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's score is 4.50 stars versus XM'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 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 offers its clients access to 182 different currency pairs while XM has 57 available pairs, a difference of 125.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. XM has Meta Trader, Saxo Bank doesn't. 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 XM by 14 total charting tools, with XM offering 31 and Saxo Bank offering 17. Saxo Bank trails XM by 6 total different indicators (for example, moving averages), with XM offering 51 and Saxo Bank offering 45.
Overall, Saxo Bank boasts 5.00 stars versus XM's 3.50 stars. And, when it comes to individual category awards, 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 in 2018, while XM was rated none of these.