It is my experience that they will do everything to make you lose your money. They manipulate quotes, soon as u enter the trade the spreads are wider and they will say its liquidity, and soon as you close your position the liquidity is back to normal . But yet they claim they get liquidity from 10 banks or so ... Asian hours I saw NZD dropping some 150pips down and only the sell price not buy?? and everywhere else there are no changes... Platform is the worst out there, it crashes all the time and each time you log on, it will ask you to update? Of course their clueless tech support will blame everything from your pc to programs you run on your pc. But their platform is spotless. According to their so called market making desk all the other brokers( specially the ones with lower spreads and commissions) are not properly regulated. That is bull....t actually Saxo is least regulated. However, their terms and conditions are the worst that I have seen and it actually allows individual pricing or any other practices that would ultimately benefit the SAXO that includes giving you worst possible quotes !!!!!!!!! Well, I probably donât need to mention what terms provide about counterparty to your trades? When they say something we must consider 95% of what they have said being a lie and 5% under question whether it is truth or not. My aim is to stop others from joining them and hopefully seeing them out of business one day!!! Ps please donât join them look around, there are plenty of better (at least better than them) brokers and platforms out there.
Why did you ever open an account with them? I looked at them awhile back and thought that they were a verry sad group of people trying to get in on the FOREX market, but didn't have a clue on how to do it.
ZoneTrooper, I can only say that I did not do good enough due diligence. For that reason I cannot forgive myself. Unfortunately I can't turn back the time but will have to leave it behind me at some point and just take it as a valuable lesson. I am trying various forums to post my message so that other people will see it. May be it wont stop everyone but at least it will stop some !!!
FYI they used to be called Midas before they became a "bank". Seems nothing other than the name has changed.
Also, after the Refco mess, I now keep a autmative news search query on my broker. Live in learn. Would be nice if someone would run these frauds out of business. I'm going to start trading with Oanda in a few weeks. Still waiting for my account to get unfrozen from REFCO, but I still making quite a bit of money there on a daily basis, so I haven't been hurt yet.
I think that is good way keeping an eye on your broker. I assume refco did not have any insurance to protect its clients. What about oanda do they have any insurance to cover clients if they go bust?
Refco CA does. Oanda dosen't. The best you can get in the US is CFTC and NFA. No real insurance in the US with a dealer that provides decent service. Perhaps if I was Canadian it would be a different story.
Interactive Brokers provides SIPC and Lloyds insurance coverage on cash deposits denominated in any currency, according to their website. IB also offers FX trading. I am not aware of any other way to trade FX with deposit insurance. But it appears this can be done at IB. I don't work for IB or speak for them, so you should ask them and make sure that you get reliable confirmation from the appropriate persons at IB.
I agree on a point that IB does have an insurance policy that covers the clients, and I actually contacted the policy providers and they confirmed the extent of coverage. In addition I send some 6 emails to IB with various questions and got satisfactory reply to all of them. Usual reply was within 24 hours. I was thinking to open an account with IB but after my experience with Saxo, I am quite hesitant, I think I might need cooling off period and may be then join IB.