Are SaxoBank good for long term share trading?

[Murphy12]

After reading this thread about SaxoBank vs IB (http://www.trade2win.com/boards/brokerages/22725-interactivebrokers-vs-saxobank.html), I'm a little reluctant to join SaxoBank.

My intention is to trade UK shares only. I don't intend to trade CFDs, options or FX. I will do a low volume of trades (maybe 1 or 2 a month) and hold on to them for months at a time.

I'm an Australian resident and my local broker Commsec want to charge $80 for an international trade which is a rip off. I don't seem to have many choices other than IB and SaxoBank.

So, is SaxoBank a good choice (reliable and not going to rip me off) for this type of trading? Are the prices they quote direct market prices? Do they give you free live prices once you sign up (the demo seemed to have a 15 min delay)?

I haven't really seen any positive reviews on SaxoBank so am just curiouos whether the CFD product is the main problem, or whether share trading with them should be avoided too.

 

[Saxo Bank]

Hi Murphy12, if you’re interested in Saxo Bank, please don’t hesitate to be in touch with our local office Saxo Capital Markets (Australia) Pty Ltd. I can help you get to know our products, answer any questions you might have and introduce you to the demo so you can get a better feel for our system and you can decide for yourself whether Saxo Capital Markets is the right fit for you. Feel free to contact us on 1300 660 734 or email us at [email protected]

 

[Wwill]

I have traded using their platform trough their partners in my country. No major issues for more than 5 years... the platform IMO is very good once you get used to it. My impression is mainly derived from trading FX majors and FX options... tried futures occasionally with no problems at all. Customer support is good as well. Fully regulated under EU directives which are probably quite strict.

 

[strokey tone]

I used to deal with an advisory broker who had a white label agreement with Saxo Bank and the broker was a complete waste of time, not only that but their advice was terrible and they got miffed if I didn't want to trade and were very expensive with their fees!
I closed the account with them and now deal direct execution only with Saxo Bank and the service is excellent and the fees a fraction of what the broker charged me.
Just remember that most of these brokers are hiding behind the Saxo brand with this white label agreement and charging clients a fortune for a service that is second rate as compared to what they could get going direct to Saxo!

 

[Hittfeld]

Just think twice before trading via Saxo Bank Schweiz.

 

[moka2]

After reading this thread about SaxoBank vs IB (http://www.trade2win.com/boards/brokerages/22725-interactivebrokers-vs-saxobank.html), I'm a little reluctant to join SaxoBank.

My intention is to trade UK shares only. I don't intend to trade CFDs, options or FX. I will do a low volume of trades (maybe 1 or 2 a month) and hold on to them for months at a time.

1) Think about client money safety , Which saxo entity? UK? or Australia
UK is better than ASIC ( in UK you get FSCS money protection in AUS it is bit confusing
2) make sure you are actually trading shares and they directly held in your name? and not a CFD
3) IB is better in all aspects you get SIPC protection
The thing is if your money is co mingled with OTC products then how is it protected?

I have experienced Saxo white label going belly up and took 40 cents a in a dollar with them pure fraud... so ask these questions first before parting money

 

[bigmistake]

You can try long-term but with small fund. Don't put all egg into one basket.

 

[remme001]

I'm in the UK and I did consider Saxo for a share trading account at one point as they seemed competitive until I noticed there's a custody fee mentioned in one of their fees pdfs. Something worth looking into.

 

[antoncretu]

Run like hell from SAXOBANK

1. Huuuge commissions on stocks: min. $15/transaction for stocks (if you buy $1000 stocks you pay 1.5% commission) comparing to $1 at Interactive Brokers (FIFTEEN times higher!)
2. Options commissions also higher ($3/transaction + extra commission for every long or short longer time option)
3. FOREX Stop Loss orders in periods of volatility DO NOT execute at your price, but at a WORSE price
4. Option orders cannot be modified when price is going lower due to a PLATFORM ERROR, I told them the error and they told me that I should buy Real-Time prices...outrageous! (Well, if you cancel the order, and add a new that works...another proof that for the modification there is a system error, but first time I didn't know and I lost some money)
5. From time to time you cannot access at all certain types of orders on the (Web) platform...although not often, this can be big if you want to close an order, we are talking about real money...
6. The number of option or CFD tickers is limited (comparing to Interactive Brokers for ex.), I don't know about FOREX

 

[JP123]

^^^^^

The exaggeration in that post is unreal...

1 - 2 cents per share minimum $15 is hardly expensive in the UK..
3 - Stop loss orders not being triggered is called slippage and it happens with every bank and broker

The others seems like isolated incidents.. Saxo has been brilliant for me and only IB compares in terms of price but that is all

 

[antoncretu]

"The exaggeration in that post is unreal... " - in fact, quite very real facts...
Now, maybe somebody can see "the exaggeration" as unreal - sure, everybody can have an opinion so I call back my "Run like hell from SAXOBANK", I just present the facts everybody has his own path, and for some profiles indeed it might not be a problem:
- $15 is 15 times more expensive than $1 in every country of the world. However, it's true that for large amounts of money, you might pay only a few cents/share - probably for a portfolio > $100K the $15 minimum it's not a problem
- Indeed the slippage might happen on every broker, so the (much) lower cost is a much appreciated criterion for me
- No, not all of them are isolated incidents: the options order that cannot be closed when the price is going down is persistent, and I noticed them, and they did nothing
- IB is much cheaper than SAXO, however mostly all others are a little cheaper (Ameritrade etc.)
- IB is better not only from the cost point of view, but also: much more CFD, options, and I think stock tickers; more tools etc.