Saxo Bank (Clone) has been flagged by Financial Services and Markets Authority for "Registered/Licensed entity impersonators". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I joined Saxo Bank (Clone) based on a colleague's recommendation and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Demo account available|Regular platform improvements|Fast support response|Quick verification
Cons: Minimum deposit could be lower
After using Saxo Bank (Clone) since last summer, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Stable platform|Comprehensive tools
Cons: Inactivity fee applies after 12 months
Saxo Bank (Clone) has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Clear documentation|Social trading features
Cons: Mobile app could be improved
My withdrawal from Saxo Bank (Clone) was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for the past six months of being strung along.
Pros: Copy trading available|Social trading features|Fast execution
Cons: Limited ETF selection
KYC with Saxo Bank (Clone) is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Multiple order types|Market news feed
Cons: Could offer more webinars
I found Saxo Bank (Clone) based on a colleague's recommendation and the initial impression was positive. But for a couple of months now later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Dedicated account manager|Multi-currency support|Competitive fees|Customizable dashboard
Cons: No dark mode on mobile|Would like more payment methods
Tried to withdraw my funds from Saxo Bank (Clone) and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Initially responsive customer service
Cons: Blocked my account|No legitimate license|Fake returns
Opened my account with Saxo Bank (Clone) after reading several online reviews and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Regular updates|Risk management tools|Personal attention
Cons: Limited cryptocurrency options|No phone support on weekends
Saxo Bank (Clone) advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Clean UI|Wide product range|Professional team
Cons: Email notifications too frequent
What really bothers me about Saxo Bank (Clone) is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them after a trusted YouTuber reviewed them and I fell for the polished exterior. Never again.
Pros: Personal attention|Economic calendar
Cons: Limited ETF selection