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 two online brokers each offering their own set of features and regulatory standards. Founded in 1992, Saxo stands out as a bank and holds an impressive Trust Score of 99 out of 99, as rated by ForexBrokers.com. It holds 7 Tier-1 licenses, which are considered highly trusted, and 1 Tier-2 license. While not publicly traded, Saxo's banking status and strong regulatory backing contribute to its high level of trust.
On the other hand, HFM, established in 2010, carries a Trust Score of 86, falling into the "trusted" category. Unlike Saxo, HFM is not a bank but still maintains 2 Tier-1 licenses and 3 Tier-2 licenses, which signify a good level of regulatory trust. Though younger and with fewer high-trust licenses compared to Saxo, HFM continues to be a reliable choice for traders seeking a stable yet slightly less comprehensive regulatory framework.
| 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 |
When it comes to commissions and fees, Saxo Bank and HFM offer varying advantages for traders. Saxo Bank is known for its competitive pricing, particularly benefiting active traders, high-volume participants, and those holding substantial account balances. With average spreads on the EUR/USD pair standing at 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts respectively (as of November 2023), Saxo offers attractive pricing, especially for premium accounts. Additionally, Saxo offers commission-free forex trading, excluding a nominal fee for lower trade volumes. The firm also provides a clear pathway for account upgrades through its loyalty program, encouraging user engagement.
HFM, on the other hand, generally presents trading costs that are slightly above the industry average. For standard trading accounts, a spread of 1.2 pips is typical, though no specific period details these numbers. Traders might find the Zero account, which effectively has a spread of 0.7 pips after accounting for commissions, more appealing if they prioritize lower costs. However, the absence of date-specific data could imply variability. Nonetheless, both brokers maintain accessibility for different types of investors, albeit through distinct pricing strategies.
In terms of ratings and rankings, Saxo earns an impressive 5 stars for commissions and fees, positioning itself at #9 out of 63 brokers per ForexBrokers.com. Meanwhile, HFM receives a respectable 4-star rating, ranked at #31. Overall, Saxo appeals to traders seeking cost efficiency and additional benefits through premium tiers, while HFM could be suitable for those preferring straightforward standard account spreads.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.2 |
| All-in Cost EUR/USD - Active | 0.9 | 0.7 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and HFM, Saxo stands out with a vast range of investment opportunities, offering 70,000 tradeable symbols compared to HFM's 500. Both brokers provide forex trading as both CFDs and spot contracts, but Saxo offers 190 forex pairs—nearly double the 102 pairs available with HFM. In addition to forex, Saxo also excels in providing access to exchange-traded securities on U.S. and international exchanges, allowing clients to buy shares like Apple or Vodafone directly. HFM, on the other hand, does not offer this capability, which limits direct access to such markets. Both brokers offer tools for copy trading and provide access to cryptocurrency derivatives, but they don't offer the purchase of actual cryptocurrencies.
Rated 5 stars for its range of investments, Saxo ranks as the third best broker in this category out of 63 on ForexBrokers.com. In contrast, HFM receives 4 stars and is positioned 36th overall. The extensive investment choices available with Saxo make it particularly appealing for traders seeking a diverse portfolio, while HFM offers a more straightforward selection suitable for those looking for a focused trading experience. Whether it's through Saxo's access to broader global markets or HFM's streamlined options, traders can select a broker that aligns best with their trading strategies and goals.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 500 |
| Forex Pairs (Total) | 190 | 102 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When it comes to trading platforms and tools, Saxo and HFM both provide a host of features aimed at serving traders of all levels. Saxo allows users to test their skills with a free virtual demo account, just like HFM. Both brokers offer proprietary platforms developed in-house, web-based platforms, and Windows-based desktop platforms, making them versatile in the way they serve their clients. Saxo and HFM also support copy trading, giving traders an opportunity to follow experienced investors. However, it's worth noting that only HFM offers access to both MetaTrader 4 and MetaTrader 5, while Saxo skips these popular platforms entirely.
For those interested in robust charting capabilities, HFM offers more drawing tools, providing 30 compared to Saxo's 20. Both brokers allow traders to execute trades directly from a stock chart, enhancing the user experience. When managing watch lists, Saxo shines by offering 60 different fields, far surpassing HFM's 7. These differences are reflected in their ratings, with Saxo receiving a 5-star rating and being ranked #1 by ForexBrokers.com for trading platforms and tools, compared to HFM's 4-star rating and #42 ranking. Overall, Saxo stands out for those looking for a highly rated trading platform with comprehensive charting and watch list features.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 15 |
| Charting - Drawing Tools (Total) | 20 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Saxo and HFM for iPhone and Android users, both offer essential features like price alerts and technical charting capabilities. However, Saxo takes the lead with an impressive 64 technical studies available for chart analysis, whereas HFM offers 30. Both platforms allow trendline drawing and support multiple time frame views, which is crucial for detailed market analysis. A standout feature of Saxo is watchlist symbol syncing, ensuring changes made on your mobile automatically reflect in your online account. This is an area where HFM falls short, as it doesn't offer such syncing capabilities.
Both Saxo and HFM provide real-time quote watchlists and save chart drawings automatically, enhancing user convenience. Nonetheless, Saxo shines brighter in the ratings, receiving a perfect 5-star score for its mobile trading app, securing the #2 spot out of 63 brokers on ForexBrokers.com. HFM, with a 4-star rating, is positioned at #39 in the same category. These distinctions highlight Saxo’s superior functionality and user satisfaction in the realm of mobile trading.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Saxo and HFM, both platforms shine in providing essential tools for traders. Saxo and HFM both deliver daily market commentary to keep users updated with the latest insights, and they offer forex news from respected sources like Bloomberg and Reuters. Furthermore, both brokers provide technical analysis tools from Autochartist, ensuring traders have access to sophisticated analysis strategies. However, neither broker currently offers services from Trading Central or Acuity Trading. For sentiment-based trading, both Saxo and HFM present tools to guide decisions based on market sentiment, and each also includes an economic calendar for tracking significant global events.
Despite their similarities, Saxo and HFM differ in overall research quality ratings and rankings. Saxo holds a top spot, rated five stars for research, and is ranked #1 by ForexBrokers.com among 63 brokers. In contrast, HFM receives a four-star rating and is placed 20th on the same list. This distinction underscores Saxo's strength in providing comprehensive research offerings, making it an appealing choice for traders seeking meticulous insights, while HFM still provides strong market research support for its users.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners between online brokers Saxo and HFM, both platforms offer a wide array of materials to help new traders get started. Each provides more than 10 educational pieces focused mainly on forex and CFDs, including articles and videos. Both Saxo and HFM host regular online webinars, ensuring clients have access to at least one educational webinar every month. Furthermore, these webinars are recorded and stored in searchable archives, allowing beginner traders to revisit past sessions at their convenience. Each platform also caters to both beginner and advanced traders with a generous selection of educational videos that dive into various trading topics.
In terms of additional resources, Saxo and HFM both offer comprehensive investor dictionaries, boasting definitions of over 50 investing terms to help traders familiarize themselves with industry jargon. However, in ratings and rankings, Saxo takes a slight edge with a 5-star education rating and a #13 ranking among 63 brokers on ForexBrokers.com. HFM, while also highly capable, has a 4-star education rating and ranks #37. This makes Saxo slightly better positioned for providing educational support to traders at all levels, particularly for those just starting their trading journey.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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 #30.
Saxo is an exclusive 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
|
HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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Both Saxo and HFM do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to buy cryptocurrency derivatives.
When comparing online brokers, Saxo and HFM both support Visa, Mastercard, and bank wire transactions for deposits and withdrawals, yet neither offers ACH, SEPA, or PayPal, with the distinction that HFM uniquely provides the option to use Skrill.
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 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
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| Regulation | Saxo | HFM | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| 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 (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| 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) | No | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 500 | |
| Forex Pairs (Total) | 190 | 102 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.1 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.7 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | HFM | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 15 | |
| Charting - Drawing Tools (Total) | 20 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | HFM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | HFM | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Saxo Review | HFM Review |
| Overall | Saxo | HFM | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
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