Saxo Bank vs CMTrading - Fees Review included
Which broker is better Saxo Bank or CMTrading? 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. CMTrading is one of the top brokers in the financial market with the TU Overall Score of 4.24 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | CMTrading |
|---|---|---|
Overall |
4.5 |
1.9 |
4.8 |
2.1 |
|
4.6 |
1.9 |
|
5 |
1.6 |
|
Investment Instruments |
4.2 |
1.3 |
Platforms and Charting Tools |
4.6 |
1.8 |
Deposit and Withdrawal |
4.0 |
2.4 |
Research |
5 |
2.3 |
Education |
3.6 |
2.1 |
Support |
4.4 |
2.4 |
Bonuses |
3.6 |
1.4 |
|
|
|
Saxo Bank vs CMTrading: 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.
The CM Trading broker has been providing financial services in the international Forex market since 2012. The company is focused on working with active traders and provides optimal trading conditions. CM Trading allows advisors, provides a vast array of instruments for market analysis, and its seasoned professionals always have your back. CM Trading is regulated by the FSCA (Financial Sector Conduct Authority of South Africa) and the FCA (Financial Conduct Authority of Seychelles).
| Saxo Bank | CMTrading | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | A vast array of trading accounts, including ECN accounts and an Islamic account. |
| over 71 thousand instruments for trading | The presence of a service for copying transactions, which allows you to receive passive income. | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Tons of training materials and instruments for market analysis. | |
| Segregated accounts are used to store clients’ funds and the broker does not have access to them. | ||
| For trading, you can use built-in advisors or those offered by the MT4 platform. | ||
| Fast registration procedure on the site. | ||
| Demo account availability. | ||
| Overall Cons | Cent accounts are not available | The minimum deposit amount is 250 EUR or USD, which is not always a top-tier option for beginners. |
| a ban on algorithmic trading for traders from abroad | Trading accounts can be opened in only two currencies: euros or US dollars. | |
| 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). | The broker offers a small number of payment systems for deposits and withdrawals. |
Saxo Bank vs CMTrading: Safety and Regulation
| Regulated By: | Saxo Bank | CMTrading |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
FSCA, FCA (Seychelles) |
Saxo Bank vs CMTrading: Trading Conditions
| Trading Conditions | Saxo Bank | CMTrading |
|---|---|---|
Minimum Deposit |
$0 |
$250 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MetaTrader 4, Sirix, mobile applications for Android and iOS, Web version for trading from a browser |
Max Leverage (Futures) |
1-30 |
1-200 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Currency pairs, indices, cryptocurrencies, commodities, CFDs |
Trading assets |
71000+ |
150+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Bronze Account, Silver Account, Gold Account, Premium Account, ECN Accounts, Islamic Account |
Base Account Currencies |
USD, EUR |
USD, EUR |
Saxo Bank vs CMTrading: Fees
Forex Trading Fees
| Fee | Saxo Bank | CMTrading |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.50 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$0 |
ECN Account EUR Average Spread |
Not supported |
0,2 pips |
CFD Trading Fees
| Fee | Saxo Bank | CMTrading |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | CMTrading |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
Wire Transfer - 2% on exchange rate only for Nedbank; Debit or credit card/Electronic wallets/Crypto - 0% |
Withdrawal Fee |
No |
Wire Transfer - $20-$50.99 fees $2 $51-$299.99 fees $5 $300+ fees $8; Ozow (Only ZAR), Mpesa (Only KSH) - Conversion Fee 4%; Skrill/Neteller 0%; Debit card - 0% Credit card - 4%, Crypto - 4% |
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.
Saxo Bank vs CMTrading: Trading Assets
| Asset Name | Saxo Bank | CMTrading |
|---|---|---|
Overall |
71000+ |
150+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
No |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or CMTrading: Investment Programs
| Asset Name | Saxo Bank | CMTrading |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: CMTrading or Saxo Bank
| Saxo Bank | CMTrading | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
No |
Others |
No |
SiriX |
|
|
|
Saxo Bank vs CMTrading: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | CMTrading |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
No |
Yes |
Saxo Bank vs CMTrading: Research
| Research Type | Saxo Bank | CMTrading |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
No |
Saxo Bank vs CMTrading: Education
| Education Type | Saxo Bank | CMTrading |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
No |
Videos |
No |
Yes |
Cent account |
No |
No |
CMTrading vs Saxo Bank: Support
| Support Features | Saxo Bank | CMTrading |
|---|---|---|
Working Days |
24/5 |
24/7 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Saxo Bank vs CMTrading: Forex Bonuses and Promo
| Promo | Saxo Bank | CMTrading |
|---|---|---|
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 |
For teachers and colleagues in the field. The program is open to traders who have experience in training traders, as well as EA developers, business referrers, and signal providers; For professionals in fund management. Traders with extensive experience in the stock markets, financial managers, or investment consultants can become partners. The partner should have its own customer network. |
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 CMTrading
-
Comment
I think that CMTrading is reliable and has good conditions. The company has been offering brokerage services to access the Forex market for a very long time. CMTrading has created good conditions for both experienced and novice traders. Its trading platform is fast, spreads are low, and support service is professional.
-
Comment
CMTrading draws quotes. I have already noticed several times that suddenly, out of the blue, spikes that destroy my stops appear. I wrote to technical support several times, but the answer was the same - everything is in accordance with the regulations. And CMTrading doesn’t even take responsibility for the fact that no one else has such quotes.
-
Comment
Cmtrading is a scam. When I first started my trading journey, I encountered fake traders who offered me their advice. Initially, they showed income that seemed inexplicably high. I think that this happened due to manipulations with the balance, thereby constantly pushing me to deposit large amounts. Then they gave advice that led to the loss of all capital. Don't deal with Cmtrading.
-
Comment
I am very disappointed with CMTrading. I am trying to get my money back that is stuck with this broker and so far there is no success. CMTrading treats clients as providers of money. At first, my complaint regarding the cancellation of profits on 5 orders was rejected. Now CMTrading does not want to withdraw my deposit and requires me to pass verification, although I passed it three times.
-
Comment
CMTrading looks like a good broker. But this is only when you trade on a demo account. As soon as you switch to a live one, the conditions immediately change significantly. Limit orders do not work during strong market movements. I set a limit order to sell the EUR/USD pair. The price touched my order twice, but it never opened. I think that I need to change CMTrading to another broker.
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.
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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.