Saxo Group - Saxo Nederland Reviews 

Waiting cue for Dutch language service, so I chose English. I talked with Abhas from a service center near Delhi who was listening well, had good knowledge and solved my problem. I write this review to balance negative views on service centers abroad.

In short time I was able to solve my problem with the help of your friendly assistant

Our account was blocked again after one of the account holders was classified as a UBO following a deposit. This individual has been fully identified by Saxo Bank since 2014.
We informed Saxo in mid‑March that the UBO registration was filed with the Dutch Chamber of Commerce and shared the registration form. Once the registration was finalized, we promptly provided the official extract and later even the formal confirmation letter from the Chamber of Commerce. Despite this, the account remains blocked.
Repeated calls resulted only in the message that the compliance department is “busy.” A formal complaint was filed, but no response has been received so far. There are no status updates, no timelines, and no substantive communication.
All compliance requirements have been met, yet the account remains blocked.

My account was closed for almost 3 months which restricted any trading due to some financial audit where I was required to submit a series of document.

I submitted these documents according to the guidelines and had to wait almost 3 months to get my account unlocked. for almost 3 months I spoke/ emailed/ chatted with Saxo employees on a weekly basis and every week got told that my account would be opened the following week. This never turned out to be true. Just empty promisses.

The last Saxo employee I spoke to was at least honest as said I should expect to wait another month as the Analysts were busy.

Then finally after almost 3 months my account got unlocked and I could trade again.

More than 20 emails and calls and even official complaint (which just got a soulless automated response from a no-reply email). Not a single person actually took my case serious.

Then just now, a month or so later, my account got locked again for the same reasons as the first time and Saxo is now requesting the exact same documents that were submitted AND approved a month ago.

Rinse and repeat. I'm currently busy waiting in call queue for 30 min. while chatting to a useless automated chat bot.

This is the 3rd time this happens where my account is blocked for months with no warning.

My wife and I will both move our assets away from Saxo as soon as possible.

Great help - some good tips and help to start using the platform again.

They demand that I take action within 4 weeks.
I take action within 2 weeks. Now they blocked my account and I can not trade anymore. Which is crucial if you run a portfolio. They are too late with processing my information i sent more than 2 weeks ago and put their problems back to me.
Don't EVER do any business with this shitty bank no more. Once this is fixed. I take my money elsewhere.

Really strange regulations, they don't let you sell covered calls. They mention that selling calls on risky assets are not allowed, but they still allow selling puts on risky assets. If you are assigned and own the stocks, they don't let you to sell covered calls on your stocks. They mention that this is to reduce risk but anyone with basic knowledge of the financial markets knows that selling covered call has absolute zero risk. Stay away, use another broker

update: I see their response below. This is all false information. If they want to lower risks, they should not allow selling put options on risky assets either.

Staff very helpful but perhaps a bit short or unfamiliar of dealing with overseas clients. After numerous calls and emails stretching over three months, a simple set of steps were needed to solve the problem. Why did Saxo bank not provide a simple one-page instruction sheet?

It is unfortunate Saxo Bank can no longer service Canadian clients as it has been doing very well for me.

Easy and complete investment platform.
Using it since 2017 (starting with Binck) and I have never experienced any issues including the transition to Saxo.

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.

Saxo investing platform offers many products worldwide. The fees are monthly 0.01% of total assets value.
But so far, what I like the most is the easy access to customer support and the quality of the support.

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...

Lots of information - no commission anymore -

I am happy to use Saxo for investing. Best part of that, for inital time of joining all the buy/sell transactions are cost free (for 3 months).
Fortunately Saxo..

applied for an investment account, no word back for over a week. called them, promised to unblock the application. silence for another week. called again, promised to unblock. then called back in couple of days to inform me that they rejected my application because of my second nationality (which is clear case of discrimination). proceed at your own risk, with such attitude I wouldn't recommend this company

Ik vind Saxo een uitstekende broker, maar de naamgeving van ETF’s blijft problematisch. Die valt vooral op door inconsequenties en een overvloed aan slordigheden. Het aanmaken van een support ticket hierover leidde helaas tot niets. Daarom toch maar dit platform.
Graag zag ik de volgende correcties toegepast:

iShares MSCI World Consumer Disc Sec UCITS ETF
graag veranderen in
iShares MSCI World Consumer Disc Sec ESG UCITS ETF

iShares MSCI World Consumer Staples Sct UCITS ETF
graag veranderen in
iShares MSCI World Consumer Staples Sec ESG UCITS ETF

iShares MSCI World Health Care Sector ESGUCITS ETF
graag veranderen in
iShares MSCI World Health Care Sec ESG UCITS ETF

MSCI World Small Caps Socially Respnsbl UCITS ETF
graag veranderen in
UBS MSCI World Small Cap SRI UCITS ETF

iShares MSCI World Industrials Sctr ESG UCITS ETF
graag veranderen in
iShares MSCI World Industrials Sec ESG UCITS ETF

UBS MSCI World Socially Responsible UCITS ETF
graag veranderen in
UBS MSCI World SRI UCITS ETF

I made two automatic money transfers from my bank to my Saxo investor account, both never arrived! It was me who had to find out the money didn't arrive, I made a mistake with the name (why not refuse it then Saxo!), after explaining multiple times only one transfer is solved. It is 8 weeks now, and I still miss a 1000,- Euro's! I submitted the bank transfer reports twice, and I'm already waiting for more than 4 week for them to find MY money....The only thing they tell me is to wait, and it is 'complicated'....

Likes: A very nice platform with great visuals and quick and easy execution. Customer service is OK - there is a chat service in the app and someone replies usually within a couple of days.

Dislikes: It's pretty expensive. Platform charge of 0.15% per year is a lot in 2024. Then there are inactivity fees which can be very high and again look anachronistic in this day and age. Finally trades cost 0.08% of order size (EUR 12 minimum) which is quite a lot relative to Trade Republic or many of the UK online brokers like AJ Bell or Barclays Smart Investor which charge a flat GBP 10 fee