Has anyone else been having problems with Saxo in the last couple of days? I have been trying to enter a hedge trade with a AUDUSD CFD since yesterday but I’m getting a message “Exposure cannot be increased due to instrument configuration” when I try to place the order. I don’t have any current exposure so it seems like a issue regarding permissions, however, I have placed many similar trades over the last several years.
I can’t resolve the issue myself. The Saxo help desk phone line repeatedly tells me that they are having problems and to call back later. I have also raised online help tickets from the trading platform and they are all unanswered. It has now been almost two trading days of no support response. Mind numbingly bad customer service!
Does anyone have any idea what might be causing my problem?
Unfortunately Saxo is discontinuing the AUDUSDAD contract (refer attached) and it appears that the Dec contract has already been withdrawn from Beyond Charts universe of prices.
We are discontinuing certain Forex CFDs from 29 December 2023
As of 29 December 2023 at 11:00 (UTC+01), Saxo will no longer offer trading in the following Forex CFDs:
EURUSDECDEC23 Euro/US Dollar December 2023
EURUSDECMAR24 Euro/US Dollar March 2024
GBPUSDBPDEC23 British Pound/US Dollar December 2023
AUDUSDADDEC23 Australian Dollar/US Dollar December 2023
AUDUSDADMAR24 Australian Dollar/US Dollar March 2024
EURGBPRPDEC23 Euro/British Pound December 2023
EURCHFRFDEC23 Euro/Swiss Franc December 2023
EURJPYRYDEC23 Euro/Japanese Yen December 2023
We are writing to you because you currently have positions in these CFDs or have had positions in them in the last six months.
What if I currently hold an open position?
If you currently hold an open position (either long or short) in any of the affected Forex CFDs, please note that all open positions can only be reduced at this time.
We encourage you to close the position(s) by 29 December 2023 at 11:00 (UTC+01).
Alternatively, we will close the position(s) on your behalf on the above date.
Other ways to trade Forex
While we are discontinuing certain Forex CFDs, you will be able to trade these Forex pairs as spot FX, FX options and FX swaps. For more information about our full range of Forex products, please visit our website.
If you have any questions, please don’t hesitate to contact us.
Saxo Marketshis contract
Thank you very much Alan. When was this Saxo announcement sent out?
Gary, what is your advice on which hedging option is best to use?
Will have to do some research on this. As I’ve made public a number of times, I don’t hedge my USD so am not up to date with the various instrument offerings to use for hedging.
Due to my complete focus on preparing for the Session 8 webinar of the 4-Week PROCESS + MINDSET Training Intensive and other webinars to be provided between now by mid next week, I won’t be able to this for a few days.
As anybody else found an alternative?
Some alternatives for currency hedging in Saxo for you to explore and see if any meet your needs.
: ETFs such as Betashares AUDS (2x AUD v USD), USD or YANK (2x USD v AUD)
: CFDs on USD above
: Options (Puts or Calls) on FX pairs
Thanks Gary and David.
This scenario has emerged with very unfortunate timing with the SPA3 Investor hedge trade commencing so strongly.