Written by ForexBrokers.com
In this head to head comparison of Saxo vs OANDA, 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 OANDA are both well-regarded online brokers, but they have some differences in their regulatory backgrounds. Founded in 1992, Saxo operates as a bank and is not publicly traded. It holds a top-tier Trust Score of 99 from ForexBrokers.com, making it highly trusted based on its regulatory framework. Saxo has obtained seven Tier-1 licenses, which are the highest level of regulatory authorization, as well as one Tier-2 license, adding to its credibility.
OANDA, on the other hand, was established in 1996 and, unlike Saxo, is not a bank. It also remains privately held. With a Trust Score of 93, OANDA is similarly well-regarded and holds the same number of Tier-1 licenses, which amount to seven. However, OANDA lacks any Tier-2 licenses. Both brokers maintain strong regulatory standings, but Saxo slightly edges out OANDA in terms of overall trust and regulatory compliance due to its additional Tier-2 license and its status as a bank.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Year Founded | 1992 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 7 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When evaluating online brokers Saxo and OANDA in terms of commissions and fees, Saxo stands out with a superior pricing structure, particularly beneficial for active and high-volume traders. Saxo offers various account tiers with its Classic account having recently waived its minimum deposit requirement, while the Platinum and VIP accounts require higher deposits but provide more competitive spreads. With average spreads on the EUR/USD as low as 0.9 pips for VIP accounts, Saxo maintains an edge in affordability. Furthermore, Saxo has a commission-free model for forex trading, charging a ticket fee only for low-volume trades. Rated 5 stars for commissions and fees, Saxo ranks #9 out of 62 brokers in this category.
On the other hand, OANDA's commission and fee structure includes higher effective spreads for its default and core pricing structures, making it less competitive compared to top brokers. The core pricing at OANDA involves an additional per-side commission, which can mean slightly lower costs than their standard spread-only pricing. The broker enables trades at micro-lot levels, offering flexibility to traders. OANDA also runs an Elite Trader program offering rebates to high-volume traders along with subscription perks. OANDA, rated 4 stars for commissions and fees, ranks #34 out of 62 brokers in this domain.
In summary, Saxo is praised for its lower pricing in forex trading, especially for larger account balances and higher trading volumes, which justifies its higher ranking compared to OANDA. Both brokers have unique advantages, but Saxo's commission-free approach and well-structured loyalty program provide significant savings, setting it apart from OANDA's costlier, albeit transparent, fee structure.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.61 |
| All-in Cost EUR/USD - Active | 0.9 | 1.61 |
| 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 OANDA in terms of investment options, it's clear that Saxo offers a broader range. Saxo provides access to 70,000 tradable symbols, including offering both CFDs and spot contracts for forex, with an impressive selection of 190 forex pairs. In contrast, OANDA offers 3,928 tradable symbols and 68 forex pairs, while also supporting forex trading through CFDs and spot contracts. Unlike OANDA, Saxo enables trading in exchange-traded securities on both U.S. and international markets, offering more traditional stock investments such as Apple shares and international stocks like Vodafone. Both platforms offer copy trading and cryptocurrency derivatives, but only OANDA allows for the purchase of actual cryptocurrency.
In terms of accolades, Saxo holds a superior rating, earning 5 stars for its range of investments, compared to OANDA's 4 stars. Saxo ranks third out of 62 brokers for investment range according to ForexBrokers.com, while OANDA comes in at 27th. This highlights Saxo's extensive market access and diversified investment options, making it a preferable choice for those seeking a wide variety of investment opportunities. Meanwhile, OANDA may appeal to investors interested in cryptocurrency trading due to its offering of actual digital currencies.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 3928 |
| Forex Pairs (Total) | 190 | 68 |
| 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 | 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 Saxo and OANDA for their trading platforms and tools, both brokers provide a comprehensive experience designed to cater to traders at different levels. Saxo stands out by offering a proprietary platform that has earned high marks for its user-friendly features, allowing users to execute trades directly from stock charts. Additionally, Saxo provides a wide array of drawing tools and the ability to craft detailed watch lists with up to 60 different fields, offering an impressive degree of personalization. While Saxo does not support MetaTrader platforms, its own offerings have garnered it a top ranking from ForexBrokers.com, highlighting its excellence in the trading tools category.
OANDA also offers a proprietary trading platform, alongside the popular MetaTrader 4 and MetaTrader 5, providing flexibility for traders who prefer these industry-standard platforms. OANDA facilitates trading directly from stock charts and provides a vast selection of drawing tools, far exceeding those offered by Saxo. Despite a more limited watch list configuration, featuring only 6 fields, OANDA’s versatile platform options contribute to its solid 4-star rating in the trading platform category. Ranked 16th by ForexBrokers.com, OANDA remains a competitive choice for traders focusing on platform adaptability and variety.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 | 81 |
| Charting - Drawing Tools (Total) | 20 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Saxo and OANDA, both platforms offer comprehensive solutions for traders on the go, available on both iPhone and Android devices. They provide key features such as price alerts, charting with multiple time frames, and the ability to draw trendlines. Saxo and OANDA both allow users to create watchlists with real-time quotes, making it easy to track preferred stocks or forex pairs. A standout feature of the Saxo app, however, is its ability to sync watchlist symbols with the user’s online account, a convenience OANDA doesn't offer. Additionally, Saxo's app supports 64 technical studies for chart analysis, whereas OANDA offers 30, giving Saxo a bit of an edge for traders seeking deeper technical insights.
Both apps receive top ratings, with each scoring an impressive five out of five stars. Despite similar ratings, Saxo is ranked second out of 62 brokers on ForexBrokers.com for mobile trading apps, while OANDA holds the seventh position. This higher ranking reflects the slight advantages Saxo offers, like enhanced technical study options and watchlist syncing, which may appeal to traders looking for a richer mobile trading experience. However, both apps are well-regarded and provide robust tools for a broad range of trading activities.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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.
Saxo and OANDA both excel in providing extensive market research tools, catering to investors and traders looking for daily insights. Both platforms offer daily market commentary and access to forex news from leading sources such as Bloomberg, Reuters, and Dow Jones. Additionally, Saxo and OANDA integrate tools from Autochartist, providing traders with technical and fundamental analysis resources. However, neither broker offers tools from Trading Central or Acuity Trading, nor do they provide market research from TipRanks. Both, however, do offer sentiment-based trading tools and comprehensive economic calendars to keep users informed of global events.
While both brokers are highly rated for their research capabilities, Saxo receives a perfect five-star rating and is ranked number one out of 62 brokers by ForexBrokers.com, indicating its leading position in market research. OANDA also earns a five-star rating but ranks fifth, showcasing its strong offering while leaving room for consideration of Saxo's top-tier standing. This comparison highlights that both Saxo and OANDA deliver valuable market research services, with Saxo slightly edging out as the leader in the category.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 comparing the educational resources available for beginners between Saxo and OANDA, both online brokers provide a solid foundation for those new to forex or CFDs trading. Each platform offers a minimum of 10 educational pieces such as articles, videos, and archived webinars that focus on these trading subjects. For those who prefer learning through live interactions, both Saxo and OANDA offer at least one online webinar each month, complete with searchable archives of past sessions. This ensures that learners can access valuable information at their convenience.
In terms of video content, both Saxo and OANDA cater to beginners and advanced traders alike, offering at least 10 videos dedicated to each group. Additionally, they both feature an investor dictionary with over 50 investing terms, which can help newcomers understand complex jargon. Despite being tied with five-star ratings for education, Saxo is ranked higher by ForexBrokers.com at #13 compared to OANDA's #22 out of 62 brokers. This suggests Saxo might have a slightly more favorable educational offering overall, though both brokers provide excellent resources for anyone just starting their trading journey.
| Feature |
Saxo
|
OANDA
|
|---|---|---|
| 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 OANDA. Saxo finished with an overall rank of #3, while OANDA finished with an overall rank of #12.
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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OANDA
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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While Saxo does not offer the ability to buy actual (delivered) cryptocurrency but provides options for trading cryptocurrency derivatives, OANDA supports both the purchase of actual (delivered) cryptocurrency and cryptocurrency derivatives.
When comparing online brokers Saxo and OANDA in terms of deposit and withdrawal options, Saxo supports Visa/Mastercard and bank wires but lacks support for ACH, SEPA, PayPal, and Skrill, whereas OANDA provides a more diverse range of options including ACH, SEPA, PayPal, Skrill, 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 | OANDA | |
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| Trust Score | 99 | 93 | |
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| Review | Saxo Review | OANDA Review |
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| Regulation | Saxo | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1992 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 7 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 3928 | |
| Forex Pairs (Total) | 190 | 68 | |
| 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 | 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 | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.61 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 6 | |
| Charting - Indicators / Studies (Total) | 64 | 81 | |
| Charting - Drawing Tools (Total) | 20 | 431 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | OANDA Review |
| Overall | Saxo | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Saxo Review | OANDA Review |
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