Saxotrader pros & cons

dancahill74 · Apr 9, 2005

I've been trialling Saxobanks system for the past 6 weeks (Forex only).

I like the streaming news and charts in particular and the general usability is pretty good.

I have been having a number of problems in the last week or so where the server wont let me access my account information in order to set stops and close trades.

On thursday this led to a pretty big loss on the day - not too concerning when its only funny money but did make me think twice about my intention to open an account with them.

Anyone got any current experience on the platform and any comments. I've started with the Oanda trial now reading posts on this forum but initial reaction is I prefer Saxo.

Appreciate any feedback.

DC

168 · Apr 9, 2005

saxobank's spread is not better than fxcm , it's not good for the small account , for small account, i think the oanda is the best ,and ib is the second .

Chood · Apr 9, 2005

Avoid SaxoBank: it is dishonest. In our six-figure USD Forex trading account with it, it cheated us out of more than 12k USD by manipulating prices against our positions and orders and refusing to fill profitable limit orders.

Also bear in mind that SaxoBank's so-called Danish regulator will not provide Saxo customers with any information on Saxo. We we were burned, we contacted 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 SaxoBank's currency dealings. Thus, like us, you will be without any protection at all when (not if) you are cheated.

168 · Apr 9, 2005

chood

so which firm are you trading with now ?

dancahill74 · Apr 9, 2005

Hmm sounds unpleasant, who are you using now?

toshiba · Apr 10, 2005

I had five-figures account with Saxo, moved to another broker because other broker had given better conditions for instruments I trade, but I didn't have any problems during 2 years trading with them. I traded all of the products (forex, cfd,futures) and have only positive impressions. Saxo is a reputable firm. Of course Saxo is not good for mini, there are many other companies for this sector. I know also many people who trade with Saxo for a long period and don't want to change them for another broker.

Chood · Apr 10, 2005

Quote from 168:

chood

so which firm are you trading with now ?

____________________________________________

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 to ever 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.

toshiba · Apr 11, 2005

Chood could you describe precisely what has happened when you traded with Saxo?

Baruch · Apr 11, 2005

Quote from dancahill74:

I've been trialling Saxobanks system for the past 6 weeks (Forex only).

I like the streaming news and charts in particular and the general usability is pretty good.

I have been having a number of problems in the last week or so where the server wont let me access my account information in order to set stops and close trades.

On thursday this led to a pretty big loss on the day - not too concerning when its only funny money but did make me think twice about my intention to open an account with them.

Anyone got any current experience on the platform and any comments. I've started with the Oanda trial now reading posts on this forum but initial reaction is I prefer Saxo.

Appreciate any feedback.

DC

Just click on Update - and you can see your account information again. You can also use the chat in the trading station, and you will get a broker to place your stops.

Baruch · Apr 11, 2005

Quote from Chood:

Avoid SaxoBank: it is dishonest. In our six-figure USD Forex trading account with it, it cheated us out of more than 12k USD by manipulating prices against our positions and orders and refusing to fill profitable limit orders.

Also bear in mind that SaxoBank's so-called Danish regulator will not provide Saxo customers with any information on Saxo. We we were burned, we contacted 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 SaxoBank's currency dealings. Thus, like us, you will be without any protection at all when (not if) you are cheated.

The Danish regulator keeps a close eye on Saxo because it's the only trading bank we have in Denmark. And your first 300.000 Danish Crowns (about 40.000 Euro) is safe, if Saxo Bank should go broke. A insurance fund for all Danish banks will pay them to you.