Home Brokers comparison Saxo Bank vs FOREX.com

Saxo Bank vs FOREX.com

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Saxo Bank and Forex.com are leading online brokers with top-tier regulations. Saxo Bank has an excellent trading platform with market research data and professional tools. It offers active trading discounts and follows a transparent fee policy. Saxo Bank has licenses from ASIC, SFC, FSA, MAS, FINMA, and FCA. It is a good choice for traders of all levels of experience.  

Broker NameSaxo Bank Forex.com
Year Founded19922001
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)CIMA, CFTC, IIROC, FSA, FCA & NFA 
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)Cryptocurrency, stocks, CFD, futures & forex 
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts$100
Min Trade$0$1
PlatformsSaxoTraderGODesktop, Mobile
DepositFree of chargeFree of charge
WithdrawalsFree of chargeFree of charge

Forex.com is the leading forex trading broker with many forex pairs, CFDs, and cryptocurrency CFD. It has top-tier licenses from IIROC, FSA, FCA, and CFTC. It has reliable trading platforms and apps, with some educational tools. Forex.com is a good fit for active forex traders. 

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

Top findings from the Saxo Bank vs. Forex.com review:  

  1. Saxo Bank has excellent trading platforms with social trading and research features. 
  1. Forex.com has a reliable forex trading app with educational and research data on forex. 
  1. Both brokers offer virtual trading accounts and active trader discounts. 

We recommend Saxo Bank for traders looking for social trading services. Forex.com is an excellent choice for forex trading for both experienced and beginner traders. 

Overall Rating

FeatureSaxo BankFOREX.com
Overall54.5
Commissions & Fees53.5
Offering of Investments55
Platforms & Tools54.5
Mobile Trading54.5
Research54
Education44
Trust Score9993
WinnerYES
66% of retail CFD accounts lose money79% of retail CFD accounts lose money

Level of experience  

Beginner traders prefer Saxo Bank over Forex.com. Saxo Bank has powerful educational features and materials, including forex and CFD education, webinars, training videos, and advanced trading videos. 

Forex.com offers some educational and research data, including Trading Central, forex education, and training videos. Both brokers provide access to a demo account. 

Fees  

Saxo Bank has a high minimum deposit fee of US$10,000. Forex.com has an initial deposit commission of US$100. The average EUR/USD spread with Saxo Bank is 0.8 pips, while at Forex.com is 1.4 pips. Both brokers offer active trading discounts. 

Assets  

Saxo Bank offers 170 currency pairs, while Forex.com has 91 available pairs. Saxo Bank has 9000 CFD, while Forex.com has 4500. Both brokers offer CFD cryptocurrency. 

Trading platform  

Saxo Bank has a desktop, web, and mobile trading platform. These feature a virtual trading account, helpful research tools, and educational material. Saxo Bank has MetaTrader4 and offers social trading tools. It is an excellent choice for traders of all levels of experience. 

Forex.com has an impressive forex trading app, a proprietary desktop and web platform. It offers Metatrader 4 and 5 with many trading tools. These include a demo account, standard alerts, and charting possibilities, and some research materials. It is a good fit for experienced traders. 

Banking services  

Banking services contribute to a premium trading experience. Saxo Bank offers bank transfers and credit/debit card funding. Forex.com has bank transfers, credit/debit cards, and PayPal. 

Final verdict  

Saxo Bank and Forex.com are the leading online brokers. Both have advantages and disadvantages, depending on your needs and trading experience. We recommend Saxo Bank to active traders of all levels of experience. Forex.com is a better choice for professional traders looking for excellent forex services. 

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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