Written by ForexBrokers.com
In this head to head comparison of Saxo vs OANDA, 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 vs OANDA: both online brokers are well-regulated and widely trusted. Saxo was founded in 1992 and OANDA in 1996. Neither is publicly traded. Saxo is a bank, while OANDA is not. Each holds seven Tier-1 licenses (viewed as highly trusted by ForexBrokers.com). Saxo also holds one Tier-2 license; OANDA holds none.
On the ForexBrokers.com Trust Score (out of 99), Saxo scores 99 and OANDA 92—both fall in the 90–99 “highly trusted” range. For reference, 80–89 is trusted, 70–79 average risk, 60–69 high risk, and below 59 not trusted. Both brokers offer strong regulatory standing, with Saxo edging ahead thanks to its bank status, extra Tier-2 license, and perfect score.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Year Founded | 1992 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 7 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Saxo is the better-value pick for active and high-balance traders, while OANDA is easier to access and supports tiny trade sizes but tends to cost more per trade. For commissions and fees, Saxo is rated 5/5 stars and ranked #8 out of 63 brokers; OANDA is rated 4/5 stars and ranked #30 out of 63.
Saxo’s forex pricing is commission-free, with a small ticket fee of $3 per side only if you trade fewer than 50,000 units in a month. As of November 2023, average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums about 0.2 pips lower. The Classic account now has a $0 minimum deposit. Platinum requires $200,000 (AUD 300,000 in Australia) or an upgrade via loyalty points, and VIP typically requires $1,000,000 or very high trading volume. Saxo can also waive custody fees on share trading if you opt into securities lending.
OANDA’s default spreads are generally higher: the average EUR/USD spread was 1.61 pips (July 2024). Its Core Pricing option lowers the spread but adds a $5 per side commission per $100,000 traded; with a $10,000 minimum deposit, the example all-in cost can drop to about 1.4 pips versus 1.6 pips on the default plan. OANDA stands out for flexibility, allowing orders as small as 1 unit and offering Elite Trader rebates of $5–$17 per million in select regions. It also publishes a trailing view of spreads for transparency, though not a fixed-period average.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.68 |
| All-in Cost EUR/USD - Active | 0.8 | 1.69 |
| Non-wire bank transfer | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo stands out for range, offering about 71,000 tradeable symbols compared with OANDA’s 4,172. Saxo also lists 190 forex pairs versus OANDA’s 69, and both let you trade forex as CFDs or spot. Each broker gives access to exchange-traded stocks on U.S. and international markets, so you can buy shares like Apple on NASDAQ or Vodafone in London—not just trade stock CFDs.
There are key differences: OANDA supports copy trading while Saxo does not. For crypto, OANDA lets you buy actual coins as well as trade crypto CFDs; Saxo offers crypto only via CFDs. For Range of Investments, ForexBrokers.com rates Saxo at 5 stars (ranked #3 of 63) and OANDA at 4.5 stars (ranked #20).
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 4172 |
| Forex Pairs (Total) | 190 | 69 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | Yes |
| 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 vs OANDA: both brokers offer free demo (paper) accounts, their own proprietary platforms, and access through Windows desktop downloads and web-based platforms. Each lets you place orders directly from a chart and includes technical indicators for analysis. In independent testing by ForexBrokers.com, Saxo is rated 5 stars and ranks #3 out of 63 for Trading Platforms and Tools, while OANDA is rated 4 stars and ranks #16.
The key differences come down to platform choice and extras. OANDA supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and offers copy trading, which Saxo does not. If you want MetaTrader or copy trading, OANDA is the better fit. If you prefer a top-rated, in-house platform experience, Saxo stands out.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 | 89 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and OANDA both offer mobile trading apps for iPhone and Android. Each app supports price alerts, drawing tools like trendlines, and auto-saved chart annotations, making it easy to pick up where you left off. A key difference is watchlists: Saxo syncs watchlists between the mobile app and the web platform, while OANDA does not, so changes on one don’t carry over to the other.
For charting, Saxo’s mobile app includes 64 technical studies compared with OANDA’s 30, giving active chart users more indicators to choose from. Both apps earned 5-star Mobile Trading App ratings, yet the ForexBrokers.com rankings place Saxo at #3 out of 63 brokers and OANDA at #7. If you value more indicator choices and synced watchlists, Saxo stands out; if you simply need a reliable iPhone or Android trading experience with alerts and drawing tools, OANDA remains a strong option.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 OANDA both deliver rich market research for everyday traders. Each offers daily market commentary, premium forex news from top sources like Bloomberg, Reuters, and Dow Jones, Autochartist tools for technical and fundamental insights, a sentiment tool showing long vs. short positioning, and a clear economic calendar. Neither broker includes Trading Central, TipRanks, or Acuity Trading integrations.
According to ForexBrokers.com, both Saxo and OANDA earn 5 stars for Research, with Saxo ranked #1 out of 63 brokers and OANDA ranked #4. If you want the top-ranked research experience, Saxo edges ahead; if you prefer a similar tool set within a different platform, OANDA is a strong alternative.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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.
Comparing Saxo vs OANDA for beginner education, both brokers deliver plenty of learning materials for forex and CFD traders. Each runs client webinars at least once a month and offers 10+ beginner-friendly videos to help you grasp basics like platform use, order types, and risk awareness. They also include 10+ advanced videos, so you can keep building skills as you progress.
Both Saxo and OANDA earn 5 out of 5 stars for Education from ForexBrokers.com. If you’re weighing the two, Saxo holds a slight edge in the rankings at #12 of 63 brokers, while OANDA sits at #18. In short, beginners will find strong education with either choice, with Saxo getting a small nod for its higher placement.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 OANDA. Saxo finished with an overall rank of #3, while OANDA finished with an overall rank of #13.
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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OANDA
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 92 |
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In the Saxo vs OANDA comparison, OANDA allows you to buy actual (delivered) cryptocurrency and trade cryptocurrency CFDs, while Saxo offers only cryptocurrency CFDs and does not support purchasing real crypto.
Compared to Saxo, which supports only bank wire transfers and not ACH/SEPA, PayPal, or Skrill for deposits and withdrawals, OANDA offers broader funding options including ACH/SEPA, PayPal, Skrill, and bank wires.
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 | OANDA | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Saxo Review | OANDA Review |
| Broker Screenshots | Saxo | OANDA | |
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| Regulation | Saxo | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 92 | |
| Year Founded | 1992 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 7 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 4172 | |
| Forex Pairs (Total) | 190 | 69 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | Yes | |
| 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 | OANDA | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | 1.68 | |
| All-in Cost EUR/USD - Active | 0.8 | 1.69 | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | Yes |
| Trading Platforms | Saxo | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 89 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | OANDA | |
|---|---|---|---|
| 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 | OANDA Review |
| Overall | Saxo | OANDA | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Saxo Review | OANDA Review |
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