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Saxo vs TopFX 2025

ForexBrokers.com

Written by ForexBrokers.com

February 05, 2025

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.

Saxo
5/5 Stars Overall
  • Minimum Deposit: $0
  • Trust Score: 99
  • Tradeable Symbols (Total): 70000
TopFX
3.5/5 Stars Overall
  • Minimum Deposit: Depends on payment method
  • Trust Score: 67
  • Tradeable Symbols (Total): 655

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.

Regulation

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 logoSaxo
TopFX logoTopFX
Year Founded info 1992 2010
Publicly Traded (Listed) info No No
Bank info Yes No
Tier-1 Licenses info 7 1
Tier-2 Licenses info 1 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 0 1

Fees

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 logoSaxo
TopFX logoTopFX
Minimum Deposit info $0 Depends on payment method
Average Spread EUR/USD - Standard info 1.1 info 1.03 info
All-in Cost EUR/USD - Active info 0.9 info 0.88 info
Active Trader or VIP Discounts info Yes No
ACH or SEPA Transfers info No No
PayPal (Deposit/Withdraw) info No Yes
Skrill (Deposit/Withdraw) info No Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes

Dive deeper: Best Low Spread Forex Brokers.

Featured Offers


Range of investments

Saxo vs TopFX: When it comes to range of investments, Saxo offers far broader market access. Saxo lists about 70,000 tradeable symbols and 190 forex pairs, compared with TopFX’s 655 symbols and 60 pairs. Both brokers let you trade forex as CFDs or spot and both support copy trading. Only Saxo provides exchange-traded securities on U.S. and international exchanges, so you can buy actual shares like Apple or Vodafone; TopFX does not offer real shares. Neither broker lets you buy actual cryptocurrency, but both offer cryptocurrency derivatives.

Independent ratings back up the gap in market coverage: Saxo earns 5 out of 5 stars for Range of Investments and ranks 3rd out of 63 brokers at ForexBrokers.com, while TopFX scores 3.5 stars and ranks 47th. Choose Saxo if you want extensive markets and direct stock dealing; pick TopFX if you mainly need core forex and CFD access with copy trading and crypto derivatives.

Feature Saxo logoSaxo
TopFX logoTopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 70000 655
Forex Pairs (Total) info 190 60
U.S. Stock Trading (Non CFD) info Yes No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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.

Trading platforms and tools

Saxo vs TopFX: both brokers offer free demo accounts, copy trading, and access on Windows desktops and web browsers. Saxo adds its own in‑house platform, while TopFX skips a proprietary option but supports MetaTrader 4 (MT4); neither broker offers MetaTrader 5 (MT5). Neither integrates DupliTrade or ZuluTrade. If you prefer a broker-built platform experience, Saxo stands out; if you need MT4 specifically, TopFX is the pick.

For charting and interface tools, both let you place trades directly from charts. Saxo lists 20 drawing tools versus 15 at TopFX, and watchlists are far more flexible at Saxo with 60 columns compared with 7 at TopFX. Indicator counts weren’t specified for either broker. Based on these features, ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63 for Trading Platforms and Tools, while TopFX earns 4 stars and ranks #46.

Feature Saxo logoSaxo
TopFX logoTopFX
Virtual Trading (Demo) info Yes Yes
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info No Yes
MetaTrader 5 (MT5) info No No
DupliTrade info No No
ZuluTrade info No No
Charting - Indicators / Studies (Total) info 64 30
Charting - Drawing Tools (Total) info 20 15
Charting - Trade From Chart info Yes Yes
Watchlists - Total Fields info 60 7

Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.

Forex trading apps

Saxo and TopFX both offer full-featured mobile trading apps for iPhone and Android. Each app supports price alerts, real-time quote watchlists, multiple chart time frames, trendline drawing, and auto-save for chart annotations. The biggest functional difference is watchlist syncing: Saxo syncs symbols between the mobile app and your online account, while TopFX does not. Saxo also delivers deeper charting with 64 technical studies compared with 30 on TopFX, which can matter if you rely on indicators for trade ideas and timing.

In independent ratings, Saxo earns 5 stars for Mobile Trading Apps and ranks #2 out of 63 brokers, while TopFX holds 4 stars and ranks #52. If you want stronger chart tools and seamless cross-device watchlists, Saxo is the better fit. If you mainly need core features like alerts, time frames, and simple drawing tools, TopFX covers the essentials.

Feature Saxo logoSaxo
TopFX logoTopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 64 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Watchlist info Yes Yes

Dive deeper: Best Forex Trading Apps.

Market research

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 logoSaxo
TopFX logoTopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info Yes Yes
Trading Central (Recognia) info No Yes
Social Sentiment - Currency Pairs info Yes Yes
TipRanks info No
Signal Centre (Acuity Trading) info No
Economic Calendar info Yes Yes

Dive deeper: Best Brokers for Forex Research.

Beginners and education

Saxo stands out for beginners thanks to its forex and CFD education hub with 10+ learning pieces, monthly client webinars, a searchable archive of past sessions, and separate libraries with at least 10 beginner videos and 10 advanced videos. It also includes an investor dictionary with 50+ terms. This depth is reflected in its 5-star Education rating and a #13 of 63 ranking from ForexBrokers.com.

TopFX, by contrast, does not meet the 10-piece education threshold, does not run monthly educational webinars or keep a searchable webinar archive, and does not offer libraries of at least 10 beginner or 10 advanced videos, nor an investor dictionary of 50+ terms. It holds a 3-star Education rating and a #62 of 63 ranking from ForexBrokers.com—fine if you plan to learn elsewhere, but beginners seeking guided lessons will likely find Saxo the stronger fit.

Feature Saxo logoSaxo
TopFX logoTopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No

Dive deeper: Best Forex Brokers for Beginners.

Winner

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 logoSaxo
TopFX logoTopFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Trust Score info 99 67
Range of Investments 5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4/5 Stars
Platforms & Tools 5/5 Stars 4/5 Stars
Research 5/5 Stars 3/5 Stars
Mobile Trading 5/5 Stars 4/5 Stars
Education 4/5 Stars 3/5 Stars

FAQs

Can you trade cryptocurrency with Saxo or TopFX?

Both Saxo and TopFX do not offer the ability to buy actual cryptocurrency; however, they both allow the purchase of cryptocurrency derivatives.

What funding options does each broker offer?

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.




announcementPlease 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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Compare

0 of 5
Overall Rating Saxo TopFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 5/5 Stars 4/5 Stars
Mobile Trading 5/5 Stars 4/5 Stars
Research 5/5 Stars 3/5 Stars
Education 4/5 Stars 3/5 Stars
Trust Score info 99 67
Winner check_circle
Review Saxo Review TopFX Review
Broker Screenshots Saxo TopFX
Broker Gallery (click to expand) info
Regulation Saxo TopFX
Trust Score info 99 67
Year Founded info 1992 2010
Publicly Traded (Listed) info No No
Bank info Yes No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-1 Licenses info 7 1
Tier-2 Licenses info 1 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 0 1
Tier-1 Licenses (Highly Trusted) Saxo TopFX
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info No No
Hong Kong (SFC Authorised) info Yes No
Japan (SFC Authorised) info Yes No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info Yes
United Kingdom (U.K.) (FCA Authorised) info Yes No
USA (CFTC Authorized) info No No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses (Trusted) Saxo TopFX
Kenya (CMA Authorised) info
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA, FSRA, or SCA Authorised) info Yes info No
India (SEBI Authorised) info No No
Jordan (JSC Authorised) info
Investments Saxo TopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 70000 655
Forex Pairs (Total) info 190 60
U.S. Stock Trading (Non CFD) info Yes No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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 info 1.1 info 1.03 info
All-in Cost EUR/USD - Active info 0.9 info 0.88 info
Active Trader or VIP Discounts info Yes No
Inactivity Fee info Yes No
Execution: Agency Broker info Yes No
Execution: Market Maker info Yes Yes
Funding Saxo TopFX
Minimum Deposit info $0 Depends on payment method
PayPal (Deposit/Withdraw) info No Yes
Skrill (Deposit/Withdraw) info No Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
ACH or SEPA Transfers info No No
Trading Platforms Saxo TopFX
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info No Yes
MetaTrader 5 (MT5) info No No
cTrader info No Yes
DupliTrade info No No
ZuluTrade info No No
Trading Tools Saxo TopFX
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 60 7
Charting - Indicators / Studies (Total) info 64 30
Charting - Drawing Tools (Total) info 20 15
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading Saxo TopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 64 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Economic Calendar info Yes Yes
Research Saxo TopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info Yes Yes
Trading Central (Recognia) info No Yes
TipRanks info No
Social Sentiment - Currency Pairs info Yes Yes
Economic Calendar info Yes Yes
Education Saxo TopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No
Major Forex Pairs Saxo TopFX
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review Saxo Review TopFX Review
Overall Saxo TopFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 5/5 Stars 4/5 Stars
Mobile Trading 5/5 Stars 4/5 Stars
Research 5/5 Stars 3/5 Stars
Education 4/5 Stars 3/5 Stars
Trust Score info 99 67
Winner check_circle
Review Saxo Review TopFX Review
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