Saxo Bank Customer Satisfaction

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  • BenutzernameCustomer Reviews
  • Status Member
  • Registriert seit2/10/17
  • Beiträge492

Are you a customer at Saxo Bank or have you used Saxo Bank's services in the past? How would you define your customer experience at Saxo Bank? Please share any helpful insights, experiences or opinions relating to Saxo Bank here.

 
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  • BenutzernameMoneyguru von moneyland.ch
  • OrtSchweiz
  • Status Expert
  • Registriert seit8/4/15
  • Beiträge4016

Hi there, you can compare the costs and services of the Saxo Bank online trading platform with those of other Swiss trading platforms using the online trading comparison on moneyland.ch.

 
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  • BenutzernameMoneyland User Answers
  • Status Member
  • Registriert seit2/22/18
  • Beiträge103

I organized an OTC trade (a bond sale) with Saxo bank. The transaction was made as agreed, but without informing me, the bank cancelled the trade and then reinitiated it on terms that were around 7% less favorable for me. If I hadn’t checked into the platform a few days later and wondered about the transaction, it would not even have occurred to me.

Attempts on my part to negotiate through the Swiss ombudsman failed as Saxo Bank avoided any mediation. Even though we had clearly agreed to the terms and conditions of the OTC trade before the transaction was initiated, Saxo made a number of absurd assumptions. These were all debunked, but Saxo proceeded to state that I could have reversed the trade if I had chosen to. By the time I noticed the whole shenanigans, the rates had already fallen. Saxo then profited again because they could buy back the bonds at a low price.

I tried hiring a Zurich law firm, but they quoted me a 5-figure price to handle my case. That was not an option for me. I would be interested in knowing whether any other traders have had similar experiences with Saxo bank.