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.
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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 is the stronger choice for commissions and fees, earning 5 stars and ranking #8 out of 36 brokers for this category. It offers commission-free forex trading, with costs built into the spread, and pricing is especially attractive for active and high-volume traders. In November 2023, average EUR/USD spreads were 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP, with the better account tiers coming closer to the industry average. Saxo also waives custody fees on share trading for clients who opt into securities lending.
HFM scores 4 stars for commissions and fees and ranks #28 out of 36 brokers, making it the weaker option on pricing. Its standard accounts typically show spreads around 1.2 pips, which is slightly above the industry average, while the Zero account advertises an effective spread of 0.7 pips after commission. However, that figure is not presented as an average, so it is harder to compare directly with other brokers.
Overall, Saxo offers better value for most traders, especially those who trade often or keep larger balances. HFM may still appeal to some traders looking at account choice, but its pricing is generally less competitive than Saxo’s. If lower trading costs are the priority, Saxo has the clearer edge.
| 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, making it the stronger choice for traders who want more markets in one place. Saxo gives access to 71,000 tradeable symbols and 190 forex pairs, while HFM offers 344 symbols and 38 forex pairs. 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.
HFM does have one area Saxo does not: copy trading. But if the main goal is breadth of choice, Saxo is clearly ahead. It earns a 5-star rating for Range of Investments and ranks #3 out of 36 brokers in the ForexBrokers.com category, compared with HFM’s 4-star rating and #28 ranking. For most investors looking for more market access and more product variety, Saxo is the more extensive platform.
| 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 strong range of platform choices, including free demo accounts, their own built-in trading platforms, Windows desktop downloads, and web-based platforms. Each also lets users place trades directly from a chart, which is helpful for quick decision-making. In ForexBrokers.com’s Trading Platforms and Tools review, Saxo stands out with a 5-star rating and a ranking of #3 out of 36 brokers, while HFM is rated 4 stars and ranked #33.
The main difference is in third-party and copy-trading support. HFM offers copy trading as well as MetaTrader 4 and MetaTrader 5, giving traders more familiar tools and social trading options. Saxo does not support copy trading, MT4, or MT5, so its platform lineup is more focused on its own technology. For traders who want a broker with a wider set of popular trading apps, HFM has the edge, while Saxo may appeal more to those who prefer a polished in-house platform 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) | 61 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and HFM both offer mobile trading apps for iPhone and Android, and each app includes price alerts plus tools for drawing trendlines on charts. Both apps also save chart drawings automatically, which makes it easier to pick up where you left off. If you want a simple mobile setup for checking markets and managing trades on the go, both brokers cover the basics well.
That said, Saxo has a clear edge for mobile trading. Its app syncs watchlists across mobile and online accounts, while HFM does not, so updates in Saxo carry over more smoothly between devices. Saxo also offers 64 technical studies for charting compared with just 5 at HFM. These differences help explain why Saxo earns 5 stars and ranks #3 out of 36 brokers for Mobile Trading Apps, while HFM holds 4 stars and ranks #32.
| 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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