Quotex vs Saxo Bank - Fees Review included
Which broker is better Quotex or Saxo Bank? Our expert assessment conducted according to TU’s own methodology showed that Quotex is one of the top brokers in the financial market with the TU Overall Score of 7.76 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 | Quotex | Saxo Bank |
|---|---|---|
Overall |
2.8 |
4.5 |
1 |
4.8 |
|
3.3 |
4.6 |
|
3.1 |
5 |
|
Investment Instruments |
1 |
4.2 |
Platforms and Charting Tools |
3.9 |
4.6 |
Deposit and Withdrawal |
4.6 |
4.0 |
Research |
1.5 |
5 |
Education |
2.3 |
3.6 |
Support |
3.0 |
4.4 |
Bonuses |
3.8 |
3.6 |
|
|
|
Quotex vs Saxo Bank: Pros and Cons
QUOTEX is a broker specializing in binary options trading. The company was established in 2019. Its clients can trade currencies, metals, oil, cryptocurrencies, stock indices and earn a profit of up to 90% of the value of the option. QUOTEX has developed a proprietary trading platform which is easily customized, supports 29 technical indicators and allows investments from USD 10. The broker’s team provides support 24/7. Personal and payment information of the clients are protected with two-factor authentication
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.
| Quotex | Saxo Bank | |
|---|---|---|
| Overall Pros | Affordable minimum investment amount – USD 10 | favorable trading terms for professional traders with at least 1 year of experience |
| No trading fees and no deposit, withdrawal and account fees | over 71 thousand instruments for trading | |
| Algorithmic trading is technically impossible | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | |
| Overall Cons | No Regulatory License | Cent accounts are not available |
| 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). |
Quotex vs Saxo Bank: Safety and Regulation
| Regulated By: | Quotex | Saxo Bank |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
No |
Yes |
Other Regulators |
No |
DFSA (Denmark) , and other European regulators |
Quotex vs Saxo Bank: Trading Conditions
| Trading Conditions | Quotex | Saxo Bank |
|---|---|---|
Minimum Deposit |
$10 |
$0 |
Trading Platforms |
Own platform |
SaxoTraderGo, SaxoTraderPro |
Max Leverage (Futures) |
Not provided technically |
1-30 |
Supported Markets |
Currencies, raw materials, stocks |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets |
80+ |
71000+ |
Trading Accounts |
Single account for binary options trading |
Classic, Platinum, VIP, Professional |
Base Account Currencies |
USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND, NGN, MXN, EGP |
USD, EUR |
Quotex vs Saxo Bank: Fees
Forex Trading Fees
| Fee | Quotex | Saxo Bank |
|---|---|---|
Standard Account EURUSD Average Spread |
The reward depends on the type of asset and the situation at the time of the transaction. The amount of remuneration - 15-90% of the investment amount |
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 | Quotex | Saxo Bank |
|---|---|---|
CFD Trading Fee |
Reward - 15-90% |
Floating spread |
Non-Trading Fees
| Fee | Quotex | Saxo Bank |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Quotex vs Saxo Bank: Trading Assets
| Asset Name | Quotex | Saxo Bank |
|---|---|---|
Overall |
80+ |
71000+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes |
Metals |
Yes (CFD) |
Yes |
Cryptocurrencies |
No |
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 |
Quotex or Saxo Bank: Investment Programs
| Asset Name | Quotex | Saxo Bank |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
Yes |
Other |
No |
No |
Trading Platforms: Saxo Bank or Quotex
| Quotex | Saxo Bank | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
No |
SaxoTraderGo, SaxoTrader Pro |
Others |
Own trading platform |
No |
|
|
|
Quotex vs Saxo Bank: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Quotex | Saxo Bank |
|---|---|---|
Bank Transfer |
No |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
No |
Crypto |
Yes |
No |
Quotex vs Saxo Bank: Research
| Research Type | Quotex | Saxo Bank |
|---|---|---|
News Feed |
No |
Yes |
Fundamental Data |
No |
Yes |
Chart Analysis |
No |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
No |
Yes |
Quotex vs Saxo Bank: Education
| Education Type | Quotex | Saxo Bank |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
Yes |
Articles |
No |
No |
Videos |
No |
No |
Cent account |
No |
No |
Saxo Bank vs Quotex: Support
| Support Features | Quotex | Saxo Bank |
|---|---|---|
Working Days |
24/7 |
24/5 |
No |
No |
|
Phone |
No |
Yes |
Online chat |
No |
Yes |
Other |
Feedback form |
No |
Quotex vs Saxo Bank: Forex Bonuses and Promo
| Promo | Quotex | Saxo Bank |
|---|---|---|
Forex Bonus |
Welcome bonus 30% when opening a real account. Cashback, bonus for using "deal cancellation" |
No |
Affiliate Program |
Yes. Payouts up to 80% of income or up to 7% of referral turnover |
“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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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 Quotex
-
Comment
I have been doing trding with Quotex for a while and it has been a good experience. I mainly trade EUR/USD and EUR/GBP and Quotex charts are very reliable. They are compatible with other platforms like MetaTrader 4, so I know I can trust the data. I like Quotex for its directness. No weird errors or surprise fees. Everything is transparent, which is a relief. I tried other brokers that seemed natural, but Quotex was solid. One useful thing is a demo account. I can test new strategies without risking real money, which helps me learn and improve my business. Customer support is pretty good too. I had a few questions when I started and they were quick to answer. Overall, Quotex seems like a legit platform. It's stable, safe, and doesn't do anything shady. If you are interested in trading or thinking about starting one, I definitely recommend taking a look..
-
Comment
Probably the best trading platform out there, saying this because I've used alot,the user interface is just superb couple with the simplicity, it's just too good,try it out you won't regret
-
Comment
I've been using Quotex for a while now and I'm comfortable with the platform. It's user-friendly and intuitive, which makes the registration process easy. The variety of assets available for trading is exciting, and trading operations have been smooth. I highly recommend it to anyone looking for a reliable app. Deposits and withdrawals are fast and trouble-free, which reassures me that I can easily deposit funds and withdraw profits quickly.
-
Comment
After a year with Quotex, I think it's a decent platform. I mainly trade EUR/USD and EUR/GBP through mt4, and the charts match up perfectly with Quotex's platform, no choppiness or unpredictability issues, unlike other brokers. Also, there's no sketchy stuff going on from what I can tell. You just need to put in the work studying the markets. My process is analyzing on mt4, then quickly executing trades on Quotex. So far my win rate is over 80%. I always test new strategies on the demo account first before going live. I started with just $100 and have grown it to $506 by actually understanding the fundamentals instead of blindly following indicators. While trading always carries risk, Quotex seems legit based on how it matches pricing across platforms.
-
Comment
Quotex is so far the fastest binary broker to navigate through and load, lightest and most convenient with deposits and withdrawals as it offers a wide number of payment options which makes it easy to use from any country in the world as per my experience from a couple of months using it. Quotex also has the fastest withdrawals as per my experience. It has a good looking interface too which doesn't bore or cause eye straining to the user, so you can stay before your screen for a very long time without disturbance. With Quotex, you can trade anywhere since it is very compatible with smartphones. Anyone who trades wisely (with patience, analysis and with no greed) is very more likely to grow financially. Hence I rate Quotex 5 stars!
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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.