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.
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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 |
Saxo offers excellent pricing overall, especially for active, high-volume traders and people who can keep larger balances in their accounts. In forex, Saxo is commission-free, with costs built into the spread, although traders who do less than 50,000 units per month are charged a $3 ticket fee per side. As of November 2023, average EUR/USD spreads were 1.1 pips for Classic, 1.0 for Platinum, and 0.9 for VIP, with the lowest-cost tiers coming closer to the industry average. Saxo is rated 5 out of 5 stars for commissions and fees and ranks #8 out of 36 brokers.
FXCM’s forex pricing is slightly higher than the industry average, but it can be more attractive for active traders who qualify for rebates. In May 2024, average EUR/USD spreads were 0.78 pips for its EU, U.K., and Australia offerings, while commission-based accounts averaged 0.28 pips before commissions. However, once commission costs are included, the effective spread is closer to 0.74 pips, and pricing can change based on account type, trading volume, and location. FXCM is rated 4.5 out of 5 stars for commissions and fees and ranks #17 out of 36 brokers.
In simple terms, Saxo is the better choice if you want top-tier pricing on larger balances or higher trading volumes, while FXCM may work for traders who can take advantage of its rebate program. Saxo also offers account-based pricing tiers — Classic, Platinum, and VIP — that can lower costs further for qualifying clients, while FXCM’s best discounts depend heavily on monthly trading volume and eligibility for its Active Trader Rebate Program.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average spread (EUR/USD) - Standard account | 1.0 | 0.9 |
| All-in Cost EUR/USD - Active | 0.8 | 0.8 |
| Non-wire bank transfer | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo offers a much wider range of investments than FXCM. Saxo gives access to about 71,000 tradable symbols and 190 forex pairs, while FXCM offers around 440 tradable symbols and 46 forex pairs. Both brokers support forex trading through CFDs or spot contracts, and both let clients trade cryptocurrency CFDs rather than actual crypto.
Where Saxo stands out most is in stock access. It lets clients buy exchange traded securities on both U.S. and international exchanges, such as Apple or Vodafone shares, while FXCM does not offer direct share dealing on these markets. FXCM does, however, offer copy trading, which Saxo does not. For range of investments, Saxo is rated 5 out of 5 stars and ranks #3 out of 36 brokers, compared with FXCM’s 4.5 stars and #21 ranking.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 440 |
| Forex Pairs (Total) | 190 | 46 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
Saxo and FXCM both give traders a choice of platform types, including a free demo account, a proprietary platform, a Windows desktop download, and a web-based platform. Both also let users trade directly from charts, which is helpful for placing orders quickly while reviewing price action. In ForexBrokers.com’s Trading Platforms and Tools review, both brokers earned 5 out of 5 stars, with Saxo ranked #3 out of 36 brokers and FXCM close behind at #4.
The main difference is that FXCM supports copy trading and MetaTrader 4 (MT4), while Saxo does not offer either of those tools. Neither broker offers MetaTrader 5 (MT5). For traders who want MT4 or copy trading, FXCM has the edge, while Saxo may appeal more to those looking for its own platform lineup and chart-based trading features.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 61 | 115 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and FXCM both make mobile trading easy with iPhone and Android apps, plus stock and forex price alerts and watchlist syncing between the app and your online account. Each app also lets you draw trendlines on charts and saves those drawings automatically, which is helpful if you switch between devices or want to pick up where you left off. In everyday use, both brokers cover the core mobile features most traders expect.
The main difference is in charting depth and overall mobile app quality. Saxo offers 64 technical studies in its mobile app, compared with 59 at FXCM, giving Saxo a slight edge for chart analysis. That advantage shows up in ratings too: Saxo earns 5 out of 5 stars for mobile trading apps and ranks #3 out of 36 brokers at ForexBrokers.com, while FXCM is rated 4.5 out of 5 stars and ranks #16. If you want the stronger mobile app overall, Saxo comes out ahead.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 59 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and FXCM both give traders daily market commentary, news from top sources like Bloomberg and Reuters, sentiment tools, and an economic calendar to track major global events. That means both brokers cover the basics well when it comes to staying informed about the markets.
The main difference is in the extra research tools and overall ratings. Saxo includes Autochartist and earns a 5-star Research rating, ranking #1 out of 36 brokers at ForexBrokers.com. FXCM, on the other hand, offers Trading Central and TipRanks but does not provide Autochartist, and it holds a 4.5-star Research rating with a #11 ranking.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn about forex and CFDs, both Saxo and FXCM offer a wide range of educational content. Each broker provides at least 10 forex- or CFD-focused learning pieces, monthly online client webinars, and 10 or more beginner videos as well as 10 or more advanced videos. In other words, both platforms give new traders plenty of ways to build their knowledge through articles, videos, and live sessions.
When comparing the two side by side, Saxo has a slight edge in education. It is rated 5 stars for Education and ranks #12 out of 36 brokers at ForexBrokers.com, while FXCM is rated 4.5 stars and ranks #13. For beginners, both are strong choices, but Saxo comes out just ahead thanks to its higher education score and slightly better ranking.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 #10.
Saxo is a 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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FXCM
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| Trust Score | 99 | 95 |
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In a Saxo vs FXCM comparison for crypto, neither broker supports buying actual (delivered) cryptocurrencies, while both offer trading in cryptocurrency CFDs.
Compared with online broker Saxo, which only supports bank wire transfers and lacks ACH/SEPA, PayPal, or Skrill for deposits and withdrawals, FXCM offers broader funding options including ACH/SEPA, PayPal, Skrill, 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 |
| Broker Screenshots | Saxo | FXCM | |
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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 (FSA 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, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 440 | |
| Forex Pairs (Total) | 190 | 46 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 account | 1.0 | 0.9 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.8 | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | Yes |
| Trading Platforms | Saxo | FXCM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Saxo | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 115 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 59 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | FXCM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | FXCM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | FXCM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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