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 |
Comparing commissions and fees, Saxo earns 5/5 stars and ranks #8 of 63 for this category, while FXCM scores 4.5/5 stars and ranks #17 of 63 (ForexBrokers.com). Both are competitive, but they get there in different ways: Saxo leans on spread-only pricing with tiered account benefits, and FXCM blends spread and commission models with volume-based discounts that vary by region.
Saxo is commission-free for forex (it earns from the spread), with one caveat: if you trade under 50,000 units a month, there’s a $3 per side ticket fee. As of November 2023, average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums roughly 0.2 pips lower. Classic pricing is slightly higher than average, while Platinum and VIP sit closer to the industry norm. The Classic account now has a $0 minimum deposit; Platinum requires $200,000 (AUD 300,000 in Australia) or qualifying activity via Saxo’s Loyalty Program, and VIP is for $1,000,000 deposits or very high volume via loyalty upgrades. For stock traders, Saxo waives custody fees if you opt into securities lending.
FXCM’s forex pricing is slightly above the industry average on standard accounts, with May 2024 average EUR/USD spreads of 0.78 pips in the EU/UK/Australia and 1.38 pips via St. Vincent and the Grenadines. Its commission-based setup averaged a 0.28-pip core spread in May 2024; after commissions, the effective cost was about 0.74 pips. Active Trader discounts can reduce costs further for high-volume clients (rebates of $5–$25 per million when available, typically at $10M+ monthly volume), but availability differs by region—the Rebate Program isn’t offered in the UK/EU, though UK clients may still qualify for lower per-side commissions at higher volumes. As with any broker, spreads can widen at rollover or during volatile markets.
| 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.
In the Saxo vs FXCM comparison for range of investments, Saxo offers a much broader lineup: 71,000 tradeable symbols and 190 forex pairs, versus FXCM’s 440 symbols and 46 pairs. Both let you trade forex as CFDs or spot. Only Saxo lets you buy exchange-traded securities on U.S. and international exchanges (think Apple on NASDAQ or Vodafone in London); FXCM does not offer direct share dealing. Both support cryptocurrency via CFDs but not delivered coins. One key difference: FXCM offers copy trading, while Saxo does not.
For overall range of investments, ForexBrokers.com rates Saxo at 5 stars (ranked #3 out of 63) and FXCM at 4.5 stars (ranked #21). If you want the widest selection of markets and the ability to buy real shares on major exchanges, Saxo stands out. If copy trading matters more and you’re comfortable with a smaller set of markets, FXCM can fit the bill.
| 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 vs FXCM: Both brokers shine for trading platforms and tools. Each offers a free demo account for paper trading, a proprietary platform, a Windows desktop download, and a web-based platform. You can place trades directly from charts on both. In our ratings, each scores 5 out of 5 stars, with ForexBrokers.com ranking Saxo #3 out of 63 brokers for Platforms & Tools and FXCM close behind at #4.
The key differences are about features you may value. FXCM supports copy trading and offers MetaTrader 4 (MT4), while Saxo does not support copy trading and does not offer MT4. Neither broker supports MetaTrader 5 (MT5). If you want MT4 or copy trading, FXCM is the clear pick; if you prefer trading on a proprietary platform via desktop or browser with a free demo account, both brokers fit the bill.
| 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 deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts, synced watchlists that mirror your online account, and solid charting tools, including the ability to draw trendlines with drawings auto-saved for later. This makes either choice convenient for tracking markets and managing trades on the go.
Where they differ is depth and accolades. Saxo offers 64 technical studies in its mobile charts compared to FXCM’s 59. According to ForexBrokers.com, Saxo earns a 5-star Mobile Trading Apps rating and ranks #3 out of 63 brokers, while FXCM scores 4.5 stars and ranks #16. Both apps are strong picks; Saxo edges ahead for more study options and higher overall recognition.
| 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.
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 (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.
Saxo vs FXCM for beginner education: both brokers make it easy to start learning forex and CFDs. Each hosts online client webinars at least once a month and provides 10+ beginner-focused videos that cover core topics, so new traders can learn step by step. When you’re ready to go deeper, both also offer 10+ advanced videos, creating a clear path from basics to more complex strategies.
In independent ratings, Saxo earns 5 stars for Education and ranks #12 out of 63 brokers at ForexBrokers.com, while FXCM earns 4.5 stars and ranks #13. For beginners, that means you’ll find strong educational libraries at both, with Saxo holding a slight edge in overall score. If you’re choosing between them, compare the webinar calendar and video topics to see which aligns better with how you like to learn.
| 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 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
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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 SCA 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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