Webull vs Saxo Bank - Fees Review included
Which broker is better Webull or Saxo Bank? Our expert assessment conducted according to TU’s own methodology showed that Webull is one of the top brokers in the financial market with the TU Overall Score of 7.09 out of 10. Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. Find out more about TU Overall Score.
| Feature | Webull | Saxo Bank |
|---|---|---|
Overall |
3.2 |
4.5 |
5 |
4.8 |
|
3.4 |
4.6 |
|
3.1 |
5 |
|
Investment Instruments |
4.0 |
4.2 |
Platforms and Charting Tools |
3.1 |
4.6 |
Deposit and Withdrawal |
2.7 |
4.0 |
Research |
1.8 |
5 |
Education |
1.2 |
3.6 |
Support |
3.6 |
4.4 |
Bonuses |
4.1 |
3.6 |
|
|
Webull vs Saxo Bank: Pros and Cons
Webull is an American broker-dealer headquartered in New York City and is a FINRA, SIPC, NYSE, and NASDAQ member. The company was incorporated in May 2017, and in January 2018 it was already registered with the SEC. It is part of Webull Financial LLC and is licensed to carry out brokerage activities in all 50 US states. The broker offers a wide range of stock market assets, professional analytics and an intuitive trading platform with a variety of technical and fundamental analysis tools
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.
| Webull | Saxo Bank | |
|---|---|---|
| Overall Pros | Zero commission when trading stocks, options, and ETFs | favorable trading terms for professional traders with at least 1 year of experience |
| No minimum deposit requirements for brokerage and retirement (IRA) accounts | over 71 thousand instruments for trading | |
| Access to professional intelligent analytics and trading tools | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | |
| Overall Cons | There is no support for trading in mutual funds, futures, bonds or stocks of the OTC markets | Cent accounts are not available |
| It doesn’t provide an opportunity to make transactions with currency pairs | a ban on algorithmic trading for traders from abroad | |
| Cryptocurrency trading is available only in mobile applications | 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). | |
| Replenish your account from $2,000 to trade with favorable leverage |
Webull vs Saxo Bank: Safety and Regulation
| Regulated By: | Webull | Saxo Bank |
|---|---|---|
US Regulation |
Yes |
No |
FCA (Great Britain) |
No |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
Yes |
Other Regulators |
Membership in the SIPC Insurance Fund |
DFSA (Denmark) , and other European regulators |
Webull vs Saxo Bank: Trading Conditions
| Trading Conditions | Webull | Saxo Bank |
|---|---|---|
Minimum Deposit |
1 USD |
$0 |
Trading Platforms |
Own platform |
SaxoTraderGo, SaxoTraderPro |
Max Leverage (Futures) |
1-2/1-4 |
1-30 |
Supported Markets |
Stocks, options, ETFs, ADRs, cryptocurrencies |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets |
100+ |
71000+ |
Trading Accounts |
Paper Account (Demo), Margin Account, Cash Account (IRA, Individual) |
Classic, Platinum, VIP, Professional |
Base Account Currencies |
USD |
USD, EUR |
Webull vs Saxo Bank: Fees
Forex Trading Fees
| Fee | Webull | Saxo Bank |
|---|---|---|
Standard Account EURUSD Average Spread |
Market stock spread |
0.7 pips |
Standard Account Fee |
From $0,002. for each share. There are also other fees for certain transactions |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Webull | Saxo Bank |
|---|---|---|
CFD Trading Fee |
Market stock spread |
Floating spread |
Non-Trading Fees
| Fee | Webull | Saxo Bank |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
Yes |
No |
Withdrawal Fee |
Yes |
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.
Webull vs Saxo Bank: Trading Assets
| Asset Name | Webull | Saxo Bank |
|---|---|---|
Overall |
100+ |
71000+ |
Forex |
No |
Yes |
Stocks |
Yes |
Yes |
Metals |
No |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
No |
Yes |
Indices |
No |
Yes |
ETFs |
Yes |
Yes |
Bonds |
No |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
Webull or Saxo Bank: Investment Programs
| Asset Name | Webull | Saxo Bank |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
Yes |
Other |
No |
No |
Trading Platforms: Saxo Bank or Webull
| Webull | Saxo Bank | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
No |
SaxoTraderGo, SaxoTrader Pro |
Others |
Own trading platform |
No |
|
|
Webull vs Saxo Bank: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Webull | Saxo Bank |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
No |
Crypto |
No |
No |
Webull vs Saxo Bank: Research
| Research Type | Webull | Saxo Bank |
|---|---|---|
News Feed |
No |
Yes |
Fundamental Data |
No |
Yes |
Chart Analysis |
No |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
No |
Yes |
Webull vs Saxo Bank: Education
| Education Type | Webull | Saxo Bank |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
Yes |
Articles |
No |
No |
Videos |
No |
No |
Cent account |
No |
No |
Saxo Bank vs Webull: Support
| Support Features | Webull | Saxo Bank |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
No |
Yes |
Other |
No |
No |
Webull vs Saxo Bank: Forex Bonuses and Promo
| Promo | Webull | Saxo Bank |
|---|---|---|
Forex Bonus |
Flexible bonus system with the ability to receive a bonus in the form of securities in the amount of up to 1600 USD |
No |
Affiliate Program |
Yes |
“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 |
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 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.
Top 5 Reviews on Webull
-
Comment
The Webull broker is characterized by low-quality execution of transactions. Transactions revolve within the company. If you compare trading here with trading in other companies, the difference will be very noticeable. I do not advise.
-
Comment
I have been cooperating with Webull for the third month. It seems to me that this is a sufficient period to see all the obvious advantages and disadvantages of the company. First, about the cons, which, perhaps, only catch me. I don't like their terminal from the word "generally". It lacks tools for analysis, and performance leaves much to be desired. Another disadvantage is that access to margin trading is opened from $2,000 in the account balance. But still, I lingered here, because there are pluses: trading without spreads, increased leverage on intraday trading and a demo account for testing strategies. I don’t see a worthy replacement among competitors yet, I stay with Webull until better times.
-
Comment
I won’t complain about Webull either. My homie advised me to cooperate with this broker and I immediately checked its legal documents. It’s as clear as day, the company operates in the legal field. Trust my experience, there are a lot of scammers these days but Webull is not one of them. The broker's terminal is rock-solid, and after the last update, it became even more convenient to use it compared to before. Everything is smooth with payments and the company strives to make the process even better.
-
Comment
I opened an account with Webull a year ago, the company's experts helped to develop a strategy and decide on financial instruments. I cannot say that I am very impressed with the results, but there is an indisputable plus from our cooperation. Transactions are well protected, there is no commission for withdrawing funds from the account.
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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.