Saxo Bank broker is cheating their customers


Jan 31, 2015
Saxo Bank Cheated Users Group to join the class action against Saxo Bank in Denmark. Send e.mail to to join the group and visit for more information about the group and the complete history. Sorry I don't want to spam the forum but we need help to recover our account and our life.

The history:

After the SNB removed the exchange rate floor of 1.20 on the value of the Euro versus the Swiss Franc. That day a lot of Saxo Bank customers had long positions (buy) in the EUR/CHF. Then after that EUR/CHF dropped very fast and Saxo Bank closed the long positions of their customers. Some orders were closed with the stop loss order, the orders without stop loss were closed automatically by Saxo Bank after to send a ''margin call'' to the customers and finish the margin to trade in their accounts.

After to close all the positions, nobody had a negative balance in their account. The people lost a lot of money but they had their account with positive balance as I said. Then after that, 12 hours later. Saxo Bank sent one e-mail to their customers informing that Saxo Bank had liquidity problems and they had to re-quote all the EUR/CHF positions closed between 9:30 GMT to 9:41 GMT and 9:41 GMT to 10:01 GMT. Then thy changed all the prices to all the customers with a very low price, very different and far away from the first price that they gave to the customers before in their trading platform and system.

After that strange action taken by Saxo Bank, the account with positive balance had a negative balance. A huge negative amount each account. And Saxo Bank sent one e-mail to the customers asking to pay in 3-4 days maximum, otherwise they will start the legal process to collect the money.

Steve Lock

Active Trader
Feb 28, 2015
Has anybody met some more mentions about Saxo Bank cheating? I checked some forums but didn't find any more information about that.