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Saxo Bank vs FXOpen Review

Steven Hatzakis

Published by Steven Hatzakis


Tuesday, February 19th, 2019

Is FXOpen better than Saxo Bank? After assessing forex brokers on nearly 100 different variables, Saxo Bank is better than FXOpen. Traders seeking a large selection of instruments and asset classes across global financial markets will not be disappointed with the range of premium services Saxo Bank offers, including research, active trader pricing, and wealth management services that cater to investors’ needs. Saxo Bank was our #1 broker in multiple categories in 2019.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall
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Regulation
Trust Score
Year Founded
Publicly-Traded Company (Listed)
Regulated in Major Hub
Regulated in Emerging Hub
CFTC Registered (USA)
Authorised in the European Union
FCA Regulated (UK)
FINMA Authorised (Switzerland)
ASIC Authorised (Australia)
MAS Authorised (Singapore)
IIROC Authorised (Canada)
SFC Authorised (Hong Kong)
FSA Authorised (Japan)
CySEC Authorised (Cyprus)
FMA Authorised (New Zealand)
Investments
Forex: Spot Trading
Currency Pairs (Total Forex pairs)
CFDs - Total Offered
Cryptocurrency traded as actual
Cryptocurrency traded as CFD
Offering of Investments
Winner
Cost
Average Spread EUR/USD - Standard
All-in Cost EUR/USD - Active
Active Trader or Premium/VIP
Commissions & Fees
Winner
Funding
Minimum Initial Deposit
Bank Wire (Deposit/Withdraw)
Visa/Mastercard (Credit/Debit)
PayPal (Deposit/Withdraw)
Skrill (Deposit/Withdraw)
UnionPay (Deposit/Withdraw)
Trading Platforms
Proprietary Platform
Desktop Platform (Windows)
Web Platform
Social Trading / Copy-Trading
MetaTrader4 (MT4)
MetaTrader5 (MT5)
cTrader
Trading Tools
Virtual Trading (Demo)
Alerts - Basic Fields
Watchlists - Total Fields
Charting - Indicators / Studies (Total)
Charting - Drawing Tools (Total)
Charting - Trade From Chart
Charting - Drawings Autosave
Order Type - Trailing Stop
Platform & Tools
Winner
Mobile Trading
Android App
Apple iOS App
Trading - Forex
Trading - CFDs
Alerts - Basic Fields
Watch List
Watch List Syncing
Charting - Indicators / Studies
Charting - Draw Trend Lines
Charting - Trend Lines Moveable
Charting - Multiple Time Frames
Charting - Drawings Autosave
Forex Calendar
Mobile Trading
Winner
Research
Daily Market Commentary
Forex News (Top-Tier Sources)
Weekly Webinars
AutoChartist
Trading Central (Recognia)
Delkos Research
Social Trading / Copy-Trading
Social Sentiment - Currency Pairs
Economic Calendar
Research
Winner
Education
Has Education - Forex
Has Education - CFDs
Client Webinars
Client Webinars (Archived)
Videos - Beginner Trading Videos
Videos - Advanced Trading Videos
Investor Dictionary (Glossary)
Tutorials/Guide (PDF or Interactive)
Education
Winner
Major Forex Pairs
GBPUSD (or USDGBP)
USDJPY (or JPYUSD)
EURUSD (or USDEUR)
USDCHF (or CHFUSD)
USDCAD (or CADUSD)
NZDUSD (or USDNZD)
AUDUSD (or USDAUD)
USDCNH (or CNHUSD)
USDSGD (or SGDUSD)
Overall
Overall
Winner
4.5
74% of retail CFD accounts lose money
 
94
1992
No
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
 
Yes
182
32999
No
No
4.5
check_circle
 
0.9
0.6
Yes
4.5
check_circle
 
$2,000.00
Yes
Yes
No
No
No
 
Yes
Yes
Yes
Yes
No
No
No
 
Yes
Yes
12
47
17
Yes
Yes
Yes
4.5
check_circle
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
41
Yes
Yes
Yes
Yes
Yes
4.5
check_circle
 
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
4.5
check_circle
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
4
check_circle
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
 
4.5
check_circle
3
74-89% of retail CFD accounts lose money
 
76
2003
No
Yes
No
No
Yes
Yes
No
Yes
No
No
No
No
No
No
 
Yes
95
16
Yes
Yes
3
 
N/A
N/A
Yes
3.5
 
$100
Yes
Yes
No
Yes
Yes
 
No
Yes
Yes
Yes
Yes
Yes
No
 
Yes
Yes
7
51
31
Yes
Yes
Yes
3
 
Yes
Yes
Yes
Yes
Yes
Yes
No
30
Yes
Yes
Yes
No
No
2.5
 
Yes
Yes
No
No
No
No
Yes
No
Yes
2
 
No
No
No
No
No
No
Yes
No
2
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
 
3
After spending several months and hundreds of hours researching 28 different forex brokers for trading FX, our team at ForexBrokers.com team collected over 2,200 data points. For this review, we will compare FXOpen 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 FXOpen's 3.50 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. FXOpen and Saxo Bank both are regulated in a major hub. FXOpen nor Saxo Bank are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. FXOpen trails Saxo Bank by 87 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and FXOpen offering 95.

Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXOpen 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 FXOpen by 14 total charting tools, with FXOpen offering 31 and Saxo Bank offering 17. Saxo Bank trails FXOpen by 4 total different indicators (for example, moving averages), with FXOpen offering 51 and Saxo Bank offering 47.

FXOpen Review
Saxo Bank Review

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.



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