Written by ForexBrokers.com
In this head to head comparison of Saxo vs eToro, 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.
Saxo vs eToro: Saxo was founded in 1992 and is a bank, but it isn’t publicly traded. eToro launched in 2007, is not a bank, and is publicly traded. These differences can matter if you care about a broker’s corporate structure and how it raises capital.
On regulation, Saxo holds 7 Tier-1 licenses and 1 Tier-2 license, while eToro holds 4 Tier-1 and 1 Tier-2, as classified by ForexBrokers.com. Trust Scores out of 99 are 99 for Saxo and 96 for eToro—both fall in the 90–99 “highly trusted” range (80–89 trusted, 70–79 average risk, 60–69 high risk, under 59 not trusted).
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Year Founded | 1992 | 2007 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 4 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
If low trading costs are your priority, Saxo stands out with 5/5 stars for commissions and fees (ranked #8 of 63), while eToro earns 4.5/5 stars (ranked #22 of 63). As of November 2023, Saxo’s average EUR/USD spreads were 1.1 pips (Classic), 1.0 (Platinum), and 0.9 (VIP). Platinum and VIP pricing sits closer to the industry average, whereas the Classic tier is slightly higher. Minimum spreads during the period were about 0.2 pips below those averages (Classic min: 0.9). Saxo is commission-free for forex, with one exception: traders doing under 50,000 units per month pay a $3-per-side ticket fee.
eToro is a market-maker and lists a typical variable spread of 1 pip on the EUR/USD, which is slightly higher than the industry average. Many retail traders choose eToro for its social copy trading features rather than its spreads. eToro’s VIP Club spans five tiers (Silver to Diamond) for balances from $5,000 to $250,000, with perks that can include Trading Central access, discounted withdrawal and deposit fees, and a dedicated account manager.
Access to Saxo’s best rates typically requires higher balances or trading volume. The Classic account now has a $0 minimum deposit, while Platinum requires $200,000 (AUD 300,000 for Australian forex traders) and VIP requires $1,000,000 or qualification via loyalty-based upgrades (for example, about $167 million in forex volume for a one-year VIP upgrade). Saxo also waives custody fees for share trading if you opt into securities lending. In short, active and high-volume traders may find lower effective costs with Saxo, while casual or copy-focused traders may be comfortable with eToro’s 1-pip spread alongside its VIP and social features.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 |
| Average spread (EUR/USD) - Standard account | 1.0 | N/A |
| All-in Cost EUR/USD - Active | 0.8 | N/A |
| Non-wire bank transfer | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo vs eToro: both let you trade forex as CFDs and as spot contracts, and both offer exchange-traded stocks on U.S. and international markets (so you can buy shares like Apple or Vodafone outright, not just via CFDs). That said, Saxo’s catalog is far larger, with about 71,000 tradeable symbols and 190 forex pairs, compared with eToro’s 7,441 symbols and 55 forex pairs.
Feature-wise, eToro stands out for copy trading and the ability to buy actual cryptocurrency, while Saxo does not offer copy trading or real crypto purchases (both brokers do offer crypto CFDs). For Range of Investments, each earns 5 out of 5 stars; however, ForexBrokers.com ranks Saxo #3 out of 63 brokers in this category, while eToro sits at #11. In short, choose Saxo for sheer market coverage, or eToro if you want social trading and the option to own crypto.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 7441 |
| Forex Pairs (Total) | 190 | 55 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | Yes |
| 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 eToro both make it easy to try before you trade with free demo (paper) accounts. Each broker runs its own in-house platform and offers a web platform, and both let you place orders directly from a chart. If you want a downloadable desktop platform for Windows, Saxo has it; eToro doesn’t offer a Windows download. Neither broker supports MetaTrader 4 or MetaTrader 5.
For platform quality and tools, ForexBrokers.com rates Saxo at 5 stars and ranks it #3 out of 63 brokers, while eToro earns 4.5 stars and ranks #8. Pick eToro if copy trading and a social experience matter most, since eToro offers copy trading and Saxo does not. Choose Saxo if you prefer a full-featured desktop app alongside an easy-to-use web platform.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 61 | 106 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and eToro both deliver fully featured mobile trading apps for iPhone and Android, with price alerts and watchlists that sync across devices and the web. For charting, eToro includes more built-in technical indicators (104 vs. Saxo’s 64). However, Saxo’s app lets you draw trendlines and automatically saves your chart drawings, while eToro does not offer trendline drawing or auto-save for drawings in its app.
Independent ratings reflect these trade-offs: ForexBrokers.com gives Saxo 5 stars and ranks it #3 out of 63 brokers for Mobile Trading Apps, while eToro earns 4.5 stars and ranks #10. If drawing tools and saved chart markups matter most, Saxo is the better fit. If you prefer a larger set of technical studies out of the box, eToro has the edge.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 104 |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Trendlines Autosave | Yes | No |
Dive deeper: Best Forex Trading Apps.
Saxo and eToro both cover the essentials for research-focused traders. Each provides daily market commentary, a forex news feed from leading sources like Bloomberg, Reuters, or Dow Jones, a sentiment tool that shows long vs. short positioning, and an easy-to-browse economic calendar.
The differences come down to third-party tools and ratings. Saxo includes Autochartist for trade ideas, while eToro offers Trading Central and adds TipRanks for stock research; neither uses Acuity Trading. According to ForexBrokers.com, Saxo earns 5 stars for Research and ranks #1 out of 63 brokers, while eToro scores 4.5 stars and ranks #13. Choose Saxo if you want top-rated research with Autochartist, or eToro if you prefer Trading Central and TipRanks built into a social trading experience.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing Saxo vs eToro for beginner education, both brokers do a strong job. Each runs online client webinars at least once a month and offers a large video library with at least 10 beginner videos and 10 advanced videos, helping new traders build skills step by step. Lessons span platform basics, charts, risk management, and themes related to forex and CFDs, with live and on‑demand formats that are easy to follow.
For quality scores, Saxo earns 5 stars for Education, while eToro earns 4.5 stars. In ForexBrokers.com’s Education category ranking out of 63 brokers, eToro places higher at #3, with Saxo at #12. In short, Saxo’s learning experience is top‑rated, and eToro’s overall education presence ranks higher among peers—either way, beginners get steady webinars and a sizeable video library to grow from.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Webinars | Yes | Yes |
| 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 eToro. Saxo finished with an overall rank of #3, while eToro finished with an overall rank of #9.
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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eToro
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| Trust Score | 99 | 96 |
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In the Saxo vs eToro comparison for cryptocurrency, eToro supports buying actual (delivered) crypto and trading crypto CFDs, while Saxo offers only cryptocurrency CFDs with no delivery of the underlying coins.
Saxo vs eToro: For deposit and withdrawal methods, eToro supports ACH/SEPA, PayPal, Skrill, and bank wires, while Saxo supports bank wires only; Visa/Mastercard availability is not specified for either.
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 | eToro | |
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| Trust Score | 99 | 96 | |
| Winner | check_circle | ||
| Review | Saxo Review | eToro Review |
| Broker Screenshots | Saxo | eToro | |
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| Regulation | Saxo | eToro | |
|---|---|---|---|
| Trust Score | 99 | 96 | |
| Year Founded | 1992 | 2007 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 4 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | eToro | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| 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 | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | eToro | |
|---|---|---|---|
| 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 | eToro | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 7441 | |
| Forex Pairs (Total) | 190 | 55 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | Yes | |
| 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 | eToro | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | N/A | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | eToro | |
|---|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | Yes |
| Trading Platforms | Saxo | eToro | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Saxo | eToro | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 106 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | eToro | |
|---|---|---|---|
| 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 | 104 | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Trendlines Autosave | Yes | No | |
| Mobile Research - Economic Calendar | Yes | No |
| Research | Saxo | eToro | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | eToro | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | eToro | |
|---|---|---|---|
| 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 | eToro Review |
| Overall | Saxo | eToro | |
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| Trust Score | 99 | 96 | |
| Winner | check_circle | ||
| Review | Saxo Review | eToro Review |
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