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.
When comparing Saxo and TopFX, both online brokers bring distinct characteristics to the table. Saxo, established in 1992, is also a bank, enhancing its credibility further. It holds an impressive seven Tier-1 licenses and one Tier-2 license, demonstrating a high level of trust as reflected in its perfect ForexBrokers.com Trust Score of 99. TopFX, founded in 2010, operates without banking status and secures only one Tier-1 license without any Tier-2 licenses. Its ForexBrokers.com Trust Score of 67 indicates a higher risk compared to Saxo.
This sets Saxo apart as the more reliable option, particularly for those seeking a highly regulated and long-established broker. While TopFX presents itself as an option since 2010, its regulatory stance and trust score suggest that it operates with more risk compared to Saxo, especially given the latter's exceptional regulatory approvals and banking status.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | ||
| Bank | Yes | |
| 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 | |
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investment options, Saxo outshines TopFX by a significant margin. Saxo offers an impressive 70,000 tradable symbols, which dwarfs TopFX's selection of just 655. For forex enthusiasts, Saxo provides 190 tradable forex pairs, whereas TopFX offers 60. Saxo also allows customers to trade U.S. and international exchange-traded securities, such as Apple and Vodafone shares, a feature that is missing from TopFX. Both brokers offer forex trading as CFDs or spot contracts, as well as copy trading options and cryptocurrency derivatives, although neither provides the ability to purchase actual cryptocurrencies.
In terms of star ratings, Saxo garners a full 5-star rating for its Range of Investments as evaluated by ForexBrokers.com, while TopFX settles for a more modest 3.5 stars. When compared to 63 brokers, Saxo is ranked third, showcasing its extensive range of offerings, while TopFX, ranked at 46th, lags behind in the same category. Whether you're looking for a broad spectrum of investment opportunities or just focused on forex and derivatives, Saxo clearly positions itself as the more comprehensive choice.
| 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 | |
| Int'l Stock Trading (Non CFD) | Yes | |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | ||
| 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 Saxo and TopFX in terms of their trading platforms and tools, both brokers offer free virtual demo accounts, which are beneficial for newcomers looking to practice trading without financial risk. Saxo provides a proprietary trading platform alongside a Windows-based desktop platform, a web-based platform, and copy trading, yet it does not support MetaTrader 4 or 5. In contrast, TopFX does not have a proprietary platform but offers MetaTrader 4, a traditional favorite among traders, along with Windows and web-based platforms and copy trading options.
Saxo shines with a comprehensive watch list featuring 60 columns, providing traders with insightful data to make informed decisions. Additionally, Saxo offers 20 drawing tools for charting, allowing for detailed technical analysis. Conversely, TopFX provides 15 drawing tools and a simplified watch list with 7 columns, catering to those who prefer a more straightforward approach. Recognized for its advanced offerings, Saxo received a perfect 5-star rating for trading platforms and tools from ForexBrokers.com, ranking it as the top broker out of 63. TopFX, while commendable with a 4-star rating, ranks at #45, still offering a strong platform experience.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | ||
| DupliTrade | ||
| ZuluTrade | ||
| 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.
When comparing the mobile trading apps of Saxo and TopFX, both platforms are accessible on iPhone and Android devices, allowing traders to manage their investments on the go. Consistent features between the two apps include stock or forex price alerts, the ability to draw trendlines, and the ability to adjust charts with different time frames. However, Saxo distinguishes itself with watchlist symbol syncing, letting users seamlessly synchronize watchlists between the mobile app and online account. In contrast, TopFX does not offer this feature. Additionally, Saxo provides a more comprehensive charting experience with 64 technical studies, while TopFX offers 30.
For those seeking advanced trading tools, Saxo's mobile app is rated higher with five stars and holds the #2 rank among 63 brokers on ForexBrokers.com for Mobile Trading Apps. TopFX, while still effective, is rated four stars and is ranked #51. Both apps allow traders to create watchlists with real-time quotes and auto-save chart drawings, making them valuable tools for investors. However, the range of features and high rankings make Saxo a preferable choice for users who prioritize a more feature-rich mobile trading experience.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | |
| 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.
In comparing the market research offerings of Saxo and TopFX, one finds a blend of similarities and differences that cater to varying trading needs. Both brokers provide daily market commentary, forex news from renowned sources such as Bloomberg and Reuters, and technical analysis tools from Autochartist. Additionally, each offers a sentiment-based trading tool to show trader positioning on various instruments and an economic calendar to help traders keep track of global events that might affect their investments.
Where Saxo pulls ahead is in its comprehensive research tools and recognition in the industry. Saxo doesn't provide content from Trading Central, but it compensates with a wide range of other resources and achieves a perfect five-star research rating. This breadth secures its top spot as the number one ranked broker by ForexBrokers.com for research. Meanwhile, TopFX complements its offerings with Trading Central tools, yet it receives only a three-star rating and ranks 60th in the same category, signaling room for growth in its market research capabilities.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | ||
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, Saxo stands out impressively compared to TopFX. Saxo provides a comprehensive selection of over ten educational pieces focused on forex or CFDs. Furthermore, they ensure continuous learning by offering monthly online webinars and maintaining a searchable archive of past webinars for convenient reference. For beginners, Saxo offers a rich library of over ten dedicated educational videos covering essential trading topics. They also cater to advanced traders with additional video content. An added benefit is Saxo's investor dictionary, which helps demystify over 50 investing terms. In contrast, TopFX falls short in these areas, lacking the extensive educational offerings that Saxo provides.
In terms of educational excellence, Saxo earns a five-star rating for its widespread educational initiatives and ranks 13th out of 63 brokers in the Education category by ForexBrokers.com. TopFX, on the other hand, receives a three-star rating and ranks 61st in the same category. This significant difference underscores Saxo’s commitment to empowering traders with valuable knowledge, making it a more appealing choice for those seeking to enhance their trading skills through education.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | |
| Client Webinars | Yes | |
| Client Webinars (Archived) | Yes | |
| Videos - Beginner Trading Videos | Yes | |
| Videos - Advanced Trading Videos | Yes | |
| Investor Dictionary (Glossary) | Yes |
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
|
TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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While neither Saxo nor TopFX offers the capability to purchase actual delivered cryptocurrency, both platforms provide opportunities to buy cryptocurrency derivatives, allowing investors to engage in crypto trading without owning the actual digital assets.
Saxo and TopFX both support Visa/Mastercard and bank wire transfers for deposits and withdrawals, while TopFX additionally offers PayPal and Skrill, unlike Saxo, which does not provide these options.
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 |
| Broker Screenshots | Saxo | TopFX | |
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| Regulation | Saxo | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1992 | 2010 | |
| Publicly Traded (Listed) | |||
| Bank | Yes | ||
| 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 | ||
| Canada (CIRO Authorised) | |||
| Hong Kong (SFC Authorised) | Yes | ||
| Japan (SFC Authorised) | Yes | ||
| Singapore (MAS Authorised) | Yes | ||
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | |||
| 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 | ||
| Int'l Stock Trading (Non CFD) | Yes | ||
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | |||
| 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 | ||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | Saxo | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | ||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | |||
| cTrader | Yes | ||
| DupliTrade | |||
| ZuluTrade |
| 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 | ||
| 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 | ||
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | ||
| TipRanks | |||
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | ||
| Client Webinars | Yes | ||
| Client Webinars (Archived) | Yes | ||
| Videos - Beginner Trading Videos | Yes | ||
| Videos - Advanced Trading Videos | Yes | ||
| Investor Dictionary (Glossary) | Yes |
| 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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