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 FOREX.com 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. Both FOREX.com and Saxo Bank share a rating of 4.5 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. FOREX.com alongside Saxo Bank are regulated in a major hub. FOREX.com is a publicly traded company while Saxo Bank is not. How many currency pairs are available to trade? FOREX.com trails Saxo Bank by 98 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and FOREX.com offering 84.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FOREX.com offers Meta Trader while Saxo Bank does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FOREX.com offers its clients access to 22 charting tools while Saxo Bank has 17 charting tools, a difference of 5. Saxo Bank trails FOREX.com by 92 total different indicators (for example, moving averages), with FOREX.com offering 139 and Saxo Bank offering 47.
Overall, Saxo Bank boasts 4.5 stars versus FOREX.com's 4 stars. And, when it comes to individual category awards, FOREX.com was rated Best in Class - Research and Best in Class - Mobile Trading in 2018, while Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.