After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare Saxo Bank vs TD Ameritrade FX.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Saxo Bank is a better option with a 4.50 star rating over TD Ameritrade FX's 4.00 star rating.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Both Saxo Bank and TD Ameritrade FX are regulated in a major hub. TD Ameritrade FX is a publicly traded company, while Saxo Bank is not. As far as how many currency pairs are available for trading, here's the answer. TD Ameritrade FX trails Saxo Bank by 105 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and TD Ameritrade FX offering 77.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Saxo Bank nor TD Ameritrade FX offers Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Saxo Bank trails TD Ameritrade FX by 3 total charting tools, with TD Ameritrade FX offering 20 and Saxo Bank offering 17. TD Ameritrade FX offers its clients access to 377 different indicators (for example, volume) while Saxo Bank has 45 available indicators, a difference of 332.
Overall, Saxo Bank takes the upper hand with 5.00 stars over TD Ameritrade FX's 4.50 stars. And, when it comes to individual category awards, TD Ameritrade FX was rated Best in Class - Mobile Trading in 2018, while Saxo Bank was rated 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.