Home Brokers comparison Saxo Bank vs. OANDA

Saxo Bank vs. OANDA

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Saxo Bank and Oanda are leading online brokers with impressive trading experiences. Saxo Bank is a premium online broker with professional platforms and tools. It has a transparent fee policy and reliable trading tools. Saxo Bank has licenses from FINMA, MAS, ASIC, SFC, FSA, and FCA. It is an excellent choice for active traders of all levels of experience. 

Broker NameSaxo Bank Oanda
Year Founded19921996
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)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)Forex, Bonds, Precious Metals, Indices, Commodities
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts$0 (Standard); $20,000 (Premium)
Min Trade$0$0
PlatformsSaxoTraderGOFxTrade, Desktop, Web, MT4
DepositFree of charge$0 (Standard); $20,000 (Premium)
WithdrawalsFree of charge$0 (Standard); $20,000 (Premium)

Oanda is a leading U.S. forex broker with user-friendly platforms and tools. It has top-tier licenses from the CFTC and FCA. We recommend it for beginner investors, as it has straightforward trading platforms. 

This article discusses the strengths and weaknesses of Saxo Bank and Oanda. 

Top findings from the Saxo Bank vs. Oanda review:  

  1. Saxo Bank has premium online trading services with professional platforms and social trading tools. 
  1. Oanda is a leading U.S. forex broker with reliable research tools and a learning center. 
  1. Both brokers offer an active trader discount and a virtual trading account. 

We recommend Saxo Bank for experienced traders as it has leading social trading tools and services. Oanda is a top choice for both beginner and experienced traders because of its powerful educational and research tools. 

Overall Rating

FeatureSaxo Bank OANDA
Overall54
Commissions & Fees53.5
Offering of Investments53
Platforms & Tools54
Mobile Trading54
Research54.5
Education43.5
Trust Score9989
WinnerYES
66% of retail CFD accounts lose money73.5% of retail CFD accounts lose money

Level of experience  

Saxo Bank is a top choice for professional traders. It offers premium platforms, tools, and trading videos. Saxo Bank has some educational tools, including webinars, training videos, and forex education. 

Oanda offers an easy-to-use trading platform with excellent research tools. It is a top choice for new traders as it offers a smooth trading experience. Oanda has a dedicated learning center with many useful tools. 

Fees  

Saxo Bank has an initial deposit of US$10,000, while Oanda does not charge a fee for creating a new account. The average EUR/USD spread at Saxo Bank is 0.8, while at Oanda is 1.4. Both brokers offer an active trader discount. 

Assets  

Saxo Bank offers 170 forex currency pairs, while Oanda has 70 available pairs. Saxo Bank has 9000 CFDs, while Oanda has 55 available CFDs. 

Trading platform  

Saxo Bank has an outstanding portfolio with professional desktop, web, and mobile platforms. It provides a demo account, reliable research, and educational materials. Saxo Bank is popular as it offers impressive social trading services and access to MT4. We recommend it for active traders of all levels of experience. 

Oanda offers beginner-friendly trading platforms and tools. It has many technical indicators and a useful API. Oanda is a good fit for new traders, as it provides access to an excellent learning center. 

Banking services  

Banking services represent important benefits for a good trading experience. Saxo Bank is a registered bank and provides extensive banking services to its clients. It offers bank wire and credit/debit cards as funding and withdrawal options. Oanda does not offer banking services. Funding options at Oanda include bank wire, credit/debit, and PayPal. 

Final verdict  

Saxo Bank and Oanda are leading online brokers. Both have advantages and disadvantages depending on your trading experience and preferences. Professional traders choose Saxo Bank, as it has impressive premium services. We recommend Oanda for traders of all levels of experience as it has user-friendly platforms 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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