XTB vs Saxo Bank - Fees Review included
Which broker is better XTB or Saxo Bank? Our expert assessment conducted according to TU’s own methodology showed that XTB is one of the top brokers in the financial market with the TU Overall Score of 5.17 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 | XTB | Saxo Bank |
|---|---|---|
Overall |
4.3 |
4.5 |
4.7 |
4.8 |
|
3.8 |
4.6 |
|
4.7 |
5 |
|
Investment Instruments |
1 |
4.2 |
Platforms and Charting Tools |
4.4 |
4.6 |
Deposit and Withdrawal |
4.8 |
4.0 |
Research |
4.1 |
5 |
Education |
4.4 |
3.6 |
Support |
4.5 |
4.4 |
Bonuses |
4.6 |
3.6 |
|
|
|
XTB vs Saxo Bank: Pros and Cons
The X Trade Brokers (hereinafter “XTB”) is registered in Belize and provides a fairly extensive list of financial services to traders. The company was incorporated in 2002 and its financial regulator is the Belize International Financial Services Commission (IFSC). The broker has offices in Spain, Poland, and the UK, where it is authorized and regulated by the National Financial Supervision Commissions. The XTB is focused on working primarily with European investors. It has several significant awards, including the Best Broker in Europe award by Global Banking & Finance Review and Best Financial Teacher by World Finance Exchange & Brokers.
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.
| XTB | Saxo Bank | |
|---|---|---|
| Overall Pros | 2100+ trading instrumetns | favorable trading terms for professional traders with at least 1 year of experience |
| Big choice of ETF CFDs | over 71 thousand instruments for trading | |
| Everage EURUSD spread 0.1 pip | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | |
| Advanced xStation trading platform | ||
| Well regulated broker | ||
| Overall Cons | High non trading fees - 1.5% commission for withdrawal to credit cards, Account fee 10EUR etc. | Cent accounts are not available |
| High stock CFDs fees | 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). |
XTB vs Saxo Bank: Safety and Regulation
| Regulated By: | XTB | Saxo Bank |
|---|---|---|
US Regulation |
NO |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
No |
Yes |
Other Regulators |
International Financial Services Commission in Belize. (IFSC License No.: 000302/185) |
DFSA (Denmark) , and other European regulators |
XTB vs Saxo Bank: Trading Conditions
| Trading Conditions | XTB | Saxo Bank |
|---|---|---|
Minimum Deposit |
$1 |
$0 |
Trading Platforms |
MetaTrader 4 and xStation 5 |
SaxoTraderGo, SaxoTraderPro |
Max Leverage (Futures) |
1-500 (only for non EU and UK clients), 1-30 |
1-30 |
Supported Markets |
Forex, CFDs on Stocks, Commodities, Metals, Cryptocurrencies and ETFs |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets |
2100+ |
71000+ |
Trading Accounts |
Demo, Standard, Pro, Islamic |
Classic, Platinum, VIP, Professional |
Base Account Currencies |
USD |
USD, EUR |
XTB vs Saxo Bank: Fees
Forex Trading Fees
| Fee | XTB | Saxo Bank |
|---|---|---|
Standard Account EURUSD Average Spread |
1 pip |
0.7 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 | XTB | Saxo Bank |
|---|---|---|
CFD Trading Fee |
0.3% for stock and ETF CFDs trading, 4USD per 1 BTC, 10 ETH, 1000 LTC |
Floating spread |
Non-Trading Fees
| Fee | XTB | Saxo Bank |
|---|---|---|
Account Fee |
$10 EUR per month |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
1.5% of the amount (but not less than USD 30) when withdrawing money to a bank card (Visa, Mastercard), as well as when withdrawing to SafetyPay. When withdrawing to Neteller and Skrill, XTB charges 2% of the withdrawal amount. |
No |
Inactivity Fee |
€10 per month after 12 months of inactivity |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
XTB vs Saxo Bank: Trading Assets
| Asset Name | XTB | Saxo Bank |
|---|---|---|
Overall |
2100+ |
71000+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes |
Metals |
Yes (CFD) |
Yes |
Cryptocurrencies |
Yes (CFD) |
Yes |
Energy |
Yes (CFD) |
Yes |
Indices |
Yes (CFD) |
Yes |
ETFs |
Yes (CFD) |
Yes |
Bonds |
No |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
XTB or Saxo Bank: Investment Programs
| Asset Name | XTB | Saxo Bank |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
Yes |
Other |
No |
No |
Trading Platforms: Saxo Bank or XTB
| XTB | Saxo Bank | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
xStation 5 |
SaxoTraderGo, SaxoTrader Pro |
Others |
No |
No |
|
|
|
XTB vs Saxo Bank: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | XTB | Saxo Bank |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
No |
Crypto |
No |
No |
XTB vs Saxo Bank: Research
| Research Type | XTB | Saxo Bank |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
No |
Yes |
Trading Ideas |
No |
Yes |
E-Mail Reports |
No |
Yes |
XTB vs Saxo Bank: Education
| Education Type | XTB | Saxo Bank |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
No |
No |
Saxo Bank vs XTB: Support
| Support Features | XTB | Saxo Bank |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
XTB vs Saxo Bank: Forex Bonuses and Promo
| Promo | XTB | Saxo Bank |
|---|---|---|
Forex Bonus |
Welcome bonus for non UK/EU & MENA residents . 50% of your first deposit can be added to your account if you trade a minimum amount of lots (15% of your first deposit amount) within 60 days of your account opening, clients should aply for Welcombe bonus and deposit at least $100. |
No |
Affiliate Program |
The XTB affiliate program allows a client of the company to earn additional income by advertising the broker and attracting new clients. The amount of such income is up to 20% of the spread of the referred client |
“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 |
he XTB cashback (rebates) program is primarily for traders who trade actively. The client has the opportunity to receive partial compensation of the spread, subject to the fulfillment of the monthly trading volume |
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 XTB
-
Comment
XTB’s platform works perfectly, there are almost no slippages or requotes, and execution is usually instant, which significantly increases the chances of profit. Few brokers can boast of such a high-quality platform.
-
Comment
There are quite a lot of brokerage companies. There are good and bad brokers, and those who have nothing to do with financial markets at all. XTB is not a perfect company, but it has many advantages over others. Its main advantage is client support, account maintenance, and a low entry threshold. Personally, I decided on this company.
-
Comment
I chose XTB among many brokers 6 months ago. Spread is low, execution is smooth, and withdrawals are quick on weekdays. This is quite enough for me.
-
Comment
xtb is an excellent company, I have been working with it for 3 years. I withdraw large sums to the card. The quotes are even without problems, there is a choice of other platforms, and fees are minimal. I totally confirm reviews of xtb!
-
Comment
I consider xtb a promising broker. I worked with it for some time — everything was excellent and most importantly of high quality. When I was withdrawing funds for the first time, I had to wait a little and I even started to get nervous, but in the end everything worked out. So I recommend this company as honest and of high quality.
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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.