Written by ForexBrokers.com
In this head to head comparison of Saxo vs FinecoBank, 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 FinecoBank, two well-established banks in the online brokerage industry, it's clear they both have strong reputations, though they differ in several key areas. Saxo, founded in 1992, is privately held and boasts an impressive Trust Score of 99 out of 99 from ForexBrokers.com, indicating it is highly trusted. It holds seven Tier-1 licenses, a marker of strong regulatory oversight, and one Tier-2 license. In contrast, FinecoBank, founded in 1999 and publicly traded, has a Trust Score of 94, still within the highly trusted range. It holds two Tier-1 licenses, demonstrating solid regulatory compliance.
Both entities serve as banks, offering a layer of assurance to users through their regulated status in the financial market. The disparity in their number of Tier-1 and Tier-2 licenses highlights their different levels of regulatory compliance, with Saxo showing a broader array of top-tier licenses, potentially translating to a greater level of trust due to its extended regulatory engagements. FinecoBank’s presence on a stock exchange might appeal to those looking for additional transparency typically associated with public companies. Overall, both brokers are trusted choices, but their individual regulatory achievements and company structures cater to varying investor needs.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Year Founded | 1992 | 1999 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | Yes |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Saxo and FinecoBank in terms of their commissions and fees, Saxo stands out with top-notch pricing, especially for active traders and high-volume investors. Saxo offers a range of accounts that cater to different trading needs, with their Classic, Platinum, and VIP accounts offering variable spreads. As of November 2023, the USD/EUR spread for these accounts averages at 1.1, 1.0, and 0.9 pips respectively. While the Classic account may have slightly higher average spreads, the minimum deposit is now set at $0, making it accessible for new traders. For larger investors, the Platinum and VIP accounts offer more competitive spreads, and traders can upgrade to these tiers through Saxo’s loyalty program. Additionally, Saxo waives custody fees for traders participating in securities lending, providing further cost benefits.
On the other hand, FinecoBank is less transparent with its forex and CFD trading costs, as it does not publish average spread data. This makes it harder to gauge their true trading expenses. Fineco lists EUR/USD spreads at 1 pip, which is relatively higher compared to typical brokers, with another listed spread of 0.8 pips but without average values or a specified date range. While Fineco may offer competitive spreads on index CFDs, its lack of detailed information may not appeal to those seeking transparency and consistent pricing data.
Overall, Saxo receives a strong rating of 5 out of 5 stars and ranks 9th out of 62 brokers according to ForexBrokers.com's fees and commission evaluations. Meanwhile, FinecoBank holds a lower rating of 3.5 stars, placing it 50th in the same category. For traders prioritizing cost-effective trading solutions and transparency, Saxo may be the more attractive choice.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investment options, Saxo and FinecoBank offer a compelling mix but with distinct differences. Saxo boasts an impressive array of 70,000 tradeable symbols, while FinecoBank provides a choice of 9,770. Both brokers support forex trading as CFDs or spot contracts, yet Saxo leads with 190 tradeable forex pairs compared to FinecoBank's 54. Furthermore, both platforms allow clients to purchase exchange-traded securities on U.S. and international markets, meaning you can buy stocks like Apple or Vodafone through either service. However, Saxo stands out by offering copy trading and access to cryptocurrency derivatives, features not available with FinecoBank.
In terms of rankings and ratings, Saxo is highly rated with five stars for its range of investments, securing the number three spot among 62 brokers assessed by ForexBrokers.com. FinecoBank follows closely with a commendable 4.5-star rating, placing it at number sixteen in the same category. Both brokers offer solid investment portfolios, but for those seeking a broader selection and additional trading features like copy trading and crypto derivatives, Saxo might be the more appealing choice.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 9770 |
| Forex Pairs (Total) | 190 | 54 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | No |
| 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 the trading platforms and tools of Saxo and FinecoBank, several key differences come to light. Saxo offers a more comprehensive experience with its range of features such as simulated trading through a free virtual demo account and a proprietary trading platform, also developed in-house. Both Saxo and FinecoBank provide Windows-based and web-based trading platforms, allowing users to trade across different devices. However, Saxo stands out with its support for copy trading, a feature that FinecoBank does not offer. Saxo does not include popular platforms like MetaTrader 4 or 5, and neither does FinecoBank, indicating a shared focus on proprietary technology.
In terms of charting tools, Saxo again takes the lead with 20 drawing tools compared to FinecoBank's 7, enhancing the user's ability to analyze and make informed trading decisions. Saxo's platform also allows for direct trading from stock charts, a convenient feature missing in FinecoBank's offering. Additionally, Saxo provides a more extensive watch list customization with 60 fields, while information on FinecoBank's watch list features is not available. These differences contribute to Saxo's higher rating of 5 stars, positioning it at the top of ForexBrokers.com's rankings for Trading Platforms and Tools, while FinecoBank is rated 4 stars and ranked 18th out of 62 brokers.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 37 |
| Charting - Drawing Tools (Total) | 20 | 7 |
| Charting - Trade From Chart | Yes | No |
| Watchlists - Total Fields | 60 | N/A |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and FinecoBank offer mobile trading apps for both iPhone and Android devices, keeping traders connected on the go. While each app provides stock and forex price alerts, Saxo takes the lead with its watchlist features. It allows seamless syncing between mobile and online accounts, which FinecoBank doesn't currently support. Saxo's app shines with 64 technical studies for charting, vastly surpassing the mere six offered by FinecoBank. For those who like to analyze charts closely, Saxo also offers trendline drawing capabilities and autosaves those drawings, a feature FinecoBank lacks. Both apps allow users to view charts in multiple time frames, such as daily or intraday, but Saxo enriches the experience with more customization options.
Real-time watchlists are another area where Saxo demonstrates superiority, while FinecoBank doesn’t support this feature. Reflective of these differences, Saxo receives a top rating of five stars for its mobile app, ranking 2nd out of 62 brokers according to ForexBrokers.com. FinecoBank, meanwhile, is rated four stars and placed at 42nd. Overall, Saxo provides a more comprehensive and highly-rated mobile trading experience compared to FinecoBank.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 6 |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When it comes to market research offerings, Saxo and FinecoBank present distinct features catering to informed trading decisions. Saxo provides daily market commentary, which FinecoBank lacks. Both brokers deliver forex news from esteemed sources like Bloomberg and Reuters, ensuring their clients access high-quality information. Saxo additionally excels by offering cutting-edge tools from Autochartist for both technical analysis and fundamental research, a benefit that FinecoBank clients miss. Furthermore, Saxo supports traders with a sentiment-based trading tool, showcasing a helpful overview of market positions. Both platforms offer an economic calendar for tracking global news events, yet Saxo stands out for its comprehensive research deck.
The differences extend to ratings and rankings, where Saxo receives an impressive 5-star research rating compared to FinecoBank's 4-star rating. Saxo's polished research suite earns it the prestigious #1 rank out of 62 brokers on ForexBrokers.com, far surpassing FinecoBank's #33 position. For traders prioritizing thorough research tools and market insights, Saxo edges ahead as a more comprehensive choice, providing an invaluable asset for making knowledgeable investment decisions.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources for beginners offered by Saxo and FinecoBank, there are several key differences to consider. Saxo provides a more extensive range of educational materials tailored to those new to trading. It offers over ten educational pieces centered on forex and CFDs, making it a valuable resource for beginners interested in these areas. Additionally, Saxo hosts online webinars monthly and maintains a searchable archive of past webinars, allowing learners to access a wealth of information at their convenience. In contrast, FinecoBank offers online webinars but lacks a searchable archive of recorded sessions and provides fewer educational materials on forex and CFDs.
Both Saxo and FinecoBank offer beginner-friendly educational videos, catering specifically to new traders. However, when it comes to advanced trading topics, Saxo excels again by offering more than ten advanced educational videos, a feature FinecoBank does not match. Both platforms provide an investor dictionary with over fifty investing term definitions, ensuring users have a solid foundation in essential terminology. In terms of overall education ratings, Saxo is rated higher with five stars and ranks 13th among 62 brokers on ForexBrokers.com, while FinecoBank holds a four-star rating and ranks 49th for education offerings.
| Feature |
Saxo
|
FinecoBank
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 FinecoBank. Saxo finished with an overall rank of #3, while FinecoBank finished with an overall rank of #25.
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
|
FinecoBank
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 94 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
In a comparison between online brokers Saxo and FinecoBank, only Saxo provides the option to buy cryptocurrency derivatives, while neither offers the ability to purchase actual delivered cryptocurrency.
When comparing online brokers Saxo and FinecoBank, Saxo offers Visa or Mastercard and bank wires for depositing or withdrawing funds, while FinecoBank provides ACH or SEPA transfers and bank wires, but neither broker supports PayPal or Skrill for 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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Saxo | FinecoBank | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Saxo Review | FinecoBank Review |
| Broker Screenshots | Saxo | FinecoBank | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | Saxo | FinecoBank | |
|---|---|---|---|
| Trust Score | 99 | 94 | |
| Year Founded | 1992 | 1999 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 9770 | |
| Forex Pairs (Total) | 190 | 54 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | No | |
| 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 | FinecoBank | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | No |
| Funding | Saxo | FinecoBank | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | FinecoBank | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | FinecoBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 60 | N/A | |
| Charting - Indicators / Studies (Total) | 64 | 37 | |
| Charting - Drawing Tools (Total) | 20 | 7 | |
| Charting - Trade From Chart | Yes | No | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | FinecoBank | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 6 | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | FinecoBank | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | FinecoBank | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank Review |
| Overall | Saxo | FinecoBank | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Saxo Review | FinecoBank Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill