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 offers very good pricing overall and is especially attractive for active traders, high-volume traders, and those who can keep larger account balances. For forex, Saxo is commission-free and earns mainly through the spread, though traders who trade less than 50,000 units per month pay a $3 ticket fee per side. Recent EUR/USD spread data showed averages of 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP, with the higher-tier accounts landing closer to the industry average. Saxo is rated 5 stars for commissions and fees and is ranked #8 out of 36 brokers.
HFM’s trading costs are slightly above the industry average. Its standard accounts typically show a 1.2 pip spread, though HFM does not provide a date range for that figure, so the true average may be higher. The Zero account can work out to an effective 0.7 pip spread after commission, but this is also not presented as an average. HFM is rated 4 stars for commissions and fees and is ranked #29 out of 36 brokers.
Overall, Saxo has the edge on commissions and fees thanks to its lower potential trading costs, better pricing for larger accounts, and stronger standing in the rankings. HFM may still appeal to some traders, but on pure cost comparison, Saxo is the better choice for most people looking to keep trading fees down.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.8 |
| All-in Cost EUR/USD - Active | 0.8 | 1.1 |
| Non-wire bank transfer | 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, with about 71,000 tradeable symbols compared with 344 at HFM. For forex traders, Saxo lists 190 currency pairs, while HFM offers 38. Both brokers support forex trading as either CFDs or spot contracts, and both let clients trade cryptocurrency CFDs. Saxo also stands out by offering exchange-traded securities on both U.S. and international exchanges, so investors can buy real shares such as Apple or Vodafone directly. HFM does not offer these exchange-traded securities.
In terms of extra features, HFM offers copy trading, while Saxo does not. Neither broker allows the purchase of actual, delivered cryptocurrency. Overall, Saxo is rated 5 out of 5 stars for range of investments and ranks #3 out of 36 brokers in this category, while HFM is rated 4 out of 5 stars and ranks #29 out of 36. For investors who want a broader choice of markets and products, Saxo has the clear edge.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 344 |
| Forex Pairs (Total) | 190 | 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 range of platform choices, including free demo accounts, in-house platforms, desktop downloads for Windows, and web-based trading. Each also lets users place trades directly from a stock chart, which can make it easier to react quickly while watching the market. In independent ratings, Saxo stands out more in this category, earning 5 out of 5 stars and ranking #3 out of 36 brokers for trading platforms and tools, while HFM is rated 4 out of 5 stars and ranks #34.
The biggest differences come down to trading software extras. HFM supports copy trading plus the popular MetaTrader 4 and MetaTrader 5 platforms, which may appeal to traders who want familiar tools and social trading features. Saxo does not offer copy trading, MT4, or MT5, but it focuses on its own platform experience instead. For traders comparing platforms and tools, Saxo looks stronger overall for quality and usability, while HFM offers more third-party platform options.
| 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) | 61 | 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, price alerts, trendline drawing, and automatic saving for chart drawings. That means both apps cover the basics well for mobile trading and chart use, making them suitable for traders who want to check markets and place trades from their phones.
Where Saxo stands out is in app quality and charting depth. Saxo lets users sync watchlists between the mobile app and online account, while HFM does not. Saxo also offers 64 technical studies for chart analysis, compared with just 5 at HFM. This stronger feature set helps explain why Saxo earns 5 stars and ranks #3 out of 36 brokers for Mobile Trading Apps, while HFM is rated 4 stars and ranks #33.
| 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 a solid set of market research tools. Each one offers daily market commentary, forex news from top sources like Bloomberg and Reuters, Autochartist tools, a sentiment tool showing long and short positioning, and an economic calendar for tracking global events. Neither broker includes Trading Central or TipRanks research.
The main difference is that HFM also offers research from Acuity Trading, such as Signal Centre, while Saxo does not. That extra feature may matter to traders who want more idea-generating tools. Even so, Saxo comes out ahead 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 | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and HFM both give beginners plenty of ways to learn, including forex and CFD education with at least 10 pieces of content, monthly online webinars, and a large library of beginner and advanced videos. That means new traders can find lessons on the basics as well as more detailed trading topics on both platforms, making either broker a solid starting point for learning the market.
That said, Saxo has the edge for education overall. It earns a 5-star Education rating and ranks #12 out of 36 brokers at ForexBrokers.com, while HFM is rated 4 stars and ranks #29. For beginners who want the stronger learning experience, Saxo appears to offer the better education package, even though HFM still provides a good amount of helpful material.
| 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) | Yes | 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) | 190 | 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) - Standard account | 1.0 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.8 | 1.1 | |
| Inactivity Fee | Yes | 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 | 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) | 61 | 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 Watchlist [DELETED] | |||
| 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 | Yes | 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 | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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