Saxo Capital Markets Sucks Customer Reviews and Feedback
Saxo Capital Markets Sucks. Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab, by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt. The name was changed to Saxo when the company obtained a banking license in 2001. Saxo offers trading through its online platforms in Forex, stocks, CFDs, futures, funds, bonds, and futures spreads.
According to WIKIPEDIA while the first half of 2010 had been months of tremendous growth for Saxo Bank, allegations from former employees and two former clients sparked a two-month media focus on the bank. Saxo Bank was later cleared of all allegations and Danish Berlingske Tidende characterised Saxo Bank's media crisis as a bitter clash between the founders and former employees as well as former clients most likely due to personal disappointments or economic matters. In April 2010, a Portuguese financial institution accused Saxo Bank of manipulating stock and currency prices, claiming it lost 10 million euros. In May, a Lebanese investor said his company had lost DKK 20 million in four months because of unstable pricing and error interruptions on the SaxoTrader. Saxo Bank rejected that errors are a common thing and claimed that the SaxoTrader has an uptime of 100% J. Korsoe Jensen, Attorney at Law for Saxo, issued lawsuits against the two former clients in June 2010, for false accusations. The new Chairman of the Board of Saxo Bank, Kurt Larsen, admitted to Berlingske Tidende that the lawsuits filed against the two former clients were indeed very unusual measures. However, he also said: "We have tried, but have not been successful in gaining clients authorisation to respond to the accusations they have made against us. Therefore, we had to react, and therefore we have filed lawsuits against them
Former Employee - Operations says"Constant change of direction, misaligned management"
Former Employee - Analyst says"Benefits package, small team,"
Associate says"No clear direction from HQ"
says"Confusing strategy from senior management and no bonus"
Retail user says"Requested for assistance was treated to a terrible bot, which does not offer any adequate responses. No Q numbers indicated and at times the system just ghosts you. When i finally reached a live agent. He (Rishabh) ghosted me and close the chat on me, TWICE! "
Gills Hallan says"My experience here was bad but thanks to Mr Smith and his amazing team at myrecoup.com I actually got back all my money"
Ann D. Carroll says"Big thanks to (r e p l e v i n . c o) for making sure my witdrawal is completd and sortd out."
Johnathon O. Hart says"Another scam company run by a dishonest team. I made an initial huge deposit after reading good reviews about them and when it got to the point of withdrawal, it pulled an exit. But then for the sake of my own sanity, I sought for answers and I found Replevin Law Group(replevin. CO). I filed a complaint with them and within a very short period of time, I was able to recover all my funds back. I recommend their swift services."
Lyna Smith says"I am totally dissatisfied with this company now I have asked for my money and still waiting now...??? I was so sad because I had no other money left. I was advised to contact Replevin Law Group(replevin. co) and I’m glad I did because within a week, they helped me get my money back."
Y. C. K says"Extremely poor service, so bad, wonder if it's really a danish bank, as never experienced anything similar in any other danish banks"
Sam says"Very slow service and lots of hidden charges!"
Daniella Cohen says"I deposited 10k. The app shows my details. Includes bank account number. I made a withdrawal of $ 2000 a month ago and to this day the money has not gone into the account. They do not answer emails, they hang up phones. It seems to me that there is no choice but to file a monetary claim in Denmark against this bank and demand all the travel expenses and the cost of the lawyer. If there are any more who have encountered this, feel free to leave an email"
Billy Cadman says"Tried to call many times, they do not answer calls for days !
Brenda says"Very bad service. cant even contact anybody for help. be careful"
bilal says"Have now waited for over a month to open an account. Saxo still is scratching around. Meanwhile Nordnet was a breeze. My portfolio has grown by 16% because I could start trading within hours. Saxobank has technical issues as well."
Richard says"4 weeks so far to open an account and still no response.
Called twice first time 4 hours and 10 minutes with 2 hours being #1 in the queue. They then cut me off before i was wanswered and couldn't call back.
Several emails to say they are working on it but all in all the service is a joke.
Even had a phone call to say it had been escalated to the New Accounts Dept but that was 10 days ago.
Can't use the excuse of " so many new accounts wanting to being opened in this volatile time" forever.
Ended up opening an account with another platform in 2 days and glad i did.
Never never again Saxo."
Morten Damgaard says"I have been using Saxo Bank's trading platform SaxoTraderGO for 3-4 years soon, several times there has been price manipulation. In the current circumstances, investors and traders tend to buy gold to secure their wealth due to market turmoil due to the controversial virus that has scared people away. The gold price ended at around $ 1700 at closing time on 06.03.2020, Sunday 09.09.2020 the gold price ONLY at SaxoBank fell by $ 200 in a split second to shake all the people who have been '' long '' gold. A fall in prices that has not been seen at other banks. I use Reuters as a data and news source and you can see all prices on different market instruments in real time. The gold price has never been down hitting $ 1500 as it did at Saxo Bank's trading platform. It is pure market manipulation precisely because they always can and will be on the other side of investors trades. It is unacceptable at the highest level. I do not understand that such a thing can happen in our society. It is inconceivable that they can subsequently remove the evidence that the price has been down at that price. If you use candlesticks view you could see where the price has been, now all the '' shadow '' on the candle is just gone."
Chris Irwin says"Cant even open an account complete garbage ... Avoid !!!"
Anonymous says"Am a very small time trader and I've been hit with various fees that Saxo bury deep within their website and which are not even listed on any weblink on their General Terms of Business page.
I tried repeatedly to ask for clarity around fees but they only sent me incomplete lists of what I would have to pay.
They don't have a proper customer services team and appear to rely on trainee solicitors to respond to very basic customer relations type queries.
I'd recommend all small time investors AVOID this company like the plague as they are clearly not set-up to deal with ordinary folk looking to trade a little. I have used a couple of other platforms in the past and had nothing like this kind of experience.
Also when I complained to the Financial Ombudsman about all this Saxo just terminated my account without any notice. I offered them two very reasonable resolutions to all this but they refused point blank."
Hertfordshire Renovator says"Missing £22,882 from my trading account to my UK current account. It is now 7 days since the transfer was made and the money is missing. First they tried to tell me that I made the transfer on 7 May. I did not. It was the 2 May. It now the 9 May and it is not in my Saxo account, but has not arrived at my UK current account. My bank needs a QMS number in order to trace the transaction but when I asked Saxo for this number it is unable to provide me with one. I am now beyond angry if that is at all possible as this is just the second of a catalogue of issues I am having."
I am a game developer says"Been calling support for 3 hours, the queue is not moving forward. Re-called and still stuck in queue. Horrible support what can I say..."
Mr Stephen Wilks says"Saxo are ok as a broker but fail in a few areas, positives first are, well regulated , withdrawals handled quickly without hassle, execution is ok. Negatives are , their commissions are ludicrously expensive for the smaller client and software has a few bugs. It's not an ideal broker for my needs but would be ok for a Forex trader on a mid to long term timeframe ."
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