Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare CMC Markets vs Saxo Bank.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. CMC Markets received a rating of 5.00 stars over Saxo Bank's 4.50 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. CMC Markets alongside Saxo Bank are regulated in a major hub. CMC Markets is a publicly traded company while Saxo Bank is not. How many currency pairs are available to trade? Saxo Bank trails CMC Markets by 1 total currency pairs (for example, EUR/USD), with CMC Markets offering 183 and Saxo Bank offering 182.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Neither CMC Markets and Saxo Bank offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. CMC Markets offers its clients access to 24 charting tools while Saxo Bank has 17 charting tools, a difference of 7. Saxo Bank trails CMC Markets by 29 total different indicators (for example, moving averages), with CMC Markets offering 74 and Saxo Bank offering 45.
Overall, Saxo Bank takes the upper hand with 5.00 stars over CMC Markets's 4.50 stars. And, when it comes to individual category awards, Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while CMC Markets was rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading and Best in Class - Mobile Trading.