Written by ForexBrokers.com
In this head to head comparison of Saxo vs HFM, 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.
Saxo and HFM are well-known online brokers, but their backgrounds differ. Saxo, founded in 1992, operates as a bank, while HFM, launched in 2010, is not a bank. Neither company is publicly traded.
On regulation, Saxo holds seven Tier-1 licenses (the most trusted level) and one Tier-2 license. HFM holds two Tier-1 and three Tier-2 licenses. According to ForexBrokers.com’s 99-point Trust Score, Saxo scores 99—highly trusted (90–99)—while HFM scores 85—trusted (80–89).
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Saxo comes out ahead on commissions and fees, especially for active traders and larger accounts. Its forex trading is commission-free, with Saxo making money through the spread, though traders who trade less than 50,000 units a month pay a $3 ticket fee per side. Pricing is strongest on the higher-tier accounts, with average EUR/USD spreads of 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP, while the Classic account can be a bit higher than the industry average. Saxo is rated 5 out of 5 stars and ranks #8 out of 36 brokers for commissions and fees.
HFM is more middle-of-the-pack on pricing, with trading costs that are slightly above average overall. The broker says its standard accounts typically have spreads around 1.2 pips, though no date range is provided, and its Zero account shows an effective spread of 0.7 pips after commission, which still is not presented as an average. HFM is rated 4 out of 5 stars and ranks #30 out of 36 brokers for commissions and fees.
In simple terms, Saxo offers better value for price-conscious traders, particularly those who can qualify for lower-cost Platinum or VIP tiers. HFM can still be a workable choice, but its pricing is not as competitive as Saxo’s overall, especially for traders focused on keeping trading costs down.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | 1.8 |
| All-in Cost EUR/USD - Raw spread account | N/A | 1.1 |
| Non-wire bank transfer (Deposit/Withdraw) | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo offers a much wider range of investments than HFM, making it the stronger choice for traders who want more markets in one place. Saxo provides access to 71,000 tradeable symbols and 192 forex pairs, while HFM offers 344 symbols and 38 forex pairs. Both brokers support forex trading as either a CFD or spot contract, and both let clients trade cryptocurrency CFDs, but neither offers delivered crypto purchases.
For investors looking to buy real shares, Saxo also stands out because it offers exchange-traded securities on both U.S. and international exchanges, such as Apple and Vodafone. HFM does not offer these types of stock purchases. HFM does have copy trading, which Saxo does not, but for overall product range Saxo is rated 5 out of 5 stars and ranked #3 out of 36 brokers by ForexBrokers.com, compared with HFM’s 4-star rating and #30 ranking.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 344 |
| Forex Pairs (Total) | 192 | 38 |
| 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 and HFM both give traders a wide choice of platform options, including a free demo account, their own in-house platform, a Windows desktop app, and a web-based platform that runs in your browser. Both also let you trade directly from a stock chart, which can make placing orders simpler. In this area, Saxo stands out for its platform experience overall, earning 5 out of 5 stars and a #3 ranking out of 36 brokers from ForexBrokers.com, while HFM is rated 4 out of 5 stars and ranked #36.
The main differences come down to trading extras. HFM supports copy trading plus both MetaTrader 4 and MetaTrader 5, which may appeal to traders who want popular third-party tools and the ability to follow other traders. Saxo does not offer MT4, MT5, or copy trading, so it may suit users who prefer a more streamlined setup centered on Saxo’s own platform. If you want a broker with more built-in platform choice and social trading features, HFM has the edge, while Saxo is stronger for its overall platform quality and user experience.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| 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 | Yes |
| Charting - Indicators / Studies (Total) | 64 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and HFM both make it easy to trade on the go, since each offers iPhone and Android apps, plus price alerts and tools for drawing trendlines and saving those drawings automatically. If you want a simple mobile setup, both apps cover the basics well. That said, Saxo has a clear edge in how much it offers inside the app, including watchlist syncing between mobile and your online account, which HFM does not provide.
When it comes to charting, Saxo stands out with 64 technical studies in its mobile app, compared with just 5 at HFM. That difference helps Saxo deliver a much fuller trading experience for users who rely on mobile charts. This is reflected in outside ratings too: Saxo earns 5 out of 5 stars for Mobile Trading Apps and ranks #3 out of 36 brokers, while HFM is rated 4 out of 5 stars and ranks #35.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and HFM both give traders useful market research tools, including daily market commentary, forex news from major sources like Bloomberg and Reuters, Autochartist tools, and an economic calendar for tracking global events. Neither broker offers Trading Central or TipRanks research, so on those points they are even.
The main difference is that HFM adds a sentiment tool showing long and short positions, plus research from Acuity Trading such as Signal Centre, while Saxo does not. That extra range helps HFM, but Saxo still stands out overall with a 5-star research rating and a #1 ranking out of 36 brokers from ForexBrokers.com, compared with HFM’s 4-star rating and #18 ranking.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to beginner education, Saxo and HFM both give new traders plenty of ways to learn. Each broker offers forex and CFD learning materials, monthly client webinars, and at least 10 beginner videos as well as 10 advanced videos, so both platforms provide a wide mix of content for different skill levels. For someone just starting out, that means you can find basics, more detailed lessons, and live learning sessions at either broker.
The main difference is in the overall education rating. Saxo is rated 5 out of 5 stars for Education and ranks #12 out of 36 brokers at ForexBrokers.com, while HFM is rated 4 out of 5 stars and ranks #31. In simple terms, both brokers support beginners well, but Saxo stands out as the stronger choice for educational resources overall.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| 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 HFM. Saxo finished with an overall rank of #3, while HFM finished with an overall rank of #27.
Saxo is a 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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HFM
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| Trust Score | 99 | 85 |
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In the Saxo vs HFM comparison for cryptocurrency trading, neither broker supports buying actual delivered crypto, but both provide access to cryptocurrency CFDs.
Comparing online brokers Saxo and HFM: neither supports ACH/SEPA or PayPal, both support bank wire deposits and withdrawals, only HFM offers Skrill, and Visa/Mastercard availability is not specified for either.
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 | HFM | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
| Broker Screenshots | Saxo | HFM | |
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| Regulation | Saxo | HFM | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1992 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Saxo | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | 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 | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 344 | |
| Forex Pairs (Total) | 192 | 38 | |
| 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 | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.0 | 1.8 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | No | No |
| Trading Platforms | Saxo | HFM | |
|---|---|---|---|
| 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 | Yes | |
| cTrader | No | No |
| Trading Tools | Saxo | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 64 | 38 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | HFM | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | Saxo Review | HFM Review |
| Overall | Saxo | HFM | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
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