Saxo Bank Has Screwed Me

  • Thread starter Thread starter xelor
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Quote from Ivanovich:

Lon,

What does this have to do with the OP's claim? I'm not following you.
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Apologies.

My post was in reference to the forex fctory link.

Would not have a clue re the Saxo claims. My guess is that their platform froze at 9.30 UK time after the CPI data and the guy bought £ on a stale price. I dare say if the price froze for a second then the guy has a valid complaint - if it was a stale price for 10 seconds then it was obviously a wrong price and he can hardly complain.
 
Lon, that's why I requested that the OP post the basic facts such as the entry and exit prices and times (h:m:s), as well as what the change was.

However unfair / dishonest Saxo Bank's retail forex dealing practices may or may not be, hard to imagine Saxo being dumb / self-destructive enough to routinely empower its lowly CSRs to create a prima facie incriminating paper trail in writing.

Without those basic facts, we could be speculating (pun intended) from here until eternity, or until forex gets to be squeaky clean, whichever comes first.
 
:

"Dear xxxx,

We have changed your trades on GBPJPY and GBPUSD as these trades were speculative and done after an announcement. We see speculative trades after announcements as illegal and would advise you to stop this behavior immediately. Otherwise we would need to take further action.

Best regards,
Erdal

Med Venlig Hilsen | Yours Sincerely

Erdal Erbas | Associate - Institutional Sales Trading Saxo Bank A/S | Smakkedalen 2 | DK-2820 Gentofte Company phone: +45 39 77 40 00 | Direct phone: +45-3977 6019 | Fax number: +45 39 77 42 00 [/B]
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Saxo has always had a bad reputation but this is the worst action I have ever heard of from any broker. Hard to believe actually. As a Non USA broker they are fairly immune to legal action. I think some people think the suffix "Bank" means they are like a normal bank.
Anyway this must be a fake letter as no broker is blatant enough to write an email saying they don't allow speculative trades.- they all encourage them.
 
I think the fact that the original poster has mysteriously vanished should give us an indication that this was all a wind up. Not to say that the forex market isn't full of shady characters, and also not to say that Saxo isn't one of the worst. But this particular complaint seems to have little credibility.

Sorry, Chood :)
 
Amazing.

You should spread this story on the internet so all the traders know who they are.

its amazing that they came up with that stupid thing about "speculative" and "after an announcement" and funny that they ask you to stop "this behaviour" like if you was doing something wrong.

Speculative? This is all about speculation!
What the heck do they expect?
 
Quote from xelor:

We see speculative trades after announcements as illegal and would advise you to stop this behavior immediately.


Otherwise we would need to take further action.

[/B]
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Yes they are right u should stop your unethical trading style and start loosing money,

I can hear these words clearly from there msg

that is our main propose of being a Broker (Scammers)

when we let everybody trade the news and make money. from were we gonna pay our bills and salaries

from were we can make millions

sorry we here accept loosers only

and our further action gonna be like this

kick you out of here (u are not welcome to trade any more)

then contact other scammers friends (Brokers) to not to accept u as a client and put u on the black list (as a winning trader).

please note and be adviced you have only two options here

1st to loose yr money

2ed to loose yr money also

no 3rd chance

understood :mad: :mad:
 
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