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 comes out ahead on commissions and fees, especially for active traders and larger accounts. It earns 5 out of 5 stars and ranks #8 out of 36 brokers for this category. Saxo’s forex trading is commission-free for most clients, with costs built into the spread, and its pricing is strongest at the Platinum and VIP levels. As of November 2023, EUR/USD average spreads were 1.1 pips for Classic, 1.0 pip for Platinum, and 0.9 pip for VIP. The Classic account now has a $0 minimum deposit, while Platinum requires $200,000 and VIP requires $1,000,000, though loyalty-based upgrades are also possible.
OANDA is more expensive overall, though it does offer flexible trading and strong execution. It is rated 4 out of 5 stars and ranks #30 out of 36 brokers for commissions and fees. Its default pricing can be costly, with the EUR/USD averaging 1.61 pips in July 2024, while its Core pricing lowers spreads but adds a $5 per side commission per $100,000 traded and requires a $10,000 minimum deposit. For high-volume traders, OANDA’s Elite Trader program can offer rebates, but everyday traders will usually find Saxo’s pricing more attractive.
In short, Saxo is the better pick for lower overall trading costs, while OANDA may appeal more to traders who value account flexibility and small trade sizes. Saxo also waives custody fees for share trading if you opt into securities lending, which can further improve its value for some investors. For pure commissions and fees, however, Saxo clearly has the edge over OANDA.
| 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 offers a wider range of investments than OANDA, making it a stronger pick for traders who want more choice across markets. Saxo lists about 71,000 tradeable symbols and 190 forex pairs, compared with OANDA’s 4,172 symbols and 69 forex pairs. Both brokers let you trade forex as either a CFD or spot contract, and both also offer exchange traded securities on U.S. and international exchanges, so you can buy real shares such as Apple or Vodafone.
There are also some key differences in extra features and crypto access. OANDA supports copy trading and lets clients buy actual cryptocurrency, while Saxo does not offer either of those. On the other hand, both brokers offer cryptocurrency CFDs. Based on Range of Investments, Saxo is rated 5 stars and ranked #3 out of 36 brokers by ForexBrokers.com, while OANDA is rated 4.5 stars and ranked #20, which reflects Saxo’s broader product selection overall.
| 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 and OANDA both give traders a free demo account, a proprietary platform, a Windows desktop app, and a web-based trading platform. Each also lets you place trades directly from a chart, which is useful if you like to act quickly while watching price moves. Where the two differ is in third-party tools: OANDA supports copy trading plus MetaTrader 4 and MetaTrader 5, while Saxo does not offer those options.
When it comes to overall platform quality, Saxo has the edge. It is rated 5 out of 5 stars for Trading Platforms and Tools and is ranked #3 out of 36 brokers by ForexBrokers.com in this category, compared with OANDA’s 4-star rating and #16 ranking. In simple terms, both brokers cover the basics well, but OANDA may appeal more if you want MetaTrader or copy trading, while Saxo stands out for its higher-rated in-house platform experience.
| 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, and each one includes stock or forex price alerts, trendline drawing on charts, and auto-saving for those drawings. Both apps are also top-rated for mobile trading, earning 5 stars from ForexBrokers.com, so either platform gives traders a strong mobile experience for staying on top of the markets while away from a desktop.
The main difference is in charting depth and app-to-account syncing. Saxo supports watchlist symbol syncing between its mobile app and online account, while OANDA does not. Saxo also offers more technical studies in its app, with 64 compared with OANDA’s 30. That extra charting support helps explain why Saxo is ranked #3 out of 36 brokers for mobile trading apps, ahead of OANDA’s #7 ranking.
| 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 do very well in market research, giving traders daily market commentary, forex news from top sources like Bloomberg and Reuters, and an economic calendar with key global events. Each also includes Autochartist tools plus a sentiment feature that shows the balance of long and short positions, which can help traders spot possible market trends and crowd behavior.
Neither broker offers Trading Central, TipRanks, or Acuity Trading research tools, so their research lineup is similar in that respect. Still, Saxo has the edge overall: both brokers earn 5 out of 5 stars for research, but Saxo is ranked #1 out of 36 brokers by ForexBrokers.com, while OANDA ranks #4.
| 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.
For beginners looking to learn forex and CFD trading, both Saxo and OANDA offer a strong range of education. Each broker provides at least 10 pieces of forex or CFD-focused learning content, monthly educational webinars, and more than 10 beginner videos as well as more than 10 advanced videos. In other words, new traders can find plenty of material at either broker, whether they want to start with the basics or move on to more complex topics.
When it comes to overall education quality, both Saxo and OANDA receive 5 stars, so the two are closely matched in this area. That said, Saxo has a slight edge in the ForexBrokers.com Education ranking, placing #12 out of 36 brokers, while OANDA ranks #18. For beginners comparing the two, Saxo may have a small lead overall, but both brokers provide plenty of useful learning tools.
| 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 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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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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