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.
After for the past six months with Saxo Bank (Clone) I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Fast support response|Clean UI|Instant funding
Cons: No dark mode on mobile
After seeing ads for Saxo Bank (Clone) online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Financial Services and Markets Authority. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Not registered with regulators|Unrealistic promises
I referred a friend to Saxo Bank (Clone) while looking for alternatives to my previous provider. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Portfolio tracking tools|Easy to use platform|Multi-currency support
Cons: Website design could be more modern|Limited cryptocurrency options
The reporting at Saxo Bank (Clone) is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Fast execution|Segregated accounts|Tax reports included
Cons: Account statements could be more detailed
Saxo Bank (Clone) seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Real-time alerts|Comprehensive tools|Clear documentation
Cons: Help articles are sometimes vague