Saxo Bank has utilized its resources and a significant operating capital to develop their own proprietary trading platform that offers direct market access trading through their own security protocols. It is one of the biggest and most reputable forex brokerages, and one of the few major ones except OANDA , that is privately held. Avoid them like a plague. Client's deposits hit record high in H1 Aug 22
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Direct market access not only helps in preventing any broker-related issues, but it also enables traders to get the best pricing, tight spreads, and instant order executions that are devoid of any interference from dealing desks. One of the key aspects of opening a Saxo Bank account is the access to the sheer number of financial products across a broad spectrum of capital markets.
Saxo Bank works with global partners, liquidity providers, and stock exchanges to offer access to 36 different financial markets across the globe. Therefore, traders get to choose from FX currency pairs, 19, stocks, 3, ETFs, futures, 75 contract options, 9, CFDs, 29 indices, and bonds, which represent one of the largest collection of financial assets provided by a single service provider.
It is difficult for any competing broker to match the number of financial products offered by Saxo Bank, which does present an opportunity for traders to indulge in a wide range of investment options according to their preferences. Traders can expect to enjoy competitive Saxo Bank spreads that are quoted at 0. On the flipside, ECN accounts do come with a commission per trade, which are charged according to the account balance and the volume of transactions performed by the trader on a monthly basis.
Other leading Forex brokers that operate as banks do accept online payment processors and e-wallets, which make it easy for clients to make deposits and withdrawals without any major hassles. Since the broker does not accept any other payment options, it is certainly a huge drawback for traders that wish to make fast, secure, and convenient payments through their e-wallet accounts.
Saxo Bank has utilized its resources and a significant operating capital to develop their own proprietary trading platform that offers direct market access trading through their own security protocols. Please read our disclaimers: Traders Sorted on 1-year trailing return. Disclaimer The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.
Softer dollar boosts commodities, stocks SaxoStrats Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday. Just a brief word of Trading encouragement to my past TradingFloor Followers: The situation is fraught with danger in both directions. View all 5 comments. I so much hope you will reconsider to keep posting articles her on Tradingfloor instead of that horrible monster you have created called SaxoHome.
The dollar appears poised on a precipice as risk sentiment in emerging market assets rebounds. FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FxPro is a broker we are particularly keen on: And the best part?
With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. Slippage during normal market conditions Spikes during non-liquid market. Saxo bank is a market maker with typical trading conditions, but solid license, that will make you trading more secure, but not easier.
Besides it, they have a company on Cyprus, so many clients trade with branch, that makes trading even more risky. Moreover, It's the only broker that make its clients to pay after Swiss shock. I advise to choose not only regulated brokers, but also ECN, without conflict of interestes. From risk management prospective, Saxo Bank committed a big mistake. That means Saxo Bank is having a principal-to-principal relationship with clients.
On their trading platform, the prices are all tradable, and it forms an "offer". Once the trade is executed on the trading platform, via clients' action, or orders triggered, that constitutes an "acceptance". With "offer" and "acceptance", that is a contract sealed. For whatever reason that one side manipulate the details of the transaction here it is price , it is a breach of contract.
The new price of the contract has no legal power to be enforced because the content is not mutually agreed. There are no other markets. If Saxo Bank explains its methodology with reference to EBS, the client agreements have to be re-written that Saxo Bannk acts as an agent and all trade flows spot and forward goes to EBS and Saxo Bank bears no responsibility on the fills , and each and every trade confirmation with EBS has to be sent to clients.
The key problem of Saxo Bank is its risk control on pricing. As a market maker, Saxo Bank has full discretion to quote a price on its trading platform. The bid price it quote to clients is the price Saxo Bank willing to buy from clients, and the ask price it quote to clients is the price Saxo Bank willing to sell to clients. Therefore, always, Saxo Bank should display a price that it is willing to do buy and sell for this part the Trading department takes the blame, then the Risk Management department.
It cannot first quote clients a price and then twelve hours later tell clients that, sorry, we are going to change your transacted price to another price blah blah blah. Another highlight of the incidence, from a risk management perspective, is how Saxo Bank manages its FX exposure.
Do not think they are a legitimate operation because they have a big name big marketing budget Saxo's mission is to get your money, one way fees or the other dirty tricks. I called the office and they confirmed, so I had to close my position with a big loss. Later that evening I found out that the margin requirement would not be raised that high, which meant I did not had to close any position at all!
I have all the evidence that they did wrong but still they are not willing to compensate me for their error. Stay away from Saxo, they cannot be trusted. To make a long story short, I don't trust Saxobank. I'm trading with FXCM and they're a breath of fresh air in comparison and you never sense their presence, they just cut their commission in the pips differential and let the market take its course No wonder their rating is one of the highest here Trading platform is user friendly, but the charting system is problematic.
The newest problem is that the trendline I drawn will shift after 15 mins on 15 times time frame chart. I reported this problem for about 2 weeks, problem not solved, and still receiving e-mails asking me to conform the problem.
I trade quite frequently. Not a professional, but do some pretty big trades, read some surprisingly bad reviews here. Personally whilst im not a news trader even on reasonably big trades of c 1M never had any noticeable slippage. The back office staff are usually really efficient. Was on this site looking for other brokers and wanted to read some reviews especially on FXCM as read a lot about FXCM, which seemed very pro and as though they might offer more depth and charting than Saxo does.
I would personally suggest that you avoid the use of this market maker if you are an intraday FX trader or a news trader. For trading on exchange traded products, such as Futures and Equities, I would suggest anyone to set a limit order for entry instead of executing through live market. One complaint you sometimes hear from Saxo traders is that there may be some slippage, particularly on larger trades.
As for customer service, it seems to play both ways. Some investors indicate that there is too much chat and advice provided. Others claim that the live chat is never answered and email response is slow. Overall, however, users seem to be pretty well satisfied. I have been using Saxo Trader platform for several months for stock trading.