Written by ForexBrokers.com
In this head to head comparison of Saxo vs TopFX, 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.
Established in 1992, Saxo is a more seasoned player in the online brokerage industry compared to TopFX, which began in 2010. Saxo is distinctly positioned as both a brokerage and a bank, offering a high level of trust with a ForexBrokers.com Trust Score of 99. This high trustworthiness is bolstered by its impressive collection of seven Tier-1 licenses and an additional Tier-2 license. Despite not being a publicly traded company, Saxo's robust regulatory setup makes it a highly reliable option for investors.
On the other hand, TopFX, while younger and not a bank, operates under more limited regulatory oversight. With just one Tier-1 license and no Tier-2 licenses, TopFX holds a ForexBrokers.com Trust Score of 67, classifying it in the high-risk category. Like Saxo, TopFX is not publicly traded. However, its lesser regulatory coverage compared to Saxo might appeal to investors willing to navigate higher risks for potentially different trading conditions.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing the commissions and fees of Saxo and TopFX, Saxo stands out with competitive pricing, particularly benefitting active and high-volume traders. With average spreads on EUR/USD varying slightly based on account type, Saxo's Classic account displays slightly higher spreads of 1.1 pips compared to its Platinum and VIP accounts, which offer more favorable industry average rates of 1.0 and 0.9 pips, respectively. Unique to Saxo is the offering of commission-free forex trading, with spreads as a primary revenue source. However, a ticket fee applies for trades less than 50,000 units per month. Saxo is highly rated with a 5-star score and ranked #9 out of 62 brokers by ForexBrokers.com for its commissions and fees.
Conversely, TopFX provides two distinct account options: the ZERO account, which is commission-free but has higher spreads, and the RAW account, which charges a 2.75 EUR commission per side on trades but comes with lower spreads. For July 2024, the RAW account showed an all-in cost of approximately 0.88 pips for the EUR/USD, aligning with industry standards, while the ZERO account offered an average spread of 1.03 pips. This structure allows traders to choose based on their preference for immediate costs or spread-focused trading. TopFX receives a commendable 4-star rating and holds the #40 ranking by ForexBrokers.com in the same category.
Ultimately, Saxo’s fee structure, marked by low deposit minimums and a robust loyalty program, makes it a strong contender for traders focused on cost-effective, high-volume trading. The VIP account in particular offers exclusive benefits, earning Saxo recognition for its client experience. On the other hand, TopFX caters to traders looking for flexibility between spreads and commission charges, providing a balanced approach to trading costs. Both brokers present viable options depending on the trader's specific needs and trading volume.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.1 | 1.03 |
| All-in Cost EUR/USD - Active | 0.9 | 0.88 |
| 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 the investment options available through Saxo and TopFX, Saxo offers a significantly wider range of choices. Saxo provides access to an impressive 70,000 tradeable symbols, including 190 forex pairs, granting investors a plethora of opportunities. In contrast, TopFX offers a more limited range with 655 tradeable symbols and 60 forex pairs. Both platforms support forex trading as either CFDs or spot contracts and provide options for cryptocurrency derivatives, though neither facilitates the purchase of actual cryptocurrencies. A notable distinction is Saxo's offering of exchange-traded securities from both U.S. and international markets, allowing clients to purchase shares like Apple (NASDAQ: AAPL) or Vodafone (VOD-GB: London Stock Exchange). TopFX, however, does not extend this option.
Additionally, both Saxo and TopFX support copy trading, catering to investors interested in following the strategies of experienced traders. When evaluated by ForexBrokers.com, Saxo stands out with a perfect 5-star rating for Range of Investments and ranks 3rd out of 62 brokers, showcasing its comprehensive offerings. On the other hand, TopFX scores 3.5 stars and ranks 46th, highlighting a lesser breadth in comparison. Overall, Saxo excels in providing a vast array of investment options and ranks as one of the top choices for diverse market access.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 655 |
| Forex Pairs (Total) | 190 | 60 |
| 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 TopFX in terms of their trading platforms and tools, both brokers offer valuable features, but their offerings differ in several areas. Saxo provides a proprietary, in-house developed platform, while TopFX does not have its own and instead supports MetaTrader 4 (MT4), which Saxo lacks. Both brokers cater to diverse trading preferences by offering Windows-based desktop platforms and web-based platforms accessible through browsers. Additionally, both Saxo and TopFX offer the convenience of copy trading and allow traders to engage with a simulated demo account for risk-free practice. However, Saxo's platform offers a significantly richer array of watchlist customization options with 60 columns, compared to TopFX's 7. Moreover, Saxo excels in charting with 20 drawing tools, whereas TopFX offers 15.
In trading directly from stock charts, both brokers stand equally. However, when it comes to ratings and rankings, Saxo stands out, receiving a perfect 5-star rating for its trading platforms and tools and securing the first position out of 62 brokers according to ForexBrokers.com. TopFX follows with a 4-star rating and is ranked 44th. Despite not supporting MT4 or MT5, Saxo's overall user experience and platform comprehensiveness evidently deliver exceptional satisfaction, whereas TopFX still provides competitive features many traders appreciate, particularly for those who favor MT4.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| 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 | No |
| 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.
Saxo and TopFX both offer mobile trading apps that cater to traders on the go, providing essential features for a seamless trading experience. These platforms ensure compatibility with both iPhone and Android devices, allowing users to stay connected and informed wherever they are. In terms of alerts, both brokers provide stock or forex price alerts to keep traders updated on market movements. However, while Saxo offers watchlist symbol syncing across its mobile app and online account for seamless device switching, TopFX lacks this feature.
For chart enthusiasts, Saxo presents a more comprehensive suite of tools with 64 technical studies available in its mobile app, while TopFX offers 30. Both platforms support trendline drawing and viewing of various time frames for detailed analysis. Additionally, they auto-save chart drawings, which is handy for ongoing market assessments. Saxo edges ahead with a full-featured mobile app by ensuring real-time quote updates on watchlists. This superior offering reflects in user ratings, with Saxo earning a commendable 5-star rating compared to TopFX's 4 stars. According to ForexBrokers.com, Saxo ranks impressively at #2 out of 62 brokers for its mobile trading app, while TopFX is positioned at #51, highlighting the distinct edge Saxo holds in mobile trading capabilities.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| 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 TopFX, Saxo stands out with its daily market commentary and high rating in research excellence. It provides insightful forex news from trusted sources such as Bloomberg, Reuters, and Dow Jones. Additionally, Saxo includes tools from Autochartist, and it features a sentiment-based trading tool that gives traders valuable insights into market positions. With an economic calendar that highlights global news events, Saxo's comprehensive research capabilities have earned it a top ranking, placing it first among 62 brokers according to ForexBrokers.com, with a perfect 5-star rating.
TopFX also delivers forex news from top-tier sources and incorporates Autochartist tools, similar to Saxo. It distinguishes itself by offering research tools from Trading Central, such as Technical Analytics, which Saxo does not provide. Both brokers offer sentiment-based trading tools and economic calendars, but TopFX falls short in overall research offerings, reflected in its 3-star rating and a lower rank of 59 out of 62 brokers in the ForexBrokers.com ranking. In summary, while both brokers provide essential tools, Saxo’s more comprehensive market commentary and superior rating make it a preferred choice for those prioritizing in-depth research support.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| 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 to beginners from Saxo and TopFX, Saxo clearly comes out ahead. Saxo offers a comprehensive suite of materials tailored for those starting in forex or CFDs trading, including more than ten educational articles, videos, and archived webinars. In contrast, TopFX does not meet this benchmark. Additionally, Saxo goes further to enhance the learning experience with monthly online webinars and a fully searchable archive of past sessions, whereas TopFX lacks both offerings.
Saxo caters to both beginners and seasoned traders alike with over ten beginner-friendly educational videos and another set for advanced users. Moreover, those looking to demystify trading jargon can find an extensive investor dictionary with definitions of over fifty terms at Saxo, another feature not available at TopFX. Rated five stars for education and ranked 13th out of 62 brokers by ForexBrokers.com, Saxo ensures a solid educational foundation. In contrast, TopFX, rated three stars and ranked 60th, provides far less in comparison.
| Feature |
Saxo
|
TopFX
|
|---|---|---|
| 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 | No |
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 TopFX. Saxo finished with an overall rank of #3, while TopFX finished with an overall rank of #61.
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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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Saxo and TopFX do not offer the ability to buy actual cryptocurrency; however, they both allow the purchase of cryptocurrency derivatives.
While both Saxo and TopFX support Visa, Mastercard, and bank wire transfers for depositing and withdrawing funds, only TopFX additionally offers the convenience of PayPal and Skrill, whereas neither broker supports ACH or SEPA transfers.
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 | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | TopFX Review |
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| Regulation | Saxo | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| 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 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | TopFX | |
|---|---|---|---|
| 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 | No | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 655 | |
| Forex Pairs (Total) | 190 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | TopFX | |
|---|---|---|---|
| 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 | No |
| Major Forex Pairs | Saxo | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | Saxo | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Saxo Review | TopFX Review |
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