Saxo Bank vs CMC Markets - Fees Review included
Which broker is better Saxo Bank or CMC Markets? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 6.97 out of 10. CMC Markets is one of the top brokers in the financial market with the TU Overall Score of 6.45 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | CMC Markets |
|---|---|---|
Overall |
4.5 |
3.9 |
4.8 |
4.5 |
|
4.6 |
4.4 |
|
5 |
4.8 |
|
Investment Instruments |
4.2 |
1 |
Platforms and Charting Tools |
4.6 |
3.4 |
Deposit and Withdrawal |
4.0 |
3.9 |
Research |
5 |
3.7 |
Education |
3.6 |
3.9 |
Support |
4.4 |
4.3 |
Bonuses |
3.6 |
1 |
|
|
Saxo Bank vs CMC Markets: Pros and Cons
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.
CMC Markets (https://www.CMC Markets.com/en/) is one of the leading companies in Forex and CFD trading, founded in 1989. The broker is regulated by the FCA (UK Financial Conduct Authority). The company provides a wide range of trading assets, including indices, stocks, and cryptocurrencies. Solid experience in the financial services market, regulation in the UK, and segregated accounts for clients are the foundation of a high level of traders' trust. The broker also has a risk management program. CMC Markets is popular in many countries, for example, in Australia.
| Saxo Bank | CMC Markets | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | a wide range of assets |
| over 71 thousand instruments for trading | FCA-regulated broker | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | high level of security and compensation in case the company is recognized as illiquid | |
| Overall Cons | Cent accounts are not available | No direct trading, only CFDs and spread betting |
| a ban on algorithmic trading for traders from abroad | The CMC Markets broker does not provide investment programs for clients | |
| 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). |
Saxo Bank vs CMC Markets: Safety and Regulation
| Saxo Bank | CMC Markets | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 CHF 100,000 |
£85,000 €100,000 (DE) |
FCA UK Regulation |
Yes |
Yes |
FINRA (U.S) |
No |
No |
BaFin (Germany) |
No |
Yes |
ASIC (Australia) |
Yes |
No |
CFTC (U.S) |
No |
No |
MAS |
Yes |
Yes |
FSCA SA |
No |
No |
BVI FSC |
No |
No |
VFSC |
No |
No |
FSA (Seychelles) |
No |
No |
Saxo Bank vs CMC Markets: Trading Conditions
| Trading Conditions | Saxo Bank | CMC Markets |
|---|---|---|
Minimum Deposit |
$0 |
$0 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4 |
Max Leverage (Futures) |
1-30 |
1-30 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Spread Betting Account, CFD Account, Corporate Account, and Demo Account |
Trading assets |
71000+ |
10000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Spread Betting, CFD Account, Corporate Account |
Base Account Currencies |
USD, EUR |
USD, EUR, GBP |
Saxo Bank vs CMC Markets: Fees
| Saxo Bank | CMC Markets | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
0,5 |
Standard acc. spread EUR/USD, max pips |
0,9 |
0,8 |
ECN Commission |
3 |
|
ECN Spread EUR/USD |
0,1 |
|
Deposit fee, % |
No |
No |
Withdrawal fee, % |
No |
No |
Withdrawal fee, USD |
No |
No |
Inactivity fee, $ |
No |
10 |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs CMC Markets: Trading Assets
| Asset Name | Saxo Bank | CMC Markets |
|---|---|---|
Overall |
71000+ |
10000+ |
Forex |
Yes |
Yes (CFD) |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
Yes (CFD) |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or CMC Markets: Investment Programs
| Asset Name | Saxo Bank | CMC Markets |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
The CMC Markets broker does not provide investment programs for clients |
Trading Platforms: CMC Markets or Saxo Bank
| Saxo Bank | CMC Markets | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
No |
Others |
No |
No |
|
|
Saxo Bank vs CMC Markets: Deposit and Withdrawal Methods
| Saxo Bank | CMC Markets | |
|---|---|---|
Bank Wire |
Yes |
Yes |
Bank Card |
Yes |
Yes |
Neteller |
No |
No |
BTC |
No |
No |
Wise |
No |
No |
Payoneer |
No |
No |
USDT |
No |
No |
Saxo Bank vs CMC Markets: Research
| Research Type | Saxo Bank | CMC Markets |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs CMC Markets: Education
| Education Type | Saxo Bank | CMC Markets |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
no |
CMC Markets vs Saxo Bank: Support
| Support Features | Saxo Bank | CMC Markets |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
Yes |
|
Phone |
Yes |
yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs CMC Markets: Forex Bonuses and Promo
| Promo | Saxo Bank | CMC Markets |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate Program |
“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 |
Gray Label is targeted at licensed investment companies and trading account management firms. It allows you to copy the trading conditions of a broker. Cooperation is discussed individually with each partner. White Label allows the broker to use the CMC Markets network to promote the broker’s business. API Direct provides access to CFD and FX liquidity and stable prices for over 400 assets. Prime Derivatives allow counterparties to trade CFDs through the FIX API that is located in multiple data centers around the world and connected directly to the order management system. |
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. |
No |
|
|
Top 5 Reviews on CMC Markets
-
Comment
I chose CMC Markets because of its high level of reliability and strong regulatory oversight. The company has been operating since 1989 and holds licenses from the FCA, BaFin, CNMV, ASIC, and other authorities — which is very important to me. It offers one of the lowest minimum deposits at just $1, along with strong fund protection: the FCA compensation scheme covers up to £85,000, which far exceeds the protection offered by most brokers. I was also impressed by the wide range of available assets — stocks, indices, commodities, cryptocurrencies, and bonds — with spreads starting from just 0.1 pips. The only downside is that all sections are in English, but that’s not an issue for advanced users.
-
Comment
CMC Markets suits me when it comes to trading. Although I have been working with this company for a little over a year, I managed to withdraw trading profits several times. Withdrawing funds from CMC Markets is not fast because I use bank transfer. Of course, there is a fee. But the broker seems reliable, although there are some disadvantages.
-
Comment
I do not recommend that you continue working with CMC мarkets. The conditions there are not good at all. Spreads are high, swaps are crazy, and the platform operates disgustingly. Therefore, if you want to trade, trade with normal brokers. There are many of them - you can confidently take the top 10 companies from the rating and open an account there.
-
Comment
Trading on the СMC мarkets platform is a complex task. Achieving sustainable profits here requires extensive experience and skills. The broker charges high fees and sets consistently high spreads. This can make you a losing trader in the long run and the broker will take advantage of this knowing that you may end up losing. Therefore, I do not recommend that novice traders choose СMC мarkets for trading, since it is unlikely that they will be able to remain in the black for a long time.
-
Comment
I still don’t understand why CMC Markets exists? It seems to allow you to trade, explore the platform, start trading on a demo account, and even trade with real money. Naturally, there is a problem. If you lose, everything is fine, but if you win, they don’t allow you to withdraw your profits. The funny thing is that you can withdraw exactly as much as you deposited into the company. I deposited $500, which is exactly what I got back. But they don’t allow you to withdraw your profits. CMC Markets is some kind of fraud!
Top 5 Reviews on Saxo Bank
-
Comment
For a passive investor, Saxo Bank can be attractive due to the absence of a lock-in period in its SaxoSelect portfolios—funds can be withdrawn at any time. Investors can choose from portfolios with varying risk levels, from moderate to aggressive. However, the minimum entry threshold is $10,000 or the equivalent in euros. The broker operates in 170 countries, offers support in 20 languages, and emphasizes high liquidity, which is especially important for traders making multi-million dollar transactions.
-
Comment
Saxo Bank is regulated by several reputable authorities, including the FCA and the Danish FSA, and it partners with over 50 major liquidity providers — among them HSBC, JP Morgan, and NASDAQ OMX. The minimum lot size is 0.05, and the trading conditions are clearly tailored for high-net-worth individuals. One standout feature is the SaxoSelect portfolio management service, which offers clients access to ready-made investment strategies starting from €10,000, with a transparent fee structure — 0.5% management fee and up to 20% performance fee.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo's customer service is pretty solid. I had an issue with verifying my account during the sign-up process, but the support team was quick to respond through live chat, and everything was resolved in less than a day. The two-step login feature makes me feel more secure, especially since I trade with higher volumes. Plus, having access to their news feed and analysis directly on the platform helps me stay up to date without needing external sources.
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.