Written by ForexBrokers.com
In this head to head comparison of Saxo vs XM Group, 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.
Saxo and XM Group are well-known online brokers with strong trust ratings from ForexBrokers.com. Saxo, founded in 1992, is a bank and not publicly traded. XM Group, founded in 2009, is also not publicly traded and is not a bank. Both earn a “highly trusted” label: Saxo scores 99 out of 99, while XM Group scores 93 out of 99.
When it comes to regulation, Saxo holds 7 Tier-1 licenses (highly trusted) and 1 Tier-2 license (trusted), signaling extensive oversight. XM Group holds 4 Tier-1 licenses and 3 Tier-2 licenses. These tiers, as defined by ForexBrokers.com, indicate the strength of a broker’s regulatory standing, helping traders compare safety across firms.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Year Founded | 1992 | 2009 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 4 |
| Tier-2 Licenses | 1 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to commissions and fees, Saxo outshines XM Group. Saxo earns 5 stars and ranks #8 out of 63 brokers for this category, while XM Group holds 3.5 stars and ranks #34 out of 63. Saxo is generally cheaper for active and high-volume traders, whereas XM Group’s Standard account spreads are described as expensive, and the broker doesn’t publish average spreads for its commission-based XM Zero account, limiting transparency.
For forex, Saxo is spread-only (no commission), with one caveat: traders doing under 50,000 units per month pay a $3 per side ticket fee. As of November 2023, average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums roughly 0.2 pips lower. Pricing on Platinum and VIP sits closer to the industry average, while Classic is slightly higher. Account tiers influence costs: Classic has a $0 minimum deposit, Platinum requires $200,000 (AUD 300,000 for forex in Australia) or sufficient loyalty volume, and VIP typically requires $1,000,000 or very high trading volume. Saxo also waives custody fees for share trading if you opt in to securities lending.
XM Group’s fees picture is less compelling. Its Standard account spreads are considered expensive, and it does not publish average spreads for the XM Zero commission-based account, making it harder to estimate typical trading costs. In short, based on ratings and rankings, traders focused on lower, clearer pricing may find Saxo more appealing, especially at higher tiers and volumes.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| Average spread (EUR/USD) - Standard account | 1.0 | 2 |
| All-in Cost EUR/USD - Active | 0.8 | N/A |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo vs XM Group: For range of investments, Saxo is the clear heavyweight. Saxo lists about 71,000 tradeable symbols and 190 forex pairs, compared with XM Group’s 1,429 symbols and 55 forex pairs. Reflecting that breadth, Saxo holds a 5-star rating and ranks #3 out of 63 for Range of Investments, while XM Group earns 4.5 stars and ranks #19.
Both brokers let you trade forex as CFDs or spot, and both provide access to exchange-traded stocks on U.S. and international exchanges. Neither offers direct, delivered crypto, but each supports cryptocurrency CFDs. A key difference is copy trading: Saxo does not offer it, while XM Group does. If you want the widest selection of markets, Saxo stands out; if copy trading matters to you, XM Group may fit better.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 1429 |
| Forex Pairs (Total) | 190 | 55 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| 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 vs XM Group: Both brokers make it easy to test the waters with a free demo (paper) trading account and let you trade from charts. You can access their platforms on the web or via a Windows desktop download. Saxo stands out with its own in-house platform, while XM Group does not offer a proprietary option and instead centers on third‑party platforms.
Platform and tools extras differ. XM Group supports copy trading and offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5); Saxo does not support copy trading and does not offer MT4 or MT5. For overall platform and tools quality, Saxo earns 5 stars and ranks #3 out of 63 brokers at ForexBrokers.com, while XM Group earns 4 stars and ranks #27. In short, choose Saxo if you want a polished in-house platform; pick XM Group if you prefer MetaTrader and copy trading.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| 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 | Yes |
| Charting - Indicators / Studies (Total) | 61 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and XM Group both offer mobile trading apps for iPhone and Android, with key essentials like forex and stock price alerts and watchlist syncing across devices. Each app lets you draw trendlines on charts, making it easier to mark support and resistance levels while on the go.
For charting depth, Saxo stands out with 64 technical studies compared to XM Group’s 30, and Saxo’s app auto-saves your chart drawings while XM Group’s does not. Reflecting these differences, ForexBrokers.com rates Saxo’s mobile trading apps at 5 stars and ranks it #3 out of 63 brokers, while XM Group earns 4 stars and ranks #26. Traders who want more indicators and conveniences like saved drawings may prefer the Saxo mobile app, while XM Group offers a simpler, still capable option.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing Saxo and XM Group for market research offerings, both brokers impress with daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters, ensuring you stay updated with the latest market trends. They also provide sentiment-based trading tools that display the ratio of long and short positions, helping traders gauge market sentiment. Both platforms offer comprehensive economic calendars that highlight global news events, essential for making informed trading decisions.
However, Saxo and XM Group differ in their specific technical analysis tools. Saxo integrates tools from Autochartist, providing traders with advanced analysis features, while XM Group offers resources from Trading Central, known for its technical analytics capabilities. Neither broker provides market research from TipRanks or tools from Acuity Trading. According to ForexBrokers.com, Saxo boasts a top-ranking research rating of 5 stars and is positioned as the number one broker, while XM Group also earns a commendable 5-star rating, securing the eighth position among 63 brokers.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Beginners will find strong forex and CFD education at both Saxo and XM Group. Each broker offers at least ten beginner videos and at least ten advanced videos, plus ongoing client webinars (at least one per month). In other words, you can start with the basics and keep going as your skills grow, using clear, step‑by‑step video lessons and live sessions.
Both providers earn 5 stars for Education, but XM Group holds a higher category ranking (#5 of 63) than Saxo (#12 of 63) at ForexBrokers.com. If you want the highest‑ranked option for learning, XM Group has the edge. That said, Saxo also delivers a complete beginner path with plentiful videos and regular webinars. Either way, new traders get accessible, structured forex and CFD education from day one.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | 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 XM Group. Saxo finished with an overall rank of #3, while XM Group finished with an overall rank of #16.
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
|
XM Group
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 93 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Online brokers Saxo and XM Group do not support buying actual (delivered) cryptocurrencies, but both provide access to trade cryptocurrency CFDs.
Saxo vs XM Group funding comparison: for deposits and withdrawals, neither broker supports ACH or SEPA transfers or PayPal, both support bank wire transfers, only XM Group offers Skrill (Saxo does not), and Visa/Mastercard availability is not specified for either.
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 | XM Group | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | XM Group Review |
| Broker Screenshots | Saxo | XM Group | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | Saxo | XM Group | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1992 | 2009 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 4 | |
| Tier-2 Licenses | 1 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | XM Group | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| 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 | XM Group | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | XM Group | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 1429 | |
| Forex Pairs (Total) | 190 | 55 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| 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 | XM Group | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | 2 | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | XM Group | |
|---|---|---|---|
| Minimum Deposit | $0 | $5 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | Saxo | XM Group | |
|---|---|---|---|
| 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 | Yes | |
| cTrader | No | No |
| Trading Tools | Saxo | XM Group | |
|---|---|---|---|
| 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 | XM Group | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | No | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | XM Group | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | XM Group | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | XM Group | |
|---|---|---|---|
| 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 | XM Group Review |
| Overall | Saxo | XM Group | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | XM Group Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill