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 7.04 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 Plus500UK Ltd, a UK registered company with headquarters in London. The company is regulated by the FCA (UK Financial Conduct Authority). 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
| Regulated By: | Saxo Bank | Plus500 |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
Yes |
Yes |
Other Regulators |
DFSA (Denmark) , and other European regulators |
Authorised Financial Services Provider #47546 issued by the FSCA in South Africa., Plus500 holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648-1), Regulated by the Seychelles Financial Services Authority (Licence No. SD039) |
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 |
1-300 |
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
Forex Trading Fees
| Fee | Saxo Bank | Plus500 |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
0.9 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Saxo Bank | Plus500 |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | Plus500 |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$10 per month after 3 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 Plus500: Trading Assets
| Asset Name | Saxo Bank | Plus500 |
|---|---|---|
Overall |
71000+ |
1000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
Yes (CFD) |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
Yes (CFD) |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
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
| Deposit and Withdrawal Method | Saxo Bank | Plus500 |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
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. |
|
|
|
Top 5 Reviews on Plus500
-
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.
-
Comment
I’ve been working with Plus500 for a few months, but my overall Forex experience is almost two years. I learned about Plus500 from a friend who traded there and recommended it to me. I can say that Plus500 is a normal broker with its strengths and weaknesses. Personally, I like that there are no delays in payments, which is very important to me.
-
Comment
Plus500 may experience payment delays. Once I waited a week. There is such a thing, I think all his clients are used to it))) Everything else is fine. Trade honestly passes, on this point there is nothing to complain about.
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.