Saxo Bank shuts down forextrading’s offices in Israel and Hong Kong, internal consolidation continues


Only yesterday we announced that Saxo Bank is letting go of 250+ employees as it cuts down costs preparing for the tough times ahead. Today we learned that as part of this move forextrading is shutting down the Israel and the freshly opened Hong Kong office of its retail brand – forextrading. forextrading will become the intro account for Saxo Bank – that is a smaller minimum deposit requirement as a step up before moving on for the standard Saxo account ($2,000+). forextrading at the beginning was launched as a completely separate initiative and wasn’t identified with Saxo Bank at all (despite being fully owned) however with the internal consolidation and experience gained it will be clearly identified and marked as being part of Saxo Bank’s group.

Saxo Bank continues its commitment to local presence in Hong Kong and its office is not affected.

When contacted by Forex Magnates Morten Fillipsen, forextrading’s CEO, had this to say: “We learned quickly that a lot of clients joined us because of our simple approach to FX and CFD trading but equally important was the fact we are a Saxo Bank company.

Therefore, going forward, we will align ourselves closer to Saxo Bank and offer an alternative to the traders that don’t need the full suite of professional tools offered by Saxo Bank.

As a result, we have shut down our physical presence in Israel and Hong Kong, and will rely more heavily on the Saxo Bank infrastructure and distribution channels, as well as continuous investment in our own customer service and client education areas.”

TAGS: , , , , , , , , , , , , , , , , , , , , , , ,

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report

8 Comments on this post


  1. MC said:

    in other words: “we were too cocky and f@cked up” …

    November 29th, 2012 at 1:46 pm
  2. Michael Greenberg said:

    no.. i think we were too big for this low volatility market and now need to downsize..

    November 29th, 2012 at 2:32 pm
  3. mike said:

    Hi, Michael,

    Any news for Oanda why they shut down managed account program? No other brokers doing this and I can’t understand. Are they simply doing it to cut cost(among other things, like stop offering box pricing) and pave way for IPO.


    November 30th, 2012 at 12:40 pm
  4. Michael Greenberg said:

    quite possible, what do you mean though shut down – it’s no longer available? you received any letter? what exactly

    November 30th, 2012 at 12:51 pm
  5. Andy said:

    Yes, they shut it down, they also dont offer BoxOptions anymore.

    November 30th, 2012 at 1:48 pm
  6. Michael Greenberg said:


    November 30th, 2012 at 1:51 pm
  7. mike said:

    any news?

    Actually I am a bit worried about Oanda, since Michael leaves. From their official forum(now almost dead), shut down fx manager and boxoptions. Not looking good/energy compared before. Maybe it’s the whole industry are suffering this year?

    December 3rd, 2012 at 8:11 am
  8. Michael Greenberg said:

    most brokers are ending this year with a loss

    December 3rd, 2012 at 9:29 am

We do not store your information and we do not disclose our sources.

Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):

Digital Currencies

Expert Articles

Fintech, Startups & New Products

Christian Martin

TeraExchange Enhances Bitcoin Offering – Launches New Platform and Price Index

US-regulated Swap Execution Facility, TeraExchange joins the Bitcoin bandwagon. The multi-asset regulated venue has launched a new price index and trading platform for the trading...

The latest portal by find drugs for Bitcoin is….Instagram?

Forget the dark alleys Silk Road, darknet and OpenBazaar. Ryot News reports that drugs can be effortlessly found for sale on Instagram, of all places....

Bitcoin Trading- BTC/USD Technical Analysis, Sept 15: BTC flat, can’t break $470

BTC/USD has traded tightly around the $470 on BTC-e mark for the past 72 hours, barely deviating by more than 1% for any significant period....

More Digital Currencies

Hugh Taggart

News Volume as a Filter For FX Carry Trades

There’s a growing realization in the ‘Big Data’ world, of which sentiment analytics is a small part, that you can’t expect to hire any data...

charlie trumpess, Ariel Communications

Making the Most of Mobile

It makes sense for FX brokers to offer a consistent brand experience from desktops, tablets, and smartphones. However, you must resist the urge to simply...

natural gas

Natural Gas Locked In Tight Range

Natural Gas has been trading in a relatively tight range since July of this year. After experiencing a massive rally, followed by massive sell off.......

More Expert Articles

Gold Light Beamsgold

ICE Changes Gold Contracts Specifications, Opts for Physical Delivery of Bullion

The specifications of mini gold futures and options instruments traded on ICE Futures U.S. will be changed starting today to make physical delivery of gold bullion much more convenient for investors.
Read more


Moscow Exchange Launches Russian Government Eurobond Futures Trading

The move is accompanying increasingly uneasy trading conditions in the Russian bond market and new all time lows for the Russian ruble prompting fears among local traders about even higher interest rates.
Read more

More Fintech, Startups & New Products

Binary Options

Forex Research

Recent Comments


Japanese Binary Options Trading Continues to Recover, Volumes up 28% in August MoM

Second month of trading volume increases for binary options in Japan. During August 2014 the trading reached ¥68,828,888,822. The figure is a complete recovery to the May 2014 trading volume level.
Read more


Special: Sneak Peek at Forex Magnates’ Interview with CySEC Chairwoman Kalogerou

Demetra Kalogerou, the leader of the retail FX industry’s most influential regulator, speaks exclusively with Forex Magnates about restoring Cyprus’ credibility, regulating Binary options and Social Trading.
Read more


Alpari Russia Starts Offering a New Type of Spread Attached Binary Option

The new binary options type offered by Alpari Russia is called Spread High/Low. It is essentially adding a spread to the market price of the asset and providing higher returns at the cost of higher risks.
Read more

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.