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 vs TopFX: for commissions and fees, Saxo earns 5 out of 5 stars and ranks #9 of 63, while TopFX earns 4 out of 5 stars and ranks #41 of 63. Saxo stands out for low pricing if you trade high volumes or keep a large balance, whereas TopFX offers straightforward choices with its ZERO (spread-only) and RAW (commission-based) accounts.
For Saxo forex pricing (as of Nov 2023 on EUR/USD), average spreads were 1.1 pips on the Classic account, 1.0 on Platinum, and 0.9 on VIP, with minimums roughly 0.2 pips tighter. Saxo is commission-free on forex, but if you trade under 50,000 units per month there’s a $3 per side ticket fee. Account thresholds: Classic has a $0 minimum deposit; Platinum typically requires $200,000 (or loyalty upgrade via trading volume); VIP targets $1,000,000 or significant volume via Saxo’s loyalty program. Saxo also waives custody fees for share trading if you opt into securities lending.
TopFX offers two account types on MetaTrader and cTrader. The RAW account charges 2.75 EUR per side (5.50 EUR round turn) and, based on July 2024 data on EUR/USD, combined costs were about 0.88 pips (0.33-pip average spread plus a 0.55-pip commission equivalent), which is around the industry average. The ZERO account is commission-free with higher average spreads of 1.03 pips on EUR/USD. Minimum deposit varies by payment method. In practice, Saxo’s Platinum/VIP pricing is near industry norms (Classic is slightly higher), while TopFX’s RAW account delivers competitive all-in costs; the better deal will depend on your trading volume and account tier.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.03 |
| All-in Cost EUR/USD - Active | 0.8 | 0.88 |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | |
| Skrill (Deposit/Withdraw) | No | |
| Bank Wire (Deposit/Withdraw) | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo and TopFX both let you trade forex either as CFDs or spot contracts, and each supports crypto CFDs (neither lets you buy actual crypto). The big difference is breadth: Saxo lists about 71,000 tradeable symbols and 190 forex pairs, while TopFX offers 655 symbols and 60 forex pairs. Saxo also gives access to real, exchange-traded stocks on both U.S. and international markets, whereas TopFX does not. If copy trading matters to you, TopFX offers it; Saxo does not.
For range of investments, Saxo earns 5 stars and ranks 3rd out of 63 brokers at ForexBrokers.com, compared with TopFX’s 3.5 stars and 47th place. In short, choose Saxo if you want a very wide market selection and the ability to buy actual shares, and consider TopFX if you prefer a simpler lineup with copy trading built in.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 655 |
| Forex Pairs (Total) | 190 | 60 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
Saxo and TopFX both make it easy to get started with a free demo account and offer web-based platforms, Windows desktop downloads, and trading directly from charts. Saxo provides its own in-house platform, while TopFX relies on third-party options. TopFX supports MetaTrader 4 and offers copy trading, whereas Saxo does not support copy trading and does not offer MT4 or MT5 (TopFX does not offer MT5 either). The number of built-in technical indicators and watchlist fields is not disclosed by either broker.
For trading platforms and tools, ForexBrokers.com rates Saxo at 5 stars and ranks it #1 out of 63 brokers, while TopFX earns 4 stars and ranks #46 out of 63. Choose Saxo if you want a high-rated, proprietary platform available on web and Windows; choose TopFX if MetaTrader 4 and copy trading are priorities alongside web and desktop access.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 61 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and TopFX both offer mobile trading apps for iPhone and Android, with price alerts available on each. Where they differ is in watchlist syncing: Saxo syncs watchlists between the app and your web account, while TopFX does not. For charting, Saxo packs in 64 technical studies compared to TopFX’s 30. Both apps let you draw trendlines, and both auto-save your chart drawings, so your annotations are kept for later sessions.
In overall quality, Saxo earns 5 stars and ranks #2 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com, while TopFX holds 4 stars and ranks #52. If you value deeper charting tools and seamless syncing across devices, Saxo is the stronger pick. If you just need the essentials on iPhone or Android with alerts and basic drawing tools, TopFX gets the job done.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo vs TopFX for market research: Saxo delivers daily market commentary, while TopFX does not. Both brokers stream forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones, and both include Autochartist for technical and fundamental insights. TopFX adds Trading Central, which Saxo does not offer. Each broker provides a sentiment tool showing long/short positioning and an economic calendar. Saxo does not include TipRanks or Acuity Trading tools; for TopFX, TipRanks and Acuity availability is not specified in the information provided.
In independent evaluations, Saxo earns 5 stars for Research and ranks #1 out of 63 brokers on ForexBrokers.com. TopFX earns 3 stars and ranks #61 out of 63. If daily commentary and overall research quality matter most, Saxo stands out. If you want access to Trading Central and can go without daily commentary, TopFX may still fit your needs.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | |
| Acuity Trading | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing Saxo vs TopFX for beginner education in forex and CFDs, Saxo clearly offers more to learn from. Saxo runs online client webinars at least once a month and has a large video library that includes at least 10 beginner videos and at least 10 advanced videos. That mix helps new traders build skills step by step. TopFX, on the other hand, does not host monthly educational webinars and does not provide 10+ beginner or advanced videos, so its learning path is more limited.
These differences show up in independent ratings: Saxo earns 5 stars for Education and ranks #13 out of 63 brokers at ForexBrokers.com, while TopFX earns 3 stars and ranks #62. If you want frequent webinars and a bigger video catalog focused on forex and CFDs, Saxo is the more beginner-friendly choice; if you only need a basic overview, TopFX may suffice.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | 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
|
TopFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 67 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Saxo vs TopFX: neither broker lets you buy actual (delivered) cryptocurrency, but both offer cryptocurrency CFD trading.
In this funding-methods comparison, both Saxo and TopFX do not support ACH/SEPA transfers; Saxo also lacks PayPal and Skrill but allows bank wire transfers, while TopFX’s support for PayPal, Skrill, Visa/Mastercard, and bank wires is not specified.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Saxo | TopFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | TopFX Review |
| Broker Screenshots | Saxo | TopFX | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| 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 (FSA 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, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 655 | |
| Forex Pairs (Total) | 190 | 60 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 account | 1.0 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.88 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | ||
| Skrill (Deposit/Withdraw) | No | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | No | No |
| Trading Platforms | Saxo | TopFX | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | Yes |
| Trading Tools | Saxo | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 30 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | TopFX | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | ||
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | TopFX | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | Saxo | TopFX | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | TopFX Review |
| Overall | Saxo | TopFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | TopFX Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill