Saxo Bank vs Plus500 - Fees Review included
Which broker is better Saxo Bank or Plus500? 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. Plus500 is one of the top brokers in the financial market with the TU Overall Score of 6.83 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Plus500 |
|---|---|---|
Overall |
4.5 |
3.7 |
4.8 |
4.9 |
|
4.6 |
4.4 |
|
5 |
4.4 |
|
Investment Instruments |
4.2 |
1 |
Platforms and Charting Tools |
4.6 |
3.3 |
Deposit and Withdrawal |
4.0 |
4.8 |
Research |
5 |
2.9 |
Education |
3.6 |
2.3 |
Support |
4.4 |
2.4 |
Bonuses |
3.6 |
2.1 |
|
|
|
Saxo Bank vs Plus500: 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.
Plus500 broker is owned by Plus500 Ltd, the headquarters company, is based in Israel. Plus500.com has been an active trading platform since 2008, where traders can trade more than two thousand financial assets. The broker provides its services in Asia and Europe, being also one of the fastest-growing companies that make it possible to trade CFD (contract for differences) contracts.
| Saxo Bank | Plus500 | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | Over 2000 trading CFD instruments |
| over 71 thousand instruments for trading | Advanced screeners and analysis tools | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Free alert service | |
| Well regulated CFD broker | ||
| Overall Cons | Cent accounts are not available | Plus500 does not provide the possibility of passive earnings |
| a ban on algorithmic trading for traders from abroad | A ban on scalping, order hedging, and automated 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). | the broker does not cooperate with traders from Ukraine, the USA, and several other countries | |
| Broker don't offer ECN account | ||
| MT4/MT5 trading platforms are not supported |
Saxo Bank vs Plus500: Safety and Regulation
| Saxo Bank | Plus500 | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 CHF 100,000 |
€20,000 £85,000 SGD 75,000 |
FCA UK Regulation |
Yes |
Yes |
FINRA (U.S) |
No |
No |
BaFin (Germany) |
No |
No |
ASIC (Australia) |
Yes |
Yes |
CFTC (U.S) |
No |
No |
MAS |
Yes |
Yes |
FSCA SA |
No |
Yes |
BVI FSC |
No |
No |
VFSC |
No |
No |
FSA (Seychelles) |
No |
Yes |
Saxo Bank vs Plus500: Trading Conditions
| Trading Conditions | Saxo Bank | Plus500 |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
WebTrader, Plus500 |
Max Leverage (Futures) |
1-30 |
variable |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
CFDs on Forex, Stocks, Commodities, Metals, Cryptocurrencies, options and ETFs |
Trading assets |
71000+ |
2000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Real, Demo |
Base Account Currencies |
USD, EUR |
USD |
Saxo Bank vs Plus500: Fees
| Saxo Bank | Plus500 | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
0,5 |
Standard acc. spread EUR/USD, max pips |
0,9 |
0,9 |
ECN Commission |
||
ECN Spread EUR/USD |
||
Deposit fee, % |
No |
No |
Withdrawal fee, % |
No |
No |
Withdrawal fee, USD |
No |
No |
Inactivity fee, $ |
No |
10 |
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 Plus500: Trading Assets
| Asset Name | Saxo Bank | Plus500 |
|---|---|---|
Overall |
71000+ |
1000+ |
Forex |
Yes |
Yes (CFDs) |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (Futures) |
Cryptocurrencies |
Yes |
Yes (CFDs and Futures) |
Energy |
Yes |
Yes (Futures) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
Yes (CFD) |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
Yes (CFD) |
Futures Trading |
Yes |
Yes |
Binary Options |
No |
No |
The Plus500 Futures platform is available to US clients only
Saxo Bank or Plus500: Investment Programs
| Asset Name | Saxo Bank | Plus500 |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: Plus500 or Saxo Bank
| Saxo Bank | Plus500 | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
Plus500 |
Others |
No |
No |
|
|
|
Saxo Bank vs Plus500: Deposit and Withdrawal Methods
| Saxo Bank | Plus500 | |
|---|---|---|
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 Plus500: Research
| Research Type | Saxo Bank | Plus500 |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs Plus500: Education
| Education Type | Saxo Bank | Plus500 |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
Plus500 vs Saxo Bank: Support
| Support Features | Saxo Bank | Plus500 |
|---|---|---|
Working Days |
24/5 |
24/7 |
No |
No |
|
Phone |
Yes |
No |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs Plus500: Forex Bonuses and Promo
| Promo | Saxo Bank | Plus500 |
|---|---|---|
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 |
An affiliate partner earns from $200 to $800 for a referred client who opened a trading account and started trading. The amount of remuneration varies depending on the partner's country of residence |
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 Plus500
-
Comment
Plus500 is not a bad broker. At first glance, nothing supernatural, but trading with them is really pleasant. Order execution is clear, without delays, and withdrawal of funds goes smoothly and without problems. In general, the broker leaves a positive impression, and I am satisfied with my choice.
-
Comment
I work with Plus500 and I can point out both pros and cons. I like that the company is multi-regulated and licensed in 10 countries, which inspires confidence. However, the lack of Micro or Cent accounts is a bit disappointing as they would allow trading with minimal risks and investments.
-
Comment
I took a risk and opened a trading account with Plus500. I'm trading in the black. I can say that I’m testing the company, checking it. I asked the support to make a report about a trade, whether they would do it or not. But they sent the report quickly, well done! We'll see what happens with withdrawals. I hope they won’t disappoint me here either)
-
Comment
Plus500 is a good broker. My money was withdrawn in 2 days. I don't communicate with the support team much — I have my own strategy and trading goes as it should. There are a lot of services to choose from. The analytics are good. The only disadvantage is that there were a few failures during a couple of months, but they did not affect my trading critically.
-
Comment
I have been working with Plus500 for a long time. If we evaluate it comprehensively, it’s not bad. There are little things that are not 100% satisfying, but overall, compared to other companies, it’s probably ok. I mean the quotes flow and precision of trades. The rest is fine. I get enough profit from regular trading.
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.