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.
Founded in 1992, Saxo is a seasoned presence in the online trading industry, distinguishing itself with a top-tier trust score of 99 from ForexBrokers.com, indicating a very high level of trust. Though not publicly traded, Saxo operates as a bank and holds seven Tier-1 licenses and one Tier-2 license. These licenses contribute to its reputation as a highly trusted broker.
In contrast, eToro, launched in 2007, holds a strong position with a trust score of 96, also rated highly by ForexBrokers.com. eToro stands out as a publicly traded entity but does not operate as a bank. The broker has acquired three Tier-1 licenses and one Tier-2 license, which supports its standing as a trusted platform in the trading community.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Year Founded | 1992 | 2007 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Saxo and eToro, both brokers offer unique pricing structures tailored to different types of traders. Saxo provides exceptional pricing, especially for high-volume traders and those with significant account balances. Its offerings vary across three account types: Classic, Platinum, and VIP. As of November 2023, the EUR/USD average spreads were 1.1, 1.0, and 0.9 pips for these accounts, respectively. Saxo's Platinum and VIP accounts offer pricing closer to the industry average, whereas the Classic account has slightly higher spreads. Notably, Saxo waives custody fees for traders participating in securities lending and is commission-free for forex trading, unless trading volumes fall below 50,000 units per month, which incurs a $3 ticket fee per side.
In contrast, eToro, a market-maker broker, features a somewhat higher typical spread of 1 pip on the EUR/USD pair compared to the industry average. While its pricing may not be its main draw, eToro is well-regarded for its social copy trading platform. Moreover, eToro offers a VIP club with five membership tiers, ranging from Silver to Diamond, for account balances between $5,000 and $250,000. These tiers come with various benefits, such as access to Trading Central, discounted withdrawal and deposit fees, and dedicated account manager services.
In terms of ratings, Saxo wins with a perfect 5-star rating for commissions and fees, placing it 9th out of 63 brokers in this category, according to ForexBrokers.com. Meanwhile, eToro earns a strong 4.5-star rating, ranking 22nd. While eToro shines in social trading, Saxo stands out for those prioritizing low cost and a premium trading experience.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 |
| Average Spread EUR/USD - Standard | 1.1 | 1 |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo and eToro both provide diverse investment opportunities that cater to different trader preferences, though the range varies significantly. Saxo stands out with a staggering 70,000 tradeable symbols, including 190 forex pairs, making it an appealing choice for those who seek variety in their trading portfolio. On the other hand, eToro offers 5,461 symbols and 55 forex pairs, delivering a more streamlined selection. Both platforms allow users to trade exchange-traded securities on U.S. and international exchanges, enabling investors to purchase popular stocks like Apple and Vodafone easily.
While both brokers support forex trading as CFDs or spot contracts and provide copy trading features, eToro has an advantage in the cryptocurrency space by offering actual cryptocurrency purchases, something Saxo does not currently provide. However, both platforms offer cryptocurrency derivatives as trading options. Despite their differences, both Saxo and eToro boast a 5-star rating for their range of investments, yet Saxo holds a higher industry ranking at #3 compared to eToro's #10, indicating Saxo's broader appeal in this category.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 5461 |
| Forex Pairs (Total) | 190 | 55 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | Yes |
| Cryptocurrency (Derivative) | 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 cater to traders by offering free virtual demo accounts, which is great for beginners wanting to practice without risking real money. Both brokers pride themselves on their proprietary platforms designed in-house, showing their commitment to providing unique user experiences. While Saxo offers both web-based and Windows desktop-download platforms, eToro caters to users through a web-based platform only. To enhance trading strategies, Saxo and eToro provide copy trading, yet neither supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), DupliTrade, or ZuluTrade. This could be a consideration for traders keen on using third-party software.
Analyzing charting capabilities, eToro impressively offers 161 drawing tools, overshadowing Saxo's 20. However, Saxo excels with the added feature of trading directly from a stock chart, a tool eToro lacks. In managing watch lists, Saxo provides 60 columns compared to eToro's six, offering more flexibility in organizing trading assets. Overall, Saxo holds a top spot as the #1 broker for trading platforms and tools according to ForexBrokers.com, earning a five-star rating, while eToro maintains a competitive 4.5-star rating and ranks eighth overall. These rankings hint at Saxo's broader toolset and trading platform sophistication, which may be appealing to experienced traders.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 104 |
| Charting - Drawing Tools (Total) | 20 | 161 |
| Charting - Trade From Chart | Yes | No |
| Watchlists - Total Fields | 60 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Saxo and eToro, both platforms provide comprehensive support for iPhone and Android devices, catering to users across different operating systems. They each offer useful stock and forex price alerts and have the ability to sync watchlists between the mobile app and the client's online account. While Saxo offers 64 technical studies for charting, eToro exceeds this with 104, granting users a wider analytical toolkit. However, Saxo stands out by allowing traders to draw trendlines on charts—a feature not available on eToro—and also supports multi-timeframe views, similar to eToro, to accommodate both short-term and long-term traders. Furthermore, Saxo ensures that any drawings made on charts are automatically saved, whereas eToro does not offer this feature.
Both platforms enable the creation of watchlists with real-time quotes, enhancing the convenience for active traders. However, when it comes to ratings, Saxo enjoys a slight edge with a 5-star evaluation for its mobile trading app, compared to eToro's 4.5 stars. Additionally, Saxo is highly regarded in the ForexBrokers.com ranking for mobile trading apps, securing the 2nd spot out of 63 brokers, in contrast to eToro's 10th place. Overall, while both apps offer a rich set of features, Saxo's app provides greater flexibility and additional functionalities that might appeal to seasoned traders looking for more advanced trading tools.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 104 |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Saxo and eToro for market research, both platforms provide daily market commentary to keep traders informed. Saxo distinguishes itself by offering forex news from elite sources like Bloomberg and Reuters, which is not available through eToro. Additionally, Saxo users benefit from technical and fundamental research tools provided by Autochartist, whereas eToro features tools from Trading Central instead. Both platforms offer a sentiment-based trading tool, showcasing the ratio of long and short positions across various instruments. Furthermore, each broker includes an economic calendar to track major global economic events.
Saxo and eToro differ in their collaboration with research companies, with eToro leveraging insights from TipRanks, a service not available with Saxo. When it comes to research ratings, Saxo shines with a full five-star rating, outperforming eToro’s 4.5 stars. This reflects in ForexBrokers.com's rankings, where Saxo claims the top spot out of 63 brokers for the research category, while eToro ranks 13th. These elements make Saxo a highly ranked choice for traders seeking comprehensive market research tools.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Saxo and eToro offer a rich array of materials that can help newcomers delve into forex and CFDs trading. Each platform provides over ten educational pieces, including valuable articles, informative videos, and archived webinars, making them accessible to anyone eager to learn. Moreover, monthly webinars offer ongoing education, with both platforms allowing users to access a searchable archive of past sessions. For visual learners, each broker provides over ten beginner-specific videos, ensuring that users can find content suited to their current skill level.
Beyond beginner content, Saxo and eToro also cater to more experienced traders with a selection of advanced educational videos. Investors can also deepen their understanding of trading terminology with dictionaries that define over 50 investing terms. While Saxo earns a perfect 5-star rating for its educational offerings, eToro is not far behind with a rating of 4.5 stars. Interestingly, eToro ranks higher at #5 versus Saxo's #13 in the ForexBrokers.com Education category out of 63 brokers, demonstrating its strong commitment to investor education. Both platforms provide a comprehensive suite of learning tools, making them well-equipped to support beginner traders in their educational journeys.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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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| Overall Rating |
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| Trust Score | 99 | 96 |
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While Saxo enables investments in cryptocurrency derivatives, it does not allow for the purchase of actual cryptocurrencies, unlike eToro, which offers both the option to buy real cryptocurrencies and trade cryptocurrency derivatives.
eToro stands out by offering a diverse range of funding options, including ACH, SEPA, PayPal, and Skrill, in addition to Visa, Mastercard, and bank wires, while Saxo provides funding primarily through Visa, Mastercard, and bank wires, lacking support for ACH, SEPA, PayPal, and Skrill transactions.
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 |
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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 | 3 | |
| 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 (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| 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) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | eToro | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 5461 | |
| Forex Pairs (Total) | 190 | 55 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | Yes | |
| Cryptocurrency (Derivative) | 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 | 1.1 | 1 | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | eToro | |
|---|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | eToro | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | eToro | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 6 | |
| Charting - Indicators / Studies (Total) | 64 | 104 | |
| Charting - Drawing Tools (Total) | 20 | 161 | |
| Charting - Trade From Chart | Yes | No | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | eToro | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 104 | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Saxo | eToro | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | eToro | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | eToro | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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