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Saxo Bank vs eToro

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Saxo Bank and eToro are the leading online brokers. Both offer excellent social trading tools for traders of all levels of experience. Saxo Bank has superior market research and excellent trading platforms. It offers a transparent fee structure and active trading discounts. Saxo Bank has a top-tier license from these regulators: ASIC, SFC, FSA, MAS, FINMA, and FCA. We recommend Saxo Bank for traders of all levels of experience.  

Broker NameSaxo Bank eToro
Year Founded19922007
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)FCA, ASIC, CySEC
Tradable Assets40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone)Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants, Structured Products
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts$200
Min Trade$0$0
PlatformsSaxoTraderGOWeb, Social Trading
DepositFree of chargeFree of charge
WithdrawalsFree of chargeFree of charge

eToro is the leading social trading broker. It has a minimum deposit fee of $200 and a transparent fee structure. eToro has a reliable proprietary platform, a web platform, and a dedicated social trading space. It has licenses from ASIC and FCA. We recommend it for experienced traders because of its limited research and educational tools. 

Both online brokers have strengths and weaknesses. This article discusses the differences between Saxo Bank and eToro. 

Top findings from the Saxo Bank vs. eToro review:  

  1. Saxo Bank is a trustworthy broker with several top-tier licenses, currency pairs, and available CFDs. 
  1. eToro is the leading social trading broker with access to major forex pairs and many funding options. 
  1. Both brokers offer social trading tools and a virtual trading account. 

We recommend Saxo Bank for traders of all levels of experience because of its resources. eToro is a better choice for experienced traders who want access to premium social trading tools. 

Overall Rating

FeatureSaxo BankeToro
Overall54
Commissions & Fees54
Offering of Investments54.5
Platforms & Tools54
Mobile Trading54
Research54
Education44
Trust Score9993
WinnerYES
66% of retail CFD accounts lose money67% of retail CFD accounts lose money

Level of experience  

Beginner traders prefer Saxo Bank over eToro. Saxo Bank has diverse educational tools and superior market research. This broker offers webinars, beginner trading videos, and advanced research data. Saxo Bank is a good choice for traders of all levels of experience. 

eToro is the leading social trading broker with reliable research tools, including market commentary, social sentiment, and an economic calendar. Its research and education tools are limited, which is why it’s a better choice for advanced traders. 

Fees  

Saxo Bank has a high initial deposit of US$10,000, while eToro has a fee of US$200. Both brokers offer an active trader discount and a transparent fee structure. 

Assets  

Saxo Bank has 170 currency pairs, while eToro offers 47. Both brokers have major currency pairs, including GBP/USD and EUR/USD. Saxo Bank offers 9000 CFDs, while eToro has 2314. 

Trading platform  

Saxo Bank offers a broad range of desktop, web, and mobile trading solutions. These come with a virtual trading account, charting tools, and watch lists. Saxo Bank offers MetaTrader4 and social trading. It is a good choice for traders of all levels of experience. 

eToro offers an excellent social trading experience with dedicated educational and research tools. it offers a demo account, a reliable mobile app, and a proprietary platform. eToro is a good choice for advanced traders because its trading tools and market data are limited. 

Banking services  

Banking services offer advantages to traders of all levels of experience. Saxo Bank is a licensed and regulated bank with top-tier licenses, checking and savings accounts, and online access to accounts. It offers bank transfers and credit/debit card funding options for deposit and withdrawal. eToro is a social trading and multi-asset brokerage firm. It offers many funding options, including bank wire, credit/debit card, PayPal, and Skrill. 

Final verdict  

Saxo Bank and eToro are the leading online brokers with social trading services. Both have advantages and disadvantages depending on your trading experience. We recommend Saxo Bank to both experienced and beginner traders because of its learning tools. eToro is a better choice for professional traders because of its excellent social trading tools. 

Saxo Bank compared to other brokers:


Methodology 

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.

Disclosure

All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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