Saxo Bank is this a scam? Review and Customers Reviews

Saxo Bank is a largest Dan investment online-bank that since 1992 successfully provides services over the range of online trading and investments all over the world. The company has worldwide offices (France, UK, Cyprus, etc.), offering advanced capabilities for working with Forex, CFD, ETF, stocks, futures, options. And yet, Saxo Bank is a scam or worthy platform for trading? Let’s answer this question in a detailed review of the Broker.

Initially, the Bank was called Midas Broker, then, in 2001, when the company received a European license, its name has been changed. Customers’ support is operated from the H.Q. in Copenhagen, work with Russian traders is conducted in Russian, and the terminal is fully in Russian.

Saxo Bank is one of the first companies that independently developed a high-quality trading platform, which is easy and simple to work in. The terminal allowed ordinary traders to access 30,000 world markets previously used only by professional traders and fund managers.

Today, the Broker’s clients have access to investments in international capital markets, the opportunity to trade a wide range of financial tools through the own platform of SaxoTrader Broker (the platform has a version for browsers — SaxoWebTrader, App for mobile trading — Saxo Mobile Trader). Traders can work not only in the web version, but also with a mobile phone. The Trading Floor social trading platform is also available. In addition, for productive work the company provides professional analytics, support of company experts, as well as high-quality training in trading.

Deposit & Withdrawal Methods

The following available options of withdrawal to deposit account are specified on Saxo Bank’s official website:

• Bank card (credit, debit),
• Bank transfer (3-5 working days),
• Transfer of financial credit documents.

To submit deposit for trading in the financial market, you should pass the Broker’s registration; deposit by selecting a convenient transfer method. At the same time, the registration procedure here differs from other platforms: first, you need to apply from the official Broker’s website and prepare documents for the verification procedure. The account can be opened in any currency of your choice; the money is available for trading immediately after the transferring. Withdrawal is only possible for authorized and verified traders.

Complaints about Saxo Bank

The Broker can be confidently considered a professional who has been successfully working in the financial market for more than 20 years. The professionalism of the company is largely evidenced by the fact that it has a wide coverage, a large base of Traders. Today, you can find a variety of reviews about this Broker on the web where most Traders note the positive aspects of working with a Broker: a clear and convenient platform, favorable working conditions, providing analytics and support.

And yet, there are negative reviews which often relate to interruptions in the operation of the terminal when proceeding withdrawal, etc. To avoid problems with Broker, you should try to clarify in advance the terms of bonus using, especially deposit and withdrawal. To do this, you can contact your Personal Manager. In general, Saxo Bank successfully operates at market, developing and providing high-quality service to its customers. It is no coincidence that it has such distribution around the world, which in many ways speaks of trust to the company’s business.

Saxo Bank: a Scam?

Saxo Bank is one of the oldest and most professional Brokers on the market, and shows new opportunities for trading work, following the current trends of online trading. Today, the company is successfully represented around the world, having a variety of user reviews. There are enough online positive reviews of Russian-speaking traders, which increase the credibility of the company.

One of the significant advantages of the company is the provision of its own trading terminal, one of the highest quality and functionality as mentioned by Traders in the network. The development of its own trading platform is a serious step made by the company going to win its place in the market; it is a big waste of time and money, which is not available today to scammers confined only of small web at the best case.

Users have an opportunity to work with thought-over system of work with account, a set of unique services making process of trading more productive. However, it is disturbing that full information on the web about the terms of trading, the rules of work with the accounts are not provided properly. Saxo Bank is a licensed Broker with certification in several countries, and that fact characterizes it positively.

Despite the fact that there are enough positive aspects in the Broker’s work, there are also difficulties that hinder the unambiguous positive assessment of the company: limited deposit and withdrawal methods, complex and often long registration procedure, high cost of deposit (from $2000), which does not allow to work in the terminal for most traders, especially beginners. Some of the materials are provided in English; the lacks of references to the existing licenses of the Broker, few bonuses – all these facts also significantly reduce the positive perception of the Broker.

Can we consider Saxo Bank a scam? At this point, we think it’s wrong. At least more than 20 years of successful work with Traders around the world proves it. This assessment is now influenced by the availability of its own high-quality trading platform, and the availability of a license. And yet, we recommend being careful in working with this Broker, inquiring about the terms of bonus usage and withdrawal methods from your personal manager.

Broker’s Regulator

Saxo Bank operates in accordance with the legislation of the Danish Department for supervision over financial activities (FCA, license number 1149). In accordance with European laws, it is under the supervision of the national banks of European countries; have a look at the list of European licenses by visiting the official website of the Broker, section “Saxo Bank License”.

The broker also is a member of the Danish guarantee Fund for depositors and investors, and also should follow the provisions of the EU Directive “O markets in financial instruments” (MiFID).

Check Saxo Bank license at FCA web

Saxo Bank’s Bonuses

Now every Trader of the company can get a bonus for the Broker’s recommendation: to get a bonus, you need to recommend the Broker to your friends, and the company will give a reward of up to 2000 euros to your trading account. To specify the terms of participation in the promotion, please contact your personal manager.

Conclusion

Saxo Bank Trade Broker successfully provides services for more than 20 years, the company has a large base of Traders around the world, guaranteeing its users a really high-quality web-product and many unique services. One of the principles of its success — the company develops further, following the modern trends of trading. A lot of positive feedback about working with Broker proves that the company has chosen the right way to work with its trading audience.

And yet, there are negative reviews which often relate to interruptions in the operation of the terminal when proceeding withdrawal. We hope that the company keeps track of them, making appropriate conclusions. And yet, for Russian Trader it is difficult to respond positively to the Broker due to the negative points: unnecessarily large amount of the initial deposit, absence of bonuses, required material, and references to active license, minimum of deposit and withdrawal methods. Also, we are waiting for Traders’ feedback to this review, cause it could not only change the Broker’s rating on our portal, but also caution against possible problems.