Written by ForexBrokers.com
In this head to head comparison of Saxo vs FXCM, 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 FXCM, it's important to consider their founding years, regulatory credentials, and trust scores. Saxo, established in 1992, is not publicly traded but operates as a bank, and holds an impressive seven Tier-1 licenses, indicating a high level of reliability. In contrast, FXCM, founded in 1999, is publicly traded but does not function as a bank. FXCM has four Tier-1 licenses, still suggesting a strong reputation, albeit not as extensive as Saxo's.
Both brokers hold additional Tier-2 licenses, with Saxo having one and FXCM holding two. When it comes to trust scores as rated by ForexBrokers.com, Saxo achieves a near-perfect rating of 99 out of 99, highlighting its strong standing in the industry. FXCM also boasts a solid score of 95, indicating that it is highly trusted, though slightly less than Saxo. Overall, both brokers are respected in the financial world, but Saxo edges out with a higher trust rating and more Tier-1 licenses.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Year Founded | 1992 | 1999 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 4 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Saxo and FXCM based on commissions and fees, both brokers have their unique offerings, but Saxo stands out with its competitive edge, especially for high-volume and active traders. Saxo delivers exceptional pricing for its clients—those trading high volumes or maintaining substantial account balances can enjoy some of the lowest costs in the industry. Its entry-level Classic account offers an average spread of 1.1 pips for the EUR/USD pair, while its more premium Platinum and VIP accounts provide even better pricing with average spreads of 1.0 and 0.9 pips, respectively. Saxo also encourages traders to opt into securities lending by waiving custody fees for share trading, enhancing its cost-efficiency. The broker operates on a commission-free model for forex, save for a nominal ticket fee for those trading below certain volumes.
FXCM, on the other hand, presents a slightly higher pricing model in the forex trading space compared to industry averages. For its standard accounts, spreads on the EUR/USD average 0.78 pips for regions like the EU, U.K., and Australia. FXCM also offers commission-based accounts with appealingly low average spreads of 0.28 pips, excluding any commissions. The broker implements an Active Trader Rebate Program, which provides potential rebates that can slightly mitigate costs, although these offers vary by region and trading activity. However, despite these discounts, FXCM's pricing still trails behind more competitive options like Tickmill and FP Markets. The requirements to benefit from these rebates, such as maintaining certain account balances and monthly trade volumes, also vary across its different global entities.
Overall, Saxo clients benefit from a highly favorable pricing structure, earning it a 5-star rating and a ranking of 9th out of 63 brokers in the Commissions and Fees category according to ForexBrokers.com. In comparison, FXCM, with a 4-star rating and a ranking of 25th, provides a good but not leading value proposition. While both brokers have tailored options to appeal to different trading needs, Saxo clearly holds the advantage for those seeking lower fees and spreads.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average Spread EUR/USD - Standard | 1.1 | 0.78 |
| All-in Cost EUR/USD - Active | 0.9 | 0.78 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| 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 the investment options between Saxo and FXCM, Saxo stands out with an impressive array of offerings. Saxo gives traders access to 70,000 tradeable symbols and 190 forex pairs. Furthermore, it allows clients to purchase exchange-traded securities on both U.S. and international exchanges, making it possible to invest in popular stocks like Apple and Vodafone directly. In contrast, FXCM offers a smaller selection with 440 tradeable symbols and 46 forex pairs, without the option to buy equities on U.S. or international exchanges.
Both brokers enable traders to engage in forex trading through CFDs or spot contracts and offer the chance to trade cryptocurrency derivatives, although neither offers the purchase of actual cryptocurrency. Copy trading is available with both Saxo and FXCM, providing an attractive option for those interested in mirroring the trades of successful investors. However, in terms of investment range, Saxo is highly rated with 5 stars and ranked #3 by ForexBrokers.com, whereas FXCM receives a 3.5-star rating and is ranked #47 in the same category.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 440 |
| Forex Pairs (Total) | 190 | 46 |
| 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). | 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.
When comparing the trading platforms and tools offered by Saxo and FXCM, both brokers provide a range of features designed to meet the needs of traders at all levels. Both platforms offer simulated trading through free virtual demo accounts, allowing users to test strategies without financial risk. Each broker also boasts a proprietary platform, with Saxo and FXCM each offering a Windows-based desktop download and a web-based trading platform. Both support trading directly from stock charts and include copy trading features. A key differentiator is FXCM’s support for MetaTrader 4 (MT4) and ZuluTrade, platforms not available with Saxo. Additionally, Saxo offers a more extensive set of technical tools, featuring 20 drawing tools compared to FXCM's 10.
Saxo stands out with a significant advantage in charting and watch list customization, providing users with 60 watch list columns compared to FXCM's 13. Despite this, both platforms receive top ratings for their trading tools, each earning a perfect 5-star rating from ForexBrokers.com. Where they diverge, however, is in their overall ranking among 63 brokers, with Saxo securing the number one spot for its trading platforms and tools, while FXCM is positioned sixth. This suggests that while both brokers offer high-quality platforms, Saxo edges out in terms of comprehensive customization and broader tool offerings.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 115 |
| Charting - Drawing Tools (Total) | 20 | 10 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 13 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and FXCM offer convenient mobile trading apps available for iPhone and Android users, ensuring traders can stay connected on the go. These apps provide essential features like price alerts for stocks and forex, and watchlist symbol syncing between the mobile app and the user's online account, which is a big plus for active traders. When it comes to technical analysis, Saxo edges ahead with 64 technical studies compared to FXCM's 59. Both apps support drawing trendlines on charts and offer multiple time frames, such as daily and weekly views, allowing for detailed market analysis directly from your smartphone.
In terms of usability, both apps excel with features like auto-saving drawings and creating watchlists with real-time quotes. However, when it comes to user ratings, Saxo's mobile app slightly outperforms FXCM's with a full 5-star rating versus FXCM's 4.5 stars. Additionally, Saxo holds the #2 spot in the Mobile Trading Apps category according to ForexBrokers.com, while FXCM stands at #16 out of 63 brokers. Overall, both apps offer comprehensive tools, but Saxo appears to provide a slightly more enhanced mobile trading experience based on user satisfaction and rankings.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 59 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Saxo and FXCM, both brokers provide daily market commentary and forex news from top-tier sources like Bloomberg and Reuters, ensuring traders stay informed with accurate information. Saxo stands out with its inclusion of Autochartist tools, enhancing its technical and fundamental analysis features. FXCM, on the other hand, offers research tools from Trading Central, which Saxo does not include, and provides market research from TipRanks, further diversifying its information sources.
Both Saxo and FXCM offer sentiment-based trading tools and comprehensive economic calendars tracking key global events. However, Saxo achieves a perfect 5-star rating for research, topping the charts at number one among 63 brokers according to ForexBrokers.com. FXCM, receiving a commendable 4.5-star rating, ranks at number eleven. While both brokers have their strengths, Saxo's broader variety of research tools and higher industry acclaim might appeal more to traders who prioritize comprehensive analysis tools.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Saxo and FXCM provide a myriad of tools aimed at helping newcomers navigate the complexities of forex and CFDs. Saxo offers extensive educational content, boasting over 10 articles, videos, and archived webinars focused specifically on forex and CFDs. They also conduct monthly webinars and maintain a searchable archive of these sessions, making it easier for learners to find specific topics. Furthermore, Saxo ensures that both beginner and advanced traders have access to over 10 educational videos tailored to their experience levels. Their comprehensive investor dictionary, containing definitions of over 50 investing terms, is particularly useful for those new to trading.
FXCM also delivers a commendable suite of educational resources. Like Saxo, FXCM provides over 10 educational pieces on forex and CFDs, along with regular monthly webinars and a searchable archive for convenience. Their dedication to beginner education is evident with the availability of more than 10 videos designed to walk newcomers through the basics. Advanced traders are not left out either, with ample advanced video content available. In addition to these offerings, FXCM provides an investor dictionary featuring the meanings of over 50 trading terms. When rated for education, Saxo scores 5 stars, slightly edging out FXCM's 4.5 stars, with Saxo ranking 13th and FXCM 14th out of 63 brokers according to ForexBrokers.com. Both platforms represent solid choices for anyone seeking quality educational resources to kickstart their trading journey.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| 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 FXCM. Saxo finished with an overall rank of #3, while FXCM finished with an overall rank of #15.
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
|
FXCM
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 95 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both Saxo and FXCM do not offer the ability to buy actual (delivered) cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
FXCM provides a wider range of deposit and withdrawal options compared to Saxo, offering ACH, SEPA, PayPal, and Skrill in addition to Visa, Mastercard, and bank wires, whereas Saxo supports only Visa, Mastercard, and bank wires.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Saxo | FXCM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | FXCM Review |
| Broker Screenshots | Saxo | FXCM | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | Saxo | FXCM | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1992 | 1999 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 4 | |
| Tier-2 Licenses | 1 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | FXCM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| 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 | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | Yes | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 440 | |
| Forex Pairs (Total) | 190 | 46 | |
| 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). | 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 | FXCM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 0.78 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.78 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | FXCM | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Saxo | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 13 | |
| Charting - Indicators / Studies (Total) | 64 | 115 | |
| Charting - Drawing Tools (Total) | 20 | 10 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | FXCM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 59 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | FXCM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | FXCM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | FXCM | |
|---|---|---|---|
| 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 | FXCM Review |
| Overall | Saxo | FXCM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | FXCM Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill