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 Saxo Bank vs TD Ameritrade FX.
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 4.5 stars over TD Ameritrade FX's 4 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. Saxo Bank and TD Ameritrade FX both are regulated in a major hub. TD Ameritrade FX is a publicly traded company while Saxo Bank is not. How many currency pairs are available to trade? TD Ameritrade FX trails Saxo Bank by 107 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and TD Ameritrade FX offering 75.
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. TD Ameritrade FX boasts an offering of 20 charting tools compared to Saxo Bank's 17 available charting tools. TD Ameritrade FX offers its clients access to 403 different indicators (for example, volume) while Saxo Bank has 47 available indicators, a difference of 356.
Overall, both Saxo Bank and TD Ameritrade FX hold a 4.5 star rating. And, when it comes to individual category awards, TD Ameritrade FX finished with awards Best in Class - Platforms & Tools in 2018, while Saxo Bank came up with Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.