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 |
Saxo and CMC Markets both earn 5 stars for commissions and fees, but CMC Markets ranks slightly higher overall at #4 out of 36 brokers, compared with Saxo at #8 out of 36 brokers. Saxo offers very good pricing for active and high-volume traders, especially on its Platinum and VIP accounts, while its Classic account is a bit pricier than the best deals in the market. As of November 2023, Saxo’s average EUR/USD spreads were 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP, and its forex trading is generally commission-free, aside from a $3 per-side ticket fee for traders who do less than 50,000 units per month.
CMC Markets stands out for keeping trading costs low across its account types and for winning #1 in the Commissions and Fees category in 2025. Its typical EUR/USD spread was 0.61 pips in August 2023, which is below the industry average, and its FX Active pricing can lower the all-in cost to about 0.5 pips on EUR/USD with a $2.50 per-side commission and zero-pip minimum spreads. CMC also offers its Price Plus Scheme, which gives traders spread discounts based on monthly volume and Trading Points.
In simple terms, Saxo is a strong choice for traders who can qualify for better account tiers and want lower costs as their balances and activity grow, while CMC Markets is the better pick for consistently low fees across a wider range of customers. Saxo may also waive custody fees on share trading for users who opt into securities lending, but CMC’s pricing edge is more visible day to day, especially for forex traders looking for tight spreads and clear commission-based options.
| 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 and CMC Markets both give traders access to forex as a CFD or spot contract, and both also let clients buy exchange-traded securities on U.S. and international exchanges. Each broker scores 5 out of 5 for range of investments, so both are strong choices for people who want access to a wide mix of markets. They also each offer cryptocurrency CFDs, though neither lets you buy actual delivered crypto.
Where Saxo stands out is the size of its product list. Saxo offers about 71,000 tradeable symbols and 190 forex pairs, compared with CMC Markets’ 12,029 symbols and 141 forex pairs. Saxo is also ranked #3 out of 36 brokers for range of investments, while CMC Markets is ranked #9. One key difference is copy trading: CMC Markets offers it, while Saxo does not.
| 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 give traders a wide range of platform choices, including a free demo account, a proprietary in-house platform, a Windows desktop download, and a web-based platform. Both also let users trade directly from charts, making it easier to act on market moves without leaving the chart view. In ForexBrokers.com’s Trading Platforms and Tools review, both brokers earned 5 out of 5 stars, showing that each offers a strong set of trading tools for everyday and active traders alike.
The key difference is that CMC Markets supports copy trading and also offers MetaTrader 4 and MetaTrader 5, while Saxo does not. That makes CMC Markets the better pick for traders who want popular third-party platforms or social trading features. Saxo still stands out with a slightly higher ForexBrokers.com ranking in this category, placing #3 out of 36 brokers versus CMC Markets at #6, so the better choice may come down to whether you prefer Saxo’s platform experience or CMC Markets’ added platform options.
| 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 offer mobile trading apps for iPhone and Android, along with stock and forex price alerts, so traders can stay on top of the market while away from their desktop. Both apps also support watchlist syncing, which means changes made on the mobile app or in the online account stay updated across both. In addition, each app lets users draw trendlines on charts and automatically saves those drawings, making it easier to track trading ideas on the go.
Where Saxo stands out is in charting depth, with 64 technical studies in its mobile app compared with 29 at CMC Markets. Even so, both brokers are highly rated for mobile trading apps, earning 5 out of 5 stars. In ForexBrokers.com’s ranking of 36 brokers, Saxo places higher at #3, while CMC Markets comes in at #5, making both strong choices for mobile trading with Saxo offering the edge for chart-focused users.
| 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 vs CMC Markets for market research, both online brokers give traders a strong set of tools and updates. Each one offers daily market commentary, forex news from top sources like Bloomberg, Reuters, and Dow Jones, an economic calendar, and a sentiment tool that shows how traders are positioned across different markets. Both also include Autochartist research tools, which can help spot possible trading ideas. On the other hand, neither broker offers Trading Central, TipRanks, or Acuity Trading research.
In overall research quality, both Saxo and CMC Markets are rated 5 stars. However, Saxo has a clear edge in independent rankings, coming in first place out of 36 brokers for Research at ForexBrokers.com, while CMC Markets ranks sixth. That makes Saxo the stronger choice if research depth and market insights are a top priority, though CMC Markets still offers a well-rounded package for everyday traders.
| 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 give beginners a strong starting point for learning how to trade. Each broker offers at least 10 beginner videos, at least 10 advanced videos, and a 5-star Education rating, which shows that both platforms put real effort into trader learning. CMC Markets has a slight edge in ForexBrokers.com’s Education ranking, placing #10 out of 36 brokers, while Saxo sits at #12.
For forex and CFD education specifically, Saxo stands out more clearly for newer traders because it offers enough learning content on those topics and also runs online educational client webinars at least once a month. CMC Markets also provides forex and CFD education, but it does not offer monthly educational webinars. If you want a broker with regular live learning sessions plus a wide mix of beginner and advanced trading videos, Saxo may be the better fit, while CMC Markets still remains a very good choice for self-paced education.
| 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 a 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
|
|---|---|---|
| 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 CMA 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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