After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare FXCM vs Saxo Bank.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Saxo Bank received a rating of 4.50 stars over FXCM's 4.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FXCM and Saxo Bank both are regulated in a major hub. FXCM is a publicly traded company while Saxo Bank is not. As far as how many currency pairs are available for trading, here's the answer. Saxo Bank offers its clients access to 182 different currency pairs while FXCM has 39 available pairs, a difference of 143.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXCM offers Meta Trader while Saxo Bank does not. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Saxo Bank trails FXCM by 14 total charting tools, with FXCM offering 31 and Saxo Bank offering 17. Saxo Bank trails FXCM by 6 total different indicators (for example, moving averages), with FXCM offering 51 and Saxo Bank offering 45.
Overall, Saxo Bank takes the upper hand with 5.00 stars over FXCM's 4.50 stars. And, when it comes to individual category awards, Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while FXCM was rated Best in Class - Platforms & Tools, Best in Class - Mobile Trading and Best in Class - Investor Education.