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Saxo Bank vs FXOpen Review

Steven Hatzakis

Published by Steven Hatzakis


Friday, June 15th, 2018

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.
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Overall
Offering of Investments
Commissions & Fees
Platform & Tools
Customer Service
Research
Mobile Trading
Education
Trust Score
Year Founded
Publicly-Traded Company (Listed)
Regulated in Major Hub
Regulated in Emerging Hub
CFTC Registered (USA)
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)
Forex: Spot Trading
Currency Pairs (Total Forex pairs)
CFDs - Total Offered
Cryptocurrency traded as actual
Cryptocurrency traded as CFD
All-in Cost EUR/USD - Active
Average Spread EUR/USD - Standard
Active Trader or Premium/VIP
Proprietary
Desktop Platform (Windows)
Web Platform
Social Trading / Copy-Trading
MetaTrader4 (MT4)
MetaTrader5 (MT5)
cTrader
Currenex
ZuluTrade
MirrorTrader
Virtual Trading (Demo)
Watchlists - Total Fields
Alerts - Basic Fields
Charting - Trade From Chart
Charts can be saved
Charting - Drawing Tools (Total)
Charting - Indicators / Studies (Total)
Charting - Drawings Autosave
Order Type - Trailing Stop
Android App
Apple iOS App
Forex News
Alerts - Basic Fields
Alerts Delivery - Push Notifications
Watch List
Watch List Syncing
Charting - Technical Studies/Indicators
Charting - Draw Trend Lines
Daily Market Commentary
Forex News (Top-Tier Sources)
AutoChartist
Trading Central (Recognia)
Delkos Research
Acuity Trading
Social Trading / Copy-Trading
Social Sentiment - Currency Pairs
Client Webinars
Client Webinars (Archived)
Videos - Beginner Trading Videos
Economic Calendar
Calendar Includes Forecasts
Economic News Sentiment
Trade Ideas - Backtesting
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)
USDMXN (or MXNUSD)
USDNOK (or NOKUSD)
USDSEK (or SEKUSD)
USDTRY (or TRYUSD)
USDZAR (or ZARUSD)
USDDKK (or DKKUSD)
USDBRL (or BRLUSD)
Minimum Initial Deposit
Bank Wire (Deposit/Withdraw)
Visa/Mastercard (Credit/Debit)
PayPal (Deposit/Withdraw)
Skrill (Deposit/Withdraw)
UnionPay (Deposit/Withdraw)
Saxo Bank
Saxo Bank Review
 
5
5
4.5
4.5
4
4.5
4
4
 
94
1992
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
 
Yes
139
9000
No
No
 
0.6
1
Yes
 
Yes
Yes
Yes
Yes
No
No
No
No
No
No
 
Yes
12
Yes
Yes
Yes
17
45
Yes
Yes
 
Yes
Yes
Yes
Yes
No
Yes
Yes
41
Yes
 
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
 
Yes
Yes
Yes
Yes
Yes
Yes
No
 
$10,000.00
Yes
Yes
No
No
No
FXOpen
FXOpen Review
 
3.5
3
4
3
4
2
3.5
1.5
 
76
2003
No
Yes
No
No
Yes
No
Yes
No
No
No
No
No
No
 
Yes
63
18
Yes
Yes
 
N/A
N/A
Yes
 
No
Yes
Yes
Yes
Yes
Yes
No
No
Yes
No
 
Yes
7
Yes
Yes
Yes
31
51
Yes
Yes
 
Yes
Yes
Yes
Yes
No
Yes
No
30
Yes
 
Yes
Yes
No
No
No
No
Yes
No
No
No
No
Yes
No
No
Yes
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
 
Yes
Yes
Yes
Yes
No
Yes
No
 
$100
Yes
Yes
No
Yes
Yes

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 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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