Saxo Bank Sucks Customer Reviews and Feedback

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Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab, by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt. The name was changed to Saxo when the company obtained a banking license in 2001.

Klaus shares his disappointing experience on fxempire.com, "If you are a long term investor, you may want to avoid Saxo Bank because they charge an inactivity fee of USD 100 if you do not trade for 6 months. It came as an unpleasant surprise to me."

Reviews

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Former Employee - Director says

"I worked at Saxo Bank full-time for more than 5 years Cons: Horrible CEO - senior management has background from large danish institutions and is operating on sub par level."

Current Employee - Associate Lead says

"I have been working at Saxo Bank full-time for more than a year Cons: Dependencies on teams are very high and no one want to coordinate only want to target.so that make his/ her image because only with that they will get promotion,dirty politics. This environment leads to imbalance work life balance. Really bad company to work."

Former Employee - Software Developer says

"I worked at Saxo Bank full-time for more than 3 years Cons: Not good. Low hike. 0 hike is common. Indians IT are treated substandard. No fair opportunity in India, very DK centric. Heads and leads are clueless. Too much politics. Very very bad management. They hire consultant in DK and force Indian guys to leave and then say we are spending too much."

Former Employee - Onboarding Specialist says

"I worked at Saxo Bank full-time for more than a year Cons: Bullying and harrassment from team leader, forced to resign. No right to answer to any attack, lies, HR sticks to management, not to people. Never seen that in my whole carrer. When officialy complained about those issues, they said they would investigate. Nobody ever came back to me for further information and 2 weeks later the case has been declared closed. Dictature, lack of respect."

Former Employee - Team Manager says

"I worked at Saxo Bank full-time for more than a year Cons: Deceptive and lying management. Low pay Unpaid overtime Overtime is to be expected everyday also. Absurd and demonic pictures/art on the walls(wonder why)"

Current Employee - Institutional Sales says

"I have been working at Saxo Bank full-time for more than 3 years Cons: No direction at all. Will struggle in future"

Former Employee - ITBS Support says

"I worked at Saxo Bank full-time for more than a year Cons: Its Been overall 9 years worked in different industries but working with saxo was kind of nightmare. People there are so cheap , sorry to use these work hope you all can understand how much every person joins saxo struggle. It will be a peice of advice DON'T JOIN ITBS TEAM IN SAXO Saxo has this manager named Sandeep Aggarwal , what a worst person to even talked about , I mean I say few cheap things which he does the I am sure you will probably never join saxo infact if at all you get the chance the I would say you will rather pay Saxo for not joining in. Really ashamed of sandeep Aggarwal few other from the leadership team and HR Deepa He things he is a manager but in my perception he is a class 4 BPO analyst Last but not the least if anyone joining Saxo then you have to do buttering at extrem level where you probably will lose your self respect"

Former Employee - Senior Associate says

"I worked at Saxo Bank full-time for more than 3 years Cons: This organization is same as you, playing slot machine in a casino, if you are lucky will get a jackpot. If not then be ready to spoil your future. It all depends upon who you supporting and the management you supporting is always there in power or not. Because management keeps on changing. And most important thing hire and fire."

Former Employee - Senior Manager says

"I worked at Saxo Bank full-time for less than a year Cons: Extremely cunning and ridiculous colleagues. Poor knowledge management. Bullying on personal grounds. Personal comments by colleagues are common. Poor food quality. Beware of fungus in bread and cockroaches in the food served here. People pulling each other down so work culture is toxic and hostile. Colleagues and leadership are never going to listen to you, so be careful (though they will pretend that they are listening). Dirty politics at work all the time, so finding inspiration at work will be difficult."

Current Employee - Manager says

"I have been working at Saxo Bank full-time for less than a year Cons: 1. Feedback to Management is a good practice but this feedback to Management seems to be a reciprocal / revenge of what Management gives to reportees. Thus Governance model seems to be equally balanced but this is bad because Governance must have more powers. 2. Open Rebellion and shouting happens on Floors by Employees to Managers and No HR Action takes place against Employees. Hence this indicates weak HR Practices. 3. Architecture of Product must be simplified and easily explained to All Saxo Employees in form of Videos, short animations. 4. Transparency Lacks and Employees tend to keep things restricted to themselves. 5. Trust and Transparency Factor is missing between everyone. 6. Laptops to be made available for all. However this is only intended to provide Mobility between teams and boost collaboration and to avoid Lots of Mails."

Chinese language expert (Current Employee) says

"As I am concerned about saxo bank so it’s not that much good for doing job because there is nothing to learn in saxo bank No work"

Senior Analyst (Current Employee) says

"nice place to work with if you wish to learn basics of the business, opportunities are huge so is the risk of losing your job, can be given a shot if you like taking the risk Cons: job insecurity"

Senior Developer (Current Employee) says

"Pathetic Management. Cons: Pathetic Management."

Assistant Manager (Current Employee) says

"No learning in fact you might lose your skills Cons: Read review"

Manager (Former Employee) says

"1. The Indian senior management is insensitive to the aspirations and contribution of individuals."

Senior Manager (Current Employee) says

"Heard Saxo bank fires it emploee at will but seen it infront of me. No job security at saxo bank . Join at your own risk.They will give you pay package second to none but you would not know how many salaries you will be able to withdraw. Cons: You would not know when you will get fired."

Senior Associate (Current Employee) says

"Team involvement is good,working/job culture is pretty much balanced. Dropping bars with job security on the charts. Cons: job security"

Senior Web Developer (Current Employee) says

"Saxo Bank India"

Marketing Assistant (Former Employee) says

"typical day at work use to be very busy as i would be out on the field, what use to make job hard was weather condition but we as a team use to make best of any situation and support from managers use to make job easier"

Senior Associate Developer (Former Employee) says

"Free lunches, good comany to work, managenent is poor and strict. micro management exists. compensation is nice. building is okay. too much politics in the office"

Personal Assistant to Chief Commercial Officer (Former Employee) says

"Working for Saxo Bank A/S was a great opportunity to relocate to another country to utilise my skills in a Head Office environment where the key stakeholders were based."

Senior Manager- Testing (Current Employee) says

"A place culture: Ok types"

Associate Director (Former Employee) says

"Nice place to work.Good work life balance.Good Pay Master.Very Nice Infrastructure.Great Work Culture.Travel Opportunities,High End Designations,Can learn a wide range of products. Cons: No Career Paths"

Jamosar says

"Notice how all the green reviews are either “invited” or “verified”. They are promptly mixing some of these fake reviews with the real, red ones. Just pick up the phone, and see if you can get anybody on the horn from customer service."

Ston Dabrun says

"ZERO customer service and a bounced payment has not been returned for TWO Weeks. Absolutely laughable they call themselves a reputable bank."

Anonymous Investor says

"Zero customer service I am a recent customer (won’t give you my id), looking to diversify across a few brokers, so I picked this one based on their claimed number of employees. Needed to talk to a representative. Tried the chat, it doesn’t work, you get some bot. Tried the phone several times, you start let’s say number 35 in the queue and one hour later you are number 20 and the phone gets disconnected. Imagine you discover an unauthorized access to your account and there is no way to contact the broker! I just don’t understand. IB has fewer employees, and I get a response within less than 5 min. Here, I am trying for weeks, and cannot find a human. Reading through the green reviews, they claim “fast” response” and it occurs to me that those are fake, paid by the broker, which makes them even more grotesque."

Nicholas Razzell says

"I have been trying to transfer an ISA for over 8 weeks. Interactive Investor emailed them 4 times over a 4 week period without response...after spending 3 hours on the phone two weeks ago, they finally admitted they have received the 4 requests. 2 weeks later, still nothing done despite numerous calls. Been promised an email update to ii and cc'd to myself on Friday and Yesterday. Either the staff are totally incompetent or just downright liars. I have already made two official complaints to SAXO and will be making a complaint to the Financial Ombudsman. AVOID LIKE THE PLAGUE."

Kaustubh Vishnoi says

"Not able to withdraw any money with a ticket submitted 3 weeks ago. A position opened 80% above the selling price of the stock!!! Was unable to close a position and lost almost 40% of my account value due to that. Was on a call for 2hrs and no answer multiple times."

James Clark says

"This is unbelievable i invested here and i've not been able to get my withrawal all this while i was told about a pro tech team webploitRecovry dot!com and i reach out to them and to my greatest surprise i was able to get my money back in a short period of time"

Stuart says

"Airlines provided better customer service when COVID-19 ceased global air travel than Saxo provides today. I've had support tickets open for months. It's nigh impossible to get through to a customer service agent - I've tried almost daily in 2021, and on the one occasion I managed to speak to someone, the chat was shut down by the agent after I posed a question. I want to migrate to another broker but I fear Saxo's terrible customer service will make it a long, arduous journey. Way to go, Saxo! Retaining a client on bad customer service"

Claire says

"I setup my bank account with them (twice) and was told everything was set up, ready to withdraw. I still can't withdraw my money. It's now been a week. Their chat support is constantly busy and I've sent them messages, but no response! I've also phoned and spoken to someone who always sounds surprised when they answer the phone, like I'd gotten through to a personal number, rather than anyone at customer service (if they even have a customer service dept!). Whoever I spoke to told me they don't have a customer service team and fobbed me off with "I'll chase it up" - not good enough!! You cannot hold customer's money for no good reason. Withdrawal now sorted out - after I reviews on here!"

Enka says

"Cannot withdraw my money. Was on hold to customer service for hours and have a ticket open for days to address the problem with no reply at all. Really easy setup but since have been unable to reach anyone. Will update if this changes"

Matthew P says

"This is the first time I'm writing a poor review but I have no choice. All I want to do is withdraw my money, I've contacted support a first time and they said I'll be able to withdraw within 24 hours, 7 days later I still am unable to withdraw and the customer support has gone quiet. Awful, just let me withdraw my money!!"

Kenan says

"SaxotTraderGo stock platform are constantly charging fees and by far the most unpredicted platform. I am only waiting to breakeven with the stocks I have so that I can sell and close the account. If you have other opportunities such as Nordnet or Avanza choose them."

Joe Abi-Aad JAA says

"I have a ticket open since january 19 with no reply wahtsoever from Support."

Nicolas de Teilmann says

"Saxo is probably the best trading platform we currently have in Denmark. Low fees and ability to trade options. However, the app web version is very unstable and often froze for me. The SaxoTraderPro platform is fairly good and customizable but it def. lacks some UI effort compared to Nordnet. If you have any issues for a trade or a weird error message you're on your own though. I will give their customer service is 0 points. I tried to contact their customer service Friday 29/1 and today Monday 1/2. Friday I spent more than 1 hour waiting in line and never reached a customer service representative. Today Monday I started 33 in queue and now I am number 7 in queue and I have waited 1 hour and 38min so far. Saxo bank might be the cheapest and relatively best trading platform I know today but it's def. not perfect. I am trying to create a user at IBKR.com to compare."

isyx huz says

"I have had a brief experience with the brokerage it is a fairly decent platform. It is nothing special. The charting software is averagely terrible, but that's why Trading View exists. My biggest issue is the amount of time it takes for the platform to update once trading hours start. In the UK the NYSE opens at 2:30pm but don't expect to be able to trade on SAXO until at least 3pm very frustrating when trying to open a pre-market buy-limit order as you will most definitely not be executed at your desired price. I would also never use the market order feature as the delay is too long and you will get a bad price. However for long term ETF investing it is what it is. Overall mediocre and a very poorly managed broker."

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