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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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 stands out with a 5 out of 5 star rating and a #8 ranking out of 63 brokers, while XM Group earns 4 out of 5 stars and ranks #34. In plain terms, Saxo tends to offer better overall pricing—especially for active or high-volume traders—whereas XM’s Standard account spreads are expensive and the broker does not publish average spreads for its commission-based XM Zero account, making cost comparison harder.
For forex, Saxo is commission-free and earns from the spread, with one caveat: traders who do under 50,000 units per month pay a $3-per-side ticket fee. As of November 2023, Saxo’s average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums about 0.2 pips lower; Platinum and VIP pricing sits closer to the industry average, while Classic is slightly higher. The Classic account now has a $0 minimum deposit for new customers, Platinum requires $200,000 (AUD 300,000 in Australia) or a loyalty upgrade (e.g., roughly $40M in forex volume for a 12-month upgrade), and VIP requires $1,000,000 or a high-volume loyalty upgrade (about $167M in volume for a year). Saxo also waives custody fees for share trading if you opt into securities lending, and its VIP tier includes extras like access to events and Saxo analysts.
XM Group’s pricing picture is less transparent: Standard account spreads are costly, and average spreads for the XM Zero account are not published, which may limit your ability to estimate true trading costs. If keeping fees low is your priority and you trade larger sizes or more frequently, Saxo’s structure and available tiers can be advantageous; if you trade very small sizes, be mindful of Saxo’s ticket fee below 50,000 units per month.
| 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: When it comes to range of investments, Saxo lists about 71,000 tradeable symbols compared with XM Group’s 1,394. Forex traders get 190 currency pairs at Saxo versus 55 at XM. Both support forex trading via CFDs and/or spot contracts, let you trade crypto via CFDs (not the underlying coins), and provide access to exchange-traded shares on U.S. and international markets—so you can buy stocks like Apple or Vodafone, not just CFDs.
In expert reviews, Saxo scores 5 out of 5 stars for Range of Investments and ranks #3 of 63 brokers, while XM Group earns 4.5 stars and ranks #19. If you want the widest market coverage across asset classes and global exchanges, Saxo stands out. If copy trading matters, XM Group offers it, whereas Saxo does not.
| Feature |
Saxo
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 1394 |
| 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
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XM Group
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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 | 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 (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) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or SCA 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 | 1394 | |
| 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 | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | XM Group Review |
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