I am just about to open with saxobank,
Baruch you say you never had any problems with them
How long have you had your acct with them???
Baruch you say you never had any problems with them
How long have you had your acct with them???
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http://www.rcgtrader.com/
- Thread starter liri
- Start date
Quote from Baruch:
I am a Saxo-custormer, and I never had any problems like that.
We had a six-figure USD account with Saxo, and I stand by my description of Saxo's order theft in our account. It absolutely occurred as described. I also can cite the parts of the customer account agreement Saxo required us to sign in which Saxo says that it can discriminate against individual accounts in terms of spreads, prices, and orders. We read that provision before opening the account, asked our sale representative about it, and was reassured that it would never happen. It did happen.
Saxo also told us that the actual platform (SaxoTrader, which is the RCG Trader, too) worked exactly like the demo, and that promptly proved untrue. We had over 18 months of trial trading on the demo prior to opening the account, with thousands of trades and orders handled without problems. Then, with real money on the line, the manual intervention against our positions occurred.
As a result of Saxo's dishonesty, I and the members of our group lost a tremendous amount of time (the year-plus put into the trial), and we lost the profits on the positions Saxo cheated us out of. We also lost the opportunity for trades we had planned for ahead, which also would have been profitable. After Saxo burned us, we closed the account and did not resume trading with any other retail dealer.
Finally, bear in mind that Saxo's so-called Danish regulator will not provide Saxo customers with any information on Saxo. We asked the regulator and were told by it that it would not disclose anything. Nor do Danish banking laws apply in any way or shape to Saxo's currency dealings. Thus, like us, you will be without any protection at all when (not if) Saxo cheats you.
Do you still have a six fig acct and if so who do you use?
thanks look at refco fx pro trader if you watn to go institutional
Quote from jaketrader:
Do you still have a six fig acct and if so who do you use?
Quit cash FX altogether because of the debacle with Saxo. I never again would consider trading with a FX dealer -- it's like betting with a bookie and letting the bookie choose the final score. Nutty. In hindsight, we were fools ever to have believed Saxo's hype. The bells and whistles of its platform -- which are nice, I'll be the first to admit -- and our error-free trial on the Saxo demo convinced us to give it a try. A very expensive lesson.
Considering CME forex futures, but not trading them presently.
Quote from Chood:
Quit cash FX altogether because of the debacle with Saxo. I never again would consider trading with a FX dealer -- it's like betting with a bookie and letting the bookie choose the final score. Nutty. In hindsight, we were fools ever to have believed Saxo's hype. The bells and whistles of its platform -- which are nice, I'll be the first to admit -- and our error-free trial on the Saxo demo convinced us to give it a try. A very expensive lesson.
Considering CME forex futures, but not trading them presently.
The Saxo Bank contract is very dishonest , they can to Retrieve from the Clientâs account any historic trading profits !!!!
So , they have the right to cancel your profitable trade also after one year.
I should never sign a similar contract !
Trading strategies aimed at exploiting errors in prices
(commonly known as âsnipingâ) are not accepted by Saxo
Bank. If Saxo Bank, at its sole discretion in good faith, determines
that Client is taking advantage or attempting to
take advantage of such misquotes or is performing other
forms of abusive trading, Saxo Bank is entitled to take
one or more of the following countermeasures:
Adjust the price spreads available to the Client;
Restrict the Clientâs access to streaming, instantly
tradable quotes, including providing manual quotation
only;
Retrieve from the Clientâs account any historic trading
profits that have been gained through such abuse of
liquidity â as determined by the bank in its sole discretion
in good faith â at any time during the client
relationship; and/or
Terminate the client relationship immediately by giving written notice.
Thanks.
Saxo Bank partners with Rosenthal Colllins Group (RCG) to operate the RCG Trader, which is nothing more than Saxo Bank's Trader white labeled to RCG. But, interestingly, RCG takes great pains to hide its involvement with Saxo. RCG does not mention Saxo anywhere in the information and extensive advertising about the RCG Trader. This probably reflects two facts: first, Saxo's retail fx practices are unregulated even in Denmark where Saxo is located, and second (and this relates to the first fact), Saxo has a reputation for "bucket shop" practices against its retail customers.