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 and eToro are well-known online brokers with different backgrounds. Saxo, founded in 1992, is a bank and is not publicly traded. eToro, founded in 2007, is publicly traded but not a bank. Both firms aim to offer secure trading access for retail and professional clients.
On regulation, Saxo holds 7 Tier-1 licenses and 1 Tier-2 license, while eToro holds 4 Tier-1 licenses and 1 Tier-2 license. According to ForexBrokers.com, both earn high Trust Scores out of 99—Saxo at 99 and eToro at 97—which places them in the “highly trusted” 90–99 range. For context, the scale rates 80–89 as trusted, 70–79 average risk, 60–69 high risk, and below 59 as not to be 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 |
Saxo comes out ahead of eToro on commissions and fees, especially for active traders and larger accounts. Saxo is rated 5 stars and ranked #8 out of 36 brokers for Commissions and Fees. It uses spread-based pricing for forex, and as of November 2023 its average EUR/USD spread was 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP. Saxo’s Platinum and VIP pricing is closer to the industry average, while the Classic account is a bit higher. One plus is that Saxo has recently lowered the minimum deposit for its Classic account to $0 for new customers.
eToro is rated 4 stars and ranked #23 out of 36 brokers for Commissions and Fees. It is a market-maker broker with a typical EUR/USD spread of 1 pip, which is slightly above the industry average. That means eToro is generally not the lowest-cost choice for trading, but many people use it for its social copy trading features instead. eToro also offers the eToro Club VIP program, with five tiers from Silver to Diamond for balances between $5,000 and $250,000, and benefits can include Trading Central access, lower deposit and withdrawal fees, and a dedicated account manager.
In simple terms, Saxo is usually the better pick if your main focus is lower trading costs, while eToro is more appealing if you value copy trading and platform features over pricing. Saxo also waives custody fees on share trading for customers who opt into securities lending, and its VIP account offers the biggest savings, though it requires a very high balance or strong trading volume to qualify.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1 |
| All-in Cost EUR/USD - Active | 0.8 | 1 |
| 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 and eToro both give traders access to forex as well as exchange-traded shares on U.S. and international markets, and both let users trade cryptocurrency CFDs. They also both earn 5 out of 5 stars for range of investments, which shows that each platform offers a wide selection of markets to choose from. Saxo stands out for its larger list of tradeable products, with about 71,000 symbols and 190 forex pairs, compared with eToro’s 7,441 symbols and 65 forex pairs.
There are a few key differences in what each broker offers. eToro supports copy trading and lets clients buy actual cryptocurrency, while Saxo does not. Saxo, on the other hand, has the edge for market variety overall and is ranked #3 out of 36 brokers for range of investments, versus eToro at #10. For investors who want the broadest selection of tradable instruments, Saxo is the stronger choice, while eToro may appeal more to beginners who want copy trading and direct crypto ownership.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 7441 |
| Forex Pairs (Total) | 190 | 65 |
| 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 give traders a free demo account, their own in-house platform, and a web-based platform you can use in a browser. Each also lets you place trades directly from a chart. Neither broker offers MetaTrader 4 or MetaTrader 5, so if you want a MetaTrader-style setup, neither will be the right fit. Saxo also stands out with a Windows desktop platform, while eToro does not offer a downloadable desktop app for Windows.
Where the two differ most is in copy trading: eToro offers it, while Saxo does not. In ForexBrokers.com’s Trading Platforms and Tools review, Saxo scores 5 stars and ranks #3 out of 36 brokers, while eToro earns 4.5 stars and ranks #8. For traders who want more platform choice and a desktop option, Saxo has the edge; for those interested in copy trading, eToro is the better match.
| 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 offer mobile trading apps for iPhone and Android, along with price alerts, watchlist syncing, and the ability to draw trendlines on charts. That makes both platforms convenient for trading on the go and keeping track of stocks or forex from a phone. Saxo’s app stands out for automatically saving chart drawings, while eToro does not, which may matter if you want your chart edits to stay in place without extra steps.
For charting depth, eToro offers more technical studies in its mobile app, with 104 indicators compared with Saxo’s 64. Even so, Saxo comes out ahead in overall mobile trading app quality, earning 5 out of 5 stars and ranking #3 out of 36 brokers at ForexBrokers.com. eToro is still a strong choice, with a 4.5-star rating and a #10 ranking, but Saxo has the edge for mobile app experience overall.
| 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 | Yes |
| Mobile Charting - Trendlines Autosave | Yes | No |
Dive deeper: Best Forex Trading Apps.
Saxo and eToro both give traders daily market commentary, forex news from well-known sources like Bloomberg and Reuters, a sentiment tool that shows how traders are positioned, and an economic calendar for tracking major global events. That means both brokers make it fairly easy to stay on top of the day’s market moves and upcoming news that could affect trading decisions.
Where Saxo pulls ahead is in deeper research support. Saxo includes Autochartist tools, while eToro does not. eToro does offer TipRanks research, which Saxo lacks, so it has a useful edge for stock-related insight. Overall, Saxo is rated 5 stars for Research and ranks #1 out of 36 brokers at ForexBrokers.com, compared with eToro’s 4.5 stars and #12 ranking.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to beginner learning tools, both Saxo and eToro give new traders plenty to work with. Each broker offers at least 10 pieces of forex or CFDs education, runs educational webinars at least once a month, and provides 10 or more beginner videos as well as 10 or more advanced videos. In simple terms, both platforms make it easy for beginners to start learning the basics and keep building their skills over time.
That said, eToro has the edge in overall education quality and ranking. Saxo earns 5 stars for Education, but is ranked #12 out of 36 brokers by ForexBrokers.com, while eToro scores 4.5 stars and ranks much higher at #3. So if you want a broker with a slightly stronger education section overall, eToro stands out, although Saxo still offers a very useful set of learning resources for beginners.
| 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 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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eToro
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| Trust Score | 99 | 97 |
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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 | 97 | |
| Winner | check_circle | ||
| Review | Saxo Review | eToro Review |
| Broker Screenshots | Saxo | eToro | |
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| Regulation | Saxo | eToro | |
|---|---|---|---|
| Trust Score | 99 | 97 | |
| 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 CMA 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 | 65 | |
| 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 | 1 | |
| All-in Cost EUR/USD - Active | 0.8 | 1 | |
| 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 | Yes | |
| 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 | No | |
| 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 | 97 | |
| Winner | check_circle | ||
| Review | Saxo Review | eToro Review |
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