Written by ForexBrokers.com
In this head to head comparison of Saxo vs eToro, 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 Saxo and eToro, it's important to look at their trust ratings and regulatory credentials. Saxo, founded in 1992, is also a bank and boasts a ForexBrokers.com Trust Score of 99, indicating it is highly trusted. It holds seven Tier-1 licenses, the most respected in the industry, along with one Tier-2 license. This extensive regulatory oversight makes Saxo a solid choice for traders seeking confidence in their broker's compliance to industry standards.
eToro, launched in 2007 and not a bank, has a Trust Score of 93 from ForexBrokers.com, placing it in the highly trusted category as well. It holds three Tier-1 licenses and one Tier-2 license. While both brokers command a high level of trust, Saxo's additional licenses and status as a bank could sway traders who prioritize regulation and security in their choice of a broker. Neither Saxo nor eToro is publicly traded, which is another aspect users might consider when making their decision.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Year Founded | 1992 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Saxo and eToro for commissions and fees, Saxo offers some of the most competitive pricing in the industry, especially for active and high-volume traders, with a range of accounts tailored to different trader needs. Saxo's Classic account has an average spread of 1.1 pips on the EUR/USD, while the Platinum and VIP accounts offer slightly better spreads at 1.0 and 0.9 pips respectively. For traders who participate in securities lending, Saxo waives custody fees for share trading. Importantly, the Classic account now boasts a $0 minimum deposit, making it more accessible to new customers. Saxo is commission-free for forex trading, offset by the spread; however, a ticket-fee applies for trades under a certain volume.
Meanwhile, eToro is known for its social copy trading platform rather than its trading fees. eToro presents a typical variable spread of 1 pip on the EUR/USD, which is slightly above the industry average. The broker's focus is on its unique features like the eToro Club, with its five-tier VIP membership that provides perks such as access to Trading Central and a dedicated account manager. These benefits make eToro appealing to retail traders looking for more than just competitive spreads.
Overall, Saxo holds a 5-star rating for commissions and fees, highlighting its strong competitive edge, and ranks #9 out of 62 brokers according to ForexBrokers.com. On the other hand, eToro, with a solid 4.5-star rating, ranks #22 on the same list, making it a good choice for traders seeking the benefits of a social trading experience.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 |
| Average Spread EUR/USD - Standard | 1.1 | 1 |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and eToro for online trading options, both platforms cater to a wide range of investment preferences. Saxo stands out with a remarkable portfolio of 70,000 tradeable symbols, including 190 forex pairs, which makes it a top choice for investors seeking diverse opportunities. On the other hand, eToro offers 5,461 tradeable symbols and 55 forex pairs, providing a more focused selection while still covering key investment needs. Both brokers enable trading of listed securities on U.S. and international exchanges, allowing users to purchase shares like Apple and Vodafone. Additionally, both platforms support copy trading, enhancing the investment experience by letting users mimic successful traders’ strategies.
Considering cryptocurrency offerings, eToro provides the option to buy actual cryptocurrencies, whereas Saxo offers only derivatives linked to cryptocurrencies. In terms of investment range, both platforms earn high ratings, with each receiving five stars. However, Saxo is ranked higher by ForexBrokers.com in the range of investments category, securing the third position out of 62 brokers, compared to eToro's tenth place ranking. This makes Saxo particularly appealing for investors who prioritize a broad variety of trading options, while eToro remains competitive with its strong offerings and user-friendly features.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 5461 |
| 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 | Yes |
| 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.
When comparing online brokers Saxo and eToro in terms of trading platforms and tools, both offer excellent features for traders. Saxo and eToro both provide free virtual demo accounts, allowing users to practice trading without risk. Each broker has developed its own proprietary platform, but only Saxo offers a downloadable desktop platform for Windows users. Both brokers provide web-based platforms; however, Saxo excels with the ability to trade directly from stock charts, unlike eToro. Although neither supports MetaTrader 4 or MetaTrader 5, Saxo's platform includes 20 drawing tools, while eToro impressively offers 161.
For watch lists, Saxo provides 60 columns for more comprehensive data visibility compared to eToro's six. Saxo supports copy trading, a key feature for replicating successful trades, as does eToro. However, neither broker supports DupliTrade or ZuluTrade. According to ForexBrokers.com, Saxo is ranked number one out of 62 brokers, receiving a perfect five-star rating for its trading platforms and tools. Meanwhile, eToro is ranked number eight, with a commendable 4.5-star rating, showcasing both brokers' strengths in offering user-friendly and advanced trading environments.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 104 |
| Charting - Drawing Tools (Total) | 20 | 161 |
| Charting - Trade From Chart | Yes | No |
| Watchlists - Total Fields | 60 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and eToro offer highly functional mobile trading apps for iPhone and Android users. They support essential features such as stock and forex price alerts, the ability to create watchlists with real-time quotes, and syncing watchlists with an online account, ensuring changes reflect across devices. However, Saxo's app stands out with its extensive charting capabilities, including 64 technical studies, the ability to draw trendlines, and automatically saving chart drawings. On the other hand, eToro offers more technical studies, with a total of 104, but lacks trendline drawing and auto-save features for charts.
In terms of user satisfaction and industry recognition, Saxo excels with a full five-star rating for its mobile app and is ranked second among 62 brokers by ForexBrokers.com. This high ranking reflects its advanced trading tools and user-friendly design. While eToro also provides a reliable trading experience with a 4.5-star rating, it is positioned at 11th by ForexBrokers.com, indicating that it is slightly behind Saxo in the mobile trading category. Both apps cater to traders at all levels, but Saxo might be a better fit for those prioritizing advanced charting features.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 104 |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When choosing between Saxo and eToro for market research needs, both platforms offer valuable features like daily market commentary and an economic calendar. Saxo stands out by providing forex news from renowned sources such as Bloomberg and Reuters, and includes tools from Autochartist for deep technical analysis. On the other hand, eToro doesn’t offer news from these major sources but compensates with features from Trading Central and insights from TipRanks for better market understanding.
Both brokers have sentiment-based trading tools for currency pairs. Saxo is positioned as the premier choice for research, earning the top spot out of 62 brokers analyzed by ForexBrokers.com, thanks to its comprehensive services rated at five stars. Meanwhile, eToro is not far behind, with a respectable rating of 4.5 stars and a rank of 13th. This shows eToro’s commitment to offering solid research options, although Saxo maintains a slight edge with its broader array of research tools.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners from Saxo and eToro, both online brokers provide an array of materials to assist newcomers in understanding forex and CFDs. Each platform offers a minimum of 10 educational pieces, including articles, videos, and archived webinars focused on these financial subjects. Additionally, both Saxo and eToro host online educational client webinars every month and provide a searchable archive for those who wish to revisit past sessions. For beginner traders, both brokers present at least 10 instructional videos, ensuring a solid foundation for those new to trading.
Saxo goes a step further with its educational offerings by incorporating advanced educational videos and a thorough investor dictionary of over 50 investing terms, tailored for experienced traders. Despite eToro also meeting these criteria, Saxo stands out slightly in ratings, earning 5 stars for its educational offerings compared to eToro's 4.5 stars. Interestingly, eToro ranks higher at #5 in the Education category among 62 brokers, whereas Saxo holds the #13 spot. These rankings suggest that while both brokers offer excellent educational resources, their reputations vary, which might influence a beginner's decision based on personal learning preferences and trust factors.
| Feature |
Saxo
|
eToro
|
|---|---|---|
| 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 | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Saxo is better than eToro. Saxo finished with an overall rank of #3, while eToro finished with an overall rank of #9.
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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eToro
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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While Saxo enables investments in cryptocurrency derivatives, it does not allow for the purchase of actual cryptocurrencies, unlike eToro, which offers both the option to buy real cryptocurrencies and trade cryptocurrency derivatives.
eToro stands out by offering a diverse range of funding options, including ACH, SEPA, PayPal, and Skrill, in addition to Visa, Mastercard, and bank wires, while Saxo provides funding primarily through Visa, Mastercard, and bank wires, lacking support for ACH, SEPA, PayPal, and Skrill transactions.
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 | eToro | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | eToro Review |
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| Regulation | Saxo | eToro | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1992 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | eToro | |
|---|---|---|---|
| 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 | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| 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 | eToro | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | eToro | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 5461 | |
| 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 | Yes | |
| 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 | eToro | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1 | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | eToro | |
|---|---|---|---|
| Minimum Deposit | $0 | $50-$10,000 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | eToro | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | eToro | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 6 | |
| Charting - Indicators / Studies (Total) | 64 | 104 | |
| Charting - Drawing Tools (Total) | 20 | 161 | |
| Charting - Trade From Chart | Yes | No | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | eToro | |
|---|---|---|---|
| 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 | 104 | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Saxo | eToro | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | eToro | |
|---|---|---|---|
| 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 | Yes |
| Major Forex Pairs | Saxo | eToro | |
|---|---|---|---|
| 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 | eToro Review |
| Overall | Saxo | eToro | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | eToro Review |
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