Saxobank 

Saxo bank is a TOTAL DISASTER and can not be trusted with your money. STAY AWAY from them if you are fond of your hard earned money. Save yourself the pain of dealing with Saxo and pick one of the many other cheaper, easier and more reliable brokers.
Saxo has a good website and app, but that is completely overshadowed by:
1) Very high hidden fees (especially for overseas stock markets) that really hurt your overall yield;
2) Customer service is total crap. Response (if any) takes ages and they hardly ever solve the problem;
3) They ask absurd intrusive questions about your personal finances and circumstances, even though you have already been accepted as a customer and provided all information that is normally required for KYC procedures. Never experienced any of this bizarre shit with any of the other dozen financial institutions I'm dealing with;
4) They will block and close your account when they please, resulting in severe financial damage;
5) They don't properly follow up on corporate actions meaning your shares are delisted and you can't sell the stock.
6) Transferring out your money is often delayed with multiple days. Somehow they seem to think they have the authority to decide what is happening with YOUR money.

Been a customer since 2006. Just last year they decided to freeze my account without giving justifications and started sending endless questions and requests such as income statements, salary slips, electricity bills, passports, ID's, land ownership certificates ..etc.
Whenever I sent the required documents, they would resend follow- up requests asking for the exact same documents!!
Whenever I wanted to get support or follow-up on my case, I would get zero response, zero human interaction and the case gets lost until they reply every 2-3 months asking for the same documents again while my account is frozen with no possibility to transfer money.
After sending them all the requested documents over 5 times, they have decided to suspend my account without giving reasons.
Open a brokerage account with Saxobank if you either have a full time secretary available to fulfill their constant requests or if you have the willingness to loose money or have your savings blocked for a year or two.
Dealing with Saxobank was a nightmare, one of my worst ever experiences. I have no idea how this company continues to function.

Absolutely horrible platform experience, I cannot trade due to their "KYC processes" (took more than a month and still waiting, even though nothing material changed in my employment or financial situation, and that even with the fact that I have been a customer since 2016!) They blocked my account more than a month ago, even though I submitted all forms they requested. This block means that I can't open new positions or transfer more money to the account. If this lasts any longer, I will take my business elsewhere.

For months I have been providing income statements, documentation for selling my house and other documents to proof that I have made savings over 50 years that now are on my account at Saxo. Still they have blocked my account so that I cant open new positions or transfer more money to the account. I have no words for how disappointed I am with the lack of customer service from Saxo bank and being between the lines accused for not being an honest person. I have never experienced this kind of behavior from any bank ever.

an absolute joke of a broker.

i trade mostly options and futures, and have professional status because i have over 15 years experience in banking.

their systems are buggy. youre constantly shown incorrect information. products you have in porftfolio suddenly cant be traded for 2-3 days (not even closed) options series dissapear, and reappear at random. incorrect margin requirements for options, no recognising basic strategies for one underlying, but recognising them for the other. the service desk is BEYOND USELESS. they know nothing, cant answer the most basic questions. dont know the products youre trading, dont know why their systems are showing the information their showing. cant fix anything, cant find anything out, cant initiate processes. USELESS.

heres a rundown of a few issues ive had the last year.

after a corporate action (spin off of Warner Brother Discovery) suddenly, my option, which was a basket option, was being counted as "deep in the money" a huge margin, while in fact the option was far out of the money (around 0.2 delta). after talking to 3 service desk employees, including "so called experts" , who al did not understand a single thing about corporate actions or options, the issues remained unresolved. frustrated by telling me "the option was in the money" i gave up and just closed the position

i spent around half a year trying to get margin lending turned on on my account. after speaking with bobo after bobo at the service desk. Literal Kids that dont know what margin is, confuse it with option margin/future margin, margin lending, portfolio margin. or just plainly dont understand anything about tradable products. i was given the feed back "that due to technical issues, margin lending was not possible at the moment" in the future, it would be possible again. i tried asking for a timeline, they had none, 6 months later i tried asking the question again. still no answer. i had given up.

then a few months later, i was on the phone with them again. this time an options combination order (which they call strategy, fine) the order clearly stated that i had more than enough buying power to approve the order. however, every time i pressed ok. it was refused. no explanation was given. after talking to 3 service desk employees, including a so called "senior" who just proceeded to raise his voice before listening to the problem in the first place, or in fact before i had spoken. he did helm me though, the solution however WAS TO TURN ON MARGIN LENDING! which was then done within 5 minutes. after 9 months of calling them for margin lending.... multiple tickets and being told it wasnt possible multiple times... what the...

but then, the only bond i had in position wasnt correctly marked in the system as marginable. a Spanish government bond. they service desk's reply: oh thats an illiquid junk bond... excuse me? spain? seriously? they then proceded to show me where i could see the marginable position on that bond. guided me throu 6 hidden screens: and low and behold, it should have been 80% marginable. it took another 3 months for the margin to be finally recognized.

then 3 months ago, they suddenly changed a very import screen. the overview, that shows you how much option margin each underlying stock needs to keep the positions open. the new screen, was incomprehensible. a list of all positions, with red and green numbers that made absolutely no sense. so i decided to call them. not only did the service desk not understand, they couldnt even find the screen after i had sent a screenshot. it turned out he still had the old screen. not knowing why it had changed, or what the numbers meant, i filed a complaint. never

a week ago i had another question regarding future spreads and the margin requirements for positions like those. again, talking first to an idiot who didnt know what futures were, didnt know what margin requirements were. didnt understand what a futures spread was. and just gave me some generic "its not possible answer"

today, i decided to try to turn on portfolio based margin. to try if future spreads were possible with portfolio based margin. talked to a nice young girl. who did again not know anything. she told me "it was not possible to turn on portfolio based margin" she would then email me more information. 2 minutes later i receive an email, that's says i can turn on portfolio based margin by replying to it. it also includes a nice pdf with "basic" information.

im constantly confused. i just know replying to this email is hopeless. because they dont have their ... together. they give contradictory information. cant get anything done. and every ticker you create is closed with some generic macro reply saying " thank you i hope to have informed you properly"

theyre an absolute joke. i'm looking for another broker

A Comedy of Errors
If you ever wondered what it's like to bank with a circus, let me introduce you to SAXO Bank. Imagine a place where Kafkaesque bureaucracy meets Monty Python's Flying Circus, and you have a pretty good idea of what to expect.

The KYC Circus
Let's start with the Know Your Customer (KYC) process, which is hands down the most ridiculous I have ever seen. They ask for everything short of your blood type. Are you a landlord? Great! They'd like a copy of your lease, please. Because obviously, that’s the most logical way to prove you exist. What’s next, a DNA test? So you pass the KYC test...

The Black Hole of Responsiveness
Need something done? Good luck! SAXO Bank operates on a timeline that makes a sloth look like Usain Bolt. It takes several days, sometimes weeks, to get anything done. I once had an incoming transfer rejected for no apparent reason. They sent the money back, but guess what? It never arrived. Why? Nobody knows. Maybe it’s in the Bermuda Triangle of banking transfers.

Withdrawal Woes
Thinking of withdrawing your money? Think again. You can only withdraw to an account you've previously used to fund your SAXO account. Want to add a new beneficiary account? That’s a whole other procedural nightmare that takes several days. But wait, there’s more! Even after you’ve jumped through all these hoops, they tell you it will take another 2 to 3 business days to review your transfer request. Yes, you read that right—to review it, not to process it. So here I am, with money that’s gone AWOL and another transfer that’s stuck in bureaucratic limbo.

The Human Ping Pong Game
In the meantime, I’m being bounced around by people like Apoorv, Abhay, and Shivam. They’re like the cast of a bad sitcom, each one passing the buck to the next.

Conclusion
This isn’t a bank; it’s a joke. If you’re looking for a financial institution that’s as efficient as a snail on tranquilizers and as logical as a Monty Python sketch, SAXO Bank is your go-to. Otherwise, steer clear and save yourself the headache.

For the periodic KYC I provided all requested information as usual. After a several weeks I received an email on Wednesday night that there was information missing (not defining what). I did not see this email at that time, but on Friday morning at opening suddenly all my orders were cancelled one after the other.
I logged in and saw that my account was blocked. The issue? My wife and I have a shared account and we use the same phone number (something we have for the last 10 years with Binck/Saxo). They wanted a separate phone number for my wife.
Ok, this was never required before, but no problem, don't think this is a reason to immediately block my account and cancel all orders that would have hit.
I immediately provided the phone number and called the SAXO bank to ask if they could remove the block asap as I wanted to replace the orders.
I am a "GOLD"-client (their highest level), and got the answer that "the analyst is working on it" and that it would be resolved soon, hopefully the same day, else on Monday.
On Monday still blocked, Tuesday still block, Wednesday I called again. "Sorry, indeed checking a phone number should not take so long, I will go after it". Thursday still blocked, called again "again, sorry, i will write an internal email"...
So far I have not received any feedback on the process and nobody can give me a time or date on when this will be solved.
For a "Gold"-client, I would expect a bit more service, and blocking an account after 1 day for a missing second phone number... or actually not missing, it was just the same number for both people (we can both be reached on that number), and I have not seen anywhere that this is not allowed, and it was like this for the last 10 years, never a problem or even a question.
This is not a crucial issue, give people some time to respond or give them a call if it is that urgent before you immediately block somebody.
As my orders have been cancelled and prices have gone up again I have lost money due to this. And it does not seem SAXO cares in any way or try to solve this quickly.
Service and trust was 100% better when it was still Binck. My advice, look for another broker, something I will be doing...

The worse broker I ever experienced. Bad spread, delayed executions, had options exercised despite out of the money, service barely competent, not knowledgeable leading to wrong statement and needs to be reminded 5 times.

After closing my Saxo account, the remaining balance was to be returned to me. This has proven impossible. It has been months now and I am still waiting. Every week I need to call and email, and every week they promise the money will be returned within 3-5 business days, but it never gets returned. They make mistake after mistake, they close support-cases that have not been resolved. Impossible company to deal with. Totally incapable company and people.

On a Monday I transfer xx000 and 30 mins later I regret and transfer them back to my ordinary bank. After 4 days I still haven't received my money and the Satus is still pending. While I have other assets I invest surely these money that I haven't spent shouldn't interfere. I call costumers service that tell me that they can see the money is pending but due to my active trades they have to make sure that they are clear and that takes a week. This is beyond reducules. It's a platform and I transfer money. I know of the valor dates but these money were from the same day going in and out. 7 days with no interests that saxobank can trade with my money. This is totally unacceptable and even your costumers service told me they understood my claim. This is another lost costumer to you, I'm closing my account. You ask for advice. Don't make your costumers angry.

All my shares where sold without my consent, on 18 jan 2024.

They apparently send me two or three emails, with a button I had to click on to re-submit my personal information. If I didn't re-submit, my account would be closed in the future.

These emails where all send from a suspiciously looking email address: "info_at_mail.home.saxo".

Working as a software engineer, I would never click on buttons in such a suspiciously looking email! This is just blatantly incompetent from Saxo, and clearly proofs they don't take cyber-security seriously!

Their incompetence has cost me 800+ euro's, avoid Saxo as the plague!!!

Cannot believe that this bank has a licence to operate. I tried to deposit money to my account, blocked. Chat, support ticket, telephone call: no answer and more importantly: no solution. Support tickets not answered for 3 weeks. If you ask: "Sorry, we are very busy at this moment".

1* as less is not possible... I have been trying to transfer MY funds to my personal bank account for over 1 month now, and I still do not have the money! The only thing I get is a different employee on the phone every time I call who I have to explain the whole situation to again and again and who tells me... I am sorry there is nothing I can do for you and I can not connect you to anybody who has the ability to help you as that division doesn't talk to customers?!? REALLY!!!!!

I was first at binckbank, but then it changed to Saxobank.... As a small type trader, i like their platform. It's very detailed, and it's easy to use. I need to say,i can't compare with other online bank brokers.... I'm kinda not happy with their high fees. But issues or problems i never had, so i can't say it's bad.
If anyone reads this, and think I'm wrong, or know a 'better' one,... I'm allways open for critics. Especially the fees can be smaller i think.
But in general, it works fine for me

Customer service is non-existing, don't pick up the phone. There website is a total mess.

Very bad services and fee policies, avoid this company for your own sake.

My account was transferred from Binck.

I am, simply amazed by how dysfunctional and outdated the platform is. When I have sold my shares, I will definitely leave Saxo.

I have 16 years experience in trading and this is by far the worst broker I have ever worked with.