Written by ForexBrokers.com
In this head to head comparison of Saxo vs FXOpen, 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 FXOpen, both brokers bring distinct qualities to the table. Founded in 1992, Saxo operates as a bank and boasts a Trust Score rating of 99 according to ForexBrokers.com, demonstrating its strong reliability. Notably, Saxo holds seven Tier-1 licenses and one Tier-2 license, indicating a high level of regulatory oversight and trustworthiness. While Saxo is not publicly traded, its establishment as a bank adds to its credibility and stability in the financial market.
FXOpen, in contrast, was founded in 2003 and does not operate as a bank. With a Trust Score rating of 76, FXOpen falls into the average risk category. The broker holds two Tier-1 licenses but lacks Tier-2 licenses, pointing to a less extensive regulatory framework compared to Saxo. Like Saxo, FXOpen is not publicly traded. While both brokers offer their own set of features, the differences in their regulatory standings and trust scores are significant factors for potential investors to consider.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Year Founded | 1992 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Saxo and FXOpen for commissions and fees, Saxo stands out with excellent all-around pricing, especially for active and high-volume traders. Saxo offers competitive spreads across its account types: Classic, Platinum, and VIP. The average EUR/USD spread is 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP accounts. Saxo's VIP account has been acknowledged for outstanding client experience and allows elite investors to reap the most from their trading experience with exclusive benefits. For traders with a lower budget, the Classic account recently removed the minimum deposit requirement, making it more accessible. Saxo waives custody fees for share trading if you opt into securities lending, enriching your trading options.
FXOpen, on the other hand, struggles to provide transparent average spread data, which can be a downside for those focused on cost predictability in forex trading. While FXOpen is rated four stars for commissions and fees, it ranks lower at #45 out of 62 brokers in this category according to ForexBrokers.com, in contrast to Saxo's five-star rating and position at #9. This difference reflects Saxo's more competitive and transparent fee structure.
In summary, Saxo offers more comprehensive and competitive pricing, especially advantageous for those trading in large volumes or maintaining higher account balances. While both brokers provide essential trading services, Saxo's fee structure is more favorable, as reflected in its higher ranking and rating. Traders should consider these distinctions when choosing between the two brokers, depending on their individual trading needs and budget preferences.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| 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 | Yes |
| 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.
When comparing the investment offerings of Saxo and FXOpen, Saxo clearly stands out with an impressive selection of 70,000 tradeable symbols, including 190 forex pairs. In contrast, FXOpen offers significantly fewer options, with a total of 87 tradeable symbols and 25 forex pairs. Both brokers provide the opportunity to trade forex as CFDs or spot contracts, but Saxo excels in diversity with its wide array of choices.
Saxo also enables clients to invest in exchange-traded securities on both U.S. and international exchanges, such as buying Apple or Vodafone shares directly. FXOpen, however, does not offer such services. Both brokers support cryptocurrency derivatives but not actual cryptocurrencies. With 5 stars in the Range of Investments category, Saxo ranks 3rd out of 62 brokers according to ForexBrokers.com. FXOpen, rated 3 stars, ranks much lower at 61st position, reflecting its more limited offerings.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 87 |
| Forex Pairs (Total) | 190 | 25 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools offered by Saxo and FXOpen, both brokers provide traders with a demo account to practice simulated trading. Saxo stands out with its in-house developed proprietary trading platform, while FXOpen does not have a proprietary option. Despite both brokers offering Windows-based desktop and web-based platforms, Saxo earns a top rating of five stars for its trading platforms and tools, ranking first among 62 brokers according to ForexBrokers.com. In contrast, FXOpen receives four stars and a much lower ranking of 53rd.
Saxo and FXOpen both support copy trading and allow trading directly from stock charts. However, FXOpen provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular third-party platforms Saxo does not offer. Additionally, FXOpen integrates with ZuluTrade, unlike Saxo. For charting tools, Saxo offers 20 drawing tools compared to FXOpen's 15, and Saxo excels in watch list customization with 60 fields, whereas FXOpen offers only 7. These features contribute to Saxo's superior rating and ranking in the trading platforms and tools category.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| 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 | Yes |
| 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.
Both Saxo and FXOpen provide trading apps for iPhone and Android, ensuring accessibility for traders on-the-go. While both apps offer alerts for stock or forex prices, Saxo takes the lead with additional features. Saxo's app allows users to sync watchlist symbols with their online accounts, keeping everything up-to-date. In contrast, FXOpen lacks this syncing feature. When it comes to charting tools, Saxo offers more with 64 technical studies compared to FXOpen's 30. Saxo also supports more advanced charting capabilities, such as auto-saving drawings, whereas FXOpen does not.
Trading flexibility is a priority for both platforms, as each allows users to draw trendlines and view multiple time frames on stock and forex charts. Real-time quotes for watchlists are available on both apps, keeping traders informed. Reflecting its superior functionality, Saxo achieves a 5-star rating for its mobile apps and ranks #2 out of 62 brokers, highlighting its strong market presence. FXOpen, while offering solid features, holds a 4-star rating and ranks #54, indicating room for improvement to match Saxo's high standards. Overall, Saxo offers a more comprehensive mobile trading experience.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| 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 FXOpen for market research offerings, both brokers provide daily market commentary and forex news from top-tier sources like Bloomberg and Reuters, ensuring that traders have access to timely information. However, Saxo takes the lead in providing more advanced analytical tools. It offers features from Autochartist, which FXOpen does not, allowing for more in-depth technical and fundamental analysis. While neither broker partners with Trading Central, and both lack offerings in market research from companies like TipRanks and Acuity Trading, Saxo does provide a sentiment-based trading tool, presenting a clear advantage over FXOpen, which lacks this feature.
Furthermore, both Saxo and FXOpen provide an economic calendar, helping traders stay updated on key global events. However, when it comes to overall research ratings, Saxo shines with a perfect 5-star evaluation, ranking first among 62 brokers on ForexBrokers.com. In contrast, FXOpen receives a modest 3-star rating, placing it last in the same research category ranking. This comparison highlights Saxo's comprehensive market research tools and superior standing, making it a stronger choice for traders seeking thorough market insights.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| 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 Saxo and FXOpen for educational resources, it's clear that Saxo holds a significant advantage, especially for beginners interested in forex and CFDs. Saxo provides a wealth of resources, including more than 10 educational articles, videos, and archived webinars specifically focused on forex and CFDs, which are perfect for getting started. They also host monthly webinars, keeping traders up to date with the latest strategies and market insights. Additionally, Saxo offers a searchable archive of past webinars, allowing users to revisit content at their own convenience. They provide over 10 beginner-focused educational videos, making complex trading topics digestible for those new to the scene.
On the other hand, FXOpen falls short in comparison, with fewer resources specifically designed for beginner traders. They lack the same assortment of educational content, such as articles or videos centered around forex and CFDs. This makes it challenging for newcomers to access foundational learning materials. Furthermore, FXOpen doesn't offer monthly webinars or a searchable archive of previous seminars—resources that could significantly enhance the learning experience. While both Saxo and FXOpen provide a dictionary of investing terms, Saxo's comprehensive educational offerings earn it a 5-star rating and a strong number 13 ranking among 62 brokers. In contrast, FXOpen receives a 3-star rating, placing it at number 58 in the education category.
| Feature |
Saxo
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| 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 FXOpen. Saxo finished with an overall rank of #3, while FXOpen finished with an overall rank of #54.
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
|
FXOpen
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 76 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both Saxo and FXOpen provide the option to invest in cryptocurrency derivatives but do not support the purchase of actual delivered cryptocurrency.
When comparing online brokers Saxo and FXOpen, both lack options for ACH, SEPA transfers, and PayPal for deposits or withdrawals; however, while Saxo does not support Skrill, FXOpen does, with both platforms accepting Visa, Mastercard, and bank wire 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 | FXOpen | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Saxo Review |
| Broker Screenshots | Saxo | FXOpen | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
| ||
| Mobile Trading Gallery (click to expand) |
| ||
| Research Gallery (click to expand) |
| ||
| Education Gallery (click to expand) |
|
| Regulation | Saxo | FXOpen | |
|---|---|---|---|
| Trust Score | 99 | 76 | |
| Year Founded | 1992 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 87 | |
| Forex Pairs (Total) | 190 | 25 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| 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). |
| Cost | Saxo | FXOpen | |
|---|---|---|---|
| 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 | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | Yes |
| Trading Tools | Saxo | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| 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 | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | FXOpen | |
|---|---|---|---|
| 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 |
| Overall | Saxo | FXOpen | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Saxo Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill