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 7.04 out of 10. CMC Markets is one of the top brokers in the financial market with the TU Overall Score of 5.98 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
| Regulated By: | Saxo Bank | CMC Markets |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
MC Markets Germany GmbH is a company licensed and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) under registration number 154814 |
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
Forex Trading Fees
| Fee | Saxo Bank | CMC Markets |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 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 | Saxo Bank | CMC Markets |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread, Share CFDs: US market - 0.02 USD per share: UK market - 0.10%, Germany, Spain, France markets - 0.1% |
Non-Trading Fees
| Fee | Saxo Bank | CMC Markets |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
£10 per month |
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
| Deposit and Withdrawal Method | Saxo Bank | CMC Markets |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
No |
Crypto |
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
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!
-
Comment
Nothing special. I’ve have seen better companies than CMC Markets, the most ordinary broker. There is nothing that makes it stand out from the line of average brokers. There are many disadvantages, so if you are already an experienced trader, you can look for another broker. It is almost impossible to earn anything here. CMC Markets may be helpful for training. But I don’t recommend transferring a lot of money here.
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.
- Quotex vs Saxo Bank
- Webull vs Saxo Bank
- eToro vs Saxo Bank
- Saxo Bank vs Trade Nation
- Saxo Bank vs CMTrading
- Saxo Bank vs Eightcap
- Eightcap vs Saxo Bank
- Trading 212 vs Saxo Bank
- Pepperstone vs Saxo Bank
- Saxo Bank vs AMP Global
- Saxo Bank vs Spreadex
- Saxo Bank vs NinjaTrader
- Saxo Bank vs Fineco
- Saxo Bank vs Vantage
- Saxo Bank vs BlackBull Markets
- Saxo Bank vs Fullerton Markets
- Saxo Bank vs NAGA
- Saxo Bank vs City Index
- Saxo Bank vs Swissquote
- Saxo Bank vs IG
- Saxo Bank vs Dukascopy
- Saxo Bank vs FP Markets
- Saxo Bank vs OctaFX
- Saxo Bank vs HotForex
- Saxo Bank vs TD Ameritrade
- Saxo Bank vs Fusion Markets
- Saxo Bank vs Plus500
- Saxo Bank vs Interactive Brokers
- Saxo Bank vs Forex.com
- Saxo Bank vs Kot4x
- Saxo Bank vs Libertex
- Saxo Bank vs RoboForex
- BDSwiss vs Saxo Bank
- XTB vs Saxo Bank
- Capital.com vs Saxo Bank
- FBS vs Saxo Bank
- AvaTrade vs Saxo Bank
- XM vs Saxo Bank
- IC Markets vs Saxo Bank
- Oanda vs Saxo Bank
- FxPro vs Saxo Bank
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.