Home Brokers comparison Saxo Bank vs. FXCM

Saxo Bank vs. FXCM

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Saxo Bank and FXCM are leading forex brokers. Saxo Bank has excellent premium services and trading platforms. It has a transparent fee structure and top-tier tools. Saxo Bank is a safe broker with licenses from the FSA, ASIC, SFC, MAS, FCA, and FINMA. It is a top choice for active traders of all levels of experience. 

Broker NameSaxo Bank FXCM
Year Founded19921999
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)ASIC, FCA, IIROC
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)Forex, CFDs
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accountsStarts from $50-£300 (depending on location)
Min Trade$0$0
PlatformsSaxoTraderGOTrading Station, MT4
DepositFree of chargeFree of charge
WithdrawalsFree of chargeFree of charge

FXCM is one of the leading forex brokers with professional trading tools. This broker has a reliable education portal with tutorials and forex education topics. FXCM has professional research tools and access to MT4. It has top-tier licenses from the ASIC, IIROC, and FCA. We recommend it for both beginner and experienced traders as it has a versatile portfolio. 

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

Top findings from the Saxo Bank vs. FXCM review:  

  1. Saxo Bank offers a premium trading experience with professional platforms and social trading tools. 
  1. FXCM offers multiple desktop interfaces, APIs, and social trading features. 
  1. Both brokers offer an active trader discount and a demo account. 

Saxo Bank is a top choice for experienced traders, as it has limited learning tools. We recommend FXCM to traders of all levels of experience, as it has reliable research and educational tools. 

Overall Rating

FeatureSaxo Bank FXCM
Overall54
Commissions & Fees53.5
Offering of Investments54
Platforms & Tools54.5
Mobile Trading54
Research54
Education44
Trust Score9993
WinnerYES
66% of retail CFD accounts lose moneyBetween 74-89% of retail CFD accounts lose money

Level of experience  

Professional traders choose Saxo Bank as it offers top-tier tools and platforms. It has access to professional trading videos and advanced research. Saxo Bank has some beginner-friendly tools, including forex education. 

FXCM has many platform choices created to match different trading styles. It has an educational portal for new traders and some research tools. FXCM offers forex education, webinars, and beginner and advanced trading videos. It is a top choice for beginners and forex traders. 

Fees  

Saxo Bank has a minimum deposit fee of $10,000, while FXCM starts from $50-£300. The average EUR/USD spread at Saxo Bank is 0.8, while at FXCM is 1.4. 

Assets  

Saxo Bank has 170 forex currency pairs, while FXCM has 39 available pairs. Saxo Bank provides access to 9000 CFDs, while FXCM has 82 available CFDs. 

Trading platform  

Saxo Bank offers premium web, desktop, and mobile trading platforms. It has a virtual trading account and reliable research tools. Saxo Bank is a top choice for active traders looking for social trading services. This broker offers research tools, including social sentiment. 

FXCM offers a proprietary platform, Trading Station, and MetaTrader4. It offers technical indicators and advanced tools. FXCM is a top choice for new traders, as it has a dedicated learning center. It offers access to third-party market data and daily technical levels. 

Banking services  

Banking services contribute to an excellent online trading experience. Saxo Bank offers bank wire and credit/debit cards as funding options. FXCM has bank wire, credit/debit cards, and Skrill. 

Final verdict  

Saxo Bank and FXCM are leading forex brokers. Both have advantages and disadvantages depending on your trading style and experience. Saxo Bank is a good fit for active traders, as it has professional tools and platforms. We recommend FXCM for new traders because of its research and learning tools. 


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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