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's score is 4.50 stars versus TD Ameritrade FX's 4.00 stars.
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. 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. As far as how many currency pairs are available for trading, here's the answer. Saxo Bank offers its clients access to 139 different currency pairs while TD Ameritrade FX has 77 available pairs, a difference of 62.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Neither 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. TD Ameritrade FX offers its clients access to 20 charting tools while Saxo Bank has 17 charting tools, a difference of 3. TD Ameritrade FX boasts an offering of 377 different indicators (for example, moving averages) compared to Saxo Bank's 45 available indicators.
Overall, Saxo Bank comes out on top with 5.00 stars over TD Ameritrade FX's 4.50 stars. And, when it comes to individual category awards, TD Ameritrade FX posted awards Best in Class - Mobile Trading in 2018, while Saxo Bank found itself with 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.