Written by ForexBrokers.com
In this head to head comparison of Saxo vs HFM, 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.
Saxo and HFM are two online brokers each offering their own set of features and regulatory standards. Founded in 1992, Saxo stands out as a bank and holds an impressive Trust Score of 99 out of 99, as rated by ForexBrokers.com. It holds 7 Tier-1 licenses, which are considered highly trusted, and 1 Tier-2 license. While not publicly traded, Saxo's banking status and strong regulatory backing contribute to its high level of trust.
On the other hand, HFM, established in 2010, carries a Trust Score of 86, falling into the "trusted" category. Unlike Saxo, HFM is not a bank but still maintains 2 Tier-1 licenses and 3 Tier-2 licenses, which signify a good level of regulatory trust. Though younger and with fewer high-trust licenses compared to Saxo, HFM continues to be a reliable choice for traders seeking a stable yet slightly less comprehensive regulatory framework.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
When comparing Saxo and HFM in terms of commissions and fees, Saxo stands out as a highly competitive option, especially for active and high-volume traders. With average spreads on EUR/USD of 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts respectively, Saxo offers pricing that is generally around the industry average. For traders with higher balances or those inclined to trade actively, Saxo’s Platinum and VIP accounts deliver even better value. The firm also waives custodial fees for share trading when participants opt into securities lending. Saxo’s Classic account is open to all with a $0 minimum deposit, while the Platinum and VIP accounts require larger deposits or significant trading volume to access the most favorable rates and services. Ranked #9 for commissions and fees with a stellar five-star rating, Saxo leads the pack for affordability.
HFM, on the other hand, shows slightly higher trading costs, with the standard account offering a typical spread of 1.2 pips according to the company. Though HFM provides a Zero account with an effective spread of 0.7 pips once the commission is factored in, this doesn't represent an average spread and may vary. While HFM offers competitive pricing, the overall trading costs tend to be just above average. With a four-star rating and a #31 ranking in the Commissions and Fees category, HFM trails behind Saxo but remains a viable option for traders who might find its services meet their specific needs.
In summary, Saxo emerges as the superior choice for traders focusing on cost-efficiency, particularly those who can maintain high account balances or engage in frequent trading. Its robust loyalty program and wide range of account types cater well to varying levels of financial commitment, aligning with its top-tier five-star rating and #9 rank. Conversely, HFM, with its solid, albeit less competitive four-star rating and #31 rank, presents itself as a commendable option for those whose trading needs align with its offerings.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.2 |
| All-in Cost EUR/USD - Active | 0.9 | 0.7 |
| Active Trader or VIP Discounts | Yes | No |
| 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 Saxo and HFM in terms of investment options, Saxo stands out with a significantly larger range of tradeable symbols, offering 70,000 compared to HFM's 500. Both brokers allow forex trading as CFDs or spot contracts, but Saxo provides access to a broader spectrum of forex pairs, boasting 190 compared to HFM's 102. Additionally, Saxo offers exchange-traded securities on both U.S. and international exchanges, enabling clients to directly invest in companies like Apple and Vodafone. In contrast, HFM does not offer direct exchange-traded securities, focusing more on derivatives and CFDs.
For those interested in derivative trading, both Saxo and HFM offer cryptocurrency derivatives without the ability to purchase actual cryptocurrencies. Copy trading is another shared feature between the two brokers, allowing users to follow the strategies of successful traders. Despite some similarities, Saxo is rated higher in the Range of Investments category with five stars and holds the #3 rank among 62 brokers, while HFM is rated four stars and ranked #36. This makes Saxo an excellent choice for investors seeking a broad range of investment possibilities.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 500 |
| Forex Pairs (Total) | 190 | 102 |
| 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 the trading platforms and tools provided by Saxo and HFM, both brokers offer the basics like free virtual demo accounts, proprietary platforms, and multiple trading environments such as Windows desktop and web-based versions. Additionally, both support copy trading, allowing traders to mimic the positions of more experienced investors. However, Saxo does not offer support for MetaTrader 4 or MetaTrader 5, contrast with HFM, which supports both highly popular platforms. While neither broker supports DupliTrade or ZuluTrade, they excel in different areas: Saxo provides 20 drawing tools for charting, whereas HFM offers 30, granting more options for technical analysis enthusiasts.
For those placing significant importance on watchlist customization, Saxo shines with 60 available columns compared to HFM's seven. Furthermore, users can trade directly from stock charts on both platforms. In terms of industry recognition, Saxo proudly holds a five-star rating for Trading Platforms and Tools, ranked as the top broker by ForexBrokers.com in this category. HFM, meanwhile, follows with a respectable four-star rating but is positioned at the 42nd rank out of 62 brokers. This distinction underscores Saxo's advanced technological offerings compared to HFM, making it a preferred choice for those seeking comprehensive and high-ranking trading solutions.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| 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 | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 15 |
| Charting - Drawing Tools (Total) | 20 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both Saxo and HFM provide applications compatible with iPhone and Android, allowing seamless trading no matter the device. Both brokers offer stock and forex price alerts, enabling users to stay updated with market movements. Creating watchlists with real-time quotes is possible on both apps. However, a significant advantage Saxo holds over HFM is its watchlist symbol syncing feature. This means that any changes made in the mobile app automatically update the online account, something HFM's app lacks.
For charting capabilities, Saxo offers a more extensive range of technical studies—64 compared to HFM's 30—giving traders a broader scope for analysis. Both apps allow users to draw trendlines and view multiple time frames on stock or forex charts, with the convenience of auto-saving drawings. Saxo's mobile trading app holds a higher rating, with 5 stars, compared to HFM's 4 stars. This excellence is reflected in their rankings on ForexBrokers.com, where Saxo is positioned at number 2 out of 62 brokers, while HFM is ranked at 39. Saxo's app leads in providing a comprehensive trading experience on the go.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| 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 | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Saxo and HFM, both online brokers provide essential tools and insights for traders. Each offers daily market commentary and access to top-tier forex news sources like Bloomberg, Reuters, and Dow Jones. Both platforms also support technical and fundamental analysis with the help of Autochartist, and they provide sentiment-based trading tools that display the ratio of long and short positions across financial instruments. Additionally, both Saxo and HFM feature an economic calendar to keep traders informed about significant global events.
However, there are some distinctions in their research capabilities. While neither broker provides tools from Trading Central, market research from TipRanks, or research tools from Acuity Trading, Saxo shines with a perfect 5-star rating for research and holds the top rank among 62 brokers on ForexBrokers.com. In contrast, HFM receives a commendable 4-star rating but ranks 20th in the same list. These differences highlight Saxo's slight edge in research quality and reputation among brokers.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for those beginning their trading journey, both Saxo and HFM offer comprehensive options. Saxo provides an extensive range of materials, including more than ten pieces focused on forex and CFDs, through articles, videos, and archived webinars. Additionally, Saxo hosts at least one educational webinar monthly and gives access to a searchable archive of recorded sessions. Beginners can also benefit from over ten videos tailored specifically for novice traders, while more experienced traders have their own set of advanced videos. Alongside these resources, Saxo features an investor dictionary with over 50 defined terms, receiving a top-tier rating of five stars for its educational offerings. As a result, Saxo ranks 13th out of 62 brokers in the Education category on ForexBrokers.com.
Similarly, HFM provides a solid educational foundation with over ten pieces directed at those interested in forex and CFDs. Like Saxo, HFM holds monthly webinars to keep traders informed and maintains an archive for easy reference. There is an array of instructional videos aimed at both beginners and seasoned traders alike. An investor dictionary is also available, listing definitions for over 50 terms to help users better understand trading concepts. HFM earns an educational score of four stars and holds the 37th place in the Education category according to ForexBrokers.com out of the same 62 brokers. While both brokers offer substantial educational tools, Saxo slightly edges out HFM in terms of overall ranking and star rating.
| Feature |
Saxo
|
HFM
|
|---|---|---|
| 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 HFM. Saxo finished with an overall rank of #3, while HFM finished with an overall rank of #30.
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
|
HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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Both Saxo and HFM do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to buy cryptocurrency derivatives.
When comparing online brokers, Saxo and HFM both support Visa, Mastercard, and bank wire transactions for deposits and withdrawals, yet neither offers ACH, SEPA, or PayPal, with the distinction that HFM uniquely provides the option to use Skrill.
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 | HFM | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
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| Regulation | Saxo | HFM | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1992 | 2010 | |
| 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 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Saxo | HFM | |
|---|---|---|---|
| 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 | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 500 | |
| Forex Pairs (Total) | 190 | 102 | |
| 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 | HFM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.7 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| 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 | HFM | |
|---|---|---|---|
| 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 | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 15 | |
| Charting - Drawing Tools (Total) | 20 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | HFM | |
|---|---|---|---|
| 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 | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | HFM | |
|---|---|---|---|
| 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 | HFM | |
|---|---|---|---|
| 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 | HFM Review |
| Overall | Saxo | HFM | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | HFM Review |
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