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.
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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 |
Saxo offers better pricing overall than XM Group, especially for active traders and clients with larger balances. Saxo’s forex pricing is commission-free for most traders, with costs built into the spread, though accounts that trade fewer than 50,000 units a month pay a $3 ticket fee per side. In November 2023, Saxo’s average EUR/USD spread was 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP, while the lowest minimum spreads were about 0.2 pips lower. Saxo is rated 5 out of 5 stars for commissions and fees and ranks #8 out of 36 brokers.
XM Group is less competitive on pricing, with standard account spreads described as expensive and average spreads not published for its commission-based XM Zero account. That makes it harder for cost-conscious traders to compare true trading costs upfront. XM Group is rated 3.5 out of 5 stars for commissions and fees and ranks #35 out of 36 brokers.
Overall, Saxo is the stronger choice if low trading costs are a priority, while XM Group trails in this category. Saxo also offers tier-based savings through its Classic, Platinum, and VIP accounts, with VIP reserved for very high-balance clients or those who qualify through trading volume. XM Group may still appeal to some traders for other reasons, but when it comes to commissions and fees, Saxo comes out well ahead.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | N/A |
| All-in Cost EUR/USD - Raw spread account | 0.8 | N/A |
| Non-wire bank transfer (Deposit/Withdraw) | 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 and XM Group both give traders access to forex, exchange-traded shares on U.S. and international markets, and cryptocurrency CFDs. However, Saxo offers a much wider choice overall, with 71,000 tradeable symbols and 192 forex pairs, compared with XM Group’s 1,583 symbols and 54 forex pairs. Saxo also supports more variety for investors who want a larger menu of markets and instruments, while XM Group’s selection is more limited in comparison.
One area where XM Group stands out is copy trading, which Saxo does not offer. Neither broker lets clients buy delivered cryptocurrency outright, but both do allow crypto CFDs. Based on range of investments, Saxo is rated 5 stars and ranked #3 out of 36 brokers by ForexBrokers.com, while XM Group holds a 4.5-star rating and a #19 ranking, making Saxo the stronger choice for traders who want the broadest market access.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 1583 |
| Forex Pairs (Total) | 192 | 54 |
| 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 and XM Group both give traders a choice of paper trading, desktop software for Windows, and web-based platforms, so each broker makes it easy to practice and trade from different devices. Both also let users trade directly from a stock chart, which can make it simpler to place orders while looking at price movement. In independent testing, Saxo is rated 5 out of 5 stars for trading platforms and tools and ranks #3 out of 36 brokers, while XM Group is rated 4 out of 5 stars and ranks #28.
The main differences come down to platform options and extra tools. Saxo offers its own in-house trading platform, while XM Group does not, but XM Group supports copy trading plus MetaTrader 4 and MetaTrader 5, which Saxo does not. That makes Saxo a stronger pick for traders who want a high-rated proprietary platform, while XM Group may appeal more to users who want MetaTrader access and copy trading features.
| 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) | 64 | 100 |
| 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, and each lets users set stock or forex price alerts, sync watchlists with their online account, and draw trendlines on charts. This means traders can move between mobile and web platforms without losing track of their favorite markets or chart work. For everyday mobile use, both apps cover the basics well and make it easy to manage trades on the go.
Where Saxo pulls ahead is charting and app quality. Saxo’s mobile app includes 64 technical studies, autosaves chart drawings, and earns a 5-star Mobile Trading Apps rating, ranking #3 out of 36 brokers by ForexBrokers.com. XM Group offers 30 technical studies, does not auto save drawings, and is rated 4 stars with a #26 ranking. For traders who want more chart tools and smoother mobile chart use, Saxo has the edge over XM Group.
| 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.
Saxo and XM Group both give traders strong market research coverage, with daily market commentary, trusted forex news from major sources like Bloomberg and Reuters, and an economic calendar that tracks key global events. Each broker also earns a top 5-star Research rating, showing that both offer useful tools for staying on top of the markets. In ForexBrokers.com’s Research rankings, Saxo stands out at #1 out of 36 brokers, while XM Group is ranked #8.
Where they differ is in the extra tools they provide. Saxo includes Autochartist for technical and fundamental analysis, but does not offer Trading Central or a sentiment tool. XM Group takes the opposite approach, offering Trading Central and a sentiment-based position tool, but not Autochartist. Neither broker includes TipRanks or Acuity Trading in its research lineup, so the choice may come down to whether you prefer Saxo’s Autochartist support or XM Group’s Trading Central and sentiment features.
| 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 | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn forex or CFD trading, both Saxo and XM Group offer a strong set of educational tools. Each broker provides forex and CFD learning content with at least 10 dedicated resources, monthly educational webinars, and plenty of videos for both new and more experienced traders. In other words, beginners can expect help with the basics from either platform, along with ongoing live learning opportunities.
When comparing them side by side, both brokers receive a 5-star Education rating, but XM Group has the edge in third-party ranking. ForexBrokers.com places XM Group at #5 out of 36 brokers for Education, while Saxo ranks #12. That makes XM Group the stronger pick if you want the higher-ranked education hub, though Saxo still gives beginners a wide range of useful learning materials.
| 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 a 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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XM Group
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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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.
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0 of 5| Overall Rating | Saxo | XM Group | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | XM Group Review |
| Broker Screenshots | Saxo | XM Group | |
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| 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) | No | 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 | 1583 | |
| Forex Pairs (Total) | 192 | 54 | |
| 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) - Spread-only account | 1.0 | N/A | |
| All-in Cost EUR/USD - Raw spread account | 0.8 | N/A | |
| Inactivity Fee | No | 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 (Deposit/Withdraw) | 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) | 64 | 100 | |
| 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 | No | 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 | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | XM Group Review |
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