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 eToro 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. Saxo Bank received a rating of 4.50 stars over eToro's 3.50 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. Both eToro and Saxo Bank are regulated in a major hub. Neither eToro and Saxo Bank are publicly traded companies. How many currency pairs are available to trade? Saxo Bank boasts an offering of 182 different currency pairs compared to eToro's 47 available pairs.
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 eToro 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. Saxo Bank boasts an offering of 17 charting tools compared to eToro's 14 available charting tools. Saxo Bank trails eToro by 21 total different indicators (for example, moving averages), with eToro offering 66 and Saxo Bank offering 45.
Overall, Saxo Bank takes the upper hand with 5.00 stars over eToro's 4.00 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 eToro was rated Best in Class - Customer Service.