I thought this bank/broker was a serious one but it badly screws you. Today alone I made a profit of $30K on a long GPDUSD position. Soon after I received a shocking email from a saxo bank representative called Erdal saying that THEY ARE CHANGING MY TRADES!!!!!!!!! I EARNED THIS PROFIT FAIR AND SQUARE (IN SPITE OF ALL THE SAXO SLIPPAGE AND REQUOTES) AND NOW SAXO BANK IS SIMPLY WIPING OUT MY PROFITS, AND IS IN ADDITION THREATENING ME OF I DON'T KNOW WHAT... THIS IS THE BIGGEST SCAM IN THE WORLD. Here's the email I received from them: "Dear xxxx, We have changed your trades on GBPJPY and GBPUSD as these trades were speculative and done after an announcement. We see speculative trades after announcements as illegal and would advise you to stop this behavior immediately. Otherwise we would need to take further action. Best regards, Erdal Med Venlig Hilsen | Yours Sincerely Erdal Erbas | Associate - Institutional Sales Trading Saxo Bank A/S | Smakkedalen 2 | DK-2820 Gentofte Company phone: +45 39 77 40 00 | Direct phone: +45-3977 6019 | Fax number: +45 39 77 42 00
And you trade forex because.... I can't recall seeing any CME/CBOT futures traders posting that their broker just decided to wipe out a trade and/or profits. I do not understand how they can even do this, but perhaps it's time to rethink the markets being traded.
Sorry that happened to you. Are they registered with NFA or CFTC? If so may help to file a complaint. Thanks for reminding me why I don't trade forex.
wtf???? are you serious? This is indeed the biggest scam of the world... bucket shop try switch to futures... at least you won't be trading against your broker/dealer...
HAHAHA. Are you kidding!? The only commission those guys are registered with is the Bucket Shop Commission.
Here another horror story on the currenex platform of ODL http://www.forexfactory.com/showthread.php?t=24672 I will keep saying ; FOREX is the biggest scam on the internet
I got hit for a $20k exotic on Oanda when eurjpy traded 30 pips lower on a 400mm unit trade -- early one Sunday. EBS didn't show any trades within 10 pips and the market went straight up from my barrier hit. Was going to close the accounts, but have since taken them for $142,000 on exotics. Saxo closed 20 fx option positions with notional premium value of $320,000 because of a $5,000 weekend call which was in error. They didn't close a portion... the dumped all positions at their 10-wide markets. Lost close to $30k. Closed the account the next day.
The trade was speculative and done after an announcement? Doesn't that describe like 70% of trades in FX? Illegal? Something cannot be right here. This doesn't smell right.
The only justifiable reason to trade forex is liquidity and exotic pairs. These seem to be the only things Currency FX doesn't offer.