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 | 1.1 | 1.03 |
| All-in Cost EUR/USD - Active | 0.9 | 0.88 |
| Active Trader or VIP Discounts [DELETED] | ||
| Non-wire bank transfer | 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.
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
|
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.
Saxo vs TopFX: Both brokers offer free demo (paper) accounts, web platforms, Windows desktop platforms, copy trading, and the ability to place trades straight from charts. Saxo stands out with its own in-house platform, while TopFX does not have a proprietary platform but does support MetaTrader 4 (MT4). Neither broker offers MT5. If you prefer a broker-built platform experience, Saxo is the pick; if you need MT4, TopFX is the one that supports it.
For platform quality, ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63 brokers for Trading Platforms and Tools. TopFX earns 4 stars and ranks #46. In short, choose Saxo for a polished in-house web and desktop experience, or go with TopFX if your workflow centers on MT4—both let you practice with a free demo before you trade live.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading 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 [DELETED] | ||
| ZuluTrade [DELETED] | ||
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) [DELETED] | ||
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields [DELETED] |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
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
|
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.
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 | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo stands out for beginners thanks to its sizeable video library and live learning. It offers at least 10 beginner-focused trading videos, plus 10+ advanced videos as you grow, and it runs client webinars at least once a month. That depth is reflected in its 5-star Education rating and #13 ranking out of 63 brokers by ForexBrokers.com. By comparison, TopFX does not run monthly educational webinars and does not meet the threshold of 10 beginner or 10 advanced videos. Its Education rating is 3 stars, with a #62 ranking out of 63.
Details weren’t provided on whether either broker meets a minimum of 10 total forex/CFD educational pieces, offers a searchable archive of past webinars, or maintains an investor dictionary with 50+ terms. If you want structured lessons and frequent live sessions to kickstart your learning, Saxo is the stronger pick. If you only need light materials and fewer sessions, TopFX may suffice.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | ||
| Webinars | Yes | No |
| Client Webinars (Archived) [DELETED] | ||
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) [DELETED] |
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
|
|---|---|---|
| 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 |
| Broker Screenshots | Saxo | TopFX | |
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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, 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) | 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 [DELETED] | |||
| 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 | |
| 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 | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | Yes | |
| DupliTrade [DELETED] | |||
| ZuluTrade [DELETED] |
| Trading Tools | Saxo | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields [DELETED] | |||
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) [DELETED] | |||
| 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 | ||
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | |||
| Webinars | Yes | No | |
| Client Webinars (Archived) [DELETED] | |||
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) [DELETED] |
| 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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