Saxo Bank vs TD Ameritrade - Fees Review included
Which broker is better Saxo Bank or TD Ameritrade? 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. TD Ameritrade is one of the top brokers in the financial market with the TU Overall Score of 4.35 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | TD Ameritrade |
|---|---|---|
Overall |
4.5 |
4.7 |
4.8 |
4.9 |
|
4.6 |
4.9 |
|
5 |
4.7 |
|
Investment Instruments |
4.2 |
4.1 |
Platforms and Charting Tools |
4.6 |
5 |
Deposit and Withdrawal |
4.0 |
4.1 |
Research |
5 |
4.6 |
Education |
3.6 |
4.3 |
Support |
4.4 |
4.5 |
Bonuses |
3.6 |
4.3 |
|
|
Saxo Bank vs TD Ameritrade: 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.
TD Ameritrade is an American broker that provides top-notch online services for trading and investing in securities on the OTC markets. The company was founded in 1975 under the name First Omaha Securities. It was reimagined as an online broker in 1998. TD Ameritrade is a member of FINRA and SIPC and currently serves over 11 million client accounts. The broker offers simple pricing, high-tech trading platforms with professional analytics, and a wide range of markets and investment products. TD Ameritrade was named Best Online Broker 2020 by StockBrokers.com and ranked first in the Platforms & Tools, Beginners, Education, and Customer Service categories.
| Saxo Bank | TD Ameritrade | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | One of the biggest international brokers |
| over 71 thousand instruments for trading | The broker offers high-tech author's terminals that work from desktop or mobile device | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Huge choice of available markets and trading instruments, clients have open access to the securities market, OTC, derivatives trading, and legal work with Forex instruments | |
| The company does not charge fees for trading in American and Canadian stocks, options, and ETFs | ||
| Low margin rates | ||
| The broker's regulators are FINRA, SEC and SIPC, which guarantee the protection of client funds and their return in the event of TD Ameritrade's bankruptcy or other default | ||
| Overall Cons | Cent accounts are not available | A high entry threshold has been set for margin trading and investment in managed portfolios |
| 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 TD Ameritrade: Safety and Regulation
| Regulated By: | Saxo Bank | TD Ameritrade |
|---|---|---|
US Regulation |
No |
FINRA, SEC, CFTC |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
SIPC protection up to $500.000 The Hong Kong Securities and Futures Commission, and the Monetary Authority of Singapore (MAS). |
Saxo Bank vs TD Ameritrade: Trading Conditions
| Trading Conditions | Saxo Bank | TD Ameritrade |
|---|---|---|
Minimum Deposit |
$0 |
$1 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
Classic web platform, NextGen web platform, TD Ameritrade Mobile, Thinkorswim (web, desktop, mobile) |
Max Leverage (Futures) |
1-30 |
1:2 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Hedge funds |
Trading assets |
71000+ |
18000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Paper Account (Demo), Standard (Cash, Cash and Margin, Cash and Option, Cash, Margin and Option), Retirement (Traditional IRA, Roth IRA, Rollover IRA), Education (529 Plan, Coverdell), Specialty, Managed Portfolios |
Base Account Currencies |
USD, EUR |
USD |
Saxo Bank vs TD Ameritrade: Fees
Forex Trading Fees
| Fee | Saxo Bank | TD Ameritrade |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.2 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 | TD Ameritrade |
|---|---|---|
CFD Trading Fee |
Floating spread |
Not supported |
Non-Trading Fees
| Fee | Saxo Bank | TD Ameritrade |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
$25 per wire transfer, other withdrawal methods - free |
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 TD Ameritrade: Trading Assets
| Asset Name | Saxo Bank | TD Ameritrade |
|---|---|---|
Overall |
71000+ |
10000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes |
Indices |
Yes |
Yes |
ETFs |
Yes |
Yes |
Bonds |
Yes |
Yes |
Mutual funds |
Yes |
Yes |
Stock options |
Yes |
Yes |
Futures Trading |
Yes |
Yes |
Binary Options |
No |
Yes |
Saxo Bank or TD Ameritrade: Investment Programs
| Asset Name | Saxo Bank | TD Ameritrade |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
Yes |
Other |
No |
Retirement plans, Bonds, Hedge Funds, Collateral Lending Program |
Trading Platforms: TD Ameritrade or Saxo Bank
| Saxo Bank | TD Ameritrade | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
Classic web platform, NextGen web platform, TD Ameritrade Mobile, Thinkorswim (web, desktop, mobile) |
Others |
No |
No |
|
|
Saxo Bank vs TD Ameritrade: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | TD Ameritrade |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
No |
Electronic Wallets |
No |
No |
Crypto |
No |
Electronic bank deposit (ACH), asset transfer from another brokerage company, by check via mobile app, physical certificates of shares |
Saxo Bank vs TD Ameritrade: Research
| Research Type | Saxo Bank | TD Ameritrade |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs TD Ameritrade: Education
| Education Type | Saxo Bank | TD Ameritrade |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
TD Ameritrade vs Saxo Bank: Support
| Support Features | Saxo Bank | TD Ameritrade |
|---|---|---|
Working Days |
24/5 |
24/7 |
No |
Yes |
|
Phone |
Yes |
yes |
Online chat |
Yes |
Yes |
Other |
No |
FB Messenger, teletype, fax |
Saxo Bank vs TD Ameritrade: Forex Bonuses and Promo
| Promo | Saxo Bank | TD Ameritrade |
|---|---|---|
Forex Bonus |
No |
Welcome bonus. When opening a brokerage account using the referral link of an existing client and making a deposit of $50,000, the new client receives from $150 to $1,000 on the balance. The exact amount of the bonus depends on the amount deposited. |
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 |
Referral program. A partner receives $50 for each attracted client who deposited $3,000 within 90 days from the date of opening an account. A partner can link a maximum of 10 friends and family members per day, but no more than 50 referrals per month. Not only a partner but also a referral can get from 150 to $1,000 to the account if they top it up with $50,000 or more. The offer is not available for individual retirement accounts (IRA) or for other accounts that are not taxed. |
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 TD Ameritrade
-
Comment
In Thinkorswim by TD Ameritrade, money is hard to withdraw. I read reviews about Thinkorswim, there are a lot of real complaints about non-output. So I'm not the only one who was thrown in this office. I do not recommend anyone to trade here.
-
Comment
After 3 years, I decided to give TD Ameritrade a second chance, but nothing has changed here. As there were problems with the withdrawal of money, they remained, the commissions only increased. In general, there will be no quality trade here.
-
Comment
I have been trading for real since 2021 with them. Everything suited. In November, I decided to withdraw part of the funds. In general, December is in the yard, but there is no money. Gentlemen, draw your own conclusions.
-
Comment
18.08.2022 made an application, every day for some reason for which funds cannot be transferred. Since 23.08.2022, support has stopped responding altogether. if I had read the comments before, I would never have invested in this pyramid.
-
Comment
Big problem with withdrawals. Three weeks have passed since the withdrawal order was issued, the money is hanging on the deposit, appeals remain unanswered.
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.