Written by ForexBrokers.com
In this head to head comparison of Saxo vs TopFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Established in 1992, Saxo is a more seasoned player in the online brokerage industry compared to TopFX, which began in 2010. Saxo is distinctly positioned as both a brokerage and a bank, offering a high level of trust with a ForexBrokers.com Trust Score of 99. This high trustworthiness is bolstered by its impressive collection of seven Tier-1 licenses and an additional Tier-2 license. Despite not being a publicly traded company, Saxo's robust regulatory setup makes it a highly reliable option for investors.
On the other hand, TopFX, while younger and not a bank, operates under more limited regulatory oversight. With just one Tier-1 license and no Tier-2 licenses, TopFX holds a ForexBrokers.com Trust Score of 67, classifying it in the high-risk category. Like Saxo, TopFX is not publicly traded. However, its lesser regulatory coverage compared to Saxo might appeal to investors willing to navigate higher risks for potentially different trading conditions.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Saxo and TopFX both offer competitive pricing structures, though they cater to different types of traders with varying account options. Saxo provides three tiers of accounts—Classic, Platinum, and VIP—with the EUR/USD spreads for these accounts averaging between 0.9 and 1.1 pips as of November 2023. While Saxo’s Classic account has slightly higher spreads, the Platinum and VIP accounts offer pricing closer to the industry average, beneficial for high-volume traders. Notably, Saxo waives custody fees for share trading if traders participate in securities lending and maintains a commission-free model, making its offering particularly appealing to those trading larger volumes. Saxo earns a stellar five-star rating and is ranked #9 out of 63 brokers by ForexBrokers.com for its low commissions and fees.
In contrast, TopFX offers two account options: a spread-only ZERO account and a commission-based RAW account. The RAW account charges a commission of 2.75 EUR per side and has an all-in cost of approximately 0.88 pips for the EUR/USD, aligning with the industry average. The ZERO account is free of commission but features higher spreads, with an average of 1.03 pips on the EUR/USD. As of 2024, TopFX has a four-star rating and ranks #40 out of 63 brokers according to ForexBrokers.com, suggesting a solid but less extensive cost-benefit ratio compared to Saxo.
Ultimately, both Saxo and TopFX offer competitive structures for their respective target audiences, with Saxo excelling in cost efficiency for larger traders and TopFX providing viable options for those who prefer clarity between commission and spread costs. Saxo holds the edge with higher rankings and ratings, driven by its advantageous pricing for active and high-volume traders.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.1 | 1.03 |
| All-in Cost EUR/USD - Active | 0.9 | 0.88 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and TopFX in terms of available investment options, Saxo clearly stands out with its impressive offering. Saxo provides access to an astonishing 70,000 tradeable symbols and 190 forex pairs, significantly more than TopFX's 655 symbols and 60 forex pairs. For those interested in trading on U.S. and international exchanges, Saxo allows clients to purchase actual shares from these markets, such as Apple or Vodafone, while TopFX does not offer such opportunities outside of CFDs.
Both brokers accommodate forex trading as CFDs or spot contracts and facilitate copy trading, but neither offers the option to directly buy cryptocurrencies. However, they do provide cryptocurrency derivatives. Saxo's expansive range of investments is reflected in its high ratings, earning 5 stars for its range of investments and securing a #3 ranking from ForexBrokers.com. In contrast, TopFX holds a 3.5-star rating and is ranked #46 out of 63 brokers, indicating a more limited selection. Saxo's broader array of investment choices makes it a more versatile option for investors seeking diversity.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 655 |
| Forex Pairs (Total) | 190 | 60 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of Saxo and TopFX, both brokers provide the opportunity for simulated trading with free virtual demo accounts. Saxo distinguishes itself by offering a proprietary platform developed in-house, while TopFX does not have its own platform. Both Saxo and TopFX offer Windows-based desktop and web-based trading solutions, making trading accessible across different devices. Additionally, both brokers support copy trading, helping users replicate the trades of successful investors.
TopFX stands out for supporting MetaTrader 4 (MT4), a popular platform for traders, whereas Saxo opts for its proprietary solution without offering MT4 or MT5. Charting capabilities vary between the two, with Saxo providing 20 drawing tools compared to TopFX's 15. Both brokers allow direct trading from stock charts, yet differ significantly in the customization of watch lists, with Saxo offering 60 columns to TopFX's 7. With a five-star rating and a top ranking by ForexBrokers.com, Saxo outshines TopFX in the category of trading platforms and tools, where TopFX holds a four-star rating and a lower overall ranking.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and TopFX have developed mobile trading apps that are available for iPhone and Android users, making trading accessible on the go. For feature-rich functionality, Saxo stands out with stock and forex price alerts, watchlist symbol syncing, and an impressive 64 technical studies for chart analysis. TopFX, while also offering alerts and chart analysis tools with 30 technical studies, falls short in watchlist symbol syncing capabilities. Both platforms support the drawing of trendlines and viewing of multiple time frames, which are essential for active traders. Additionally, both apps auto-save chart drawings and allow for the creation of watchlists with real-time quotes.
When it comes to user ratings and industry rankings, Saxo's mobile app shines brighter. It boasts a 5-star rating, ranking at #2 out of 63 brokers for mobile trading apps according to ForexBrokers.com. In comparison, TopFX holds a respectable 4-star rating but is positioned lower at #51 in the same ranking. This suggests that while both apps provide numerous features for online traders, Saxo's app offers a more comprehensive and user-friendly experience compared to TopFX.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to daily market commentary, Saxo takes the lead by providing updates, unlike TopFX, which does not offer this service. Both brokers deliver forex news from premium sources like Bloomberg and Reuters, ensuring traders have access to timely information. In terms of research tools, both Saxo and TopFX utilize Autochartist, adding value with technical and fundamental analysis features. However, TopFX stands out by incorporating Trading Central's Technical Analytics, a tool Saxo does not offer. Both platforms provide sentiment-based trading tools, assisting traders with insights into market positioning. Additionally, each broker has an economic calendar to keep traders informed about upcoming global events. Despite these offerings, ForexBrokers.com rates Saxo with a stellar five stars for its research capabilities, securely placing it at the top position out of 63 brokers. Meanwhile, TopFX holds a modest three-star rating, ranking much lower at number 60.
While TopFX might have specific advantages like access to Trading Central, Saxo’s comprehensive daily market commentary, coupled with top-tier information sources, sets it apart as a more research-focused choice for traders. Saxo’s extensive use of sentiment tools and its leading ranking showcase its commitment to providing traders with valuable insights and market clarity. On the other hand, TopFX, although equipped with notable assets like Autochartist and sentiment analysis, lacks in delivering consistent market updates and ranks significantly lower in overall research strength, according to ForexBrokers.com.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Saxo and TopFX in terms of educational resources for beginners, Saxo clearly stands out as the more comprehensive choice. Saxo offers a wide array of learning materials, including over ten educational pieces focusing on forex and CFDs, which is perfect for those starting out. Additionally, Saxo hosts monthly online webinars to boost learning, supplemented by a searchable archive of past webinars for convenient access. For beginners eager to dive into trading topics, Saxo provides an impressive selection of at least ten educational videos designed specifically for newcomers, along with a well-structured investor dictionary featuring over 50 investing terms. In contrast, TopFX does not fulfill these educational offerings, as it lacks the minimum resources required to cover these fundamental areas.
Saxo further enhances its educational appeal by catering to experienced traders, delivering more than ten advanced educational videos. Meanwhile, TopFX again falls short, not providing such resources for seasoned investors. This wide gap in educational support reflects in their ratings, with Saxo receiving a glowing 5-star rating for Education compared to TopFX's modest 3-star rating. Furthermore, Saxo ranks 13th out of 63 brokers in the Education category according to ForexBrokers.com, highlighting its strong commitment to investor education. On the other hand, TopFX lags considerably behind, occupying the 61st position. These distinctions make Saxo a superior choice for beginners seeking rich and varied educational tools.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than TopFX. Saxo finished with an overall rank of #3, while TopFX finished with an overall rank of #62.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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TopFX
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Saxo and TopFX do not offer the ability to buy actual cryptocurrency; however, they both allow the purchase of cryptocurrency derivatives.
While both Saxo and TopFX support Visa, Mastercard, and bank wire transfers for depositing and withdrawing funds, only TopFX additionally offers the convenience of PayPal and Skrill, whereas neither broker supports ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Saxo | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | TopFX Review |
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| Regulation | Saxo | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1992 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 655 | |
| Forex Pairs (Total) | 190 | 60 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Saxo | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Saxo | TopFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Saxo Review | TopFX Review |
| Overall | Saxo | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | TopFX Review |
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