Written by ForexBrokers.com
In this head to head comparison of Saxo vs FXOpen, 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 FXOpen, both brokers bring distinct qualities to the table. Founded in 1992, Saxo operates as a bank and boasts a Trust Score rating of 99 according to ForexBrokers.com, demonstrating its strong reliability. Notably, Saxo holds seven Tier-1 licenses and one Tier-2 license, indicating a high level of regulatory oversight and trustworthiness. While Saxo is not publicly traded, its establishment as a bank adds to its credibility and stability in the financial market.
FXOpen, in contrast, was founded in 2003 and does not operate as a bank. With a Trust Score rating of 76, FXOpen falls into the average risk category. The broker holds two Tier-1 licenses but lacks Tier-2 licenses, pointing to a less extensive regulatory framework compared to Saxo. Like Saxo, FXOpen is not publicly traded. While both brokers offer their own set of features, the differences in their regulatory standings and trust scores are significant factors for potential investors to consider.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Year Founded | 1992 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing the commissions and fees of Saxo and FXOpen, Saxo emerges as an industry favorite, particularly for active traders and those capable of maintaining high account balances. With a 5-star rating, Saxo ranks #9 out of 63 brokers according to ForexBrokers.com, offering some of the lowest pricing available. As of November 2023, Saxo's average spread data for the EUR/USD was 1.1 pips for Classic accounts, 1.0 pips for Platinum accounts, and 0.9 pips for VIP accounts. Notably, Saxo waives custody fees for share trading for clients participating in securities lending. In addition, there are no account minimums for the Classic account, while the Platinum and VIP accounts require minimum deposits of $200,000 and $1,000,000, respectively, though traders may qualify for upgrades based on trading volume.
In contrast, FXOpen, with its rating of 4 stars and a ranking of #44, does not disclose average spread data, making it harder to directly compare its pricing with Saxo. However, FXOpen remains a competitive choice with more modest initial deposit requirements and a focus on different financial instruments compared to Saxo. Despite its lower ranking, FXOpen offers a range of accounts that may appeal to traders not looking for the high-level benefits that come with Saxo's premium account tiers.
Ultimately, Saxo distinguishes itself with comprehensive tiered account options catering to serious investors, while FXOpen may be more suited for those who are balancing broader needs with middle-tier affordability. While Saxo charges a small ticket fee for trading under certain volume conditions, FXOpen's exact spread and commission structures vary. Both brokers cater to different segments of the trading community, making the choice highly dependent on individual trading strategies and financial goals.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| 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 | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and FXOpen for their investment offerings, Saxo stands out with an impressive array of 70,000 tradeable symbols compared to FXOpen's more limited range of 87. Both platforms provide the ability to trade forex pairs as either CFDs or spot contracts. However, Saxo offers a significantly broader selection with 190 tradeable forex pairs, surpassing FXOpen's 25 pairs. A key differentiator is Saxo's provision of exchange-traded securities from both U.S. and international exchanges, allowing purchases such as Apple shares on NASDAQ and Vodafone on the London Stock Exchange. In contrast, FXOpen does not provide access to these securities directly.
On the cryptocurrency front, neither Saxo nor FXOpen facilitates the purchase of actual cryptocurrencies, but they both permit trading in cryptocurrency derivatives. Additionally, both platforms support copy trading, enabling users to replicate successful traders' strategies. Based on their range of investments, Saxo is rated 5 stars and holds the impressive rank of #3 out of 63 brokers, according to ForexBrokers.com. Meanwhile, FXOpen receives a 3-star rating and a rank of #62, indicating a more modest offering in comparison. Overall, Saxo presents a more comprehensive investment avenue for traders seeking diverse opportunities.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 87 |
| Forex Pairs (Total) | 190 | 25 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| 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). |
Dive deeper: Best Copy Trading Platforms.
Saxo and FXOpen each provide attractive options for traders, yet they differ significantly in their offerings. Both brokers offer simulated trading, allowing users to practice trades with virtual demo accounts. Saxo appeals with its proprietary trading platform, while FXOpen does not develop its own, instead relying on popular third-party platforms like MetaTrader 4 and 5. Both brokers have Windows-based desktop and web-based platforms, offering versatile approaches to trading. Additionally, each supports copy trading, although FXOpen stands out by integrating with ZuluTrade.
In terms of charting tools, Saxo provides a more extensive range with 20 drawing tools compared to FXOpen's 15. Both allow trades directly from stock charts, but Saxo edges ahead in the depth of information available with 60 fields for watch lists, compared to FXOpen's seven. On ForexBrokers.com, Saxo earns a top rating of 5 stars for Trading Platforms and Tools, securing the #1 spot out of 63 brokers, while FXOpen garners 4 stars and ranks at #53. These distinctions underscore Saxo's commitment to providing comprehensive trading resources tailored for an enriched trading experience.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When considering mobile trading apps, both Saxo and FXOpen offer versions compatible with iPhone and Android devices, allowing traders to stay connected on the go. Each app provides price alerts for stocks and forex, so you won't miss crucial market movements. However, Saxo enhances its mobile experience by offering watchlist symbol syncing with clients' online accounts, ensuring seamless watchlist management across different platforms – a feature FXOpen currently lacks. Additionally, Saxo provides 64 technical studies for chart analysis, more than double what FXOpen offers, making it a more comprehensive choice for traders who rely on in-depth chart interpretation.
For creating and managing watchlists, both apps offer real-time quotes, yet Saxo allows for a more versatile chart work with features like auto-saving drawn trendlines and the ability to explore different time frames. These features contribute directly to the app's higher rating of 5 stars, compared to FXOpen's 4 stars. Reflecting these differences in service and functionality, Saxo ranks 2nd out of 63 brokers in the Mobile Trading Apps category on ForexBrokers.com, while FXOpen is positioned at 54th, indicating a significant preference for Saxo's mobile trading experience among users.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Saxo and FXOpen for market research services, both brokers offer daily market commentary and provide forex news from top-tier sources like Bloomberg and Reuters. Saxo, however, excels in providing additional tools such as the Autochartist, a technical analysis tool not available with FXOpen. While neither broker offers services powered by Trading Central or TipRanks, Saxo further distinguishes itself with a sentiment-based trading tool that highlights the ratio of long or short positions across various instruments, a feature that FXOpen lacks.
Both brokers come equipped with an economic calendar that showcases current and upcoming global events, yet their overall research services differ significantly in quality. Saxo garners a perfect 5-star rating for research, thanks to their comprehensive offerings, and is ranked first among 63 brokers by ForexBrokers.com. In contrast, FXOpen receives a 3-star rating, falling to the last rank in the same comparison, indicating that while functional, their research capabilities are less expansive than those of Saxo.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| 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 it comes to educational resources for beginner traders, Saxo stands out compared to FXOpen. Saxo offers over ten educational resources, including articles, videos, and webinars focused primarily on forex and CFDs, while FXOpen falls short in this area. Saxo conducts monthly online client webinars and maintains a searchable archive of past webinars, which is not provided by FXOpen. Furthermore, Saxo excels with a selection of over ten beginner-focused educational videos, contrasting with FXOpen's lack of such content.
Advanced traders can benefit from Saxo's collection of advanced educational videos, whereas FXOpen does not offer similar resources. Both brokers provide an investor dictionary with definitions of at least 50 investing terms, offering valuable support for new traders. Saxo is rated five stars for education, positioning it considerably higher in educational offerings with a rank of 13th out of 63 brokers, compared to FXOpen's 3-star rating and 58th rank. This makes Saxo a more appealing option for those starting their trading journey with a focus on learning.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| 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 FXOpen. Saxo finished with an overall rank of #3, while FXOpen finished with an overall rank of #54.
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
|
FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 76 |
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Both Saxo and FXOpen provide the option to invest in cryptocurrency derivatives but do not support the purchase of actual delivered cryptocurrency.
When comparing online brokers Saxo and FXOpen, both lack options for ACH, SEPA transfers, and PayPal for deposits or withdrawals; however, while Saxo does not support Skrill, FXOpen does, with both platforms accepting Visa, Mastercard, and bank wire 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 | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Saxo Review |
| Broker Screenshots | Saxo | FXOpen | |
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| Regulation | Saxo | FXOpen | |
|---|---|---|---|
| Trust Score | 99 | 76 | |
| Year Founded | 1992 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 87 | |
| Forex Pairs (Total) | 190 | 25 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| 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). |
| Cost | Saxo | FXOpen | |
|---|---|---|---|
| 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 | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Saxo | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| 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 | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | FXOpen | |
|---|---|---|---|
| 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 |
| Overall | Saxo | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Saxo Review |
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