100% True...!!! Especially when it comes to SPOT FX trading just numbers moving around with brokers collecting comessions and trading against. you forget about all this ECN,STP marketing hype. There is no way of you knowing who is on the other side of your trade. I believe the FUTURES FX is more real
Im currently a client with them. Should i be worried? Most importantly any new developments on this? Are there evidence that saxo is cheating its customers? I've got my money with them and Im really worried.
Better keep reading the Danish news. Another story today in the Copenhagen Post. "Bank is accused of forcing confession out of an employee it says manipulated exchange rates A former employee at Saxo Bank is charging the company with locking him up in a room at its former headquarters in Hellerup in June 2008 and threatening him with deportation and imprisonment, reports financial daily Børsen. In a sworn statement, Vasily Barsoukov, says he was forced to handwrite a confession admitting that he had manipulated bank exchange rates and helped five named Russian bank customers make multi-million kroner profits." http://www.cphpost.dk/business/119-...e-claims-he-was-locked-up-and-threatened.html
Sounds like some questional activities have been going on.. other than this I couldn't find any other new information. Regarding the issue whether my money is safe with them.. thats the most important. LOL
Don't sweat it, just ask 'em to put a gold star by your name, because that will ensure that you get a fair shake. Trust me on this one.
I know a German trader who had 10MM Euros with Saxo. He was by far their largest option client. They used to simply double margins on short gamma into the weekend, before they went to a delta/vega mark... anyway, he was ~1MM under the margin req on the weekend but the liquidated him anyway. A loss of 1.2MM on the liquidation -- liquidated EVERYTHING. I know he pursued it and won. They dropped the exotic options due to litigation as well.
I heard from a trader at an Expo last year, that the a Saxo Bank forex salesman in their booth told the trader that he does not have to pay taxes in the US on his Saxo Bank forex trading gains (in Europe) until he repatriates the funds back to the US. That is completely false and has troubled me since I heard it. US residents are taxed on worldwide income, as made, not as paid out or repatriated. I mentioned this hearsay on Podcasts in the past, but I did not name the bank. Now, after seeing this thread, I feel compelled to name names. Again, it's hearsay, but it sounds reliable and I heard it from more than one person. Maybe it was inadvertent bad tax advice, but it could also be a sign of bad business practices. What is true is that if you buy Euros in Europe and hold them, you don't have realized ordinary income until you convert back to dollars. Forex trading is different. On our podcast yesterday, on our site, I discussed foreign versus US forex brokers on a number of levels, covering: is your money safe, tax, reporting foreign bank accounts, regulatory, leverage and more.