Efutures recently partnered with Saxo Bank, prompting my inquiry about the deal to Efutures, which is one of the U.S. firms I have been looking at for currency futures trading. Saxoâs retail operation is unregulated (even in Denmark, where Saxo is located) , and Saxo has a bad reputation. I am one trader it burned. (See âSaxotrader pros & consâ in âForex Brokersâ forum of this board.) So, out of obvious caution, I asked Efutures about its deal with Saxo, and its reply, quoted below, does not instill confidence â not in me at any rate. Hereâs Efuturesâ reply to my inquiry, quoted in full (omitting only the name of the Efutures sales rep who made the reply): âThank you very much for responding to us with this matter. I'm sorry to hear you have had problems with Saxo. Our clients have not experienced the same problems. We are checking into this effective immediately. We are also contacting Saxo to get assurance that this will not happen with us. Saxo has honored every promise they've made with us thus far. We at Efuturesfx would be thoroughly disappointed with Saxo if a breach of trust were to occur. Again, thank you for informing us of these problems. We will be in touch.â I do not have any additional information about Efutures, and likely will not acquire any. For the reason above, itâs no longer one of the firms I am considering for futures trading.
Thanks, not sure whether it would have an effect on the futures end as that is handled via Cargill, but don't know. They seem like a good customer company, but I did misread the rates. I thought intially they were showing roundturn, but they are one side, and as such kind of expensive. On the other hand they were willing to bring the rate down to their lowest level simply by asking, and I'll have to see if maybe it can go more.
Efuturesfx, the partnership described in post below, from May 2005, is no more. I commend Efutures for cutting the tie with Saxo.