Saxo Bank vs Swissquote - Fees Review included
Which broker is better Saxo Bank or Swissquote? 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. Swissquote is one of the top brokers in the financial market with the TU Overall Score of 6.78 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Swissquote |
|---|---|---|
Overall |
4.5 |
4.3 |
4.8 |
4.8 |
|
4.6 |
3.6 |
|
5 |
5 |
|
Investment Instruments |
4.2 |
4.3 |
Platforms and Charting Tools |
4.6 |
4.7 |
Deposit and Withdrawal |
4.0 |
4.0 |
Research |
5 |
4.5 |
Education |
3.6 |
4.6 |
Support |
4.4 |
4.0 |
Bonuses |
3.6 |
3.6 |
|
|
|
Saxo Bank vs Swissquote: 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.
The Swissquote brokerage firm has been operating in the Forex market since 1996. The company is regulated by the Swiss Financial Markets Authority (FINMA). The company is a member of the Swiss Bankers Association. It has offices in many financial capitals of the world: Zurich, London, Dubai, Hong Kong and is moderately popular among traders. The company falls short in the category of customer service when compared to other top companies and is significantly inferior to popular Forex brokers in many other respects also.
| Saxo Bank | Swissquote | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | availability of a license from an authoritative regulator |
| over 71 thousand instruments for trading | a wide range of financial services | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | a large selection of deposit currencies | |
| Overall Cons | Cent accounts are not available | high spreads and commissions |
| a ban on algorithmic trading for traders from abroad | large deposit | |
| 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). | few promotions, bonuses, contests, or other special offers |
Saxo Bank vs Swissquote: Safety and Regulation
| Regulated By: | Saxo Bank | Swissquote |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
FINMA (Switzerland) |
Saxo Bank vs Swissquote: Trading Conditions
| Trading Conditions | Saxo Bank | Swissquote |
|---|---|---|
Minimum Deposit |
$0 |
$1000 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4, MT5, Advanced Trader |
Max Leverage (Futures) |
1-30 |
1-100 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, CFD, precious metals, stock indices, bonds, commodities, cryptocurrencies |
Trading assets |
71000+ |
10000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Standard, Premium, Professional, Prime |
Base Account Currencies |
USD, EUR |
USD, EUR, JPY, GBP, CHF, CAD, AUD, TRY, PLN, SEK, NOK, SGD, XGD, HUF, CZK |
Saxo Bank vs Swissquote: Fees
Forex Trading Fees
| Fee | Saxo Bank | Swissquote |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.7 pips |
Standard Account Fee |
$0 |
15-50 CHF |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Saxo Bank | Swissquote |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | Swissquote |
|---|---|---|
Account Fee |
No |
15-50 CHF |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$10 per month after 6 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 Swissquote: Trading Assets
| Asset Name | Saxo Bank | Swissquote |
|---|---|---|
Overall |
71000+ |
10000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
No |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes |
Indices |
Yes |
Yes |
ETFs |
Yes |
No |
Bonds |
Yes |
Yes |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or Swissquote: Investment Programs
| Asset Name | Saxo Bank | Swissquote |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
Yes |
No |
Other |
No |
Themes Suggestions |
Trading Platforms: Swissquote or Saxo Bank
| Saxo Bank | Swissquote | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
Advanced Trader |
Others |
No |
No |
|
|
|
Saxo Bank vs Swissquote: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | Swissquote |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
No |
Crypto |
No |
No |
Saxo Bank vs Swissquote: Research
| Research Type | Saxo Bank | Swissquote |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs Swissquote: Education
| Education Type | Saxo Bank | Swissquote |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
Swissquote vs Saxo Bank: Support
| Support Features | Saxo Bank | Swissquote |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs Swissquote: Forex Bonuses and Promo
| Promo | Saxo Bank | Swissquote |
|---|---|---|
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 |
Recommend Swissquote Bank and receive cash bonuses of up to CHF 800 for every customer you refer. |
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. |
No |
|
|
|
Top 5 Reviews on Swissquote
-
Comment
A year ago, when I was a novice trader, I carefully studied the market and looked for a reliable broker to avoid possible fraudulent schemes. After a long search and analysis of many reviews and forums, I decided to choose Swissquote. It turned out to be the right choice. I did not regret my decision, as Swissquote turned out to be a reliable and professional company. I recommend this broker.
-
Comment
I have received positive experience for two years of trading with Swissquote. Their reliability, execution speed, and lack of requotes make trading convenient and enjoyable. The only thing I would like to improve is to expand the range of tools for technical analysis, including those designed for trading on stock markets. Overall, I recommend Swissquote to Forex traders.
-
Comment
Swissquote did not pass my own check. I made a deposit, traded a little, and saw serious issues. I have a lot of experience and problems with opening orders and the operation of the platform are obvious to me. Technical support is very weak.
-
Comment
Although Swissquote is considered good, I cannot write a positive review about it. The spread here is not 1.5 points, as stated on the website. The average spread for major currency pairs at Swissquote is 4-5 points without widening. During the night or during strong market movements, the spread can reach 15-20 points. My trading strategy cannot withstand such a spread.
-
Comment
Swissquote practices blocking traders who trade successfully and actively. Although the company does not prohibit active trading, it appears that there are still restrictions. At first, I was blocked from accessing my user account for a week precisely because of active trading. Then Swissquote introduced a limit on the number of trades per day - no more than two. It’s kind of nonsense, these restrictions are strange! There is no point in trading with the broker that does not allow you to open more than two trades per day.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!