ABOUT SAXO BANK AFTER TO CHEAT THEIR CUSTOMERS ?

Now a lot of people are asking me ''what happens with Saxo Bank now?'' And to be honest with you, I don't want to harm Saxo Bank‘s reputation, or talk bad about them. But their action speaks for them, I don't need to say anything. Anyway there are questions now for the old traders in Saxo Bank, and for the new traders thinking in Saxo Bank to start the trading. And this is my opinion ladies and gentlemen:

Saxo Bank re-quoted the price for the EUR/CHF as we know and they really think that it is legal and fair. The biggest problem is not that they think it is legal, the really big problem is that they think they can change one price that they already confirmed to the customers after 12 hours, and that this is fair because they have their own policy and general terms and conditions and the customers agreed with those when opening their accounts. With Saxo Bank every time that they do something that damages your account they will protect their self-interest with the ''general terms and condition'' that you agreed with them. This is a policy like to say ''fuck the customer, we only care about your money, if you lose your account we don't care if we are making money with you''.

The example of conflict of interest is very clear, when there is a sudden market movement, they don't want to understand you, they want to make money out of your loss and they want to destroy your account and tell you ''deliver more money onto your account'', it is your problem, you took the risk and you lost. As you can understand this behavior is only possible because they are market makers, the small accounts will never make money with Saxo Bank, because Saxo Bank is going against its customers, when you win they lose and when you lose they win. There is a clear conflict of interest, and it is worse than going to the Casino. I think it is impossible to trade with Saxo Bank and to be long term winner in the trading business. In the end you will pay with your account, and they will forget you forever at least they try to force you to transfer more money to them.

If such situation has happened with the EUR/CHF, something similar can happen with the EUR/USD, OIL, GOLD, DOW JONES, or FACEBOOK stock tomorrow. Your money is not safe and secure with Saxo Bank, be very very CAREFUL. You should close your account and retain all money because what they are doing means that they are in a very critical and bad financial situation. If you think about it, there is no more serious and good reputation broker in the World doing the same thing as them. All the other good and big brokers (not casino brokers) are forgiving their customers and pardon negative balances for the customers that had big problems and arrived to have negative balance. And all of the good brokers have respected the STOP LOSS and the market price. Nobody said ''we did not have liquidity''.

Now let’s talk about liquidity or no liquidity. Saxo Bank’s excuse of  no liquidity on the market is RIDICULOUS. Why? It is very simple. Saxo Bank is market maker broker. It means that they don't send every order that we open in their system to the real market. They buy big packages of shares, forex, etc and they deal against the customers. Then in the case of the EUR/CHF they did not send the order to the real market, they closed our positions with the market price as usual. Afterwards they realized that due to their own gambling they incurred big losses. In order to keep the good financial health, they decided to transfer the loss onto their customers and re-quoted the EUR/CHF and other CHF pairs, to take money from the customers. They are asking their customers to pay for their mistake and their fault. They took too much risk in the EUR/CHF and it is not our problem as a customer, we already paid for our mistakes, we don't need to pay more. It is enough.

On the other hand, my personal opinion after analysing the situation and the past Saxo Bank actions is that Saxo Bank speculated in their position of market maker. When they saw a lot of customers LONG in the EUR/CHF positions, they thought that if the EUR/CHF is on the floor and cannot go down, one day it will go up and Saxo Bank will have to pay a lot of money to their customers. Because they are market makers and have to pay the money from their own pocket when the customer win, the risk department decided to first increase the leverage for the EUR/CHF in order to avoid people buying too much, because there were a lot of customers buying long positions. After that they though that better to buy a big quantity of long EUR/CHF positions in the real market  and then when the EUR/CHF goes up Saxo Bank pays profit to the customers with the money from the real market. Also they bought extra to make money for themselves. But what happened? They never expected that the floor can fall and the EUR/CHF can drop 40% in one day. This is exactly what happened, and the customers lost a lot of money. But the customers have one limit that is their stop loss or their margin available, not more. The customers cannot pay for Saxo Bank’s fault, gambling and mistake. We are willing to pay only for our mistakes as bad traders. We will learn from our mistakes and we will recover our trading account.

However for the next time we will be more careful and open trading account with good brokers who care about their customers, who are not only market maker casino like Saxo Bank, because no, even the Casino is better than Saxo Bank. If I go to the casino and put 50 Euros on the red on the roulette and I win, the Casino will not tell me after 12 hours that black won, red will stay red forever. There is a big number of good brokers that have forgiven the negative balances of their customers and put 0, and respected the stop loss, please chose one of them and forget Saxo Bank FOREVER. With Saxo Bank as you can see now, they can do whatever they want with your closed positions, under any circumstances, and they can put your account in debit, and say ''it is correct'' ''sorry you took a lot of risk''.