Saxo under probe in Denmark ?

T

trade2live

I have heard about the experience of some traders there but have you heard lately about a probe by the Danish authorities over questionable practices at Saxo ? Apparently there was a lot bad press coverage in Denmark on what was going on at Saxo bank, this followed scathing accusations by a Portugese money manager, a former exec at SAXO then dished a lot of dirt on their market making activities in FX and CFD's and the government got involved . Oddly I have not seen any thread on the subject on ET .
 
This was reported late April:

http://politiken.dk/erhverv/article959719.ece

It ends with (from Google Translate):

Banking and Finance take a closer look
Co says FSA Director Press releases to Børsen that oversight has now launched a broader study to identify conditions in Saxo Bank.

It is based on the last weeks massive criticism by Saxo Bank in the media.
 
Dang. I thought Saxo is one of the top n trusted broker in the industry. Shame.









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I just read the danish article. A few interesting bits of information

1. The Portuguese financial institution 'fortune' has filed a complaints with the danish police.

2. Saxo is being investigated by the regulator ('Finanstilsynet') according to the CEO/director of the regulator

3. Fortune has asked to have Saxo's banking license suspended.
 
I read on one forum that the articles say Saxo had a dedicated team going to great lengths to find ways to beat customers and take their money. I didn't read the original articles though , can anyone confirm this story ?
 
Quote from cigarno:

It goes ro prove rhat all FX spot trading is just a scam.....All brokers are bucket shops
More...

Blah blah blah, you talk trash. Ive been with MB Trading(which by the way is ECN) for almost 3 yrs and never have had a problem. AND, they are top rated by Barrons. Not all FX brokers are bucketshops, get your facts straight before you say something without merit.
 
I tested Saxo's platform a year ago and a lot of things didn't look right. I got the feeling that they are a bucketshop in spite of their fancy website and smooth marketing.
 
Quote from munnyhunny:

smooth marketing.
More...

Smooth and slick marketing from any company usually means they're always going to get the better end of the deal. This is espeically the case when they're trying to sell a 'dream'.
 
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