Written by ForexBrokers.com
In this head to head comparison of Saxo vs FinecoBank, 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.
When comparing Saxo and FinecoBank, two well-established banks in the online brokerage industry, it's clear they both have strong reputations, though they differ in several key areas. Saxo, founded in 1992, is privately held and boasts an impressive Trust Score of 99 out of 99 from ForexBrokers.com, indicating it is highly trusted. It holds seven Tier-1 licenses, a marker of strong regulatory oversight, and one Tier-2 license. In contrast, FinecoBank, founded in 1999 and publicly traded, has a Trust Score of 94, still within the highly trusted range. It holds two Tier-1 licenses, demonstrating solid regulatory compliance.
Both entities serve as banks, offering a layer of assurance to users through their regulated status in the financial market. The disparity in their number of Tier-1 and Tier-2 licenses highlights their different levels of regulatory compliance, with Saxo showing a broader array of top-tier licenses, potentially translating to a greater level of trust due to its extended regulatory engagements. FinecoBank’s presence on a stock exchange might appeal to those looking for additional transparency typically associated with public companies. Overall, both brokers are trusted choices, but their individual regulatory achievements and company structures cater to varying investor needs.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Year Founded | 1992 | 1999 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | Yes |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Saxo and FinecoBank based on commissions and fees, Saxo stands out for its competitive pricing. With its Classic, Platinum, and VIP accounts offering average spreads on the EUR/USD at 1.1, 1.0, and 0.9 pips respectively, Saxo caters well to active and high-volume traders. Particularly attractive are the lower spreads and fee waivers for those engaged in securities lending. Notably, Saxo offers commission-free forex trading, except when trading less than 50,000 units monthly, incurring a $3 ticket fee per side. Saxo has been awarded 5 stars for commissions and fees, ranking #9 out of 63 brokers by ForexBrokers.com.
In contrast, FinecoBank does not provide detailed average spread data for forex and CFD trading, complicating cost assessments. The broker lists a 1 pip spread for EUR/USD, potentially higher than standard offers from major brokers, with no confirmation on this being an average value. FinecoBank's listing of a 0.8 pip spread is also not confirmed as average. Despite these challenges, FinecoBank may provide competitive spreads on index CFDs. FinecoBank receives a 3.5-star rating for commissions and fees and is ranked #51 among 63 brokers by ForexBrokers.com.
Overall, while Saxo delivers more transparent and attractive pricing and spreads for a wide array of investors, particularly those trading in significant volumes, FinecoBank's spreads and fee structures lack similar transparency, potentially making Saxo the more compelling choice for traders focusing on commission and fee optimization.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and FinecoBank, both brokers offer forex trading as CFDs or spot contracts. However, Saxo provides a significantly larger range of investments, including 70,000 tradeable symbols and 190 forex pairs, while FinecoBank offers 9,770 tradeable symbols and 54 forex pairs. Both platforms allow trading of exchange-traded securities on U.S. and international exchanges, so you can buy stocks like Apple and Vodafone. However, Saxo takes it a step further by offering copy trading, an option not available with FinecoBank.
For those interested in cryptocurrency trading options, Saxo allows trading of cryptocurrency derivatives, unlike FinecoBank, which offers no such options. As a result of this extensive investment range, Saxo has earned a 5-star rating and ranks #3 out of 63 brokers on ForexBrokers.com for its range of investments. FinecoBank follows with a respectable 4.5-star rating and stands at #16 in the same category. Overall, Saxo appears to have a more extensive selection for diverse investment needs.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 9770 |
| Forex Pairs (Total) | 190 | 54 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | No |
| 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 FinecoBank both offer proprietary trading platforms developed in-house, providing users with tailored online trading experiences. Each broker offers both a Windows-based desktop download platform and a web-based trading platform, ensuring accessibility regardless of the user's preference. Saxo stands out by providing a free virtual demo account for simulated trading, aiding beginners and skilled traders alike in testing strategies without risk. While both brokers offer comprehensive charting, Saxo provides an edge with capabilities to trade directly from stock charts and a larger selection of 20 drawing tools compared to FinecoBank's 7.
In terms of additional features, Saxo allows for copy trading, a feature not available with FinecoBank, potentially giving users an insightful look into successful trading strategies. Saxo's platform also boasts an impressive 60 columns for watch lists. This attention to detail is reflected in Saxo's impressive 5-star rating for Trading Platforms and Tools, ranking it first out of 63 brokers according to ForexBrokers.com, while FinecoBank earns a respectable 4-star rating, placing it 18th in the same category.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 37 |
| Charting - Drawing Tools (Total) | 20 | 7 |
| Charting - Trade From Chart | Yes | No |
| Watchlists - Total Fields | 60 | N/A |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Saxo and FinecoBank, both brokerages offer applications for iPhone and Android devices, allowing traders to stay connected and manage their investments on the go. They each provide useful features like stock or forex price alerts and the ability to view multiple time frames on charts, which cater to active traders needing timely updates. However, Saxo has a significant advantage with its watchlist symbol syncing, ensuring that any changes made within the app are seamlessly updated across a user's online account, while FinecoBank lacks this feature. Additionally, Saxo's app supports 64 technical studies for charting, far surpassing FinecoBank's offering of just 6 studies, which may appeal more to technically-oriented traders. Saxo further distinguishes itself by enabling users to draw and auto-save trendlines directly on stock or forex charts, while FinecoBank does not offer these capabilities.
In terms of real-time information, Saxo provides the ability to create watchlists with live quotes, an option not available with FinecoBank. User-rated performance also highlights the difference, with Saxo achieving a stellar 5-star rating for Mobile Trading Apps, compared to FinecoBank's commendable yet lower 4-star rating. Reflecting broader industry perceptions, Saxo ranks as the second-best out of 63 brokers in the Mobile Trading Apps category according to ForexBrokers.com, whereas FinecoBank stands at 42nd place. Overall, for traders seeking a more comprehensive mobile trading experience, Saxo emerges as the standout choice between the two.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 6 |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Saxo and FinecoBank, Saxo stands out in several areas. Saxo provides daily market commentary, which FinecoBank does not, enhancing its appeal for those requiring regular insights. Both brokers deliver forex news from high-quality sources like Bloomberg and Reuters, ensuring clients stay informed with reliable information. However, Saxo offers technical analysis tools from Autochartist, a benefit FinecoBank lacks. Saxo's suite includes a sentiment-based trading tool that reveals the ratio of long or short positions across markets, a feature not available at FinecoBank. Despite both brokers offering an economic calendar for upcoming global news, these subtle nuances make Saxo more attractive for in-depth market analysis.
The differences in market research tools are reflected in their ratings—Saxo earns an impressive 5-star research rating and is ranked first among 63 brokers by ForexBrokers.com. In contrast, FinecoBank receives a 4-star rating and is ranked 33rd. While FinecoBank provides essential research services, Saxo's comprehensive offerings position it as a top choice for clients prioritizing market analysis in their trading strategies. Whether it's daily updates, advanced technical analysis, or sentiment tools, Saxo caters to a broad spectrum of needs, showcasing its strength in market research.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Saxo and FinecoBank in terms of educational resources for beginners, Saxo stands out with a more comprehensive offering. Saxo provides a wide range of forex and CFDs educational materials, including over ten pieces such as articles, videos, and archived webinars specifically dedicated to these topics. In addition to monthly online webinars, Saxo also hosts a searchable archive of past sessions, allowing beginners to learn at their own pace. Furthermore, Saxo offers over ten videos aimed at beginners, along with more advanced content for experienced traders. An investor dictionary with definitions of over 50 investing terms further enriches Saxo's educational suite.
On the other hand, FinecoBank provides several notable features, such as monthly webinars and a collection of beginner-friendly videos. Unlike Saxo, FinecoBank does not have a searchable archive of recorded webinars or a wealth of advanced educational videos for experienced traders. While both brokers include a comprehensive investor dictionary, FinecoBank falls short in offering forex and CFDs-specific educational materials. As a result, Saxo earns a superior rating of 5 stars for their educational resources, with a ranking of #13 among 63 brokers by ForexBrokers.com, in contrast to FinecoBank, which holds a 4-star rating and is ranked #49 in the same category.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 FinecoBank. Saxo finished with an overall rank of #3, while FinecoBank finished with an overall rank of #25.
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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FinecoBank
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 94 |
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In a comparison between online brokers Saxo and FinecoBank, only Saxo provides the option to buy cryptocurrency derivatives, while neither offers the ability to purchase actual delivered cryptocurrency.
When comparing online brokers Saxo and FinecoBank, Saxo offers Visa or Mastercard and bank wires for depositing or withdrawing funds, while FinecoBank provides ACH or SEPA transfers and bank wires, but neither broker supports PayPal or Skrill for 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 | FinecoBank | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Saxo Review | FinecoBank Review |
| Broker Screenshots | Saxo | FinecoBank | |
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| Regulation | Saxo | FinecoBank | |
|---|---|---|---|
| Trust Score | 99 | 94 | |
| Year Founded | 1992 | 1999 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 9770 | |
| Forex Pairs (Total) | 190 | 54 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | No | |
| 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 | FinecoBank | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | No |
| Funding | Saxo | FinecoBank | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | FinecoBank | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | FinecoBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 60 | N/A | |
| Charting - Indicators / Studies (Total) | 64 | 37 | |
| Charting - Drawing Tools (Total) | 20 | 7 | |
| Charting - Trade From Chart | Yes | No | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | FinecoBank | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 6 | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | FinecoBank | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | FinecoBank | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank Review |
| Overall | Saxo | FinecoBank | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Saxo Review | FinecoBank Review |
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