Saxo Bank vs Dukascopy - Fees Review included
Which broker is better Saxo Bank or Dukascopy? 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. Dukascopy is one of the top brokers in the financial market with the TU Overall Score of 6.61 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Dukascopy |
|---|---|---|
Overall |
4.5 |
4.4 |
4.8 |
4.8 |
|
4.6 |
3.5 |
|
5 |
5 |
|
Investment Instruments |
4.2 |
4.0 |
Platforms and Charting Tools |
4.6 |
5 |
Deposit and Withdrawal |
4.0 |
4.1 |
Research |
5 |
4.6 |
Education |
3.6 |
3.9 |
Support |
4.4 |
4.2 |
Bonuses |
3.6 |
4.8 |
|
|
|
Saxo Bank vs Dukascopy: 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.
Dukascopy Bank SA is a Swiss online bank that provides its clients with online and mobile trading as well as banking and financial services. According to the law, Dukascopy, like any other Swiss bank or brokerage company, is a party to a deposit protection agreement. The EU is also on the lookout for client funds.
| Saxo Bank | Dukascopy | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | providing clients with up-to-the-minute quotes |
| over 71 thousand instruments for trading | permission to use algorithmic bots to automate trading; | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | clients’ funds are secure up to CHF 100,000 | |
| Overall Cons | Cent accounts are not available | the registration and verification processes are complicated and time-consuming |
| a ban on algorithmic trading for traders from abroad | trading terminals periodically hang up and fail to work | |
| 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 trading commission per 1 lot is high |
Saxo Bank vs Dukascopy: Safety and Regulation
| Saxo Bank | Dukascopy | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 CHF 100,000 |
CHF 100,000 |
FCA UK Regulation |
Yes |
No |
FINRA (U.S) |
No |
No |
BaFin (Germany) |
No |
No |
ASIC (Australia) |
Yes |
No |
CFTC (U.S) |
No |
No |
MAS |
Yes |
No |
FSCA SA |
No |
No |
BVI FSC |
No |
No |
VFSC |
No |
No |
FSA (Seychelles) |
No |
No |
Saxo Bank vs Dukascopy: Trading Conditions
| Trading Conditions | Saxo Bank | Dukascopy |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
JForex Trader, MetaTrader 4, SWFX |
Max Leverage (Futures) |
1-30 |
1-200 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, indices, cryptocurrencies, stocks, metals, binary options |
Trading assets |
71000+ |
20000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Demo FX, Live FX |
Base Account Currencies |
USD, EUR |
USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, CNH, SEK, SGD, TRY, XAU and ZAR |
Saxo Bank vs Dukascopy: Fees
| Saxo Bank | Dukascopy | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
0,1 |
Standard acc. spread EUR/USD, max pips |
0,9 |
0,3 |
ECN Commission |
2 |
|
ECN Spread EUR/USD |
0,3 |
|
Deposit fee, % |
No |
No |
Withdrawal fee, % |
No |
0-2,5 |
Withdrawal fee, USD |
No |
0-2,5 |
Inactivity fee, $ |
No |
8,33 |
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 Dukascopy: Trading Assets
| Asset Name | Saxo Bank | Dukascopy |
|---|---|---|
Overall |
71000+ |
20000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes |
Indices |
Yes |
Yes |
ETFs |
Yes |
Yes |
Bonds |
Yes |
Yes |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
Yes |
Saxo Bank or Dukascopy: Investment Programs
| Asset Name | Saxo Bank | Dukascopy |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
Yes |
Yes |
Other |
No |
No |
Trading Platforms: Dukascopy or Saxo Bank
| Saxo Bank | Dukascopy | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
SWFX |
Others |
No |
JForex |
|
|
|
Saxo Bank vs Dukascopy: Deposit and Withdrawal Methods
| Saxo Bank | Dukascopy | |
|---|---|---|
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 Dukascopy: Research
| Research Type | Saxo Bank | Dukascopy |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs Dukascopy: Education
| Education Type | Saxo Bank | Dukascopy |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
No |
Videos |
No |
Yes |
Cent account |
No |
No |
Dukascopy vs Saxo Bank: Support
| Support Features | Saxo Bank | Dukascopy |
|---|---|---|
Working Days |
24/5 |
24/6 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Callback |
Saxo Bank vs Dukascopy: Forex Bonuses and Promo
| Promo | Saxo Bank | Dukascopy |
|---|---|---|
Forex Bonus |
No |
10% deposit bonus, 20% discount on trading commission if you participate in the discount program, anniversary bonus from the company in the amount of 100% of the client's account; |
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 |
A discount of 100% of the trading commission for inviting a friend to the company |
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. |
Contests for Traders |
|
|
|
Top 5 Reviews on Dukascopy
-
Comment
In my opinion, Dukascopy deserves attention from traders. They have been in the market for a long time and are considered a serious company. A big plus is the presence of licenses and client fund insurance, which ensures reliability and investment protection. I don't have to worry about my funds because I'm confident the broker won't deceive me. They also do not interfere with trading and provide reliable quotes with fast execution. I have encountered some issues while trading with Dukascopy. However, these problems are not critical for me.
-
Comment
I'm having trouble trading with Dukascopy. I have experience trading in financial markets. But for some reason, I can't seem to make a profit on this platform, even though I'm doing everything as before. I've lost a lot of money already and I'm trying to break even to leave the project. Nothing is working, and it's really frustrating me. I feel like money will gradually drain from my Dukascopy account, and soon I'll be bankrupt.
-
Comment
That's it, I'm ending my trading with Dukascopy. While they may be trustworthy in terms of fund withdrawals, the broker is very weak in terms of trading. Firstly, they constantly increase the broker's commission, as well as the withdrawal fee. And secondly, spread widening often triggers the stop-loss. In general, after another series of losing trades, I decided to terminate my cooperation with Dukascopy.
-
Comment
I traded with Dukascopy, but I stopped. Order execution is bad now, and approval of withdrawals takes too long. Somehow it has deteriorated greatly, I hope it won’t become a scam.
-
Comment
At Dukascopy, quotes do not match the market. Several times my trades were closed by stop loss when the chart was going up everywhere. I lost $9,000 and now they do not withdraw my balance. There has been no money for 6 weeks now. They do what they want.
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.