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Saxo FX is a forex broker that claims to offer a wide range of trading instruments, low spreads, fast execution, and excellent customer service. But is Saxo FX a scam or a legit broker? In this blog post, we will review Saxo FX and its features, and help you decide if it is worth your time and money.
Saxo FX is a brand name of Ace Investing Ltd, a company registered in St. Vincent and the Grenadines. According to its website, Saxo FX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, and has offices in London, Dubai, and Hong Kong. However, we could not find any evidence of Saxo FX’s FSA license number or registration details on the FSA website. This raises some red flags about the credibility and transparency of Saxo FX.
Saxo FX offers four types of trading accounts: Micro, Standard, Premium, and VIP. The minimum deposit for the Micro account is $100, while the VIP account requires a whopping $50,000. The leverage offered by Saxo FX ranges from 1:100 to 1:500, depending on the account type and the trading instrument. Saxo FX claims to offer over 200 trading instruments, including forex, commodities, indices, stocks, and cryptocurrencies. However, when we tried to access the trading platform, we were asked to provide our personal information and verify our identity before we could see the available instruments and their trading conditions. This is another sign of a lack of transparency and professionalism from Saxo FX.
Saxo FX provides two types of trading platforms: MetaTrader 4 (MT4) and WebTrader. MT4 is a popular and reliable platform that offers advanced charting tools, indicators, expert advisors, and automated trading. WebTrader is a web-based platform that does not require any download or installation. It has a simple and user-friendly interface that allows traders to execute trades with ease. However, we could not test the performance or functionality of either platform, as we were not able to access them without providing our personal details.
Saxo FX claims to have a dedicated customer support team that is available 24/7 via phone, email, live chat, and social media. However, when we tried to contact them via live chat, we were greeted by a bot that asked us to leave our name and email address. We did not receive any response from Saxo FX after leaving our details. We also tried to call the phone numbers listed on the website, but none of them worked. This suggests that Saxo FX does not have a reliable or responsive customer service.
Based on our review, we conclude that Saxo FX is not a trustworthy or reputable broker. It has many signs of being a scam, such as:
- Lack of regulation or license
- Lack of transparency or information
- High minimum deposit and leverage
- Inaccessible trading platforms
- Unresponsive customer support
We advise you to stay away from Saxo FX and look for a more reliable and regulated broker that can offer you a safe and fair trading environment.
What to Do If You’ve Lost Money with Saxo FX?
If you have been scammed by Saxo FX or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.