After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare eToro vs Saxo Bank.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Saxo Bank received a rating of 4.5 stars over eToro's 3.5 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. eToro and Saxo Bank both are regulated in a major hub. eToro nor Saxo Bank are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. eToro trails Saxo Bank by 135 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and eToro offering 47.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Neither eToro and Saxo Bank offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Saxo Bank offers its clients access to 17 charting tools while eToro has 14 charting tools, a difference of 3. eToro offers its clients access to 67 different indicators (for example, volume) while Saxo Bank has 47 available indicators, a difference of 20.
Overall, Saxo Bank comes out on top with 4.5 stars over eToro's 4 stars. And, when it comes to individual category awards, Saxo Bank posted awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while eToro found itself with none of these.