Saxo Bank vs FP Markets - Fees Review included
Which broker is better Saxo Bank or FP Markets? 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. FP Markets is one of the top brokers in the financial market with the TU Overall Score of 6.43 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | FP Markets |
|---|---|---|
Overall |
4.5 |
4.6 |
4.8 |
4.7 |
|
4.6 |
4.7 |
|
5 |
4.6 |
|
Investment Instruments |
4.2 |
4.9 |
Platforms and Charting Tools |
4.6 |
4.7 |
Deposit and Withdrawal |
4.0 |
4.4 |
Research |
5 |
3.9 |
Education |
3.6 |
3.8 |
Support |
4.4 |
4.2 |
Bonuses |
3.6 |
2.1 |
|
|
|
Saxo Bank vs FP Markets: 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.
FP Markets has provided clients with access to trading on the Forex market since 2005. More than 10,000 trading instruments are available to traders. The broker is attractive due to its favorable trading conditions, super-fast order execution, popular trading terminals, and low spreads. FP Markets is monitored by respected regulators that inspire customer confidence. The transparency and reliability of the company is guaranteed by the supervision of the Australian Securities and Investments Commission - ASIC (license number 286354) and the Cyprus Securities and Exchange Commission - CySEC (license number 371/18). The company also has a registration and an office in the state of Saint Vincent and the Grenadines (SVG FSA). The FP Markets official website contains a lot of useful information about the company, Forex trading, training, analytics, answers to frequently asked questions, a trader's blog, and much more. This training treasure trove will help you improve your level of expertise.
| Saxo Bank | FP Markets | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | favorable trading conditions |
| over 71 thousand instruments for trading | more than 10,000 trading instruments | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | investment opportunities: copy trading, MAM and PAMM | |
| order execution speed is 40 ms | ||
| well-regulated broker | ||
| Overall Cons | Cent accounts are not available | complex verification process |
| a ban on algorithmic trading for traders from abroad | ||
| 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 FP Markets: Safety and Regulation
| Regulated By: | Saxo Bank | FP Markets |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
Yes |
Yes |
Other Regulators |
DFSA (Denmark) , and other European regulators |
Saint Vincent and the Grenadines (SVG FSA) |
Saxo Bank vs FP Markets: Trading Conditions
| Trading Conditions | Saxo Bank | FP Markets |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4, МТ5, Webtrader, Mobile, Iress |
Max Leverage (Futures) |
1-30 |
1-500, for EU and AU clients - 1-30 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, indices, metals, oil, gas, raw materials, securities, cryptocurrency |
Trading assets |
71000+ |
10000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Demo, Raw, Standard for MT4 and MT5, and Standard, Platinum, and Premier for Iress |
Base Account Currencies |
USD, EUR |
AUD |
Saxo Bank vs FP Markets: Fees
Forex Trading Fees
| Fee | Saxo Bank | FP Markets |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.3 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$3 per lot |
ECN Account EUR Average Spread |
Not supported |
0.2 pips |
CFD Trading Fees
| Fee | Saxo Bank | FP Markets |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread, Share CFDs - from 0.08% to 0.1% |
Non-Trading Fees
| Fee | Saxo Bank | FP Markets |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
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 FP Markets: Trading Assets
| Asset Name | Saxo Bank | FP Markets |
|---|---|---|
Overall |
71000+ |
10000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
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 FP Markets: Investment Programs
| Asset Name | Saxo Bank | FP Markets |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
Yes |
Managed Accounts |
Yes |
No |
Other |
No |
Bond CFDs |
Trading Platforms: FP Markets or Saxo Bank
| Saxo Bank | FP Markets | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
No |
Others |
No |
Iress |
|
|
|
Saxo Bank vs FP Markets: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | FP Markets |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
No |
No |
Saxo Bank vs FP Markets: Research
| Research Type | Saxo Bank | FP Markets |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs FP Markets: Education
| Education Type | Saxo Bank | FP Markets |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
Yes |
FP Markets vs Saxo Bank: Support
| Support Features | Saxo Bank | FP Markets |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
Yes |
|
Phone |
Yes |
yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs FP Markets: Forex Bonuses and Promo
| Promo | Saxo Bank | FP Markets |
|---|---|---|
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 |
CPA. It is a program that allows you to receive remuneration for attracted clients. An excellent option for owners of popular Internet resources, like SEO specialists, bloggers, etc. The partner receives a fixed commission for each attracted client once they become active traders. |
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 FP Markets
-
Comment
I trade with FP Markets and I can say that, for the most part, trading here is feasible. Spreads are not extremely narrow, but when they widen, it's not by much. Swaps can be positive, which is a plus. The trading terminal itself at FP Markets works fine; orders are processed quickly. Withdrawals occur in accordance with regulations. However, the withdrawal timeframes are above average compared to other companies.
-
Comment
I trust fp markets. I really like how it has changed lately, the company has begun to provide better service. So far I like everything, its client-oriented approach is at a high level. I can recommend it.
-
Comment
I want to say that FP Markets is a normal broker. There have almost never been any problems with either withdrawals or quotes. It’s a completely reliable and solvent broker.
-
Comment
Since the beginning of this year, something strange has been going on with FP Markets. The platform constantly freezes when opening and closing trades. And recently, they opened as many as five trades to buy EUR against USD. I demand that support cancels these trades because I did not open them. But it looks like I need to stop trading with this broker.
-
Comment
FP markets brings only losses. And this does not depend on how the trader trades. Even with an excellent trading strategy, trades on this platform cause losses. Because it is beneficial to the company and because FP markets itself trades against traders and takes their 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.