Written by ForexBrokers.com
In this head to head comparison of Saxo vs TMGM, 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 online brokers Saxo and TMGM, Saxo emerges as a more established and highly trusted institution. Founded in 1992, Saxo is a bank that holds a premier position with a Trust Score of 99 out of 99 according to ForexBrokers.com. This high rating is backed by Saxo's seven Tier-1 licenses, which stand as a testament to its strong regulatory oversight. Although not publicly traded, Saxo's status as a bank adds another layer of credibility and assurance for those considering online trading.
In contrast, TMGM was founded more recently in 2013 and is not a bank. While it is also not publicly traded, TMGM holds a Trust Score of 83, indicating it is considered a trusted broker. TMGM has secured two Tier-1 licenses, offering a sense of security, though it lacks Tier-2 licenses. Despite being younger and holding fewer licenses, TMGM remains a viable option, particularly for those who prioritize cost-effective trading solutions. Saxo's strong regulatory framework may appeal more to those seeking high trust, while TMGM serves those looking for a solid, yet potentially more affordable trading platform.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| Year Founded | 1992 | 2013 |
| 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 | 2 |
When it comes to commissions and fees, both Saxo and TMGM offer competitive pricing, but they cater to different types of traders. Saxo excels for active and high-volume traders, offering some of the lowest prices in the industry, especially for their Platinum and VIP account holders. For the EUR/USD pair, Saxo’s average spreads are fairly competitive, with 1.1 pips for the Classic account and even tighter spreads for Platinum and VIP accounts at 1.0 and 0.9 pips respectively. Notably, Saxo offers commission-free forex trading, although traders with less than a 50,000 monthly volume incur a $3 fee per side. Saxo waives custody fees for those participating in securities lending. Receiving a perfect 5-star rating for commissions and fees, Saxo ranks #9 out of 62 brokers by ForexBrokers.com.
On the other hand, TMGM provides a competitive commission structure through its commission-based Edge account, which charges $3.50 per side and offers low spreads on trades. While specific average spread data for the EUR/USD pair is unavailable, TMGM is known for having no requotes, enhancing the trading experience. Clients choose between TMGM’s spread-only Classic account or the more popular commission-based Edge account. TMGM also accommodates Islamic finance customers by providing swap-free Edge accounts. Rated 4-stars for commissions and fees, TMGM holds the #36 spot out of 62 brokers in ForexBrokers.com's rankings.
In summary, both Saxo and TMGM extend valuable options depending on trader profiles and needs. Saxo targets those with significant trading volumes or balances, offering top-tier pricing options through its various account levels. In contrast, TMGM provides appealing options through its cost-effective Edge account, ideal for traders seeking a combination of low spreads and competitive commissions. With their respective strengths, Saxo and TMGM serve a diverse array of trading preferences and objectives.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| 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 | No |
| ACH or SEPA Transfers | No | No |
| 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 TMGM, both brokers cater to forex traders by offering the opportunity to trade forex either as CFDs or spot contracts. Saxo shines with an impressive 70,000 tradeable symbols, including 190 forex pairs, significantly overshadowing TMGM’s 12,000 symbols and 62 forex pairs. Additionally, Saxo provides clients with access to exchange traded securities on both U.S. and international exchanges, allowing direct purchase of stocks like Apple and Vodafone. In contrast, TMGM does not offer access to exchange traded securities on these major exchanges, restricting it in this area.
In terms of alternative trading options, both Saxo and TMGM offer copy trading and the ability to trade cryptocurrency derivatives, although neither provides the option to directly purchase cryptocurrencies. Evaluating their investment range, Saxo earns a perfect 5-star rating, ranking third out of 62 brokers according to ForexBrokers.com. TMGM, on the other hand, also boasts a commendable 4.5-star rating but is placed 17th, highlighting Saxo’s more extensive range for those seeking broader investment opportunities.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 12000 |
| Forex Pairs (Total) | 190 | 62 |
| 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 offered by Saxo and TMGM, traders will find several key differences and similarities. Both brokers provide simulated trading with free virtual demo accounts, making it easy for newcomers to practice without financial risk. Saxo shines with its proprietary platform developed in-house, while TMGM uses third-party solutions such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for its trading interface. Both platforms offer web-based and Windows desktop versions, catering to different user preferences. Additionally, both Saxo and TMGM support copy trading, but neither provides access to popular social trading platforms like ZuluTrade or DupliTrade.
In terms of advanced charting features, Saxo offers more drawing tools—20 compared to TMGM's 15—and allows traders to execute trades directly from stock charts. For organizing market data, Saxo outshines TMGM with 60 columns available for watch lists versus TMGM's seven. These features contribute to Saxo’s high rating of 5 stars for trading platforms and tools, placing it at the top rank among 62 brokers in the category according to ForexBrokers.com. TMGM, though still competent with a 4-star rating, ranks lower at #48. These rankings highlight Saxo's emphasis on providing a more comprehensive toolset for traders of all levels.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| 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 | No |
| 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 TMGM provide powerful mobile trading apps available for both iPhone and Android users, making it convenient to trade on the go. Both platforms offer useful features like stock and forex price alerts, the ability to draw trendlines, and the option to view different time frames on charts. While they both allow users to create watchlists with real-time quotes, Saxo edges ahead with its ability to sync watchlist symbols across devices, ensuring any changes made are reflected in both the mobile app and the user's online account. Additionally, Saxo offers a wider range of technical studies, boasting 64 compared to TMGM's 30.
When it comes to user experience and features, Saxo earned a stellar 5-star rating for its mobile trading app, while TMGM received 4 stars, indicating solid performance but with room for improvement. As per ForexBrokers.com, Saxo ranks impressively at number 2 out of 62 brokers for mobile trading apps, while TMGM holds a spot at number 47. This indicates that Saxo not only provides a high-quality mobile trading experience but is also recognized as one of the top performers in this area.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| 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 choosing between Saxo and TMGM for market research, both offer daily market commentary and forex news from leading sources such as Bloomberg, Reuters, and Dow Jones. However, Saxo stands out with its offering of technical analysis tools from Autochartist and a sentiment-based trading tool to gauge market positions. In contrast, TMGM provides access to Trading Central tools for technical analytics and also integrates research tools from Acuity Trading, such as the Signal Centre. Both brokers provide an economic calendar to stay updated on global events. However, it's important to note that neither offers research from TipRanks.
Saxo is particularly notable for its comprehensive market research tools, earning it a top rating of 5 stars and securing the number one spot for research out of 62 brokers according to ForexBrokers.com. Meanwhile, TMGM, with its blend of offerings, receives a 3.5-star rating and is ranked 53rd in the same category. While both platforms offer extensive resources, Saxo may be the preferred choice for those prioritizing in-depth research and analysis tools.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| 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 | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational offerings for beginners between Saxo and TMGM, Saxo emerges as a leader. Saxo provides an extensive array of learning materials, including over ten pieces focused on forex and CFDs like articles, videos, and recorded webinars. They also host regular online webinar sessions specifically to educate clients each month, alongside maintaining a searchable archive of these sessions. Saxo takes extra steps to cater to beginners by offering over ten introductory educational videos covering essential trading topics, supplemented by a comprehensive investor dictionary with more than 50 key terms explained. Additionally, experienced traders can benefit from advanced video content available through Saxo's platform.
In contrast, TMGM's educational resources for beginners are more limited. While they do provide a searchable archive of previously recorded webinars, they lack the frequency of new client webinars and do not offer a sufficient number of beginner-focused or advanced educational videos. However, their offering includes an investor dictionary with definitions of essential investing terminology. Consequently, Saxo scores a full 5-star rating for education, ranking them higher at #13 out of 62 brokers reviewed by ForexBrokers.com, whereas TMGM receives a 3.5-star rating and a rank of #54, reflecting the distinct difference in the breadth and accessibility of their educational resources.
| Feature |
Saxo
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| 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 TMGM. Saxo finished with an overall rank of #3, while TMGM finished with an overall rank of #37.
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
|
TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 83 |
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Both Saxo and TMGM do not offer the ability to buy actual (delivered) cryptocurrency, but they do provide options for trading cryptocurrency derivatives.
While both Saxo and TMGM provide options for depositing and withdrawing funds through Visa/Mastercard and bank wires, TMGM additionally supports PayPal and Skrill, offering more flexible payment methods compared to Saxo.
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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2 of 5| Overall Rating | Saxo | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review | TMGM Review |
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| Regulation | Saxo | TMGM | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1992 | 2013 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Saxo | TMGM | |
|---|---|---|---|
| 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 | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Saxo | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 12000 | |
| Forex Pairs (Total) | 190 | 62 | |
| 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 | TMGM | |
|---|---|---|---|
| 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 | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | TMGM | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | No |
| Trading Platforms | Saxo | TMGM | |
|---|---|---|---|
| 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 | No |
| Trading Tools | Saxo | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | Saxo | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review | TMGM Review |
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