AvaTrade vs Saxo Bank - Fees Review included
Which broker is better AvaTrade or Saxo Bank? Our expert assessment conducted according to TU’s own methodology showed that AvaTrade is one of the top brokers in the financial market with the TU Overall Score of 7.16 out of 10. Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. Find out more about TU Overall Score.
| Feature | AvaTrade | Saxo Bank |
|---|---|---|
Overall |
4.6 |
4.5 |
4.7 |
4.8 |
|
4.4 |
4.6 |
|
4.4 |
5 |
|
Investment Instruments |
4.2 |
4.2 |
Platforms and Charting Tools |
4.6 |
4.6 |
Deposit and Withdrawal |
4.7 |
4.0 |
Research |
4.4 |
5 |
Education |
4.8 |
3.6 |
Support |
4.6 |
4.4 |
Bonuses |
3.9 |
3.6 |
|
|
|
AvaTrade vs Saxo Bank: Pros and Cons
AvaTrade was founded in 2006 in Dublin, Ireland. The company has offices in 150 countries. It currently has over 200, 000 registered users and processes more than 2 million transactions every month. These factors contribute to AvaTrade being a reliable and trusted broker. They are accredited across five continents and are one of the market leaders. The broker is regulated by the Australian Securities and Investment Commission (ASIC), the Japanese FSA, and the South African FSCA. AvaTrade holds accreditation by the Central Irish Bank, the Abu Dhabi Financial Services Regulatory Authority, and the British Virgin Islands Financial Services Commission. AvaTrade allows traders to trade stocks, securities, indices, cryptocurrencies, and currency pairs. In total, the offer more than 250 tools to customers.
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
| AvaTrade | Saxo Bank | |
|---|---|---|
| Overall Pros | Highly regulated broker, licenced on the territory of 5 continents | favorable trading terms for professional traders with at least 1 year of experience |
| a wide range of trading instruments | over 71 thousand instruments for trading | |
| Swap-free account | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | |
| Advanced copy trading tools | ||
| A lot of educational content | ||
| Low fees | ||
| Optioins trading | ||
| Overall Cons | customer service efficiency and response time | Cent accounts are not available |
| There is no ECN account | a ban on algorithmic trading for traders from abroad | |
| Market maker(dealing desk) type of broker | you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). |
AvaTrade vs Saxo Bank: Safety and Regulation
| Regulated By: | AvaTrade | Saxo Bank |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
Yes |
Yes |
Other Regulators |
Central Bank of Ireland (No.C53877), B.V.I Financial Services Commission, South African Financial Sector Conduct Authority (FSCA No.45984), Japan - Financial Services Agency (License No.: 1662), the Financial Futures Association of Japan (License No.: 1574), Abu Dhabi Global Markets (ADGM), Israel Securities Authority (No. 514666577) |
DFSA (Denmark) , and other European regulators |
AvaTrade vs Saxo Bank: Trading Conditions
| Trading Conditions | AvaTrade | Saxo Bank |
|---|---|---|
Minimum Deposit |
$100 |
$0 |
Trading Platforms |
MT4, MT5, AvaTradeGo, AvaOptions |
SaxoTraderGo, SaxoTraderPro |
Max Leverage (Futures) |
1-400 |
1-30 |
Supported Markets |
Currency pairs, Forex Options, CFDs on stocks, cryptocurrencies, indices, metals, commodities |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets |
100+ |
71000+ |
Trading Accounts |
Standard, Professional account |
Classic, Platinum, VIP, Professional |
Base Account Currencies |
EUR, USD |
USD, EUR |
AvaTrade vs Saxo Bank: Fees
Forex Trading Fees
| Fee | AvaTrade | Saxo Bank |
|---|---|---|
Standard Account EURUSD Average Spread |
0.9 pips |
0.7 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | AvaTrade | Saxo Bank |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | AvaTrade | Saxo Bank |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
$50 per quarter after 3 months of inactivity |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
AvaTrade vs Saxo Bank: Trading Assets
| Asset Name | AvaTrade | Saxo Bank |
|---|---|---|
Overall |
1000+ |
71000+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes |
Metals |
Yes (CFD) |
Yes |
Cryptocurrencies |
Yes (CFD) |
Yes |
Energy |
Yes (CFD) |
Yes |
Indices |
Yes (CFD) |
Yes |
ETFs |
Yes (CFD) |
Yes |
Bonds |
Yes (CFD) |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
Yes |
Yes |
Binary Options |
No |
No |
AvaTrade or Saxo Bank: Investment Programs
| Asset Name | AvaTrade | Saxo Bank |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
Yes |
Other |
Bonds |
No |
Trading Platforms: Saxo Bank or AvaTrade
| AvaTrade | Saxo Bank | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
AvaTradeGo, AvaOptions |
SaxoTraderGo, SaxoTrader Pro |
Others |
No |
No |
|
|
|
AvaTrade vs Saxo Bank: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | AvaTrade | Saxo Bank |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for Australian and EU clients) |
No |
Crypto |
No |
No |
AvaTrade vs Saxo Bank: Research
| Research Type | AvaTrade | Saxo Bank |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
AvaTrade vs Saxo Bank: Education
| Education Type | AvaTrade | Saxo Bank |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
Yes |
No |
Saxo Bank vs AvaTrade: Support
| Support Features | AvaTrade | Saxo Bank |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
AvaTrade vs Saxo Bank: Forex Bonuses and Promo
| Promo | AvaTrade | Saxo Bank |
|---|---|---|
Forex Bonus |
The broker offers its customers a one-time bonus upon first deposit (not for all markets) |
No |
Affiliate Program |
A trader can receive up to 400 US dollars for inviting friends. |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
Other Promos |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
|
|
|
|
Top 5 Reviews on Saxo Bank
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank provides a personalized approach to client services and offers a wide range of financial services that include asset management and consulting. Moreover, it provides high-quality educational materials and market research that help me make informed investment decisions. I participated in webinars several times and also listened to podcasts with Saxo Bank experts. I use SaxoTraderGO for trading and SaxoInvestor for long-term investment.
-
Comment
Saxo Bank is a broker with favorable conditions, offering over forty thousand trading instruments, ready-made portfolios, and a professional platform. However, for novice traders, the conditions of this broker may be challenging. Saxo Bank requires a high initial deposit, floating spreads, commissions depending on trading volumes, and maximum leverage up to 1:40. I think this broker is more suitable for experienced traders.
-
Comment
Being a licensed bank and broker, Saxo Bank complies with strict security and regulation standards. These include client data protection, transaction transparency, and compliance with financial rules. Money is transferred without delays or additional expenses, except for bank fees. Support in a live chat of the trading platform is prompt, and chat operators respond within 5 minutes. Personal consultations are available. Saxo Bank provides direct access to markets, therefore orders are always executed promptly.
Top 5 Reviews on AvaTrade
-
Comment
I decided to test the waters with AvaTrade by using their demo account, and I must say, the experience was quite good. It helped me get familiar with the platform and how trading works. Now, I'm considering transitioning to a real account. However, my final verdict hinges on how smooth the deposit and withdrawal processes are. If these aspects meet my expectations, AvaTrade will definitely earn a 5-star rating from me. Otherwise, it might drop to 3 or 4 stars. Nonetheless, I appreciate the overall experience and commend the team for their efforts.
-
Comment
Been using AvaTrade for a few weeks now, and I'm happy with the support they offer. They have a couple different ways to get help, which is convenient. There's an AI-powered chatbot that can answer basic questions, and you can also contact them via WhatsApp. That's pretty cool for quick inquiries. If you have a more complex issue, you can email their customer support team. They got back to me pretty quickly with a helpful answer when I had a question about withdrawal options. However, it would be even better if you could connect directly with a customer service rep through the chatbot. Right now, it just directs you to email if your question is complex. A live chat option would be nice too, for those times when you need help right away. Overall, AvaTrade's customer support is good, with multiple ways to get help. Just wish there was a more direct way to connect with a rep through the chatbot.
-
Comment
I mostly use AvaTrade for long-term stock investing, not day trading. Their fees seem reasonable for that, and they have a good selection of stocks to choose from. Can't speak for the other features like CFDs or options, but for basic stock investing, AvaTrade seems like a decent option. AvaTrade's mobile app is handy for checking on trades on the go, but it could be smoother. Sometimes it takes a while to load charts and info, which can be frustrating. Also, placing trades on the app feels a bit clunky compared to the desktop platform. Would be nice if they updated the app to be more user-friendly.
-
Comment
While trading with AvaTrade, there was one incident. I opened a trade on the USD/CAD currency pair. The trading was going smoothly, and there were no important news releases. Suddenly, there was a sharp market movement that hit my stop-loss. The movement was 29 pips. Later, everything returned to normal, but I incurred a loss. Over the course of a month, I pursued the review of my claim and the cancellation of the losing trade. The company canceled the losing trade, acknowledging such movement as outside of the market. Overall, with AvaTrade, you can fight for and defend your rights.
-
Comment
I requested a withdrawal from Avatrade at the end of the day and received my funds the next afternoon without delay or difficulty. I was pleasantly surprised by the speed of the transaction, especially considering that some companies delay payments for several months. Moreover, I make good profits from my trades on the Avatrade platform, which works flawlessly.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.