Quick Facts
Minimum Deposit: Saxo Bank ($10,000), FOREX.com ($100)
Leverage: Saxo Bank (up to 1:200), FOREX.com (up to 1:400)
Regulation: Saxo Bank (FSA, FINMA, ASIC), FOREX.com (NFA, FCA, ASIC)
Platforms: Saxo Bank (SaxoTraderGO, MetaTrader), FOREX.com (FOREXTrader, MetaTrader)
Spreads: Saxo Bank (from 0.4 pips), FOREX.com (from 0.9 pips)
Deposit Methods: Saxo Bank (Bank wire, credit/debit cards), FOREX.com (Bank wire, credit/debit cards, eWallets)
Currency Pairs: Saxo Bank (over 170), FOREX.com (over 80)
Fees: Saxo Bank ($60-$175 quarterly), FOREX.com (no inactivity fees)
Education: Saxo Bank (webinars, trading courses), FOREX.com (forex courses, webinars)
Mobile Trading: Saxo Bank (iOS, Android), FOREX.com (iOS, Android)
Compare Forex Broker: Saxo Bank vs FOREX.com
When it comes to choosing a reliable and trustworthy forex broker, traders often find themselves overwhelmed by the numerous options available. Two prominent names in the industry are Saxo Bank and FOREX.com, both of which have established themselves as leaders in the forex trading space. In this article, we will delve into a comprehensive comparison of these two brokers, highlighting their key features, differences, and similarities, to help traders make an informed decision.
About Saxo Bank
Saxo Bank, founded in 1992, is a Danish investment bank that provides online trading services to private and institutional clients. As a regulated bank, Saxo Bank operates under the Financial Services Authority (FSA) in Denmark and is a member of the OMX Nordic Exchange. Saxo Bank offers a wide range of financial products, including forex, CFDs, futures, options, and securities.
About FOREX.com
FOREX.com is a subsidiary of the StoneX Group Inc., a global online trading company. Founded in 2001, FOREX.com is one of the most popular online forex brokers, with a strong presence in the US market. FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the US.
Comparison of Key Features
1. Regulatory Environment
Saxo Bank: Regulated by FSA (Denmark) and member of OMX Nordic Exchange
FOREX.com: Regulated by CFTC and NFA (US)
Both Saxo Bank and FOREX.com are regulated by reputable financial authorities, ensuring a secure trading environment for clients.
2. Trading Platforms
Saxo Bank: SaxoTraderGO, SaxoTraderPRO
FOREX.com: FOREX.com platform, MetaTrader 4, TradingView
Saxo Bank offers its proprietary SaxoTraderGO and SaxoTraderPRO platforms, while FOREX.com offers its proprietary platform, MetaTrader 4, and TradingView.
3. Trading Conditions
Saxo Bank: Minimum deposit $2,000, leverage up to 1:200, spreads from 0.1 pips
FOREX.com: Minimum deposit $50, leverage up to 1:200, spreads from 1 pip
Saxo Bank requires a higher minimum deposit, but offers competitive spreads and higher leverage options.
4. Account Types
Saxo Bank: Saxo Essential, Saxo Advanced, Saxo Elite
FOREX.com: Standard, Premium, Managed Accounts
Both brokers offer multiple account types to cater to different trader needs and budgets.
5. Markets and Products
Saxo Bank: Forex, CFDs, futures, options, securities
FOREX.com: Forex, CFDs
Saxo Bank offers a wider range of financial products, including futures, options, and securities, in addition to forex and CFDs.
6. Education and Research
Saxo Bank: SaxoStrats, Saxo Insights, Webinars
FOREX.com: FOREX.com Academy, Education Center, Market Research
Both brokers provide comprehensive educational resources, including webinars, articles, and strategy guides, to help traders improve their skills and knowledge.
7. Customer Support
Saxo Bank: 24/5 customer support, multiple language options
FOREX.com: 24/7 customer support, multiple language options
Both Saxo Bank and FOREX.com offer reliable and efficient customer support through multiple channels, including phone, email, and live chat.
Recommendation
Saxo Bank: Traders seeking a more comprehensive trading platform, higher leverage options, and a wider range of financial products.
FOREX.com: Traders seeking a more accessible minimum deposit requirement, a user-friendly proprietary platform, and a wide range of educational resources.
FAQs
Q: Is Saxo Bank regulated?
A: Yes, Saxo Bank is regulated by the FSA in Denmark and is a member of the OMX Nordic Exchange.
Q: What is the minimum deposit for FOREX.com?
A: The minimum deposit for FOREX.com is $50.
Q: Does Saxo Bank offer forex trading?
A: Yes, Saxo Bank offers forex trading as part of its financial products.
Disclaimer
This article is for informational purposes only and is not intended to provide trading or investment advice. Traders should evaluate their individual needs and goals before choosing a broker that best suits them.
Frequently Asked Questions
1. What are the account types offered by Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank offers three main account types: Essential, Advanced, and Professional. The Essential account requires a minimum deposit of $1,000, while the Advanced and Professional accounts require $10,000 and $100,000, respectively.
FOREX.com: FOREX.com offers two main account types: Standard and Active Trader. The Standard account requires a minimum deposit of $50, while the Active Trader account requires $10,000.
2. What are the trading platforms offered by Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank offers the SaxoTraderGO and SaxoTraderPRO platforms, both of which are proprietary and well-regarded in the industry.
FOREX.com: FOREX.com offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as its proprietary FOREX.com Platform.
3. What are the spreads and commissions offered by Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank offers competitive spreads starting from 0.4 pips on the EUR/USD pair, and commissions start from $1 per lot.
FOREX.com: FOREX.com offers competitive spreads starting from 1 pip on the EUR/USD pair, and commissions start from $2.5 per lot.
4. What are the leverage options offered by Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank offers leverage up to 100:1, depending on the account type and market conditions.
FOREX.com: FOREX.com offers leverage up to 400:1, depending on the account type and market conditions.
5. What are the funding options offered by Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank offers various funding options, including bank transfers, credit/debit cards, and online payment systems.
FOREX.com: FOREX.com offers various funding options, including bank transfers, credit/debit cards, and online payment systems.
6. What are the customer support options offered by Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank offers 24/5 customer support via phone, email, and live chat.
FOREX.com: FOREX.com offers 24/5 customer support via phone, email, and live chat.
7. What are the regulatory bodies that oversee Saxo Bank and FOREX.com?
Saxo Bank: Saxo Bank is regulated by the Danish Financial Supervisory Authority (FSA) and the European Securities and Markets Authority (ESMA).
FOREX.com: FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
Disclaimer
The information in this FAQ section is for general purposes only and should not be considered as investment advice. Trading forex carries a high level of risk and may not be suitable for all investors.
