SaxoBank Review 2021

SaxoBank

$10,000

Min Deposit

3.0

Min spread

2001

Foundation

Broker Trusted Point0

Broker Trusted Point

Saxobank is a deceitful broker that has the name of a bank but indulges in trading. So, the beginning of this charlatan broker happened with an undainty title. It ascribes that the intent of the broker has always been what innocent traders cannot get. The so-called brokerage firm didn’t start on a good note, which is enough to tell the impecunious thought behind fooling people. SaxoBank review 2021 exposes the broker.

Now, with COVID-19 send jolt after jolts, and massive economic crisis all over the world, every penny counts. None can afford to lose their bucks, especially those traders who hail from the middle class to lower-middle-class families. SxaoBank does not differentiate while looting people and takes advantage of their innocence. 

SaxoBank safe or not? 

The broker is one hundred per cent fraud, it seems. If you don’t believe the review, then invest your money and check for yourself. You’ll be left shocked and dilapidated. First of all, there’s no registration number and license number mentioned on the home page of the broker. Every good broker follows the norms of transparency, but someone with malice intent doesn’t do that. SaxoBank seems one of them. There’s no need to hide it. 

Moreover, it does not mention the name of the regulatory authority in the open. Either a trader has to keep guessing or searching for the one. It is unbecoming of a brokerage company and unprofessional. A reputable firm wouldn’t indulge in such theatrics. Also, the website is too slow to respond. These are the traits of monkey-business. 

Egregious customer service 

When you call on the number of the customer service of SaxoBank, no one responses, you keep on waiting and attempt dials after redials but to no avail. So, after going through such rough behaviour, a trader hung upon the broker’s customer service. 

There is no belief that you can register on it. The live chat option is even worst. You ask about Europe it answers about the US. It is that bad. The AI system is probably the worst it has. Also, the response time is infinite like always. A genuine broker will never participate in such practices. But a fraud like SaxoBank, disguising as a bank indeed can. 

The email address does not answer your emails, and so does the messaging option. Thus, you cannot contact them. 

A faulty look of the website 

First of all, the website takes a prolonged time to open. So, that does not happen with genuine brokers. When you see the opening page, it looks defective and out of sync from the world of financial trading. The brokerage company does not care what will be the maiden impression of an investor after visiting it. The colour combination, design and outlook appear tacky and not user-friendly. It is not easy on the eyes. Also, it does not give good vibes to market players. A trader gets repulsed after seeing the look. So, registering on it is a sturdy task.  

Convoluted account types 

The broker confuses a trader with myriad account types. One would not know the difference between account types and tiers. You can’t decide how and where to register on them. It seems as if the broker deliberating on keep the visitors confused. In that guise, it wants to fulfil some other task. Thus, SaxoBank must be recording the footprints and data of a person secretly. That is immoral, but this is what hackers do. 

Bad services 

The services that a trader receives from the broker aren’t something any other brokerage company would be proud of offering customers. 

  • Commission charges are quite high here even when you initiate the slightest step. The company subjects you to different costs every time you try to any transaction. 
  • The technical support staff is not present because no one answers your queries. 
  • A trader does not find the local language customer care executives’ help because your call should be picked. 
  • The prices it offers services to investors are disappointingly too much. It looks like the broker behaves like a pick-pocketer. 
  • There’s no trading expert that the website claims. It is a lie told to traders for bringing them on the website. 
  • Digital support and service are missing entirely. On the contrary, the broker is archaic and deprived of fresh ideas and technologies. 
  • All three tiers are out of synchronisation and do not help traders in any way. Instead, they only raise doubts and makes one vulnerable to cheating. 

SaxoBank: Extreme deposits 

Leave everything apart; the broker needs USD 1,00,00 deposits even from a novice trader. Now, where in the world does some brokerage company need so much money. What is the intention behind asking for such a hefty deposit? From where would a newbie investor arrange these funds? 

SaxoBank does not care about these questions. All it needs is bucks to run away or gulp them down through vicious methods. Hence, we can conclude that SaxoBank is a fraud case which needs ignorance and reporting to the highest authorities than investments for trading. 

Even the richest of the riches would have apprehension depositing so many funds at once. Also, the broker would drain you, and there would be no claim to make. In the recent past, assorted people have complained against forgeries. So, it is a clear violation of the right to invest. 

No options for education 

If an investor wants to learn and have some lessons regarding the changing norms of the financial market, then he/she can’t because the broker does not have them. Thus, you can see that no effort has been made to empower the trader. Instead, the broker is trying to create issues so that market players cannot benefit from anything. 

Good brokerage firms have webinars, ebooks, course materials, VODs, videos etc. However, SaxoBank does not have even one feature. On the one hand, it is asking an unimaginable amount of USD 1,00,000 as a minimum deposit. On the other hand, it is not providing a single educational or knowledgeable material. It means you will have to spend money on private services for it. They are expensive and fetch away all savings.

So, avoiding registration is the best way a potential or budding trader can do to stay away from the ugly trap. These exercises discourage a trader from taking up the route of financial trading. 

Dangerous CFD trading 

On top of the website, you can read the broker mentioning the dangerous effects of CFD trading and how can it prove a risk to you. But then, it majorly trades in CFD markets and displays multiple products. If some broker is so averse to the idea of contract for differences, then what’s the need of keeping the option in the first place? That’s hypocrisy. Anything for money. The broker is indulging in deceitful practices. 

Conclusion

SaxoBank suspicion is a term one should always keep in mind while skimming through its website. Instead, great brokerage companies like T1Markets, ETFinance, GlobalTradeATF, InvestLite and many others deserve your attention. If a broker is willing to earn money with amazing services and environment and the brokers mentioned above are your vehicles to reach the destination. 

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