Saxo Bank vs Forex.com - Fees Review included
Which broker is better Saxo Bank or Forex.com? 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. Forex.com is one of the top brokers in the financial market with the TU Overall Score of 5.24 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Forex.com |
|---|---|---|
Overall |
4.5 |
4.3 |
4.8 |
5 |
|
4.6 |
4.3 |
|
5 |
4.4 |
|
Investment Instruments |
4.2 |
3.5 |
Platforms and Charting Tools |
4.6 |
4.5 |
Deposit and Withdrawal |
4.0 |
4.2 |
Research |
5 |
4.7 |
Education |
3.6 |
4.3 |
Support |
4.4 |
4.8 |
Bonuses |
3.6 |
4.2 |
|
|
Saxo Bank vs Forex.com: 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.
Speaking of recognitions and awards, Oanda doesn’t lag behind as it has several awards to its name. The US Foreign Exchange Report awarded it the Best Customer Service, while FX Week crowned it the Best Trading Platform. There’s also an award from the UK Forex Awards where Oanda bagged top honors in the Best Forex Trading Technologies category.
| Saxo Bank | Forex.com | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | Orders executed at high speeds |
| over 71 thousand instruments for trading | 4500+ instruments across various markets | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Tight spreads on over 90 assets | |
| Rebate and discount programs are available | ||
| High-level investor protection | ||
| Diverse technical research tools | ||
| Caters to a wider audience of users | ||
| Creates a variety of quality, written content daily | ||
| Low fees and relatively cheap commission costs | ||
| Overall Cons | Cent accounts are not available | Fewer deposit and withdrawal options |
| a ban on algorithmic trading for traders from abroad | Lacks a multi-language version | |
| 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 Forex.com: Safety and Regulation
| Regulated By: | Saxo Bank | Forex.com |
|---|---|---|
US Regulation |
No |
Yes (CFTC) |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
Japanese Financial Services Authority (JFSA), nvestment Industry Regulatory Organization of Canada (IIROC), Cayman Islands Monetary Authority (CIMA), The Securities and Futures Commission (SFC), The Monetary Authority of Singapore (MAS) |
Saxo Bank vs Forex.com: Trading Conditions
| Trading Conditions | Saxo Bank | Forex.com |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
МТ4 |
Max Leverage (Futures) |
1-30 |
1-500 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, CFDs (not for all entetities): Forex, Indexes, Stocks, Commodities, Metals, Cryptocurrencies |
Trading assets |
71000+ |
4500+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Standard, Commission, and Direct Market Access |
Base Account Currencies |
USD, EUR |
USD, EUR, GBP |
Saxo Bank vs Forex.com: Fees
Forex Trading Fees
| Fee | Saxo Bank | Forex.com |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$8-$3 per lot (volume based fees) |
ECN Account EUR Average Spread |
Not supported |
0.2 pips |
CFD Trading Fees
| Fee | Saxo Bank | Forex.com |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | Forex.com |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$15 monthly after 12 months of inactivity |
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 Forex.com: Trading Assets
| Asset Name | Saxo Bank | Forex.com |
|---|---|---|
Overall |
71000+ |
4500+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
No |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
No |
Bonds |
Yes |
Yes (CFD) |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or Forex.com: Investment Programs
| Asset Name | Saxo Bank | Forex.com |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: Forex.com or Saxo Bank
| Saxo Bank | Forex.com | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
Forex.com |
Others |
No |
No |
|
|
Saxo Bank vs Forex.com: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | Forex.com |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes (not for all markets) |
Crypto |
No |
No |
Saxo Bank vs Forex.com: Research
| Research Type | Saxo Bank | Forex.com |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs Forex.com: Education
| Education Type | Saxo Bank | Forex.com |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
Yes |
Forex.com vs Saxo Bank: Support
| Support Features | Saxo Bank | Forex.com |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Complaint form, FAQ support |
Saxo Bank vs Forex.com: Forex Bonuses and Promo
| Promo | Saxo Bank | Forex.com |
|---|---|---|
Forex Bonus |
No |
Yes (Not for all countries) |
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 |
Yes |
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 Forex.com
-
Comment
Yes, Forex.com has good conditions for trading various assets. I myself started trading here and was worried that I would face some kind of manipulation. At first, of course, there were losses, but now I was able to recover the losses and start making a profit. I can recommend Forex.com for making profits on Forex.
-
Comment
This company has been operating in the Forex market for a long time. And it seems that traders don't have any serious complaints about Forex.com. So I decided to try trading here and see how my trading strategies would work. After five months of cooperation, I can say the following. Spreads at Forex.com are not the smallest. Therefore, it's better not to rely on fast trades. The platform works well, there are no restrictions on trading time and trading strategies. Forex.com has a withdrawal to a bank card within 7 days, and they stick to this timeframe.
-
Comment
I am completely satisfied with Forex.com as a broker. I like their convenient platform, developed by the company’s specialists. You can use mobile and other versions of the platform. I won't call myself an expert, but my little experience tells me that this is the right broker for me.
-
Comment
Forex.com offers good conditions. It's essential to understand that the broker operates based on European legislation and complies with regulatory requirements. Commissions at Forex.com are not particularly low. Additionally, the spread in the terminal is slightly above average. However, for me, it's one of the oldest and most reliable brokers. Therefore, I have been trading here for three years.
-
Comment
I finally decided to try my hand at trading in the Forex market. Choosing a broker was not easy, given my relatively low level of knowledge about this exchange. I was primarily interested in the opportunity to receive quality education and master all the intricacies of trading. As a result, I chose Forex.com and immediately enrolled in their online training course. However, it's unfortunate that they don't offer micro accounts here for practicing trading without risking significant amounts of money.
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.