FxPro vs Saxo Bank - Fees Review included
Which broker is better FxPro or Saxo Bank? Our expert assessment conducted according to TU’s own methodology showed that FxPro is one of the top brokers in the financial market with the TU Overall Score of 8.68 out of 10. Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.52 out of 10. Find out more about TU Overall Score.
| Feature | FxPro | Saxo Bank |
|---|---|---|
Overall |
4.6 |
4.5 |
5 |
4.8 |
|
3.9 |
4.6 |
|
4.6 |
5 |
|
Investment Instruments |
4.9 |
4.2 |
Platforms and Charting Tools |
4.2 |
4.6 |
Deposit and Withdrawal |
4.5 |
4.0 |
Research |
4.7 |
5 |
Education |
4.6 |
3.6 |
Support |
4.5 |
4.4 |
Bonuses |
2.5 |
3.6 |
|
|
|
FxPro vs Saxo Bank: Pros and Cons
The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC (Cyprus), Bahamas SCB, FCA (UK), and South African FSCA. FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The company has stock indices, metals and energy resources at its disposal. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.
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.
| FxPro | Saxo Bank | |
|---|---|---|
| Overall Pros | Regulated in EU and Great Britain | favorable trading terms for professional traders with at least 1 year of experience |
| Big choice of ECN/STP accounts | over 71 thousand instruments for trading | |
| insurance of client funds | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | |
| Strong research and education | ||
| PAMM and Copy-trading for investors | ||
| Personal offers for VIP-clients | ||
| Overall Cons | High spreads and fees | Cent accounts are not available |
| No forex bonuses | a ban on algorithmic trading for traders from abroad | |
| 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). |
FxPro vs Saxo Bank: Safety and Regulation
| Regulated By: | FxPro | Saxo Bank |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
No |
Yes |
Other Regulators |
FSCA (South Africa), SCB (Bahamas) |
DFSA (Denmark) , and other European regulators |
FxPro vs Saxo Bank: Trading Conditions
| Trading Conditions | FxPro | Saxo Bank |
|---|---|---|
Minimum Deposit |
$100 |
$0 |
Trading Platforms |
MT4, MT5, MultiTerminal |
SaxoTraderGo, SaxoTraderPro |
Max Leverage (Futures) |
1:500 SCB regulation 1:30 (FCA, CySec regulation) |
1-30 |
Supported Markets |
Forex, CFDs on indices cryptocurrencies, stocks, energy commodities |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets |
3000+ |
71000+ |
Trading Accounts |
FxPro MT4 Instant (with fixed spreads), FxPro MT4 Instant (with floating spreads), FxPro MT4 Market, FxPro MT5, FxPro cTrader, VIP-account |
Classic, Platinum, VIP, Professional |
Base Account Currencies |
USD, EUR, PLN, GBP, AUD, CHF, JPY, ZAR |
USD, EUR |
FxPro vs Saxo Bank: Fees
Forex Trading Fees
| Fee | FxPro | Saxo Bank |
|---|---|---|
Standard Account EURUSD Average Spread |
2.4 pip |
0.7 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not offered |
Not supported |
ECN Account EUR Average Spread |
Not offered |
Not supported |
CFD Trading Fees
| Fee | FxPro | Saxo Bank |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | FxPro | Saxo Bank |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
$5 per month after 6 monthes without trades |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
FxPro vs Saxo Bank: Trading Assets
| Asset Name | FxPro | Saxo Bank |
|---|---|---|
Overall |
3000+ trading assets |
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 |
No |
Yes |
Bonds |
No |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
FxPro or Saxo Bank: Investment Programs
| Asset Name | FxPro | Saxo Bank |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
Yes |
Other |
No |
No |
Trading Platforms: Saxo Bank or FxPro
| FxPro | Saxo Bank | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
FxPro |
SaxoTraderGo, SaxoTrader Pro |
Others |
No |
No |
|
|
|
FxPro vs Saxo Bank: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | FxPro | Saxo Bank |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (Only Bahamas and South Africa regulated entities) |
No |
Crypto |
No |
No |
FxPro vs Saxo Bank: Research
| Research Type | FxPro | Saxo Bank |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
FxPro vs Saxo Bank: Education
| Education Type | FxPro | Saxo Bank |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
No |
No |
Saxo Bank vs FxPro: Support
| Support Features | FxPro | Saxo Bank |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
FxPro vs Saxo Bank: Forex Bonuses and Promo
| Promo | FxPro | Saxo Bank |
|---|---|---|
Forex Bonus |
Not offered |
No |
Affiliate Program |
Up to $1.100 per client you introduce to FxPro |
“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. |
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|
|
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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 FxPro
-
Comment
To become a successful forex trader, you must know the four trading sessions and best time to trade in the most busy session. Forex trading sessions are times when the forex market is open and closed in different regions. You have to learn about these sessions to know when each opens and closes before you open a position. Out of the four sessions, new york and London is the ones with the highest trading volume and the best sessions to trade in if you want to trade in a busy market. I use the FXxPro Global Stock Exchanges session times to know what session is open and to monitor when two sessions overlap especially the New York and London overlap which is the best time to trade as it is known to have the heaviest volume of trading and is best for trading opportunities. Personally, this is one of the simple but helpful tools for day traders on FxPro.
-
Comment
You can transfer from your Fxpro wallet to your trading wallet 24/7. I happen to be busy during the weekdays and only trade during the weekends, now i want to transfer funds between my FxPro Wallet and trading accounts during the weekend to trade. The first time i tried i had few open positions and it stalled but after closing the positions it was successful. So transferring funds between fxpro wallet and trading accounts during weekends is possible if the specific trading account you are transferring from does not have any open positions. You will not be able to move money from an open trade you had over the weekend to your wallet until the market reopens on Sunday at 22:00 UK time.
-
Comment
When you encounter any challenge with your trade, the best option is to contact the customer service agent if you don't have any senior trader you can get help from at the moment. At least the Fxpro customer service is fast, responsive, and made up of experts. Issues with verifications, deposit and withdrawals are best handled by the support team, especially those that have to do with delay in funding accounts. You can use the FAQ option to solve some recurring issues as you can find answers given to traders who had similar challenges earlier. In one of the occasions connecting to the customer support was not going through so i decided to check the FAQ section. My challenge has to do with transferring from my wallet to my trading account. I solved this with the answer from the FAQ section.
-
Comment
Great broker FxPro. It has decent trading tools and a wide range of assets. This is good because the opportunity to invest in multiple financial markets simultaneously is an advantage for any trader. FxPro has a fairly professional customer support service, helping to resolve various issues. I've traded here on two platforms, and they both work quickly.
-
Comment
You can entrust FxPro with your money. As far as I know, the company has established itself as a decent broker and it would be surprising when they engage in manipulation here. I have been trading with FxPro for many years and during all this time I haven’t noticed any manipulations or bucket shop methods.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!