broker. I noticed that saxo improved their service (or not) nevertheless positive reviews appeared.
about offices: some brokers' ratings show that they're from Cyprus: here and here
  • #20
  • Jul 14, 2015 2:35am Jul 14, 2015 2:35am
http://www.forexscamalerts.com/saxo-...ded-danish-fsa
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