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 and OANDA are both well-regarded online brokers, but they have some differences in their regulatory backgrounds. Founded in 1992, Saxo operates as a bank and is not publicly traded. It holds a top-tier Trust Score of 99 from ForexBrokers.com, making it highly trusted based on its regulatory framework. Saxo has obtained seven Tier-1 licenses, which are the highest level of regulatory authorization, as well as one Tier-2 license, adding to its credibility.
OANDA, on the other hand, was established in 1996 and, unlike Saxo, is not a bank. It also remains privately held. With a Trust Score of 93, OANDA is similarly well-regarded and holds the same number of Tier-1 licenses, which amount to seven. However, OANDA lacks any Tier-2 licenses. Both brokers maintain strong regulatory standings, but Saxo slightly edges out OANDA in terms of overall trust and regulatory compliance due to its additional Tier-2 license and its status as a bank.
| 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 |
When it comes to commissions and fees, Saxo offers outstanding pricing, especially for active traders who engage in high-volume trading or can maintain large account balances. With its three account tiers—Classic, Platinum, and VIP—Saxo adjusts its spreads accordingly. As of November 2023, the EUR/USD spreads range from 0.9 pips to 1.1 pips depending on the account type, with lower spreads for its high-end accounts. Saxo incentivizes higher trading volumes through its Loyalty Program, which rewards volume-related activity. Although Saxo is predominantly commission-free, traders dealing in less than 50,000 units per month will incur a ticket-fee of $3 per side. Saxo earns a 5-star rating and is ranked #9 out of 63 brokers by ForexBrokers.com for its favorable commissions and fees.
On the other hand, OANDA's forex trading costs are on the higher side compared to the most competitive brokers in the market. The spreads for its default accounts are generally steeper, averaging 1.61 pips for the EUR/USD pair as observed in mid-2024. OANDA's core pricing option offers lower spreads but involves a commission of $5 per $100,000 traded, which when included makes the effective cost slightly lower than its default pricing. While OANDA offers flexibility in trade sizes, allowing transactions as small as 1 unit, its pricing can be less transparent because it doesn't fix average spreads for specific periods. OANDA holds a 4-star rating and is ranked #34 among 63 brokers in the category of commissions and fees, according to ForexBrokers.com.
Saxo stands out for its competitive pricing, especially for high-volume traders, with flexible account options that promote loyalty and rewards. In contrast, OANDA provides the benefit of automated execution and flexibility in contract sizes but may charge higher spreads, making Saxo a stronger choice for cost-conscious traders. Transparency remains a challenge for OANDA despite its efforts, but it still offers various incentives, like rebates for high-volume traders. Choosing between Saxo and OANDA will largely depend on trading volume, need for transparency, and account balance, making Saxo generally more favorable for active and high-volume traders.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.61 |
| All-in Cost EUR/USD - Active | 0.9 | 1.61 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| 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 considering the range of investments, Saxo and OANDA both cater to forex traders with their offerings of CFDs and spot contracts. However, Saxo significantly outpaces OANDA by providing access to 70,000 tradeable symbols, including 190 forex pairs. In comparison, OANDA offers 3,928 tradeable symbols, which include 68 forex pairs. For investors looking to venture outside of forex, Saxo stands out by allowing clients to buy exchange-traded securities on both U.S. and international exchanges, such as Apple on NASDAQ and Vodafone on the London Stock Exchange, whereas OANDA does not provide these options.
Both platforms support copy trading and offer cryptocurrency derivatives, but a key difference is in their approach to actual cryptocurrencies. OANDA permits the purchase of delivered cryptocurrencies, whereas Saxo does not. This nuanced difference may sway crypto enthusiasts toward OANDA. Despite this, Saxo garners a perfect 5-star rating for its range of investments, ranking 3rd among 63 brokers, while OANDA receives a commendable 4 stars and is positioned 27th. This showcases Saxo's broad investment opportunities, especially for those seeking a diverse and comprehensive trading experience.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 3928 |
| Forex Pairs (Total) | 190 | 68 |
| 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 | Yes |
| 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.
Saxo and OANDA both offer a range of trading platforms and tools suitable for both novice and experienced traders. Each broker provides a proprietary platform, downloadable software for Windows, and web-based platforms, allowing traders to choose how they engage with the market. Both brokers also offer simulated trading through demo accounts, enabling users to practice without financial risk. While both support copy trading, OANDA has a slight edge in platform diversity by offering MetaTrader 4 and MetaTrader 5—popular third-party platforms among forex traders. However, neither supports DupliTrade or ZuluTrade for additional copy trading capabilities.
In terms of charting features and customization, Saxo offers a comprehensive 60-column watch list and enables traders to use 20 different drawing tools directly on stock charts. On the other hand, while OANDA provides fewer watch list columns, it boasts a massive 431 drawing tools, enhancing the user's ability to perform detailed technical analysis. Despite these strong offerings, Saxo is rated higher for its trading platforms and tools, earning a perfect 5-star rating and holding the number one ranking in this category out of 63 brokers according to ForexBrokers.com, while OANDA follows with a 4-star rating and a 15th place ranking.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 | 81 |
| Charting - Drawing Tools (Total) | 20 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Saxo and OANDA, both platforms cater well to traders with apps available for both iPhone and Android devices. Each app allows users to receive stock or forex price alerts and offers functionalities such as drawing trendlines, viewing multiple time frames, and creating watchlists with real-time quotes. However, a notable difference lies in watchlist synchronization. Saxo supports watchlist symbol syncing, ensuring seamless updates between the mobile app and online account. In contrast, OANDA lacks this feature.
In terms of technical tools, Saxo's mobile app impresses with 64 technical studies for charting, while OANDA offers 30. Both platforms ensure the auto-saving of chart drawings for ease of access. Despite these differences, both mobile trading apps are highly rated with five stars; however, Saxo claims the higher rank at #2 in ForexBrokers.com’s mobile trading app category, compared to OANDA's rank at #7 out of 63 brokers. This suggests Saxo might offer a more comprehensive experience for seasoned traders who value technical analysis and streamlined account management on-the-go.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 OANDA, both brokers provide daily market commentary and access to top-tier forex news, such as reports from Bloomberg, Reuters, and Dow Jones. Traders looking for advanced tools will find that both platforms offer technical and fundamental analysis from Autochartist, and a sentiment-based trading tool to gauge market positioning. However, neither broker provides research tools from Trading Central, TipRanks, or Acuity Trading, keeping their focus on the essentials.
Saxo and OANDA also offer comprehensive economic calendars to keep traders informed about major global events. Despite these similarities, ratings and rankings reveal subtle differences; Saxo earns a perfect 5-star rating and proudly holds the top spot in the research category according to ForexBrokers.com. Meanwhile, OANDA also boasts 5 stars, though it ranks slightly lower at number five. This distinction highlights Saxo's slight edge in overall research offerings for traders seeking the best insights.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 Saxo and OANDA in terms of educational resources available to beginners, both brokers excel in providing comprehensive learning materials for those new to forex and CFDs trading. Saxo and OANDA both meet the mark with at least 10 educational pieces focusing on forex and CFDs, offering a variety of articles, videos, and archived webinars. They also each host at least one educational client webinar per month, with convenient, searchable archives available for those who wish to learn at their own pace. Beginner traders can benefit from more than 10 educational videos specifically designed to introduce trading concepts easily.
In addition to beginner resources, Saxo and OANDA each cater to advanced traders by offering over 10 videos focusing on more experienced trading topics. Both brokers provide an investor dictionary, featuring more than 50 investing terms to help traders familiarize themselves with essential vocabulary. With top ratings of 5 stars each for education, Saxo appears slightly ahead in terms of ranking, positioned at #13 compared to OANDA's #22 on ForexBrokers.com. Overall, whether you choose Saxo or OANDA, you can expect a rich array of educational tools to support your trading journey.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 OANDA. Saxo finished with an overall rank of #3, while OANDA finished with an overall rank of #12.
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 | 93 |
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While Saxo does not offer the ability to buy actual (delivered) cryptocurrency but provides options for trading cryptocurrency derivatives, OANDA supports both the purchase of actual (delivered) cryptocurrency and cryptocurrency derivatives.
When comparing online brokers Saxo and OANDA in terms of deposit and withdrawal options, Saxo supports Visa/Mastercard and bank wires but lacks support for ACH, SEPA, PayPal, and Skrill, whereas OANDA provides a more diverse range of options including ACH, SEPA, PayPal, Skrill, Visa/Mastercard, 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 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | OANDA Review |
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| Regulation | Saxo | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| 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 (SFC Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| 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) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 3928 | |
| Forex Pairs (Total) | 190 | 68 | |
| 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 | Yes | |
| 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 | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.61 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 6 | |
| Charting - Indicators / Studies (Total) | 64 | 81 | |
| Charting - Drawing Tools (Total) | 20 | 431 | |
| 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 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA Review |
| Overall | Saxo | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | OANDA Review |
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