Got in trade at Canadian employment. Got delayed fill for 30 seconds and I was unable to cancel pending order. Was filled in short position at the exact bottom. Saxo = scam

Ive been using them for about 2 years now, and I like this broker. It works good for my style of trading. Spreads are generally higher than on other brokers (anything up to 5 pips on gbp usd even during non volatile times), but I have not been cheated by them (so far). One of the things is also there is a minimaln distance from the market to put stops (20 pips on eur usd, and 30 on gbp usd), so if your relying on stops near the current market price a lot of times, this is maybe not the best one to choose. Also, once it happened to me that a limit order wasnst filled in a very questionable way (it missed by 0.1 pip, and then it turned out that it was exactly the extreme of the day, and the postition, if it was filled, would be very much profitable), but it might be just coincidance. Charts are non-usable, at least for my standards, day trading from their charts can be a real pain. Sometimes you will also see the (in)famous yellow price - when spot orders are not accepted, this can be a pain (read: especially if you are caught on the wrong side of the market). It generally lasts for a second or two, but those 2 seconds can drain your capital if cought on the wrong side of the move. But otherwise, disregarding what I just said, and if you accept those shortcomings (I am sure most wont) all works ok, at least for me. Fills are good, support is very good, and if you like to trade real fx options (not box options), you can - you can use options instead of stop orders if you want actually, its just a bit more complicated and not useful for all scenarios. As always, it depends on your style of trading and your expectations, some people will like it, some wont.

My overseas Bank recommended them, my bank said they would be ok and the spreads were tight. Also I know their platform is the basis of at least one platform which other serious Forex users suggest as an ok retail outfit that is being used in my country. A friend of mine is using this version. They are easily contactable at all hours and will promptly deal with a position as you require with for me instant phone pick up *by a dealer* each and every time.....have not needed that for over a year though as my internet is more reliable. I compare at all times the rates they are offering with one other well known internet platform and generally they seem better especially at news times when i dont think i have ever seen spreads widening? I no longer fool around at news times. Generally i have got trades in at such times. I think alot of the stuff you hear about retail forex is coming from unrealistic people.....the bucket has to protect itself. The game version does not have to. There are issues. The platform is 'clunky'. To place a stop requires multiple screens and seems designed to make you have to page up and maximise this or that to finally get the stop in place. I have always been successful but you are going to sweat a bit until you get used to it. Seems designed to prevent fast trading when things are moving fast. For sure there is no way i am going to trade the news if i want to place a stop. No really major complaints about stops or limits. They might be slightly against me by a few pips but i can be paranoid. In fact the only way i have found i can make money in Forex is by not placing stops until my trades are way into profit and this says more about Forex than it does Saxo who i cannot say have robbed me on a trade ever. One thing they do to frustrate you and slow you down that i have not seen for some months is that you ***cannot close*** a position once you place a stop loss! at certain times of the night unless you phone them to do this. They say this is because some program or other is running overnight but really!!! seems designed to protect them when they are not fully manned or something?? My solution was to hover over the screen ready to close the position with a stop. Very exhausting. There dealer recommendations were at one time quite good when they had 'John Henry recommends' but otherwise they are c*** in my experience and dont seem to be backed by a person who can then be laughed at for messing up.....at least you would have that pleasure! John Henry once made a recommendation on USDCAD which immediately stopped out and he immediately admitted that it was a disaster as the whole world seemed to have jumped in and gone the other way to him. Depending where you live the platform allows you to trade a vast number of different types of financial products There response for service is excellent. I am not sure how they compare with others. I suppose i live in the real world and remain with them for now. One thing i should have mentioned that seems very posative is that each and every time the displayed price (and i compare that price to another broker) has reached a buy limit and spiked back down then it has been executed. I said there dealer recommendations were crap. That might be unfair and reflect my lack of experience of Forex. Some of their recommendations are obviously well into the money. Forex is a numbers game rather than something that can be seen at a glance. I might see a loser crashing out quickly and forget they really do (they do) have plenty of winners that run for a longer period of time.

Here's what occurred: I and my partners carefully read the Saxo customer trading agreement and tested the Saxo platform before opening a FX trading account. We identified areas of concern and were told in reply both by our Saxo sales rep and the account manager later assigned to us that the problems that concerned us would not materialize. In particular, we asked for assurance, and received it, that Saxo would not price discriminate against our positions and orders. The customer trading agreement -- in very fine print mind you -- allows Saxo to price currency pairs differently for different customers. That's a free pass for manipulation against the customer, and we knew that going in. However, to repeat, Saxo assured us that it never actually price discriminated against individual customer positions and orders and that the prices streamed to the Saxo Trader (the platform) were the same for all customers and would be reliable for trading. None of these promises and assurances were honored. When our profitable limit orders were breached by prices streamed to the platform, Saxo intervened against the orders and refused to honor them. It replied that the breaching prices were mistakes ("misquotes"), yet it never corrected its own charts to correct the so-called misquotes. It hardly could if it was stopping out at those prices other customers in positions opposite our side of the currency pair. In short, it collected from the losers (the stop losses) and welshed on the winners (our limit orders). And, by the way, our own stop orders always were filled instantly, which is to be expected since Saxo, as the house, profited from every stop. We opened a six-figure USD forex trading account with Saxo Bank after demo-trading the Saxo Trader for more than one year. After a successful first week of real-money trades, Saxo cheated us out of more than 12k USD by manipulating prices against our orders and refusing to fill profitable limit orders. The latter occurred three times, in each case after the limit price of the order was breached with room to spare. Saxo called the breaching prices "misquotes." No misquotes on the demo ever. No misquote ever when a price hit one of our stops. Our stops were always filled instantly. Here's an illustration possibly useful to novices: -------------------------------------------------------------------------------- - Man in a casino plunks down three black chips ($300, the size, say, of a fx mini-account) at a blackjack table. The hand is dealt: he gets nineteen. - Dealer has a ten showing and turns his hole card, an eight, for total of eighteen. Man smiles. - "Mis-card," dealer says as he fans the deck, pulls out a ten, and lays it squarely on top of the eight. "20" dealer says as he sweeps in the three black chips. -------------------------------------------------------------------------------- The above is one trick in the bag of tricks facing customers of spot fx dealers. It's the chief trick Saxo used against us. Now, knowing those are the rules that operate, why would anyone open an account with a spot fx dealer? Also bear in mind that SaxoBank's so-called Danish regulator (Finanstilsynet, the Danish Financial Services Authority) will not provide Saxo customers with any information on Saxo. When we were burned, we contacted the regulator, informed it that were Saxo customers, and were told by it in reply that it could not disclose anything about Saxo. Nor do Danish banking laws apply to SaxoBank's forex dealing. Thus, like us, you will be without any protection at all when (not if) you are cheated.

I trade the markets full time and have been using the Saxo Trader now to try our different strategies. The platform itself is OK for something that has been created in-house, but I have experienced the following problems which are really very significant if you want to make money and not lose money. 1. There is often very big slippage on STOP orders. 2. During fast market moves in the FX market you will not get your order filled! 3. The charts are not accurate. For example, if you see a Doji on a Chart from a Chart Service, the Doji on the Saxo will not be a Doji but a normal candle!!! 4. Slippage on CFDS is also a problem anything up to 5 points!!! Generally I had the feeling that they (Saxo Bank), were on the other side of my orders. Obviously if you are right in placing your trade and it moves into profit, they (saxo), will offset the order at some point soon after you have made the trade into the real market! But only if the market is moving in your direction. They have their own FX pool so they will know before hand what the market is expected to do, they can also see the orders etc.. Anyhow, if you are wrong you should be getting out pretty sharpish anyhow. Remember, if you trade from a plan and keep your losses short you will remain in business!! The platform offers access to many exchanges and there is also live news etc. But on the whole I would not trust these old Vikings at all....