Saxo Bank

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Saxo Bank - why you can’t trust them with your money

Saxo Bank investments start from $10,000. Despite the fact that Saxo Bank’s main goal is user convenience, the platform does not offer significant comfort for Russian-speaking clients. Some pages of the site are not translated into Russian. In some places the translation itself looks as if an automatic translator was used. In addition, Russian-speaking customers may not be able to read important documents, such as the privacy policy, in their native language. And this somewhat worsens the relationship between the client and the company, simply because the platform requires the entry of mandatory data, such as registration and identification documents, such as a passport. Your data may only be passed on to third parties for legitimate reasons, such as requests from government authorities.

Status	SCAM
Year of foundation	1992
Affiliate program	Yes
Regulation and jurisdiction	Philip Heymans Alle 15, 2900 Hellerup, Denmark
Features of the company	They have corporate accounts and also award points for every transaction and replenishment of the account. Everything may seem quite profitable for traders.
Website	home.saxo
Contacts	+45 3977 4113 [email protected]

Pros

There are licenses from several regulators
Extensive work experience
Huge selection of assets

Cons

Large minimum deposit amount
Large commissions for transactions
Mixed reviews on the Internet
Slow technical support

Trading Platform	SaxoTrader GO, SaxoTrader PRO
Types of accounts	Classic, Platinum, VIP
Currency	EUR, USD
Deposit Withdrawal	Visa, MasterCard, Bank of Transfer
Min Deposit	$10 000
Leverage	1:30
Spread	0,7
Financial Instruments	Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options
Trading Features	The broker offers the opportunity to work with its own software. The trading terminals here are only developed in-house, and third-party services are used only as additional add-ons.
Bonus	Yes

Terms of cooperation

To get started, you need to create a personal account with Saxo Bank. By choosing a tariff plan that suits them, traders will have access to 40,000 trading instruments, including currency pairs, stocks, binary options, futures and bonds. The broker also offers corporate companies the opportunity to open trading accounts. To open an account, you must provide the appropriate documentation, but before registering, please note that all documentation is stored on the broker’s server, about the reliability of which little is known.

The office offers a loyalty system to regular customers, and educational information for traders is posted on the Saxo Bank official website. Although you have certain permissions, you must do your own research before working with a Saxo Bank broker.

Licensing

SaxoBank is a licensed broker regulated by the Danish Financial Supervisory Authority (DFSA). The license number is 1149. Even though they have a license, users are still not sure about its veracity. There are doubts about which regulators gave them permission. And it is unclear by what criteria the license was obtained.

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Expert opinion

Eugene Rudenko

As the Saxo Bank review shows, the company occupies a far from leading position in the rating of foreign exchange brokers. The reasons for such a low rating are a number of negative customer reviews and constant problems with the operation of the trading terminal. The broker’s conditions are suitable only for professional traders and investors who are ready to replenish their account with an amount of $10,000 or more, and are not aimed at Forex beginners.

Saxo Bank offers multimillion-dollar clients access to 85 exchanges and platforms, quotes from leading banks and professional support in 20 languages. The broker is a member of the Investor Compensation Fund, which holds client funds in a separate bank account. The company offers the opportunity to earn additional income by investing in a ready-made diversified portfolio. To know how to make money on Saxo Bank, you need to have a fairly deep understanding of the market.

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Trader reviews

Reviews about Saxo Bank are very contradictory. Clients point out a number of shortcomings in working with a broker, the main one of which is the lag of charts from market prices, especially when trading based on news. There are also numerous complaints about difficulties with account registration and the incompetence of the technical support manager.

The trader writes that after a thorough analysis and comparison of other brokers, he chose Saxo Bank, which was a big mistake. Analytics tools are outdated and often provide incorrect data. The client relied on their analysis to make trading decisions, which resulted in financial losses. They are completely incompetent in providing quality services.

A user says that the most important thing for him with brokerage companies is the prompt work of the manager and technical support. Such a story happened with Saxo Bank, which was very disappointing. There were problems with the transaction, and technical support did not respond for 2 weeks. After the terminal broke down, reinstalling did not help. The client contacted the hotline, to which they answered – write by email, we don’t do this over the phone. And there is no technical support at all.

One more trader claims that their technical support is terrible. Depositing and withdrawing money is slow. Trading conditions have changed for the worse: spreads have increased, commissions have increased and, most importantly, the execution of orders in the terminal has deteriorated.

The next trader writes that he and his friends came up with $500 each and decided to invest it wisely. We read the reviews, studied all the information and chose Saxo Bank. We opened an account and deposited money. They earned their first money, they wanted to withdraw it, but they didn’t succeed. I haven’t been able to get my money back for three weeks, as if it was blocked.

If, out of inexperience, you believed these scammers, then contact our specialists who will be able to return your money.

Conclusion

Saxo Bank does not withdraw money – this is clear from the reviews available on the Internet. All your income goes to the treasury of these scammers. The company’s asset portfolio is very broad and offers a wide range of trading options. These include currencies, stocks, bonds, exchange-traded funds and investment index funds. Clients are also offered CFDs and access to government bonds for trading. Saxo Bank are scammers. To avoid being left penniless, we recommend not to contact this company.

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FAQ

Does the opinion of a broker's clients affect its reputation?

The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about Saxo Bank are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.

How to write a review about cooperation with Saxo Bank on the website?

To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.

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