You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Saxotrader pros & cons
- Thread starter dancahill74
- Start date
Are there any other similarly good sources of streaming news as this is something I like alot from Saxo?
Quote from Baruch:
The Danish regulator keeps a close eye on Saxo because it's the only trading bank we have in Denmark.
__________________________________________
I don't understand the above response: as a Saxo customer, I (and the group I traded for) was unable to find out ANYTHING about Saxo from the Danish regulator. Wall of silence. Accordingly, how can any customer of Saxo know that the "regulator keeps a close eye on Saxo"? And, even more to the point, how is any customer protected from the dishonesty I encountered? Danish laws don't regulate Saxo's FX dealing. Saxo ripped me off because it could. That's the bottom line.
Chood, not disputing what you say, just trying to get more specifics. I was just about to make the switch when I saw your comments, and would really like to know more about how they cheated you. Please either post here (as others would no doubt love to hear more) or PM me at your convenience.
Thank you in advance,
-Ivan
Thank you in advance,
-Ivan
Quote from Chood:
Quote from Baruch:
The Danish regulator keeps a close eye on Saxo because it's the only trading bank we have in Denmark.
__________________________________________
I don't understand the above response: as a Saxo customer, I (and the group I traded for) was unable to find out ANYTHING about Saxo from the Danish regulator. Wall of silence. Accordingly, how can any customer of Saxo know that the "regulator keeps a close eye on Saxo"? And, even more to the point, how is any customer protected from the dishonesty I encountered? Danish laws don't regulate Saxo's FX dealing. Saxo ripped me off because it could. That's the bottom line.
1. I live in Denmark, and we don't want any banks going broke. That's not our style.
2. If Saxo has cheated you, you should call the police in Copenhagen: 0045-33141448. They will take care of your case, and if Saxo has done anything illegal, you will get your money back.
Saxo may be the only retail place in Denmark but it isn't the only trading bank. I have dealt with Den Danske for years.
The guy who sits next to me has an account with Saxo but rarely uses them anymore due to their practices. Due to his experiences I would not open an account with them.
In my view noone should open an account with a counterparty because of their free add-ons. It is not a game and if you are serious you should be prepared to pay for the best possible chart and news services, than you can justify. A broker/bank should be chosen purely on its ability to show you prices in a way that suits your trading style. This of course does mean that some counterparties may suit different traders.
The guy who sits next to me has an account with Saxo but rarely uses them anymore due to their practices. Due to his experiences I would not open an account with them.
In my view noone should open an account with a counterparty because of their free add-ons. It is not a game and if you are serious you should be prepared to pay for the best possible chart and news services, than you can justify. A broker/bank should be chosen purely on its ability to show you prices in a way that suits your trading style. This of course does mean that some counterparties may suit different traders.
Quote from Lon Eagle:
Saxo may be the only retail place in Denmark but it isn't the only trading bank. I have dealt with Den Danske for years.
The guy who sits next to me has an account with Saxo but rarely uses them anymore due to their practices. Due to his experiences I would not open an account with them.
In my view noone should open an account with a counterparty because of their free add-ons. It is not a game and if you are serious you should be prepared to pay for the best possible chart and news services, than you can justify. A broker/bank should be chosen purely on its ability to show you prices in a way that suits your trading style. This of course does mean that some counterparties may suit different traders.
Danske Bank is the biggest bank in Denmark. They are mostly a retail bank. Saxo Bank is only a trading bank, and the only one of that kind in Denmark. They are owned partly by Deutsche Bank, the biggest bank in Europe.
I am sure you are right but I feel I should comment on a couple of your points.
On what basis do you say Deutsche are a part owner? I know there is a dealing relationship but not sure there is any ownership. Indeed there is no mention of this on Saxo's own website. Indeed They state that 85% of the equity is held by the holding company with the rest held by Saxo's management.
Deutsche have got a subordinated loan with Saxo but this ,I believe, is for only Eur10m . Interestingly at the time of the loan it was equal in value to the bank's capital. This does show how small the bank is in reality. I would stress though that a subordinated loan does not equal ownership and indeed Deutsche have no one on the Board. As a rule you will find all very small banks have to have suboridnated loans from other banks to help the Central Bank's liquidity requirments. They are not usually cheap though.
On what basis do you say Deutsche is Europe's largest bank. Its credit rating with Moodys is only Aa3 - a number of European banks have considerably better credit ratings and considered more credit worthy. Surely that is the best way to evaluate a bank's strength. I believe it is not the largest bank by capital either.
On what basis do you say Deutsche are a part owner? I know there is a dealing relationship but not sure there is any ownership. Indeed there is no mention of this on Saxo's own website. Indeed They state that 85% of the equity is held by the holding company with the rest held by Saxo's management.
Deutsche have got a subordinated loan with Saxo but this ,I believe, is for only Eur10m . Interestingly at the time of the loan it was equal in value to the bank's capital. This does show how small the bank is in reality. I would stress though that a subordinated loan does not equal ownership and indeed Deutsche have no one on the Board. As a rule you will find all very small banks have to have suboridnated loans from other banks to help the Central Bank's liquidity requirments. They are not usually cheap though.
On what basis do you say Deutsche is Europe's largest bank. Its credit rating with Moodys is only Aa3 - a number of European banks have considerably better credit ratings and considered more credit worthy. Surely that is the best way to evaluate a bank's strength. I believe it is not the largest bank by capital either.
______________Quote from Ivanovich:
Chood, not disputing what you say, just trying to get more specifics. I was just about to make the switch when I saw your comments, and would really like to know more about how they cheated you. Please either post here (as others would no doubt love to hear more) or PM me at your convenience.
Thank you in advance,
-Ivan
Go to first page of this thread, third post (which is mine), where I briefly describe what happened. Moneytec board has additional information on Saxo, from me and from others with FX experience.