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 |
Saxo vs. HFM on costs: Saxo earns 5/5 stars and ranks #8 of 63 at ForexBrokers.com for Commissions and Fees, while HFM scores 4/5 stars and ranks #28 of 63. The gap reflects Saxo’s stronger value for active and high‑volume forex traders, whereas HFM’s pricing tends to sit slightly above the industry average.
For Saxo, as of November 2023 the average EUR/USD spread was 1.1 pips on the Classic account, 1.0 on Platinum, and 0.9 on VIP, with minimums about 0.2 pips lower. Platinum and VIP are closer to the industry average, while Classic is slightly higher. Forex trades are commission-free (Saxo earns from the spread), but trading under 50,000 units per month adds a $3-per-side ticket fee. The Classic account has a $0 minimum. Bigger discounts are tied to higher tiers: Platinum typically needs a $200,000 deposit (AUD 300,000 in Australia) or sufficient trading volume, and VIP requires $1,000,000 or very high volume. Saxo also waives custody fees for share trading if you opt into securities lending.
At HFM, the company cites a typical 1.2-pip spread on standard accounts without a date range, so the true average may be higher. Its Zero account advertises an effective 0.7-pip spread after commission, but that figure is also not an average. Overall, HFM’s costs are slightly above the industry average, aligning with its 4/5 star rating and #28 of 63 ranking for Commissions and Fees.
| 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 and HFM both let you trade forex via CFDs or spot contracts, and each offers crypto CFDs (but not actual, delivered cryptocurrencies). Saxo stands out for sheer breadth: 71,000 tradeable symbols and 190 currency pairs, plus access to exchange-traded shares on both U.S. and international exchanges—so you can buy stocks like Apple or Vodafone directly, not just as CFDs. HFM lists 500 symbols and 102 currency pairs, does not offer exchange-traded shares in the U.S. or abroad, but it does support copy trading (which Saxo does not).
For range of investments, ForexBrokers.com rates Saxo 5 stars and ranks it 3rd out of 63 brokers, while HFM earns 4 stars and ranks 28th. In short, Saxo suits investors seeking a very wide selection of markets and direct share ownership, whereas HFM may appeal to traders who want copy trading and a smaller, focused lineup.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 500 |
| Forex Pairs (Total) | 190 | 102 |
| 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 make it easy to get started with a free demo account for paper trading. Each offers an in-house platform along with a Windows desktop download and a web-based platform, and both let you place orders directly from charts. If you want social features, HFM includes copy trading, while Saxo does not.
For third-party platforms, HFM supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5); Saxo does not support either. In independent testing by ForexBrokers.com, Saxo earns 5 stars and ranks #3 out of 63 for Trading Platforms and Tools, while HFM earns 4 stars and ranks #33. The source did not provide counts for built-in technical indicators or watchlist columns for either broker.
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and HFM both offer iPhone and Android mobile trading apps with price alerts. Each app lets you draw trendlines on stock and forex charts, and those drawings auto‑save. The key difference is watchlist syncing: Saxo syncs your watchlists between the mobile app and your online account, while HFM does not.
When it comes to charting depth, Saxo includes 64 technical studies compared with HFM’s 30, giving more built‑in indicators to analyze the market. Independent reviews echo this: ForexBrokers.com rates Saxo’s mobile trading app 5 stars and ranks it #3 out of 63 brokers, while HFM earns 4 stars and ranks #32. If syncing and a wider set of indicators matter, Saxo has the edge; if you only need core features on iPhone and Android, HFM covers the basics.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and HFM both deliver daily market commentary, forex news from top-tier sources (such as Bloomberg, Reuters, and Dow Jones), and an economic calendar for upcoming events. Each broker includes a sentiment tool that shows long/short positioning and integrates Autochartist for technical and fundamental insights. Neither broker offers Trading Central, TipRanks, or Acuity Trading tools.
The main difference is recognition and ratings for research quality: Saxo holds a 5-star Research rating and is ranked #1 out of 63 brokers by ForexBrokers.com, while HFM earns 4 stars and ranks #18. If you want the most highly rated market research experience, Saxo takes the lead; if you’re comfortable with a slightly lower ranking but similar core tools, HFM still covers the essentials.
| 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 | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and HFM both deliver beginner-friendly forex and CFD education that meets the 10-piece threshold, giving new traders plenty to explore. Each broker runs client webinars at least once a month and offers 10+ beginner videos that walk through core trading topics in plain language, helping you learn the basics step by step.
As you progress, both also provide 10+ advanced videos to deepen your skills. For overall quality, Saxo earns a 5-star Education rating and is ranked #12 out of 63 brokers by ForexBrokers.com, while HFM holds a 4-star rating and ranks #29. In short, Saxo edges out HFM for educational strength and structure, but HFM remains a solid choice for accessible learning with regular webinars and a sizable video library.
| 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 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
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HFM
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| Trust Score | 99 | 86 |
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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 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
| Broker Screenshots | Saxo | HFM | |
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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 (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 SCA 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 | 500 | |
| Forex Pairs (Total) | 190 | 102 | |
| 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 | 15 | |
| 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 | 30 | |
| 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 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
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