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 stronger choice on commissions and fees overall, earning 5 out of 5 stars and ranking #8 out of 36 for this category. It offers some of the lowest pricing for active, high-volume traders and clients with larger balances, especially in its higher tiers. As of November 2023, average EUR/USD spreads were 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP. Saxo is generally commission-free on forex, though traders who deal in less than 50,000 units per month pay a $3 ticket fee per side. The Classic account now has a $0 minimum deposit, while Platinum starts at $200,000 and VIP at $1,000,000, with possible upgrades through Saxo’s loyalty program.
OANDA, by comparison, is more expensive for most forex traders, earning 4 out of 5 stars and ranking #31 out of 36. Its default pricing can be costly, with average EUR/USD spreads of 1.61 pips on non-core pricing, though its core pricing option lowers spreads and adds a $5 commission per $100,000 traded per side. That means the total cost can be a little better than the standard commission-free setup, but it still is not among the cheapest broker options. OANDA’s strengths are its small minimum trade size, transparent spread reporting, and rebates for active traders in select regions.
In simple terms, Saxo is the better pick if your main goal is lower trading costs, especially if you can qualify for Platinum or VIP pricing. OANDA may appeal more if you want flexible trade sizes and clear execution features, but for commissions and fees, Saxo has the edge.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | 1.68 |
| All-in Cost EUR/USD - Raw spread account | N/A | 1.69 |
| Non-wire bank transfer (Deposit/Withdraw) | 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 has a much wider range of investments than OANDA, making it the stronger choice for traders who want more market access in one account. Saxo offers about 71,000 tradeable symbols and 192 forex pairs, compared with OANDA’s 4,172 symbols and 69 forex pairs. Both brokers let clients trade forex as either CFDs or spot contracts, and both also offer exchange traded securities on U.S. and international exchanges, so you can buy real shares such as Apple or Vodafone rather than only derivatives.
There are a few key differences beyond that. OANDA supports copy trading and lets clients buy actual cryptocurrency, while Saxo does not offer either of those features. Saxo does provide cryptocurrency CFDs, and OANDA does too. Overall, Saxo scores higher for range of investments, with a 5-star rating and a #3 ranking out of 36 brokers from ForexBrokers.com, while OANDA earns 4.5 stars and ranks #20.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 4172 |
| Forex Pairs (Total) | 192 | 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) | 64 | 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 give traders a strong set of market research tools, and each offers daily market commentary, news from major sources like Bloomberg and Reuters, Autochartist tools, and an economic calendar for tracking global events. Neither broker includes Trading Central, TipRanks, or Acuity Trading research. Where OANDA has an edge is in sentiment data, since it shows the balance of long and short positions across currency pairs and other instruments, while Saxo does not.
Both brokers earn top marks for research, with 5 out of 5 stars from ForexBrokers.com. Still, Saxo is ranked #1 out of 36 brokers in the Research category, while OANDA places #4, which may matter to traders looking for the highest-rated research experience.
| 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 | No | 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
|
|---|---|---|
| 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) | No | 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) | 192 | 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) - Spread-only account | 1.0 | 1.68 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 1.69 | |
| Inactivity Fee | No | 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 (Deposit/Withdraw) | 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) | 64 | 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 | No | 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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