Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare Plus500 vs Saxo Bank.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Saxo Bank received a rating of 4.50 stars over Plus500's 3.00 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Both Plus500 and Saxo Bank are regulated in a major hub. Plus500 is a publicly traded company, Saxo Bank isn't. How many currency pairs are available to trade? Plus500 trails Saxo Bank by 79 total currency pairs (for example, EUR/USD), with Saxo Bank offering 139 and Plus500 offering 60.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Neither offers Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Saxo Bank offers its clients access to 17 charting tools while Plus500 has 0 charting tools, a difference of 17. Plus500 boasts an offering of 103 different indicators (for example, moving averages) compared to Saxo Bank's 45 available indicators.
Overall, Saxo Bank takes the upper hand with 5.00 stars over Plus500's 3.00 stars. And, when it comes to individual category awards, Saxo Bank finished with awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while Plus500 came up with none of these.