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 the commissions and fees of Saxo and FXCM, Saxo stands out with its excellent pricing, especially for active and high-volume traders. Saxo offers three account types: Classic, Platinum, and VIP, with their EUR/USD average spreads at 1.1, 1.0, and 0.9 pips, respectively, as of November 2023. The minimum deposit requirements vary by account, starting from $0 for the Classic account, $200,000 for the Platinum account, and $1,000,000 for the VIP account. Saxo's VIP account is particularly noteworthy as it provides the most significant pricing savings and exclusive access to events and analysts. Additionally, Saxo is a commission-free broker, aside from a small ticket fee for traders executing less than 50,000 units per month. Saxo earns a five-star rating for commissions and fees, ranking #9 out of 63 brokers.
FXCM, on the other hand, features a slightly higher pricing structure compared to Saxo. For forex trading as of May 2024, its standard account spreads on the EUR/USD averaged 0.78 pips in regions like the EU, U.K., and Australia. In contrast, the spread averaged 1.38 pips in St. Vincent and the Grenadines. FXCM also offers commission-based accounts with underlying spreads averaging 0.28 pips, but the effective spread rises to around 0.74 pips once commissions are included. FXCM provides an Active Trader Rebate Program, offering rebates from $5 to $25 per million traded, although this program is not available in the U.K. or EU. While this may be appealing to some traders, other brokers like Tickmill and FP Markets offer more competitive pricing for active traders. FXCM is rated four stars for commissions and fees, coming in at #24 among 63 brokers.
| 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 Saxo and FXCM for investment options, Saxo stands out with an impressive array of 70,000 tradeable symbols, including 190 forex pairs, while FXCM offers 440 tradeable symbols and 43 forex pairs. Both brokers provide avenues to engage in forex trading via CFDs or spot contracts and offer the opportunity for copy trading. Saxo, however, goes a step further by facilitating access to exchange-traded securities on both U.S. and international markets, allowing clients to invest in well-known companies like Apple and Vodafone, a feature that FXCM does not offer.
For those interested in cryptocurrency, neither Saxo nor FXCM supports the purchase of actual cryptocurrencies. However, options to trade cryptocurrency derivatives are available with both brokers. Saxo receives a 5-star rating for its diverse range of investments, ranking third out of 63 brokers according to ForexBrokers.com. In contrast, FXCM earns a 3.5-star rating in the same category, ranking 47th. This comparison depicts Saxo as having a broader range of investment opportunities, making it a more comprehensive choice for diverse trading preferences.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 440 |
| Forex Pairs (Total) | 190 | 43 |
| 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
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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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.
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0 of 5| Overall Rating | Saxo | FXCM | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | FXCM Review |
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| 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 | 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 | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| 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) | No | No |
| Investments | Saxo | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 440 | |
| Forex Pairs (Total) | 190 | 43 | |
| 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 | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | FXCM Review |
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