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 is a better option with a 4.50 star rating over eToro's 3.50 star rating.
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. eToro alongside 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 offers its clients access to 139 different currency pairs while eToro has 47 available pairs, a difference of 92.
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. eToro trails Saxo Bank by 3 total charting tools, with Saxo Bank offering 17 and eToro offering 14. eToro boasts an offering of 66 different indicators (for example, moving averages) compared to Saxo Bank's 45 available indicators.
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 posted awards 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 found itself with Best in Class - Customer Service.