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.
When comparing the online brokers Saxo and XM Group, Saxo emerges as the most seasoned, having been founded in 1992, while XM Group started operations in 2009. Despite both companies being privately owned and not listed on stock exchanges, Saxo distinguishes itself as a bank, unlike XM Group. The regulatory landscape further underscores Saxo's reliability; it holds an impressive seven Tier-1 licenses, which are categorized as highly trusted, contrasting with XM Group's four. Each company is backed by one Tier-2 license, adding another layer of regulation to their profiles.
Saxo's Trust Score rating is a perfect 99 out of 99 according to ForexBrokers.com, reflecting the highest level of trustworthiness, compared to XM Group's still respectable score of 93. These scores underscore Saxo's superior positioning in the regulatory and trustworthiness aspects in the online brokerage arena. Whether you're prioritizing experience, regulatory confidence, or trust ratings, Saxo appears to have the edge in this comparison.
| 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 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Comparing commissions and fees, Saxo is the stronger value overall for many traders. Saxo earns 5/5 stars and ranks #9 out of 63 brokers for Commissions and Fees, while XM Group earns 4/5 stars and ranks #34 out of 63. XM Group’s Standard account spreads are expensive, and the broker does not publish average spreads for its commission-based XM Zero account, which can make true costs harder to gauge.
Saxo uses spread-only pricing for forex (no commission), with one exception: 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); minimums ran about 0.2 pips lower than those averages. Pricing on Platinum and VIP sits closer to the industry average, while Classic is slightly higher. Account minimums: Classic $0; Platinum $200,000 (AUD 300,000 in Australia) or via Loyalty upgrade (e.g., roughly $40M in forex volume earns enough points for a 12‑month Platinum upgrade); VIP requires $1,000,000 or a Loyalty upgrade tied to about $167M in forex volume for one year. VIP offers the most savings, and Saxo waives custody fees on share trading if you opt into securities lending.
XM Group’s Standard account carries higher spreads, and because average spreads for the XM Zero account aren’t published, it’s tougher to estimate all-in trading costs in advance. In short: Saxo tends to favor active or high‑balance traders seeking lower, more transparent pricing, while XM Group is less competitive on spread costs and disclosures in this category.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| Average Spread EUR/USD - Standard | 1.1 | 1.6 |
| All-in Cost EUR/USD - Active | 0.9 | 0.8 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| 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 offers a much wider range of investments than XM Group, with 70,000 tradeable symbols compared to XM Group’s 1,394. Forex traders also get more choice at Saxo, which lists 190 tradeable forex pairs versus 55 at XM Group. Both brokers let you trade forex as CFDs and as spot contracts, and both give access to exchange-traded securities (not CFDs) on U.S. and international exchanges, so you can buy shares like Apple on NASDAQ or Vodafone in London.
Feature-wise, both Saxo and XM Group support copy trading. Neither broker lets you buy actual (delivered) cryptocurrency, but both offer crypto derivatives. For Range of Investments, ForexBrokers.com rates Saxo at 5 stars and ranks it #3 out of 63 brokers, while XM Group earns 4.5 stars and ranks #25. If you want the widest selection across markets, Saxo stands out; if you’re comfortable with a smaller catalog, XM Group still covers key assets.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 1394 |
| Forex Pairs (Total) | 190 | 55 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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 and XM Group both let you practice with a free demo account and offer trading on Windows and in your web browser. Saxo stands out with its own in-house platform, while XM Group does not have a proprietary platform but supports MetaTrader 4 and MetaTrader 5, which Saxo does not. Both brokers support copy trading and let you place orders directly from charts; neither connects to DupliTrade or ZuluTrade.
For charting, Saxo includes 20 drawing tools compared with 15 at XM Group, and Saxo’s watchlists can show up to 60 fields versus 7 at XM. In independent testing by ForexBrokers.com, Saxo earned 5 stars and ranked #1 out of 63 brokers for Trading Platforms and Tools, while XM Group earned 4 stars and ranked #33. In short, choose Saxo if you want an advanced in-house platform and deeper watchlist and charting tools, or XM Group if you prefer MT4/MT5 with familiar third-party indicators and add-ons. (Indicator counts were not provided.)
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary 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 | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and XM Group both deliver full-featured mobile trading apps for iPhone and Android, including price alerts, synced watchlists between mobile and web, and real-time quote watchlists. Each app supports trendline drawing and multiple chart time frames. For charting depth, Saxo offers 64 technical studies compared with XM Group’s 30. One key difference is convenience: Saxo’s app automatically saves your chart drawings, while XM Group’s app does not.
Independent ratings reflect these gaps. ForexBrokers.com rates Saxo’s mobile trading apps 5 stars and ranks them #2 out of 63 brokers, while XM Group earns 4 stars and ranks #31. If you want richer chart tools and saved annotations on the go, Saxo stands out. If you only need core mobile trading features across iPhone and Android, XM Group covers the essentials.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
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 | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for forex and CFDs, both Saxo and XM Group excel in providing a wealth of content to assist beginners. Each broker offers over 10 educational pieces, including articles, videos, and access to archived webinars, making it easy for new traders to find the guidance they need. Both companies host regular monthly webinars and provide a searchable archive of past sessions, allowing traders to expand their knowledge at their own pace. Additionally, Saxo and XM Group cater to beginners with at least 10 introductory videos on key trading topics, making it easier for newcomers to get started.
For those looking to deepen their understanding, both Saxo and XM Group also offer a collection of advanced videos for more experienced traders. An important distinction between the two is Saxo's inclusion of an investor dictionary with definitions for over 50 investing terms, which XM Group does not provide. Despite these differences, both brokers receive high praise for their educational offerings, each earning a five-star rating in this category. However, XM Group has a slightly higher ranking from ForexBrokers.com, coming in at #7 out of 63 brokers, compared to Saxo's rank of #13. This suggests that while both brokers are strong choices for educational resources, XM Group holds a slight edge in recognition for its educational excellence.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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 XM Group. Saxo finished with an overall rank of #3, while XM Group finished with an overall rank of #17.
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 |
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| Trust Score | 99 | 93 |
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While neither Saxo nor XM Group allows investors to purchase actual, delivered cryptocurrency, both brokers provide the option to trade cryptocurrency derivatives.
When comparing the online brokers Saxo and XM Group, neither offers ACH or SEPA transfers or PayPal for fund transactions, while only XM Group supports Skrill, and both provide options for Visa, Mastercard, and bank wire 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 | 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 | 1 | |
| 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 (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 | XM Group | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank 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) | 70000 | 1394 | |
| Forex Pairs (Total) | 190 | 55 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | XM Group | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.6 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.8 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | XM Group | |
|---|---|---|---|
| Minimum Deposit | $0 | $5 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | XM Group | |
|---|---|---|---|
| Proprietary 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 | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | XM Group | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | XM Group | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | XM Group | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Saxo | XM Group | |
|---|---|---|---|
| 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 | 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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