I just downloaded Saxo's Demo. Hey I didn't know that Saxo Bank had 1 unit trade tickets... How do they pay interest...is it reflected in the UPL because they change the quotes at rollover or do thay actually pay it daily with cash to your balance? And do you get interest earned on your cash balance not being traded? I can't call them they are in Denmark! Michael B.
I phoned them in Denmark...what the heck. They pay interest...but not the way I am used to. They pay it on cash at libor-2...so thats 2%...and they pay it monthly. The pairs differential is paid in the quotes and shows up in the UPL....it is not paid as cash to the balance...so you would need to liquidate your carry trades to realize it! Damn.. Michael B.
ElectricSavant ( Pimp!! ) - be careful. Read their small print. One member of moneytec.com put 100K with them and had a bad experience. Posted that the Danish Regulatory Board ( or whatever they're called ) would do nothing. Insinuated that Saxo had them in their back pocket. Do your due diligence!
My Darling goddess,....uh Mrs. Goddess I mean...ouch Yeah ...your correct....I will... Michael B. P.S. That bump on my head is not a birth defect...(Wifey hit me over the head with a frying pan just now, with this wise-crack)
The b/o is absolutely horrendous. I think they use an abacus to run haircuts. The "system" liquidates the entire account if you trip a margin call... yes, the entire account if you're a few bucks over haircut. Which is ridiculous because they haven't the faintest idea how to calc risk-margins. Ask them to quote an exotic option on a 1mil notional. They'll tell you the exotics-guy is out for the day... the guy doesn't exist.
Chood had a bad experience with them too....I guess my home is and will remain Oanda...I have enough pairs to trade anyways.... It's just good to have two accounts for several reasons