Written by ForexBrokers.com
In this head to head comparison of Saxo vs FXCM, 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 FXCM, it's important to consider their founding years, regulatory credentials, and trust scores. Saxo, established in 1992, is not publicly traded but operates as a bank, and holds an impressive seven Tier-1 licenses, indicating a high level of reliability. In contrast, FXCM, founded in 1999, is publicly traded but does not function as a bank. FXCM has four Tier-1 licenses, still suggesting a strong reputation, albeit not as extensive as Saxo's.
Both brokers hold additional Tier-2 licenses, with Saxo having one and FXCM holding two. When it comes to trust scores as rated by ForexBrokers.com, Saxo achieves a near-perfect rating of 99 out of 99, highlighting its strong standing in the industry. FXCM also boasts a solid score of 95, indicating that it is highly trusted, though slightly less than Saxo. Overall, both brokers are respected in the financial world, but Saxo edges out with a higher trust rating and more Tier-1 licenses.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Year Founded | 1992 | 1999 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 4 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing the commissions and fees of Saxo and FXCM, both brokers offer unique advantages tailored to different types of traders. Saxo stands out with an impressive rating of 5 out of 5 stars and ranks #9 among 62 brokers for commission and fee efficiency. Known for exceptional pricing, Saxo provides one of the most cost-effective trading experiences, especially for high-volume traders and those with significant account balances. With no minimum deposit required for its Classic account and substantially discounted spreads for Platinum and VIP accounts, Saxo proves cost-efficient while offering fee-free forex trading, except for a small exception involving low-volume trades.
On the other hand, FXCM, rated 4 out of 5 stars and ranked #24, offers slightly above-average spreads compared to industry standards. The Standard account spreads on the EUR/USD come with variable pricing depending on the trader's region. Though commission-based accounts offer relatively low spreads, effective costs may increase after factoring in commission-equivalent charges. FXCM's Active Trader Rebate Program offers additional discounts on trading costs for active traders, though similar offerings from brokers like Tickmill and FP Markets might be more competitive.
In summary, while Saxo provides an ultra-low-cost trading environment suitable for well-capitalized traders aiming for long-term savings, FXCM caters to active traders who may benefit from rebated pricing, albeit with a requirement for substantial trading volumes. The decision between these two brokers largely depends on the trader's volume of activity and their preference for upfront discount structures versus long-term savings on larger account balances.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average Spread EUR/USD - Standard | 1.1 | 0.78 |
| All-in Cost EUR/USD - Active | 0.9 | 0.78 |
| 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 FXCM for their range of investment opportunities, Saxo emerges as a more versatile platform. Both brokers offer forex trading as CFDs or spot contracts, but Saxo provides a staggering 70,000 tradeable symbols across diverse asset classes, including 190 forex pairs. FXCM, on the other hand, offers significantly fewer options with 440 tradeable symbols and 43 forex pairs. A significant advantage for Saxo users is the ability to trade exchange-traded securities on both U.S. and international exchanges, such as buying shares of Apple or Vodafone, which is not available through FXCM.
Both Saxo and FXCM offer copy trading and the ability to trade cryptocurrency derivatives; however, neither allows for the purchase of actual cryptocurrencies. In terms of overall ratings for investment range, Saxo receives a stellar five stars, ranking third out of 62 brokers, while FXCM earns 3.5 stars and ranks 47th. This evaluation highlights Saxo as a comprehensive choice for investors seeking extensive options in worldwide markets compared to FXCM's more limited range.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 440 |
| Forex Pairs (Total) | 190 | 43 |
| 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). | 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 Saxo and FXCM, both brokers impress with their trading platforms and tools. Each offers a free virtual demo account, allowing users to practice their strategies without risk. Saxo and FXCM have developed their own proprietary trading platforms, which can be accessed as downloadable Windows desktop applications or through web-based interfaces on a browser. For traders interested in copying strategies, both platforms cater to this need, although FXCM provides additional options by supporting ZuluTrade. However, for users preferring MetaTrader platforms, FXCM stands out with support for MetaTrader 4, while Saxo does not offer either MT4 or MT5.
Chart enthusiasts may appreciate the range of drawing tools offered, with Saxo providing 20 different options compared to FXCM’s 10. Saxo also excels in watch list functionality, boasting 60 columns for personalized monitoring, overshadowing FXCM's 13. Despite both brokers receiving a five-star rating for tools and platforms, Saxo is ranked #1 out of 62 brokers in this category by ForexBrokers.com, highlighting its superior standing. Whether trading directly from charts or customizing watch lists, both platforms aim to enhance the trading experience for users of all levels.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 115 |
| Charting - Drawing Tools (Total) | 20 | 10 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 13 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and FXCM provide comprehensive mobile trading apps for iPhone and Android users. They offer stock and forex price alerts, and ensure that changes to watchlists synchronize across mobile and online platforms. Saxo's app includes 64 technical studies for charting, slightly edging out FXCM, which provides 59. Both platforms allow users to draw trendlines, view multiple time frames like daily or intraday, and auto-save chart drawings. These features support traders looking to take a detailed approach on the go with real-time watchlist tracking.
Saxo's mobile trading app is rated highly, achieving a perfect 5 stars and securing the #2 spot out of 62 brokers reviewed by ForexBrokers.com. Meanwhile, FXCM follows closely with a 4.5-star rating, positioned at #16 in the same category. While both apps offer strong mobile trading experiences, Saxo stands out slightly higher in terms of user rankings and technical features. Whether you prioritize advanced technical analysis or seamless cross-platform syncing, these reviews reflect quality trading experiences with either Saxo or FXCM.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 59 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Saxo and FXCM, both platforms provide daily market commentary and access to top-tier forex news from renowned sources like Bloomberg and Reuters. However, their research tools differ in key areas. Saxo offers tools from Autochartist, giving users robust technical analysis options, and includes a sentiment-based trading tool that illustrates long or short positions ratios across various currency pairs. Conversely, FXCM does not provide Autochartist tools but instead features Trading Central tools for technical analysis and offers market research insights through TipRanks, which Saxo lacks. Both platforms offer a comprehensive economic calendar that keeps traders informed on global economic events.
In terms of overall research quality, Saxo shines with a perfect 5-star rating, ranking #1 out of 62 brokers according to ForexBrokers.com, while FXCM achieves a commendable 4.5 stars and ranks #11 in the same category. This distinction highlights Saxo's strong emphasis on delivering exceptional research resources to its users. FXCM, while slightly trailing behind Saxo in some aspects, still provides a solid range of tools and resources, making it a competitive option for traders seeking market insights.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| 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 it comes to exploring online trading, both Saxo and FXCM offer a variety of educational resources aimed at helping beginners understand forex and CFDs. Saxo provides an array of more than 10 educational materials including articles, videos, and archived webinars, just like FXCM. Both brokers conduct regular online webinars for clients, ensuring at least one session each month, and maintain searchable archives of these webinars for convenient access. This means you can easily revisit past sessions whenever needed. For those new to trading, both Saxo and FXCM present over 10 video tutorials designed specifically to guide beginners through the basics of trading.
Beyond beginner education, both Saxo and FXCM cater to the needs of seasoned traders with over 10 advanced educational videos each. They also offer investor dictionaries with definitions of at least 50 investing terms, which can be quite useful when navigating the complex world of finance. In terms of educational quality, Saxo is rated 5 stars whereas FXCM holds a slightly lower rating at 4.5 stars. Among 62 brokers, Saxo ranks slightly higher for education, sitting at #13, while FXCM is closely behind at #14 according to ForexBrokers.com. Overall, both brokers provide strong educational support, though Saxo slightly leads in rank and overall rating.
| Feature |
Saxo
|
FXCM
|
|---|---|---|
| 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 FXCM. Saxo finished with an overall rank of #3, while FXCM finished with an overall rank of #15.
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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FXCM
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| Overall Rating |
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| Trust Score | 99 | 95 |
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Both Saxo and FXCM do not offer the ability to buy actual (delivered) cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
FXCM provides a wider range of deposit and withdrawal options compared to Saxo, offering ACH, SEPA, PayPal, and Skrill in addition to Visa, Mastercard, and bank wires, whereas Saxo supports only Visa, Mastercard, and bank wires.
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 | FXCM | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | FXCM Review |
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| Regulation | Saxo | FXCM | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1992 | 1999 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 4 | |
| Tier-2 Licenses | 1 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | FXCM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| 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 | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | Yes | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 440 | |
| Forex Pairs (Total) | 190 | 43 | |
| 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). | 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 | FXCM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 0.78 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.78 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| 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 | FXCM | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Saxo | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 13 | |
| Charting - Indicators / Studies (Total) | 64 | 115 | |
| Charting - Drawing Tools (Total) | 20 | 10 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | FXCM | |
|---|---|---|---|
| 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 | 59 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | FXCM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | FXCM | |
|---|---|---|---|
| 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 | FXCM | |
|---|---|---|---|
| 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 | FXCM Review |
| Overall | Saxo | FXCM | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | FXCM Review |
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