Saxo Bank Has Screwed Me

Lon,

What does this have to do with the OP's claim? I'm not following you.

 

The email to the OP (and his story) would appear fishy but for the fact that the context is retail forex, where the norms are, in no particular order:

preposterous;

unabashed, straight-faced dishonesty; and

mind-numbing gullibility.

This is the biz, after all, in which a forex retailer -- after it bankrupted -- continued to offer its trading product to customers without any chance of customer profit and withdrawal, and many of its customers accepted those conditions and continued to trade. That RefcoFX story tells you everything you possibly need to know both about retail forex and about the retailers’ well-founded faith in the stunning inanity of their customers. So, a retailer that swipes its customer’s profits because the customer made profitable trades is not unbelievable. I’d go as far as to say it is expected in the Wacky World of Retail Forex.

No forex retailer ever went wrong, and no self-respecting one ever missed a chance to steal, overestimating the gullibility of a customer. The story in this thread, while hard to believe in some other context, is not at all surprising.

 

Ah ha! I knew you'd pop up sooner or later in a Saxo thread

I'm not arguing that the business is fishy. I know it is. I'm talking about the email the OP referred to. Illegal? I don't get it. Something is missing here.

Incidently, knock on wood, I've been a customer of Oanda for a long time with a medium six figure account and - apart from a few minor disturbances - have never had problems such as these. Though stories like these begin to worry me that someday Oanda might turn evil.

 

i think we need a little more evidence before we jump to conclusion's

 

I think i know what happened here.........this guy probably arbitraged the
their quotes as their quotes probably lagged the market and he jumped in using his faster feed. Brokers get screwed this way on news announcements, notice they said that they are changing his trades and not closing them completely.

Why i think this could be the true story because i have this at another fx broker and the first couple times i got away with it then they started calling me to say that the qoutes were stale and i have an option of entering on the price that bloomberg had qouted at that time. This was favourable for me as if the market was moving lower i will accept the trade at the true price that i was supposed to get if it ha reversed i would say no reject the trade. They would call me each time i did it after that o i stopped as i knew it was wrong but very tempting. So i believe that he traded off stale qoutes and now they are reprimanding him for it.

 

You are correct, sir. Vigilance is the price of freedom, don’t forget (freedom from bucketing, I mean).

Imagine the green envy Saxo and other forex retailers suffered as they observed the RefcoFX saga, a snippet of which reveals the enviable customer base those other retailers dreamed of for themselves:

RefcoFX email to customers, breaking the news:

“We are bankrupt, sorry. For those of you with account balances, we will, as a service, continue to operate our platform, although without a functionality of customer withdrawal. Out of your balances will pay our insider affiliate 600,000 dollars monthly to keep the platform turned on. Everything remaining in the balances is virtual. In other words, money in customer accounts is real only if payable to someone close to us. Also, you cannot redeem profits from trading after the bankruptcy and, at most, trades may reduce any payment to you out of the bankruptcy estate.”

RefcoFX’s customers, on hearing the news, clamored and shoved one another aside to get to the front of the line (virtually speaking, of course), oohing and aahing as they mouse clicked to take the offer. “Wonderful," “By all means,” "Yessir,” and “Crikey, sign me up,” they exclaimed.

 

Unless you live in Denmark, why on earth do you trade with a forex broker in Denmark?

But they are highly regulated , so I'm sure you can file a complaint with the appropriate Danish agency.

 

Nashequilibrium: did you ask your broker why they weren't supplying clients
with bloomberg quotes if it was those prices they wanted clients to trade

 

That total horseshit an you have to put up a fight for your money - would you let someone steal 30,000 usd from you
Noway right.

so here what you need to do
First- print out your trade log so u have a record of the
transactions

Second-You need to call them an inform that you are going
to file a complaint with the regulator CFTC in the U.S.A.
the SFA in England. an The Danish banking Authorities
You will need to file in Denmark because that
where they are incorporated but you need to
also to file a complaint in the country you live in

Don't be afraid to file it cost nothing to file with cftc
and 98 per cent of the time the cftc finds in favor
of the investor

I can be found on the forexnews.com classic forum if you other advice on what to do

I have been trading fx for 28 years and would either trade futures or with hotspotfx I can honestly say they are the only broker that doesn't play games

 

Now there is a reliable source, ForexFactory!

Zek132's story, as he related it, is totally 100% fabricated.
CurrenEx would have busted the trade, without question.
But Zek would not have even protested it at the time
because the fill was pure positive expectation for him at
that differential from the true market. FF poster BurgerKing,
on the other hand, if he had truly been on the other side
of the trade and were truly the experienced CurrenEx
trader he claims to be, would have had it busted immediately,
to avoid the risk of being stuck with it.


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