Some words about Saxo Bank customer service

By
February 24, 2023

Established in 1992, Saxo Bank holds a Level 1 licence to operate from 6 securities market regulators in the following countries:

  • Australia (ASIC);
  • Hong Kong (SFC);
  • Japan (JFCA);;
  • Singapore (MAS);
  • Switzerland (FINMA);
  • international regulator FCA (FinancialConductAuthority) in UK.

Saxo Bank makes extensive use of online services. Offices and representative offices in London, Paris, Dubai, Singapore, Tokyo. It is represented in 15 international jurisdictions. Processes over 1 million transactions per day, average daily turnover of $16 billion (volume of transactions performed on clients’ requests). The bank uses whitelabel scheme in partnership with other banks.

What services Saxo Bank offers

Saxo Bank offers brokerage services both for active traders and investors.

For traders — a wide range of instruments for speculation. The bank is a relative “senior” in the partner network which provides services to 120 banks (using the services of Saxo Bank in this or that form of cooperation), 300 intermediaries.

The main focus is forex and its instruments, including CFDs on various asset classes. The bank allows clients to trade via proprietary software — the web version runs on any platform, the Pro version on desktops. For investors, Saxo Select was launched in 2016 and is integrated into the Saxo Trader Pro trading system. It is designed to maintain long-term portfolios. The algorithm was developed jointly with Black Rock Inc. — the world’s largest American asset management company.

Additionally, the Trading Strategies service is a set of trading strategies developed both by the bank itself and by third parties. You can open an account in one of 23 currencies, but if you know where you are going to trade, it is better to transfer the currency you want. There is no point in opening an account in Norwegian kroner if trading on American platforms — the bank may not convert at the most favorable rate.

By default, the best currencies to work with are American dollar and Euro. In our experience opening an account for Europeans may take a long time — up to several months.

Customer service

Saxo Bank Customer Service is available 24 hours a day, 7 days a week. An appeal is created in the trading terminal with an attachment of a file if necessary. The website does not have a live chat function. Online chat is built into the trading platforms, but it does not work on the demo platform, forcing potential clients to contact support by phone or email. After spending 5 minutes on the phone, we never got a response from support. Answers to some questions can be found in the Customer Support Centre.

In spite of seemingly good initial data — official status, official representations, its own software, regulatory licences in 6 countries — there are negative reviews about Saxo Bank. On the one hand a long history and confirmed official status, on the other hand the actions of the broker are very similar to the worst assumptions in a common scam for money.