Details

• SG

  Sidhu Gurdip

  Level 2. Rookie

  Updated 4d ago

  Purchased

  SAXO Markets

  Saxo Investments has taken benefit of the corona virus and has closed it office and has failed to provide any assistance in the refunds of monies it owes its customers. They make customers wait up to five hours on the phone only to be told that the call cannot be taken due to technical issues. Please assist as they told me they had your approval to operate in Singapore. Furthermore, once you call them, they block your number and put you in a computerised route which is never answered. I have made a complaint against it with the Money authority of Singapore. Hopefully, i will get my funds back

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• LJ

  LIM JUN PING

  Level 2. Rookie

  Updated 6d ago

  Purchased

  SAXO Markets

  Customer service at Saxo is absolutely horrid. Tried to open an account on the 4th of March but have yet to be successful. Initially tried to call them but they kept me on hold for 3 hours before I finally gave up. When i finally managed to get in touch with them, the customer service operator told me that it will take 5 business days. That was 7 days ago. It has been 20 days and I have yet to manage to open my account. At some point I have to wonder if low fees are worth the absolute lack of support from the company.

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  Bo Lin Ng

  Level 4. Prodigy

  Updated on 24 Feb 2020

  Purchased

  SAXO Markets

  Saxo is an easy-to-use online brokerage that allows users to purchase ETFs in America, UK, China and stocks listed in other exchanges globally. One reason why I like them so much is because of their low commission fees - for stocks listed on NYSE and NASDAQ, Saxo charges a commission of 4USD, as well as an exchange rate fee of 0.75% (if you decide to invest S$1000, it's about 1 - 1.2%). With Saxo, you have full control over what you wish to purchase, be it ETFs, stocks or bonds - you have the opportunity to curate your own portfolio. However, one downside is that the commission charges and exchange rate fees apply when you sell the stocks too, so you incur a total of about 2 - 2.4% in charges for S$1000's worth of stocks when you decide to purchase and sell the stock. If you are not intending to invest a substantial amount, perhaps it's better to invest for the long-term.

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  Jianwei Lee

  25 Feb 2020

  Hi, Is it possible to do a bank transfer to SAXO in USD and to use that to buy and sell US shares?

  

  Bo Lin Ng

  25 Feb 2020

  Hi Jianwei, To be honest, I am not sure about this - I have yet to do this before. While Saxo allows you to deposit in USD, my current account is in SGD; I don't know if it will convert the deposited USD into SGD. That said, I don't think it's possible because that's where they derive their main fee from, but you can give it a try. Sorry for not being able to help!
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  Karan Malhotra

  Level 5. Genius

  Updated on 10 Feb 2020

  Purchased

  SAXO Markets

  Customer since May 2018. On-boarding: - Very easy to do, requirements are transparent and it's easy to submit documents online - Account was opened fairly quickly with instructions on funding - They have since added the option of opening an account via MyInfo and this is even fast Customer Service: - Broadly quite responsive via phone or email, a chat feature would be awesome UI: - Clean, easy to understand with Charts clearly detailing performance - In my opinion, the most intuitive platform available in SG, it's very easy (maybe too easy!) to buy/sell or generally trade instruments - They are the best when it comes to position details and displaying fees and charges in a transparent manner. Fees: - Lowest in the market in terms of commissions for SGX, however, they are quite expensive when it comes to FX conversions to USD or GBP or EUR It's my platform of choice for SGX investments by far and I highly recommend for most beginners as a simple, easy to use platform

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  Lim Boon Tat

  Level 6. Master

  Updated on 02 Feb 2020

  Purchased

  SAXO Markets

  Easily the best digital platform around, with one of the lowest charges. Although there are some hidden charges that you should be aware of, in particularly the low-activity fee. Apparently there's a 100USD charge if you do not make any transactions on the platform in 6 months. Not sure whether it's still true.

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