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 XM.
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 XM'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. Saxo Bank and XM both are regulated in a major hub. Neither are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. Saxo Bank boasts an offering of 139 different currency pairs compared to XM's 57 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. XM offers Meta Trader while Saxo Bank does not. 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. XM offers its clients access to 31 charting tools while Saxo Bank has 17 charting tools, a difference of 14. XM offers its clients access to 51 different indicators (for example, volume) while Saxo Bank has 45 available indicators, a difference of 6.
Overall, Saxo Bank takes the upper hand with 5.00 stars over XM's 3.50 stars. And, when it comes to individual category awards, Saxo Bank posted 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 XM found itself with none of these.