Patong - i'm not sure you have a clue what you are talking about. You honestly think a company with thousands of clients carefully monitors which accounts are successful, and 'copies' their strategy? Absurd. Sounds like you have lost money, and need someone to blame.
Firstly, I do not blame anyone for my losses, when it my fault. However, when a broker such as Suxo give me incorrect fills, hit my stops I have no option but to post this.
Do you work for them?
I trade for a living, so if you think I am emtiona , I am not.
Saxo is not a good bank/broker to trade through regardless of your personal opinion.
Check this out. This happened to me.
2008-08-04
Review: The worst trading system ever used.
Saxobank Serious Faults
________________________________________
Saxo Trader stopped me out of a trade with no stop being hit and at a loss of about 35 pips EUR/GPB on Friday 1/8/2008
They have refused compensation.
Here are the extracts from Saxo email.
Order 90261972 should not be triggered.
You called us to report this error. My colleague in Demark called you and informed you that we would cancel the position for you due to our fault on this.:
We are sorry for the wrong filled (for order 90261972) and we have revised for you asap.
Deal with SAXO at your own perril. I also have charts to prove this.
another.
2008-06-24
Review: Been trading on Saxo for about 3 years now, and it's been a ROCKY road to say the LEAST! They have raped me on slippage so many times that my head spins thiking about it. They did it JUST TODAY. I had a stop bid order for GBPUSD @ 1.9703 , there was no news or any real volatility, but the price started steadily rising. When it hit my price, it opened me at 1.9716! When I saw this, I blew a gasket and chatted them and told them that trade was outrageous. My account manager was online and said he'd look at it, and told me it was acceptable, and to look at their minute chart.
Needless to say, I had to remind him that I wasn't stupid, and there was NO reason in the world why that order couldn't open at 1.9707 (the offer price with the spread). We went back and forth for over a half hour, and said he'd investigate it more tomorrow, and get back with me. I have a transcript of the entire chat session.
EVERYTIME I mention that I didn't like the price or the spread, they have a bs excuse. When I opened this account, I had $120K in it. About year into it, they screwed me with a MARGIN CALL for about $40K on some open positions I had that were down. Because they DOUBLE MARGINS on the weekend! I had to either put in more money or close the positions. I did a calculation, and my calculation showed I had enough margin even for the weekend. Apparently not, according to Saxo. The following monday, I open my account and my email to find out that ALL MY POSITIONS had been closed! My major position MOVED THAT DAY! After that, I brought my balance way down from there, and never traded at that level with them again. I'm still trying to get some legal action against them on that margin call, but apparently in Denmark this kind of litigation is very difficult.
Another thing that they did which I'm sure you'll all love. While this account was not being actively traded, I contracted a managed trader to trade it for us. He came highly recommended. For the first 3 or 4 months or so, they did a pretty good job, netting us about 25% average a month. Then, they started slacking, they would open good trades but never take any profits, had horrifically wide stops. I would see our profits vaporize because they didn't close our positions. To the point where I had to manually close them myself. I couldn't understand it. Eventually, we had to dump them. When I cancelled the LPOA we had with them, I discovered that Saxo had allowed them to INCREASE OUR SPREADS in some cases to more than DOUBLE their standard spreads so they can keep the difference!!! For example, our spread on GBPUSD was 11 PIPS!!!
I COULD NOT FRICKIN' BELIEVE IT. When I confronted my account manager about this, he put it off as if it was my fault because I hired that trader. NOWHERE in our trading agreement or in our LPOA, was there any mention that they or Saxo was allowed to manipulate from the retail spreads. In fact, they said that they would move us to the "institutional" platform, that would actually give us tighter spreads. Yeah right. After several emails and legal threats, they refunded us almost $4K (the trader, not Saxo, they to this day claim no responsibility). I'm sure there is more that we are owed, but we have to sift through our activity logs and audit every trade, and get all the info dating back to late 2006. It's easier said than done.
Earlier this year, I began trading again with our money in Saxo that had been inactive for some time, and in that time, we've been clipped quite a bit. Usually it was for 3-4 pips more (which they would blame on light trading in Asia), but sometimes it would go as high as 8 or 10 pips for no reason, and they killed lots of our positions by taking out our stops even though the market wasn't moving that way. We were still making decent money so I let most of it pass. But now, we're not doing as well, so I'm holding them to the fire and they don't like it one bit. My account manager said he'd get back with me tomorrow on this current brouhaha. I've resolved that if they make good on these last few ripoff trades that they pulled on me, I am closing the account for good, this is the final straw. And I will scour the earth to find the right broker to replace them. I'm using FXCM right now, but only for a very small nut, and may give them a shot. But I'm not keen on their weird, arbitrary spreads that I've seen so far. And their order execution leaves much to be desired.
One more note, their new SaxoTrader2 sucks, so many times the thing sits when I open it so it can update itself for what seems like 10 minutes. And other times I have to crash it manually because it goes nuts opening multiple dealer chat windows for no reason and jams everything up.
There are so many parts of the software that I don't dare use (like the FX Majors tab) because I KNOW that it will go nuts and lock up my whole system. I've been trading on a intraday strategy that's been working well the past few months, but apparently too well for them, because they are intent on screwing me every chance they can.
So, no, I can't recommend Saxo to anyone. In fact, after reading all this to myself, I find it safe to say that I'm done with them whether they resolve this current trade issue I have with them or not.
Damien, UK
Rating:
Date of Post: 2007-09-24
Review: I am sorry but this is simple, SAXO BANK will play against you. This bank only gets revenue from trades so if they can snip they will. I worked for their UK office and traveled to Copenhagen to visit there main operation. I watched them crank up spreads and hit stops early. I am not saying the platform is bad but be aware very aware that it is you v them. I must also add when I worked there the service provided depended very much on your account size. Be wary of options spreads!!
I rest my case.
My personal opinion is that you bear a grudge, and have too much time on your hands to scour through the internet looking for criticisms of Saxo. By the way calling them 'Suxo', doesn't do your credibility any favours at all.
1)So in the first example, Saxo admitted the mistake and refunded.....seems reasonable.
2) The intermediary broker/trader increased their cut (commission), and Saxo is blamed - absurd, that is a gripe with the intermediary. The relationship you have is with the intermediary. It is his responsibility to inform you of spread changes/changes in fee structure, not Saxo.
3) The guy was stopped out on a $40k margin call. Ok, he had $120k to start with, but how much was on the account at this point. If the margin was over 100% then this is actually good business - if everyone was allowed to rack up $40k losses, the company would be stuffed, to the detriment of all the responsible traders.
4) The guy doesn't like FXCM either. I suggest he goes and learns how the FX market works - there is no guaranteed spread when trading the actual market. If you don't like the way the FX market works - DON'T TRADE....but stop bad-mouthing an organisation based on personal gripes.
5) Double spreads at the weekend - Saxo are not open for FX trading at the weekend. In any case, the spreads would be wider because the markets are very thin.
6) Too many of these criticisms are just wild accusations, e.g 'because they are intent on screwing me every chance they can' - evidence please!
7) Re the last review. A disgruntled ex-employee (probably recently made redundant). If this is true, then do the decent thing and notify the authorities.
1)So in the first example, Saxo admitted the mistake and refunded.....seems reasonable.
2) The intermediary broker/trader increased their cut (commission), and Saxo is blamed - absurd, that is a gripe with the intermediary. The relationship you have is with the intermediary. It is his responsibility to inform you of spread changes/changes in fee structure, not Saxo.
3) The guy was stopped out on a $40k margin call. Ok, he had $120k to start with, but how much was on the account at this point. If the margin was over 100% then this is actually good business - if everyone was allowed to rack up $40k losses, the company would be stuffed, to the detriment of all the responsible traders.
4) The guy doesn't like FXCM either. I suggest he goes and learns how the FX market works - there is no guaranteed spread when trading the actual market. If you don't like the way the FX market works - DON'T TRADE....but stop bad-mouthing an organisation based on personal gripes.
5) Double spreads at the weekend - Saxo are not open for FX trading at the weekend. In any case, the spreads would be wider because the markets are very thin.
6) Too many of these criticisms are just wild accusations, e.g 'because they are intent on screwing me every chance they can' - evidence please!
7) Re the last review. A disgruntled ex-employee (probably recently made redundant). If this is true, then do the decent thing and notify the authorities.
YOU ARE VERY WRONG.
Saxo never refunded anything NOT for ONE but FOUR different trades that went wrong, even though they admitted being at fault. On one trade they even changed the pair.
I will bad mouth Saxobank to every person I know, due to my experience and no dought you will preach how honest and great they are. DO YOU WORK FOR THEM?
The platform is unstable also.
By the way all i had to do was type, Saxobank good, bad , ripoff into google to find thousands of negative reviews. Took maybe five minutes.
There are thousands of conspiracy theories on thousands of subjects on the internet - it doesn't legitimise them. The very nature of these message boards attracts disgruntled people, as do any 'review' sites for any product/service.
Your language/accusations are child-like and unspecific, with responses such as 'I will bad mouth Saxobank to every person I know'. Grow up.
I am not a Saxo Bank broker, but I have a strong knowledge of the organisation and the way the financial markets operate. You are unhappy - fine - use a different platform, thats your choice, but making indefensible accusations is another thing.
Your language/accusations are child-like and unspecific, with responses such as 'I will bad mouth Saxobank to every person I know'. Grow up.
I am not a Saxo Bank broker, but I have a strong knowledge of the organisation and the way the financial markets operate. You are unhappy - fine - use a different platform, thats your choice, but making indefensible accusations is another thing.
By your responses I am sure you are involved in SUXO in some way. You have a strong knowledge of a company that rips investors off. Just read this thread and see the light. I do not believe you that you are not on SUXO"s payroll, why else would you be defending them?
Why not discredit SUXO ? TRUTH HURTS.
If you are trading for a living surely you wouldn't have the time to research every thread. The fact is you know that I have incurred losses due to Saxo's fault and yet you can not accept this. WHY?
Your defenses are worthless to 99% of people who have dealt with them. Get off your high horse and smell the coffee for real.
I don"t care what you think. You have not presented any facts.
So you are a broker? or do your just like to call yourself a ju_ broker or should that be spelt different?
Thanks for the humour, am sure many people appreciate it.
Perhaps you can post a few signals and results. Saxo clients need all the help they can get. Please try to prove me wrong then your words may carry merrit. Until then, please don't waste my time on defending SUXO, because I are not interested.
If you have nothing to say, say nothing. George Bernad Shaw.
Cheers,
Have a beer , relax and get down to trading.
Awaiting
your signals.I recently opened an account with them, but find the Live platform very slow compared with their Demo one, and subsequently haven't traded with them - wish I'd looked at T2W first!
Either they have a lot of technical problems, or the stated trading hours are inaccurate, because there have been many times when either the markets were closed or I could log in but no data was available.
Interesting that they share the same fax no. and address with E*TRADE and Capital Spreads as part of the London Capital Group.
I liked there platform to start with, but when I went live it all changed. Freeze-up, Slippage, Incorrect fills, etc. I was also trading on another platform entering the same trades and making money on Alpari MT4 and loosing on Saxo at the sametime. So I am convinced something is going on behind the scenes. Or they just don't have a good data feed or something. I do know, but to risky to trade with in my opinion.
I went long in a Demo trade on Eur/Us$ at 07:25 GMT, and it's frozen!!
It may have been frozen before I traded, I don't know because I was going by their chart and had only just logged in. Now I realize 'Net Change' is zero, also the same for 4 others as well.
It may have been frozen before I traded, I don't know because I was going by their chart and had only just logged in. Now I realize 'Net Change' is zero, also the same for 4 others as well.
grey_muffin
Newbie
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I may be taking action against Saxo Bank. If you were cheated by them, and want to do something about it, I've set up an address; [email protected]
Send an email with your experience if you wish, or just reply to what I have posted here. I don't need any of your information or anything like that, but other examples of Saxo's scamming can help my case. Thanks.
Send an email with your experience if you wish, or just reply to what I have posted here. I don't need any of your information or anything like that, but other examples of Saxo's scamming can help my case. Thanks.
Tenapenny
Experienced member
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- 1,005
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Saxo are a white label operated by LCG although Saxo call the shots on spreads etc. When you signed up, you actually sign to LCGs terms and conditions. If you are not happy with Saxo either close the account or ask LCG to switch the account to one of the others within LCG. I believe Simon from Capital Spreads said this is possible on the Dealing Desk thread.
Only a white label for spread betting. CFDs and FX are their own product. Not sure what we're talking about here.
Tenapenny
Experienced member
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XPat mentioned the LCG connection in post 49 so I assumed we were discussing Saxospreads. Apologies if they meant CFDs or FX.
We might be - I've come to this thread a bit late, and admit I haven't trawled through all the posts.
Mea culpa
Bint_Crusher
Established member
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Went to a presentation last week in London, and had a short but enjoyable seminar with T** H******d.
I've been trading for 3 years and I wouldn't go near this lot. Their sales person is a **** and their policies regarding fill prices suck. He was not impressed when I put the stopruner question to him either.
I've been trading for 3 years and I wouldn't go near this lot. Their sales person is a **** and their policies regarding fill prices suck. He was not impressed when I put the stopruner question to him either.
Bint Crusher,
I went to a presentation in Bangkok and took copies of this thread and another of all the dodgy scams they pull and peoples experiences. Went down like the Titanic. I had about 200 printed copies and started handing them out to everyone, at first the people thought I worked for Suxo, then realised. After I managed to fire some good Questions at Suxo, which they would not answer, then i read a short post to them. It was a great to get some revenge on the pricks. They were unaware of the copies i gave out until after the presentation.
I went to a presentation in Bangkok and took copies of this thread and another of all the dodgy scams they pull and peoples experiences. Went down like the Titanic. I had about 200 printed copies and started handing them out to everyone, at first the people thought I worked for Suxo, then realised. After I managed to fire some good Questions at Suxo, which they would not answer, then i read a short post to them. It was a great to get some revenge on the pricks. They were unaware of the copies i gave out until after the presentation.
