Written by ForexBrokers.com
In this head to head comparison of Saxo vs CMC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When considering online brokers, Saxo and CMC Markets both hold the highest Trust Score of 99 according to ForexBrokers.com, signaling a very high level of trust for traders. Saxo, founded in 1992, operates as a bank but is not publicly traded. In contrast, CMC Markets, established a few years earlier in 1989, is a publicly traded company, though it does not operate as a bank. Both brokers are well-regulated; Saxo boasts 7 Tier-1 licenses, while CMC Markets holds 6, reflecting a solid regulatory standing for both.
In addition to their Tier-1 credentials, each broker holds 1 Tier-2 license, further enhancing their credibility. This shared trustworthiness sets Saxo and CMC Markets apart as reliable choices for traders. While each has its own corporate structure—Saxo as a privately held bank and CMC Markets as a publicly traded entity—their high trust scores and licensing credentials make them leading options in the online trading environment.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Year Founded | 1992 | 1989 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 6 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Comparing commissions and fees, both Saxo and CMC Markets earn 5 out of 5 stars. That said, CMC Markets ranks higher in this category (#4 of 63) than Saxo (#8 of 63). CMC Markets is ideal if you want low spreads without needing a premium account, while Saxo shines for active or high‑balance clients who can access its upper‑tier pricing.
Saxo is commission‑free for forex (the cost is in the spread), with one exception: if you trade less than 50,000 units in a month, a $3 per side ticket fee applies. As of November 2023, average EUR/USD spreads were 1.1 pips on the Classic account, 1.0 on Platinum, and 0.9 on VIP, with minimums roughly 0.2 pips tighter. The Classic account now has a $0 minimum deposit; Platinum requires $200,000 (AUD 300,000 in Australia); and VIP requires $1,000,000 or qualifying volume via Saxo’s loyalty program (for example, about $40 million can upgrade Classic to Platinum for 12 months, and about $167 million can upgrade to VIP for one year). Saxo also waives custody fees for share trading if you opt into securities lending.
CMC Markets won the 2025 Commissions and Fees award and ranks #4 out of 63 thanks to consistently low pricing across account types. Typical EUR/USD spreads were about 0.61 pips in August 2023, and its FX Active plan (available in select regions, including the U.K., Australia, New Zealand, Canada, and parts of Southeast Asia) charges $2.50 per side with minimum spreads from zero—bringing the all‑in cost to about 0.5 pips on EUR/USD and several other pairs. The Price Plus Scheme can reduce costs further for high‑volume traders through Trading Points (e.g., a 20% spread discount at Tier 4), and CMC’s average spreads tend to track its advertised minimums closely.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.3 |
| All-in Cost EUR/USD - Active | 0.8 | 0.65 |
| Non-wire bank transfer | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo vs CMC Markets: both let you trade forex either as CFDs or spot, and both offer exchange-traded securities (not CFDs) on U.S. and international markets, so you can buy shares like Apple on NASDAQ and Vodafone in London. The big difference is breadth: Saxo lists 71,000 tradeable symbols and 190 forex pairs, while CMC Markets offers 12,029 symbols and 141 forex pairs. For crypto, neither broker lets you buy actual coins, but both provide cryptocurrency CFDs.
For extras, CMC Markets supports copy trading, whereas Saxo does not. In independent evaluations of range of investments, both earn 5 out of 5 stars, with Saxo ranked #3 out of 63 brokers and CMC Markets ranked #9. If you want the widest market access, Saxo stands out; if copy trading matters, CMC Markets has the edge.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 12029 |
| Forex Pairs (Total) | 190 | 141 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Saxo and CMC Markets both deliver feature-rich trading platforms and tools across web and Windows desktop, plus free demo (paper) trading so you can practice risk-free. Each broker builds its own proprietary platform and lets you place orders directly from charts. The key differences: CMC Markets supports copy trading and offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), while Saxo does not support copy trading or MetaTrader.
Both earn 5 stars for Trading Platforms and Tools; in industry rankings, Saxo placed #3 out of 63 brokers and CMC Markets ranked #6. If you want MetaTrader or copy trading, CMC Markets is the better fit. If you prefer an in-house platform experience and don’t need MetaTrader, Saxo stands out. In either case, start with the free demo account to compare chart trading and the platform interface before you commit.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 61 | 73 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and CMC Markets both deliver feature-rich mobile trading apps for iPhone and Android. You get price alerts, watchlist syncing with your web account, and chart tools like trendline drawing with auto-saved annotations. In day-to-day use, both apps are easy to navigate and quick for checking markets and placing trades, and each is rated 5 out of 5 stars for Mobile Trading Apps.
If charting depth is a priority, Saxo offers 64 built-in technical studies compared with CMC Markets’ 29, giving Saxo an edge for on-the-go analysis. According to ForexBrokers.com, Saxo ranks #3 and CMC Markets ranks #5 out of 63 brokers in the Mobile Trading Apps category—strong results for both, with Saxo slightly ahead thanks to its wider range of charting studies.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 29 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Saxo and CMC Markets for their market research offerings, both brokers deliver extensive resources that cater to the needs of traders. Saxo and CMC Markets provide daily market commentary, ensuring you stay updated with the latest insights. In terms of forex news, both platforms source their information from top-tier providers like Bloomberg and Reuters. Additionally, both brokers integrate tools from Autochartist, assisting traders with technical and fundamental analysis. A sentiment-based trading tool is also available on both platforms, helping traders gauge market positions across various instruments. However, neither Saxo nor CMC Markets includes tools from Trading Central or Acuity Trading, and neither offers market research from TipRanks.
Saxo and CMC Markets both feature economic calendars that highlight important global economic events. Despite these similarities, Saxo edges out in terms of overall research excellence. Rated five stars for research, just like CMC Markets, Saxo holds the top rank among 63 brokers according to ForexBrokers.com, while CMC Markets comes in at the sixth position. This indicates that while both brokers provide solid research tools and resources, Saxo stands out for its comprehensive array of features and superior ranking in the research category.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and CMC Markets both earn 5 stars for education and are strong choices for beginner traders learning forex and CFDs. Each broker offers at least 10 beginner videos and at least 10 advanced videos, giving newcomers plenty of step-by-step lessons and more in-depth material to grow into. In independent rankings from ForexBrokers.com, CMC Markets places slightly higher for education (#10 out of 63) than Saxo (#12).
For live learning, Saxo has the edge: it hosts educational client webinars at least once per month, which is helpful if you want real-time guidance and Q&A. CMC Markets does not offer regular webinars, but its on-demand video library still makes it easy to learn at your own pace. In short, choose Saxo if live webinars matter to you, or consider CMC Markets if you prefer a self-paced path and like its slightly higher education rank.
| Feature |
Saxo
|
CMC Markets
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than CMC Markets. Saxo finished with an overall rank of #3, while CMC Markets finished with an overall rank of #5.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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CMC Markets
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| Overall Rating |
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| Trust Score | 99 | 99 |
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In the Saxo vs CMC Markets comparison of online brokers, neither supports buying actual (delivered) cryptocurrency, but both let you trade cryptocurrency CFDs.
Saxo vs CMC Markets: For funding and withdrawals, CMC Markets supports ACH/SEPA, PayPal, and bank wire transfers, while Saxo offers bank wires only and does not support ACH/SEPA or PayPal; neither broker supports Skrill, and Visa/Mastercard availability was not specified.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Saxo | CMC Markets | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | CMC Markets Review |
| Broker Screenshots | Saxo | CMC Markets | |
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| Regulation | Saxo | CMC Markets | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1992 | 1989 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 6 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | CMC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | CMC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | CMC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 12029 | |
| Forex Pairs (Total) | 190 | 141 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Saxo | CMC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | 1.3 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.65 | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | CMC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | Yes |
| Trading Platforms | Saxo | CMC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Saxo | CMC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 73 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | CMC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 29 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | CMC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | CMC Markets | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | CMC Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | CMC Markets Review |
| Overall | Saxo | CMC Markets | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | CMC Markets Review |
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