To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare Saxo Bank vs XM.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Saxo Bank is a better option with a 4.50 star rating over XM's 4.00 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. Saxo Bank alongside XM are regulated in a major hub. Neither Saxo Bank and XM are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. XM trails Saxo Bank by 125 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and XM offering 57.
To round out our comparison of Saxo Bank vs XM, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. XM offers Meta Trader while Saxo Bank does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. Saxo Bank trails XM by 14 total charting tools, with XM offering 31 and Saxo Bank offering 17. XM offers its clients access to 51 different indicators (for example, volume) while Saxo Bank has 47 available indicators, a difference of 4.
Overall, Saxo Bank comes out on top with 4.50 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 and Best in Class - Mobile Trading in 2018, while XM found itself with none of these.