After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare CMC Markets vs Saxo Bank.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. CMC Markets is a better option with a 5 star rating over Saxo Bank's 4.5 star rating.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. CMC Markets alongside Saxo Bank are regulated in a major hub. CMC Markets is a publicly traded company while Saxo Bank is not. As far as how many currency pairs are available for trading, here's the answer. Saxo Bank trails CMC Markets by 1 total currency pairs (for example, EUR/USD), with CMC Markets offering 183 and Saxo Bank offering 182.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Neither offers Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Saxo Bank trails CMC Markets by 7 total charting tools, with CMC Markets offering 24 and Saxo Bank offering 17. CMC Markets offers its clients access to 81 different indicators (for example, volume) while Saxo Bank has 47 available indicators, a difference of 34.
Overall, both CMC Markets and Saxo Bank hold a 4.5 star rating. And, when it comes to individual category awards, Saxo Bank finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while CMC Markets came up with none of these.