BrokerNotes.co is committed to the highest ethical standards and reviews services independently. Learn How We Make Money

Saxo Bank vs FXOpen 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between Saxo Bank and FXOpen? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, Saxo Bank ranks more highly than FXOpen.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.

Select Brokers

×
  • check_box_outline_blankcheck_boxACY Securities
  • check_box_outline_blankcheck_boxAdmiral Markets
  • check_box_outline_blankcheck_boxAlpari
  • check_box_outline_blankcheck_boxATFX
  • check_box_outline_blankcheck_boxAvaTrade
  • check_box_outline_blankcheck_boxAxiTrader
  • check_box_outline_blankcheck_boxBDSwiss
  • check_box_outline_blankcheck_boxBlackBull Markets
  • check_box_outline_blankcheck_boxCapital.com
  • check_box_outline_blankcheck_boxCity Index
  • check_box_outline_blankcheck_boxCMC Markets
  • check_box_outline_blankcheck_boxDooPrime
  • check_box_outline_blankcheck_boxeasyMarkets
  • check_box_outline_blankcheck_boxEightcap
  • check_box_outline_blankcheck_boxeToro
  • check_box_outline_blankcheck_boxExness
  • check_box_outline_blankcheck_boxFineco Bank
  • check_box_outline_blankcheck_boxFlowBank
  • check_box_outline_blankcheck_boxFOREX.com
  • check_box_outline_blankcheck_boxForex4you
  • check_box_outline_blankcheck_boxFP Markets
  • check_box_outline_blankcheck_boxFXCM
  • check_box_outline_blankcheck_boxFXOpen
  • check_box_outline_blankcheck_boxFXPrimus
  • check_box_outline_blankcheck_boxFxPro
  • check_box_outline_blankcheck_boxGBE brokers
  • check_box_outline_blankcheck_boxGKFX
  • check_box_outline_blankcheck_boxHFM
  • check_box_outline_blankcheck_boxHYCM (Henyep)
  • check_box_outline_blankcheck_boxIC Markets
  • check_box_outline_blankcheck_boxIG
  • check_box_outline_blankcheck_boxInteractive Brokers
  • check_box_outline_blankcheck_boxIronFX
  • check_box_outline_blankcheck_boxLegacyFX
  • check_box_outline_blankcheck_boxLibertex (Forex Club)
  • check_box_outline_blankcheck_boxMarkets.com
  • check_box_outline_blankcheck_boxMoneta Markets
  • check_box_outline_blankcheck_boxOANDA
  • check_box_outline_blankcheck_boxOctaFX
  • check_box_outline_blankcheck_boxPepperstone
  • check_box_outline_blankcheck_boxPlus500
  • check_box_outline_blankcheck_boxRoboForex (RoboMarkets)
  • check_box_outline_blankcheck_boxSaxo Bank
  • check_box_outline_blankcheck_boxSpreadex
  • check_box_outline_blankcheck_boxSwissquote
  • check_box_outline_blankcheck_boxTD Ameritrade
  • check_box_outline_blankcheck_boxTeleTrade
  • check_box_outline_blankcheck_boxThinkMarkets
  • check_box_outline_blankcheck_boxTickmill
  • check_box_outline_blankcheck_boxTMGM
  • check_box_outline_blankcheck_boxTopFX
  • check_box_outline_blankcheck_boxTrade Nation
  • check_box_outline_blankcheck_boxTrade360
  • check_box_outline_blankcheck_boxTradeo
  • check_box_outline_blankcheck_boxTrading 212
  • check_box_outline_blankcheck_boxUFX
  • check_box_outline_blankcheck_boxVantage
  • check_box_outline_blankcheck_boxVestle
  • check_box_outline_blankcheck_boxVT Markets
  • check_box_outline_blankcheck_boxXM Group
  • check_box_outline_blankcheck_boxXTB
  • check_box_outline_blankcheck_boxXtrade

Compare

0 of 5
Overall RatingSaxo BankFXOpen
Overall Rating 9.7 / 10 7 / 10
Account TypeSaxo BankFXOpen
Standard Trade Size (100,000 units) Yes Yes
Mini Trade Size (10,000 units) Yes Yes
Micro Trade Size (1,000 units) Yes Yes
Islamic Account No Yes
Copy TradingSaxo BankFXOpen
Social Trading / Copy Trading Yes Yes
DupliTrade No No
ZuluTrade No Yes
CryptocurrencySaxo BankFXOpen
Cryptocurrency (Physical) No No
Cryptocurrency (CFD) Yes Yes
Bitcoin Yes Yes
ethereum Yes Yes
Forex Trading (Spot or CFDs)Saxo BankFXOpen
Forex Trading (Spot or CFDs) Yes Yes
Mobile Trading - Forex or CFDs Yes Yes
Indices (Index CFDs)Saxo BankFXOpen
DAX Yes Yes
Dow Jones Yes Yes
FTSE Yes Yes
NASDAQ 100 Yes Yes
Nikkei Yes Yes
SP 500 Yes Yes
InvestmentsSaxo BankFXOpen
Forex Trading (Spot or CFDs) Yes Yes
Spread Betting No No
Social Trading / Copy Trading Yes Yes
Metals Yes Yes
Energies Yes Yes
Agriculturals Yes No
ETF Yes Yes
U.S. Stocks (CFD) Yes Yes
Trading PlatformsSaxo BankFXOpen
Apple iOS App Yes Yes
Android App Yes Yes
Proprietary Platform Yes No
Desktop Platform (Windows) Yes Yes
Web Platform Yes Yes
MetaTrader 4 (MT4) No Yes
MetaTrader 5 (MT5) No Yes
Regulatory LicensesSaxo BankFXOpen
Tier-1 Licenses 6 2
Australia (ASIC Authorised) Yes Yes
Canada (SRO Authorised) No No
United Kingdom (U.K.) (FCA Authorised) Yes Yes
Hong Kong (SFC Authorised) Yes No
Singapore (MAS Authorised) Yes No
Switzerland (FINMA Authorised) No No
USA (CFTC Authorized) No No
Tier-2 Licenses 1 1
Tier-3 Licenses 0 0
Research, EducationSaxo BankFXOpen
Trading Central (Recognia) No No
Forex News (Top-Tier Sources) Yes Yes
Daily Market Commentary Yes Yes
Autochartist Yes No
Investor Dictionary (Glossary) Yes Yes
Videos - Beginner Trading Videos Yes No
Client Webinars (Archived) Yes No
Trading CostsSaxo BankFXOpen
Minimum Deposit €2,000 $100
Average Spread EUR/USD - Standard 0.9 info N/A info
All-in Cost EUR/USD - Active 0.7 info N/A info
Active Trader or VIP Discounts Yes Yes
Bank Wire (Deposit/Withdraw) Yes Yes
Visa/Mastercard (Credit/Debit) Yes Yes
PayPal (Deposit/Withdraw) No No
Trading ToolsSaxo BankFXOpen
Watchlists - Total Fields 62 7
Mobile Watchlist Yes Yes
Charting - Indicators / Studies (Total) 62 30
Mobile Charting - Indicators / Studies 62 30
Trust FactorsSaxo BankFXOpen
Year Founded 1992 2003
Publicly Traded (Listed) No No
Bank Yes No
European Union Authorised (MiFID) Yes info Yes info
Trust Score 99 80
arrow_upward

Saxo Bank vs FXOpen Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Saxo Bank vs FXOpen.

Can I trust Saxo Bank?

Saxo Bank has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust FXOpen?

FXOpen has a trust score of 80, giving it a "Trusted" trust label.

Is Saxo Bank a good broker?

Saxo Bank is a highly-trusted broker that ranks near the top in practically every category. It provides traders and investors with an incredible platform experience (including on mobile) alongside powerful research and a vast selection of more than 40,000 symbols to trade across multiple asset classes.

Is FXOpen a good broker?

FXOpen is a plain vanilla MetaTrader broker that also offers the TickTrader platform. With less than 50 markets available to trade, and a limited selection of educational materials, FXOpen simply can't compete with the best forex brokers.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Saxo Bank is Australia (ASIC Authorised), Hong Kong (SFC Authorised), Japan (SFC Authorised), Singapore (MAS Authorised) and United Kingdom (U.K.) (FCA Authorised), while FXOpen is Australia (ASIC Authorised) and United Kingdom (U.K.) (FCA Authorised).. Neither have Canada (SRO Authorised), CBI Authorised (Ireland), New Zealand (FMA Authorised), Switzerland (FINMA Authorised) and USA (CFTC Authorized)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Saxo Bank is UAE (DFSA/Central Bank Authorised), while FXOpen is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses unfortunately, neither Saxo Bank nor FXOpen are Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).. Neither have Vanuatu (VFSC Authorised).

Which broker offers more trading platforms?

For trading platforms Saxo Bank supports a Proprietary Platform and Desktop Platform (Windows), whereas FXOpen supports a Desktop Platform (Windows) and ZuluTrade.. Neither have cTrader and DupliTrade

Does Saxo Bank offer MetaTrader? Does FXOpen offer MetaTrader?

For MetaTrader Saxo Bank provides neither of these, while FXOpen provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.

How do Saxo Bank and FXOpen differ in terms of minimum deposit? What about average spreads and funding options?

Saxo Bank requires a minimum deposit of €2,000, while FXOpen requires a minimum deposit of $100. From our testing we found Saxo Bank offers spreads of 0.9, while FXOpen offers spreads of N/A. Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for popular funding options, where FXOpen supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).. Neither have PayPal (Deposit/Withdraw)

Which brokers offers more tradeable asset classes, Saxo Bank or FXOpen?

Saxo Bank offers a more diverse selection of investment options than FXOpen allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, Saxo Bank has 60000, compared to 87 from FXOpen.

Can I trade cryptocurrency with Saxo Bank or FXOpen?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither Saxo Bank nor FXOpen allow you to trade physical cryptocurrencies.

Who offers more research tools, Saxo Bank or FXOpen?

In terms of research and research tools Saxo Bank gives traders the following tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison FXOpen has the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading.. Neither have Trading Central (Recognia)

Broker Reviews

Still looking for more information, read our broker reviews.

Saxo Bank Review

FXOpen Review

Overall winner: Saxo Bank

Popular Forex Reviews

Popular Forex Guides

announcementPlease 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.

close