Saxo Bank vs Fineco - Fees Review included
Which broker is better Saxo Bank or Fineco? 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. Fineco is one of the top brokers in the financial market with the TU Overall Score of 5.38 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Fineco |
|---|---|---|
Overall |
4.5 |
3.7 |
4.8 |
3.9 |
|
4.6 |
4.5 |
|
5 |
4.3 |
|
Investment Instruments |
4.2 |
3.2 |
Platforms and Charting Tools |
4.6 |
3.8 |
Deposit and Withdrawal |
4.0 |
3.9 |
Research |
5 |
1 |
Education |
3.6 |
4.0 |
Support |
4.4 |
4.0 |
Bonuses |
3.6 |
3.8 |
|
|
Saxo Bank vs Fineco: 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.
FinecoBank is an Italian FinTech company that started its activities in 1999 and merged with UniCredit Xelion Banca in 2008. In 2018, after leaving UniCredit Group, FinecoBank became an independent bank, which also provides online trading services in the stock market. FinecoBank is regulated by the securities market supervisor Consob (Commissione Nazionale per le Società e la Borsa) and is a member of the Single Resolution Fund.
| Saxo Bank | Fineco | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | No requirements for the size of the minimum deposit |
| over 71 thousand instruments for trading | Availability of a PowerDesk professional trading platform that is available on any device | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | A vast array of assets in the stock and foreign exchange markets | |
| Fixed stock brokerage fee | ||
| Stock screener for all markets | ||
| Access to trade on weekends | ||
| Availability of full-time and online training courses in trading | ||
| Overall Cons | Cent accounts are not available | A fee is charged for using the trading terminal |
| a ban on algorithmic trading for traders from abroad | No demo account or risk-free trial trading | |
| 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). | A monthly account maintenance fee is charged |
Saxo Bank vs Fineco: Safety and Regulation
| Saxo Bank | Fineco | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 CHF 100,000 |
€100,000 (IT) |
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 Fineco: Trading Conditions
| Trading Conditions | Saxo Bank | Fineco |
|---|---|---|
Minimum Deposit |
$0 |
1 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
PowerDesk, Web PowerDesk, Fineco Mobile |
Max Leverage (Futures) |
1-30 |
1-50 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Stocks, options, bonds, futures, certificates of deposit, CFDs on currencies, stocks, commodities, ETFs, ETCs, and CWs |
Trading assets |
71000+ |
20000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
PowerDesk |
Base Account Currencies |
USD, EUR |
Euro |
Saxo Bank vs Fineco: Fees
| Saxo Bank | Fineco | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
0,5 |
Standard acc. spread EUR/USD, max pips |
0,9 |
1,0 |
ECN Commission |
||
ECN Spread EUR/USD |
||
Deposit fee, % |
No |
No |
Withdrawal fee, % |
No |
No |
Withdrawal fee, USD |
No |
No |
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 Fineco: Trading Assets
| Asset Name | Saxo Bank | Fineco |
|---|---|---|
Overall |
71000+ |
20000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
No |
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 Fineco: Investment Programs
| Asset Name | Saxo Bank | Fineco |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
ISA |
Trading Platforms: Fineco or Saxo Bank
| Saxo Bank | Fineco | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
PowerDesk |
Others |
No |
No |
|
|
Saxo Bank vs Fineco: Deposit and Withdrawal Methods
| Saxo Bank | Fineco | |
|---|---|---|
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 Fineco: Research
| Research Type | Saxo Bank | Fineco |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs Fineco: Education
| Education Type | Saxo Bank | Fineco |
|---|---|---|
Demo-account/Paper Trading |
Yes |
No |
Webinars |
Yes |
Yes |
Articles |
No |
No |
Videos |
No |
Yes |
Cent account |
No |
No |
Fineco vs Saxo Bank: Support
| Support Features | Saxo Bank | Fineco |
|---|---|---|
Working Days |
24/5 |
13/5 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs Fineco: Forex Bonuses and Promo
| Promo | Saxo Bank | Fineco |
|---|---|---|
Forex Bonus |
No |
For the first 3 months after registration, FinecoBank provides new clients with a reduced fixed rate for a contract on futures and options trading. |
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 |
No |
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 Fineco
-
Comment
Registered an account with Fineco Bank as it offers online trading training courses. I'm still a complete zero in trading, so you can't do without basic knowledge. For those who have the opportunity to visit the office, the broker offers full-time training. A serious disadvantage for me was the lack of a demo account. The broker offers an author's terminal, so competitors will not be able to practice on third-party software. I had to immediately open the real. On the other hand, perhaps this is for the best: when, in the absence of experience, you begin to lose not candy wrappers, but real money, you become more organized and stop making spontaneous transactions. I've only been trading for 3 months, until everything fits.
-
Comment
First of all, FinecoBank attracted me with a wide range of trading instruments such as stocks, ETFs, funds, bonds, futures, options, and Forex. Most all popular assets are here. I am not involved in crypto trading, so I did not notice the absence of crypto coins from the list of available assets. FinecoBank's trading fees are significantly lower than those of its competitors. I would pay my former broker $10 for a $2,000 US stock deal, and FinecoBank only holds back $4. What I would like to point out as a disadvantage of the broker is the high margin rates. Paying 8.1% per year is, in my opinion, a bit too much. Therefore, I trade at FinecoBank only using my own capital.
-
Comment
For 7 years of investing in securities, I managed to cooperate with several dozen stockbrokers, but each of them had some significant drawbacks that made me look for another company. I opened an account with FinecoBank 3 years ago and, as always, was skeptical. However, it was this broker who offered me exactly what I was looking for: low fund commissions, a convenient mobile terminal, and a clear fulfillment of their obligations. Now I mainly trade through FinecoBank. Here, the choice of assets is huge, and the conditions are favorable. It is a pity that it is not yet possible to work with cryptocurrencies here. But I think the company does not want to lag behind its competitors, so it will add cryptocurrencies to the list of available financial instruments soon.
-
Comment
I have been cooperating with FinecoBank for years. I use its banking services, and not so long ago I started investing in securities here. For this purpose, I use a mobile application, as it makes it easy to manage bank and investment accounts, as well as place market and limit orders. There are no complaints at all about the level of service quality: either by phone or in an online chat; and company representatives always answer not only quickly, but also competently. I can recommend trading stocks, ETFs, and futures at FinecoBank, but only with your own funds. The margin rates are high here.
-
Comment
FinecoBank offers different types of trading platforms, but for beginners, I would not recommend using the PowerDesk desktop terminal. It is too complicated, and there are no reports on fees at all. The interfaces of the mobile application and web platform are much simpler and intuitive, although less customizable. The search function works well on both terminals. Price alerts can be set. I invest in mutual funds with FinecoBank and its trading fees are fine with me.
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.