Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare FXOpen vs Saxo Bank.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Saxo Bank's score is 4.50 stars versus FXOpen's 4.00 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Both FXOpen and Saxo Bank are regulated in a major hub. Neither are publicly traded companies. How many currency pairs are available to trade? Saxo Bank offers its clients access to 139 different currency pairs while FXOpen has 63 available pairs, a difference of 76.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXOpen offers Meta Trader while Saxo Bank does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FXOpen boasts an offering of 31 charting tools compared to Saxo Bank's 17 available charting tools. FXOpen offers its clients access to 51 different indicators (for example, volume) while Saxo Bank has 45 available indicators, a difference of 6.
Overall, Saxo Bank boasts 5.00 stars versus FXOpen's 3.50 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 FXOpen was rated none of these.