It is not 30k DKR it is in fact 300k DKR (about 40k euros). Still less than my initial estimate but I didnt bother to look it up before - apologies! For securities it is half that -at least it is some protection though. At no stage did I say Saxo was a great place to deal etc and the only experience I have of them is via a colleague. He says they widen the spread over all figures which means they are of no use to me. My point was they are a bank - there is no point implying they are not. At no stage did I say because they are a bank that they must be good or better to deal with. As for the person who said about the UK spread betting type fims being the best - could not agree me although never deal with the spread betting arms, just the spot fx departments.
Swoop, COMPLETE ignorance on my part. I hadn't even noticed that rates had inverted. My bad! Jeez this tightening is coming so fast and furious I must have missed a few Fed meetings.
Lon Eagle corrected me, although my post, read entirely, shows that I meant 300k DKK, not 30k DKK. My Saxo customer account agreement, para 22.3 states, "The Guarantee Fund for Depositors and Investors Act provides security for cash deposits up to DKK 300,000 and for securities up to EUR 20,000 in case of Saxo Bank's financial default." Lon Eagle is correct that the DKK amount for cash deposits presently converts into about 40k Euros, half that for securities. But Saxo's default is not the worry or issue. It's business model ensures that it makes money -- like a bookie who collects every losing bet instantly and rarely pays off the winners (or at least gets to choose when, if, and how much to pay winners). That explains why Saxo is not FSA licensed in the UK and cannot be licensed in places like Australia, where regulation prohibits exploitation of customer accounts. For those reasons, I would avoid not only Saxo, but also the dealers it white-labels its platform to. The business model (ergo the platform) depends on exploiting the customer, or certainly enables that. The Saxo customer account agreement states -- in fine print mind you -- that Saxo trades against customers and prices currency pairs differently for different customers at the same time. We read those provisions, of course, before sending Saxo money to open our account, but was assured by it that every customer is streamed the same prices and spread for every pair, and that every customer's order is executed without spread shifting, other price discrimination, or dealer intervention. That proved untrue in our account in short order. With real money on the line, the Saxo platform did not operate like the demo. Profitable limit orders were not filled, with excuses given as to why.
Chood, Thanks for the heads up...I guess there is not any honest Forex out there...maybe IB is honest? Oanda is allowing me to make a profit for now...
if one is swing trading with 1 trade per day on average, I don't see the downside to using a firm like Oanda. Would anyone say that Oanda is pretty good to trade with over a longer period? (not scalping?)
FxBasher asks, "Chood, could you point out what paragraph is it at Saxo customer account agreement? Thanks." See paras 12.6-12.9, 12.14-12.15, and 14.1-14.2.
Hey, I've been looking into Saxo lately and from what I've read here it looks like I should give them a wide berth! Does anyone have anything positive to say about them? Or will I just get raped if I do any business with them? Thanks, Very New Boy.
Hmmm... After 24 hours it looks like no one wants to say anything good about Saxo Bank. I guess I'll have to stick with the CME futures. Regards, Very New Boy.: