Saxo Broker Analysis

The chatbot wasn't able to assist me, but the live chat with a representative provided the correct information right away. Impressive!

I recently interacted with Ashvin Vijay, and I must say he exceeded my expectations. He was incredibly supportive, courteous, and efficient in addressing my concerns. However, I find myself in a frustrating situation with Saxo, as they are requiring me to close my account due to my residency in Indonesia. While I managed to successfully transfer six stocks to a different broker, subsequent attempts to move the remaining stocks have been unsuccessful. If I had to rate Saxo's stock transfer system on a scale from 1 to 5, it would definitely be a 1.

He is incredibly patient, and his guidance is immensely beneficial. He simplifies things, making it much easier to navigate the Saxo trading platform.

Mr. Pradul stands out as the most supportive team member at SAXO. He went beyond simply addressing my queries, taking the time to thoroughly explain each aspect to me.

Be cautious when dealing with Saxo Bank; they may liquidate your investments without your approval, potentially causing significant financial setbacks. Their approach involves repeatedly requesting extensive documentation, and they can make abrupt decisions based on this. I strongly advise against using this platform! Here's an update on my situation: After Saxo Bank caused me to lose tens of thousands of dollars by selling all my assets without my consent, they sent me a message on November 14th and closed my account by December 4th simply because I didn't respond during that period. It was holiday season, and they also send numerous spam messages, making it difficult to identify critical communications. ............................................................................................................ Thank you for your patience. Upon thorough investigation, we communicated with you on November 14th about the insufficiency of the documents you provided. As there was no response, and consistent with our previous communications, we proceeded to close the account. Therefore, the account termination was justified as you did not address our final message. We acknowledge the inconvenience this may cause; however, reinstating the account is not possible. Kind regards, Aleksandra, Client Service .............................................................................. Update!! Below is an example of Saxo's disregard for the truth and how they misinform the public. I contacted Saxo multiple times in October and November 2024 to resolve the issue over the phone, and no one ever warned me about the impending closure and unauthorized sale of my positions. When Gabriela claims I was "unresponsive," it's false because I made several calls trying to provide the required information. I also informed them of my limited email access, and they assured me they would call for urgent matters. All these interactions are recorded, and they are aware of it. Can you believe they wouldn't even call to inform me about such a critical decision to sell my assets at a loss? Furthermore, Saxo's tactic is to demand excessive amounts of information, leading you down an endless path of requests that are impractical to fulfill. They even asked for my CV and an electric bill, forcing me to create a CV after 10 years without one. I had to provide personal and company banking details and write lengthy responses to their queries. Yet, after submitting everything, they continued to request more. AVOID SAXO AT ALL COSTS! EVEN IF THEIR FEES SEEM LOWER, YOU WILL END UP PAYING A HEAVY PRICE IN THE LONG RUN! .................................................................................. Dear Rani, Thank you for providing your feedback. We understand how distressing it can be to face account closure. As a financial institution, we are required to comply with EU regulations, ensuring all client information is accurate and current. This is essential for maintaining the security and integrity of our services. We reached out to you several times, including a termination notice on August 20th and a request for updated information on November 14th, along with various email notifications. As my colleague Aleksandra mentioned, in the absence of a response, we had no choice but to proceed with closing your account. Best regards, Gabriela, Saxo Bank

This broker has been a major disappointment for me. Before I decided to open an account, I reached out to SAXO to confirm if they supported short selling on a particular stock. They assured me they did, so I went ahead and navigated their lengthy account setup process. It took over a month for everything to be finalized and for my funds to be available. However, once I was ready to trade, I discovered that the stock I had inquired about couldn't be shorted after all. This oversight cost me a significant opportunity. Despite this setback, I decided to give SAXO another try. Now, with different trades in progress, I've encountered another issue: I have to pay extra for basic market data. Without this subscription, my account information is delayed by 15 minutes, leaving me uncertain about the real-time value of my positions. SAXO doesn't disclose this until after you've deposited your money, which feels misleading. I had hoped to have a good experience with them. Moreover, withdrawing funds is unnecessarily complicated compared to other major brokers like Interactive Brokers or eToro. Overall, my experience has been frustrating and not what I expected.

I’ve faced significant challenges trying to withdraw funds from Saxo to two separate banks. Each time, I’m told the banks are rejecting the transactions, yet the banks assure me they haven’t received any payment requests from Saxo and have asked for documentation to prove otherwise. Unfortunately, Saxo hasn’t been able to provide this proof. Whenever I reach out to their live support, the chat often disconnects due to inactivity after being told to wait. This frustrating cycle has repeated several times. I strongly advise against using Saxo Bank, as it feels like a financial black hole where your money gets trapped. I currently have $250,000 that seems unreachable, and I hope sharing my experience will prevent others from encountering similar issues. Update: Saxo responded to my Trustpilot review, but the funds are still not transferred. They continue to claim that the banks are rejecting payments, which I know isn’t true since both banks confirmed they haven’t received anything from Saxo. The problem remains unresolved, and Saxo offers no guidance on how to successfully withdraw the funds. It’s been a month of attempts with no progress, and my interactions with support have yet to yield a solution. Edit 19/12/2024: I’ve revised my review to three stars because I successfully withdrew funds through an asset transfer, which was efficient and straightforward. While it’s not a fraudulent platform, withdrawing via asset transfers to another site that permits withdrawals seems necessary. If not for this workaround, my rating would have been higher.

Two months have passed since I sent my initial emails, and I have yet to receive a response. I've also made several phone calls, during which they promised to look into the issue, but nothing has been resolved. My request is straightforward: I want to transfer my funds to a different account than the one originally used. However, they seem to treat this as an extraordinary request. It feels like any situation involving withdrawing money from their platform is considered unusual by them. I'm seriously considering switching to eToro next.

It has been quite frustrating trying to get responses to my inquiries. The automated system is of no help whatsoever. I was assured I would receive a response regarding an issue with a commodities option, but it's been nearly two weeks, and I'm still waiting. Additionally, the fees charged by Citi Corp for transferring funds to and from my accounts are baffling. A 10% charge seems excessively high, and I have yet to receive any clarification on this matter.

I recently transferred $10,000 to SAXO Bank from the UAE, following their precise transfer instructions. Despite specifying that all fees should be charged to my UAE account, I was surprised to see $252 missing from the total amount deposited, which is 2.5% of the transfer. When I reached out to SAXO for clarification, they dismissed my concerns, claiming they had no control over potential deductions by intermediary banks. This lack of accountability is frustrating, and I believe SAXO Trader should reconsider their operations in the UAE due to such unexpected charges.