Saxo Bank vs Eightcap - Fees Review included
Which broker is better Saxo Bank or Eightcap? 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. Eightcap is one of the top brokers in the financial market with the TU Overall Score of 9.04 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Eightcap |
|---|---|---|
Overall |
4.5 |
2.9 |
4.8 |
3.3 |
|
4.6 |
3.7 |
|
5 |
3.7 |
|
Investment Instruments |
4.2 |
1 |
Platforms and Charting Tools |
4.6 |
3.5 |
Deposit and Withdrawal |
4.0 |
3.6 |
Research |
5 |
3.9 |
Education |
3.6 |
3.4 |
Support |
4.4 |
3.6 |
Bonuses |
3.6 |
4 |
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Saxo Bank vs Eightcap: 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.
Eightcap is regulated by the Australian Securities and Investment Commission (AFSL 443670) and by the Vanuatu Financial Services Commission (reg. no. 40377). Eightcap was incorporated in Melbourne, Australia, and offers its services as an online financial trading organization. Eightcap's line of business is Forex and CFD trading services offered to both retail and institutional clients. Eightcap gives access to one of the most popular trading platforms – MetaTrader 4.
| Saxo Bank | Eightcap | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | a large number of trading assets |
| over 71 thousand instruments for trading | Low fees | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Good bonus programs | |
| Raw account avaible | ||
| Overall Cons | Cent accounts are not available | High minimum deposit - $100 |
| a ban on algorithmic trading for traders from abroad | lack of investment programs | |
| 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 Eightcap: Safety and Regulation
| Regulated By: | Saxo Bank | Eightcap |
|---|---|---|
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 |
ASIC, VFSC |
Saxo Bank vs Eightcap: Trading Conditions
| Trading Conditions | Saxo Bank | Eightcap |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
Max Leverage (Futures) |
1-30 |
1-30 for Australian clients and 1-500 for Non-AU clients |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, Cryptocurrencies, Indicies, Commodities, Shares |
Trading assets |
71000+ |
3620+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Standard Account, Raw Account, Demo |
Base Account Currencies |
USD, EUR |
AUD, USD, GBP, NZD, SGD, EUR |
Saxo Bank vs Eightcap: Fees
Forex Trading Fees
| Fee | Saxo Bank | Eightcap |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
0.76 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$0 |
ECN Account EUR Average Spread |
Not supported |
0,06 pips |
CFD Trading Fees
| Fee | Saxo Bank | Eightcap |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | Eightcap |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
Bank transfers have variable fees, typically about 25$ |
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 Eightcap: Trading Assets
| Asset Name | Saxo Bank | Eightcap |
|---|---|---|
Overall |
71000+ |
3620+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes |
ETFs |
Yes |
No |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
Yes |
Binary Options |
No |
No |
Saxo Bank or Eightcap: Investment Programs
| Asset Name | Saxo Bank | Eightcap |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: Eightcap or Saxo Bank
| Saxo Bank | Eightcap | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
No |
Others |
No |
No |
|
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Saxo Bank vs Eightcap: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | Eightcap |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
No |
No |
Saxo Bank vs Eightcap: Research
| Research Type | Saxo Bank | Eightcap |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
No |
Saxo Bank vs Eightcap: Education
| Education Type | Saxo Bank | Eightcap |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
No |
Cent account |
No |
No |
Eightcap vs Saxo Bank: Support
| Support Features | Saxo Bank | Eightcap |
|---|---|---|
Working Days |
24/5 |
24/7 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs Eightcap: Forex Bonuses and Promo
| Promo | Saxo Bank | Eightcap |
|---|---|---|
Forex Bonus |
No |
If you are a new client of Eightcap and you fund your new live trading account with them within 10 days of your account being opened then you are eligible to earn up to a $1,000 trading credit bonus which you can also convert into real equity at a rate of $1 for every standard FX lot when you trade; $30 No-deposit bonus |
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 |
You can refer your followers and customers to earn passive income, with rebates up to $6 USD per lot and CPAs up to $900 USD |
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 Eightcap
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Comment
The main thing is to stick to the chosen strategy. ?? added a picture + Facebook link
Top 5 Reviews on Saxo Bank
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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.
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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.
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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.
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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.
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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.