Yes, if Saxo Bank has done anything illegal, the Danish police will help you. And you will get all your money back. So please give them a call. They speak English. You can also write to them, if you like.
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Saxotrader pros & cons
- Thread starter dancahill74
- Start date
Yes, if Saxo Bank has done anything illegal, the Danish police will help you. And you will get all your money back. So please give them a call. They speak English. You can also write to them, if you like.
Quote from Wittgenstein:
Yes, if Saxo Bank has done anything illegal, the Danish police will help you. And you will get all your money back. So please give them a call. They speak English. You can also write to them, if you like.
Quote from Baruch:
Saxo Bank will not go broke because we don't allow banks to go broke in Denmark. That's why we keep a close eye on Saxo - and all other banks.
But if it happened, your first 30K is safe . No matter what.
So Saxo Bank is much more safe than any US broker.
Wittgenstein/Baruch,
Please, if you're going to shill for Saxo Bank, please use one identity. At least that way I can keep up. See this post on Moneytec about your user names:
"baruch - you are indeed livermore, darvas and witt - this can only be so when you have the same ip addresses - and DK is the prefix for denmark
Baruch 80.197.16.242
Darvas 80.197.16.242
Livermore 80.197.16.242
Wittgenstein 80.197.16.242
0x535fcb91.virnxx8.adsl-dhcp.tele.dk
Baruch 80.164.166.10
Darvas 80.164.166.10
Livermore 80.164.166.10
Wittgenstein 80.164.166.10"
Quote from Chood:
You're joking, right? I contacted Finanstilsynet, as I said, but it replied only that it would not reply. If you'd read my post, you'd know that. So, according to the regulator, there was no way to find out if other Saxo customers were similarly defrauded, and no way to find out if the so-called regulator offered any recourse.
I then had an attorney read the Danish statutes in English translation that Finanstilsynet provides via its website, and learned that there is no law governing retail fx dealing. So, you tell me, how is a Danish policeman going to help?
My point is that Saxo Trader customers are not protected from manipulation of their fx orders, contrary to the hype of Saxo's website. That's my first-hand knowledge, learned the hard way. It cost 12k USD.
If it's fraud, it's a case for the police. If it's not fraud, it's not a case for the police.
PS. Soultrader from Moneytec calls himself mad. And I don't disagree with him. But I work together with Baruch.
I read this post with my eyes peeled as i favour saxobank, liking their platform and possiblities a lot.
Now, i see all those people complaining about things that happened to them bla bla... in the end they lost their money, right? Like 95% of us traders do. Right?
Ok
Now:
1) How do you (Chood) know saxo has done anything to you?
2) How do WE know saxo has done anything to chood?
3) Why is it that everytime you people get a stop hit, it's not your fault? THAT STOP IS HIT BECAUSE THE PRICE WENT AGAINST YOU! IT IS THE SAME PRICE EVERYWHERE IN THE WORLD. CHECK IT!
I agree with technical problems and the such and don't think it's okay not to be able to access the account when you need it, but hey, that is part of the risk too.
Nothing is perfect, but hearing that an AUTOMATED BROKERAGE SYSTEM would act against ONE account owner is just plain old paranoia and you will have to excuse me unless you give me a more credible reason to believe it! My argument is that i opened a live account with them and a demo one and the two went perfectly in sync for 20 days, no difference there so that much for manipulation.....
Now, i see all those people complaining about things that happened to them bla bla... in the end they lost their money, right? Like 95% of us traders do. Right?
Ok
Now:
1) How do you (Chood) know saxo has done anything to you?
2) How do WE know saxo has done anything to chood?
3) Why is it that everytime you people get a stop hit, it's not your fault? THAT STOP IS HIT BECAUSE THE PRICE WENT AGAINST YOU! IT IS THE SAME PRICE EVERYWHERE IN THE WORLD. CHECK IT!
I agree with technical problems and the such and don't think it's okay not to be able to access the account when you need it, but hey, that is part of the risk too.
Nothing is perfect, but hearing that an AUTOMATED BROKERAGE SYSTEM would act against ONE account owner is just plain old paranoia and you will have to excuse me unless you give me a more credible reason to believe it! My argument is that i opened a live account with them and a demo one and the two went perfectly in sync for 20 days, no difference there so that much for manipulation.....
con: I don't like the name. I think it's dumb.
Quote from Chood:
I traded a six-figure USD account with Saxo Bank, using the Saxo Trader. I contacted Finanstilsynet, which is the Danish Financial Services [or Supervisory] Authority (FSA), when Saxo burned the account by refusing to honor profitable limit orders. Finanstilsynet replied to me in writing that it could not and would not provide me with any information about Saxo, on the ground that confidentiality prevented it from disclosing information about Saxo, even to Saxo's own customers. You may call that regulation; I don't.
I subsequently learned that Saxo was shut down in Australia by Australia's FSA. It is not registered with the UK FSA or with any USA regulator (like the CFTC) or self-regulating group (NFA, for example). So, I stand by my report that Saxo's fx dealing with retail customers is unregulated. If you have first-hand knowledge to the contrary, post it.
Saxo Bank, on its website, continues to dupe prospects into believing that, first, they'll be protected from dishonest practices, and second, they'll have "recourse" to a regulator in the event of a problem. What Saxo says is directly contradicted by what we found out from the regulator (the Danish FSA) that Saxo says protects its (Saxo's) customers. See quoted post above.
Here's the latest quote from Saxo's website:
_______________________________________________
"The countries where adequate, specific regulation of the forex industry is in place include the United Kingdom and our own home base, Denmark. In our opinion, if you can establish that the authorities in either of these countries properly authorize a company, then your concern should be more focused on the levels of service, pricing etc. than on the integrity of the company.
The lack of regulation is of course a curse for the quality companies in those areas, as they may have no way of gaining the recognition connected to regulatory authorization. Therefore, let us hasten to add that there are exceptions to the rule and you may find good, unregulated companies. However, please be aware that the majority does not live up to the standard expected in the UK or Denmark, for example, and that such companies may be very under-capitalized as well. And please, do not mistake membership of local industry organizations for real regulation; such memberships normally provide little, if any, recourse in the event of a dispute.
At Saxo Bank we are fully regulated by the Danish Financial Supervisory Authorities, which means that the bank complies fully with EU regulations. Furthermore, we are member of Guarantee Fund for Depositors and Investors supervised by the Danish Ministry of Economics and Business Affairs, ensuring capital guarantees according to certain thresholds."
Quote from alex.samant:
I read this post with my eyes peeled as i favour saxobank, liking their platform and possiblities a lot.
Now, i see all those people complaining about things that happened to them bla bla... in the end they lost their money, right? Like 95% of us traders do. Right?
Ok
Now:
1) How do you (Chood) know saxo has done anything to you?
2) How do WE know saxo has done anything to chood?
3) Why is it that everytime you people get a stop hit, it's not your fault? THAT STOP IS HIT BECAUSE THE PRICE WENT AGAINST YOU! IT IS THE SAME PRICE EVERYWHERE IN THE WORLD. CHECK IT!
I agree with technical problems and the such and don't think it's okay not to be able to access the account when you need it, but hey, that is part of the risk too.
Nothing is perfect, but hearing that an AUTOMATED BROKERAGE SYSTEM would act against ONE account owner is just plain old paranoia and you will have to excuse me unless you give me a more credible reason to believe it! My argument is that i opened a live account with them and a demo one and the two went perfectly in sync for 20 days, no difference there so that much for manipulation.....
I have no personal experience with Saxo Bank in particular, and therefore can't comment on their fair or unfair dealing practices. However, your post reveals a serious lack of understanding of how retail forex works, and could mislead some readers. A number of your statements are factually incorrect. Let's take it from the top:
1. It is a universally accepted, known fact that the price is most definitely, 100%, not "THE SAME PRICE EVERYWHERE IN THE WORLD. CHECK IT!", if we're talking about retail forex world and its market-makers. Even the MMs themselves have never made the claim you're making in your quote, nor would any of them be foolish enough to ever make such a demonstrably false claim. If you believe that, you haven't done your most basic homework for trading forex. See points #2-4 below.
2. An "AUTOMATED BROKERAGE SYSTEM"? Don't be so sure. Virtually every MM has an active trading desk, where traders can and do override the computer all the time. If you believe that they're the good guys employed 24/6, at a significant cost, just to get a customer out of a trade every once in a while, in an emergency, then, again, you haven't done your basic homework.
3. A stop run by the MM is not directed against "ONE account owner", but many. Even ignoring the simple fact that stop placement by the retail forex crowd is quite predictable, the MMs need not bother predicting anything. Each MM knows exactly where their customers' stops are concentrated and what it would take to trigger some of them.
The situation is even worse for those who subscribe to an fx signals service and naively open an account with a MM referred to by the service -- the MM for which that service acts as an IB (introducing broker). Every time there's a new signal, all those hapless subscribers (who might number in the hundreds or more, for popular services) place their entry, SL and TP orders, minutes to hours in advance, at exactly the same price levels. Temptation for the MM... what temptation?
4. Comparing a live account and a demo account of the same MM for 20 days... what's the point? That's no test of price manipulation. Actually, come to think of it, that's not a test of anything at all -- by definition of a "demo", no useful conclusions may be drawn from whether a given MM's live and demo prices are identical or not. You need to compare different MM's live price feeds, side by side. Not for 20 days... for 20 minutes, in a reasonably fast market. That's all the evidence of independent pricing you'll ever need. Why do you suppose they're called market-makers?
Late Apex, according to what you are saying (about MM manipulating pricing) if i have an automated system or subscribe to a signals service , my optimal solution is executing using Currenex (or some other sort of inter bank dealing platform (where MM cant manipulate prices)
(I also get a better spread)
AM I correct?
(I also get a better spread)
AM I correct?
It really depends. On what? Factors such as your account size; your position sizing / money management method; the source(s) of your edge; your trading style (size, frequency, duration, TP, SL, scaling in or out); your currency pairs; and the times of day you trade. Your optimal solution, I believe, is one of the following, in no particular order:
1) One of the commission-based ECNs -- Currenex, COESfx, HotspotFX, etc.
2) Oanda
3) CME Globex futures
4) More than one of the above. For instance, for a fully automated system (no manual entries), an API would also be a key factor. For a signals service, you may not want to convert from spot to futures prices all the time, although it's doable, according to some.
1) One of the commission-based ECNs -- Currenex, COESfx, HotspotFX, etc.
2) Oanda
3) CME Globex futures
4) More than one of the above. For instance, for a fully automated system (no manual entries), an API would also be a key factor. For a signals service, you may not want to convert from spot to futures prices all the time, although it's doable, according to some.