After diligently reviewing these two forex brokers for a period of time, Saxo Bank seems to be better than Forex.com. For a trader that can afford the Saxo Bank minimum deposit of USD10, 000, you will be glad you choose them. Saxo Bank offers excellent trading platforms, competitive pricing, brilliant research, more than 40,000 instruments to trade, and reliable customer service.
Both Forex.com and Saxo Bank are no doubt getting more popular on a daily basis among American traders. As more people are making a switch to forex trading, so also is the need to choose reliable and regulated Forex brokers that accepts US traders to invest with. Therefore, we keep hearing questions like “Which is better between Forex.com and Saxo Bank?”… “Is Forex.com better than Saxo Bank?” and many more.
In this post, we are going to be comparing these two US Forex broker platforms, therefore helping you make a better choice based on your needs. But remember that when choosing a broker, you need to consider a couple of important factors. This includes fair trading fees and low withdrawal fees, multiple currency pairs, and a good platform with advanced charting options.
If you are new to forex trading, you need to be really careful. Forex products are complex and can also be very risky, which makes it not suitable for everyone. So to make the most out of it, it is important you acquire enough knowledge before delving into it. Choosing a platform that offers forex education is also a smart way to go. Without boring you out, let’s go into the business of the day.
Saxo Bank
This is a Danish investment bank created in 1992, offering online trading and investments. It is a company regulated by several global financial authorities. With a long track record and a solid banking background, Saxo Bank is a great trading platform considered safe for traders and investors looking for a great trading platform and solid research.
Forex.com
Like Saxo Bank, Forex.com is also a global FX and CFD broker regulated by several financial authorities. It was created in 2001 and listed on the New York Stock Exchange. Forex.com also has a long track record and considered safe for forex traders looking for low fees and great research tools.
Comparing the Two Brokers
After spending lots of time (several months) researching these two brokers, we were able to come up with this review to help you have a better insight into the two brokers – Forex.com and Saxo Bank.
#1: Fees Charged For Trading
This is the first trading condition we will consider about these two brokers. Let’s take a look at the fees they charge for trading. This wasn’t an easy task for us to determine because not all brokers publicize their average spread.
Average spreads do vary from one broker to another, so also are the execution policies and how the commissions are charged. To be able to come up with the accurate fees charges for trading, one needs to look into factors like; is the broker an agency broker, a market maker, or offers both execution methods.
- com has low fees for stock index CFDs and forex trades. On the other hand, the stock CFD fees are high and they also have an inactivity fee.
- Saxo Bank, on the other hand, has average trading and non-trading fees. The stock index CFDs and mutual funds fees are low, and on average for ETFs and real stocks.
Putting things together, we can say Saxo Bank is a better option in this area.
#2: Regulation and Currency Availability
This is another condition to consider when deciding which of these platforms to go for. It is very important you choose a broker that is regulated in major hub.
- Luckily, both Saxo Bank and Forex.com are regulated in major hub.
- com is a publicly-traded company but Saxo Bank is not.
- Concerning the number of currency pairs available to trade, Saxo Bank offers a great product portfolio allowing its clients to trade with 182 different currency pairs. But for Forex.com, you can only trade with 91 currency pairs.
#3: Account Opening
- For forex.com, account opening is very easy and fully digital, and also with a low minimum deposit. However, it takes 2 business days before you can have your account verified, which is a slow one when compared to other brokers on the market.
- Saxo Bank account opening is also fully digital, user-friendly, and available in most parts of the world. However, the minimum deposit is pretty high but account verification is faster.
#4: Deposit and Withdrawal
- For Forex.com, there are multiple options for deposit and withdrawal, and everything is free of charge. But the challenge here is that not all credit cards can be used for withdrawals.
- Saxo Bank offers better deposit and withdrawal options. They offer multiple deposit and withdrawal options on a user-friendly interface free of charge.
#5: Desirable Forex tools and features
- Virtually all traders are familiar with MetaTrader. Both Forex.com and Saxo Bank offer Meta Trader.
- It doesn’t matter what platform you choose for online trading, charting should be feature-rich. When we counted, Saxo Bank has 25 charting tools while Forex.com has 19.
- com offers 139 different indicators such as moving averages, while Saxo Bank only offers 55 available indicators.
- However, for the two platforms, none of them has a two-step login.
Now, you have better information as to what the conditions for trading with these two brokers look like. If you are looking for recommendations, we will recommend you opt for Saxo Bank as they seem to have more scores when all the features compared are put together.
