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Saxo Bank vs FXCM: A Comprehensive Comparison of Top Forex Brokers for Traders
Quick Facts
Fact #1:Founded, Saxo Bank was founded in 1992, while FXCM was founded in 1999.
Fact #2:Regulation, Saxo Bank is regulated by several top-tier regulatory bodies, including the Danish Financial Supervisory Authority (FSA) and the UK’s Financial Conduct Authority (FCA), while FXCM is regulated by the FCA and the Australian Securities & Investments Commission (ASIC).
Fact #3:Leverage, Saxo Bank offers up to 200:1 leverage for professional clients and up to 30:1 for retail clients, while FXCM offers up to 400:1 leverage for high-volume traders.
Fact #4:Platforms, Saxo Bank uses its proprietary SaxoTraderGO and SaxoTraderPRO platforms, while FXCM uses the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
Fact #5:Spreads, Saxo Bank offers competitive spreads, with EUR/USD spreads starting at 0.4 pips, while FXCM offers variable spreads, with EUR/USD spreads averaging around 1.5 pips.
Fact #6:Minimum Deposit, Saxo Bank requires a minimum deposit of $10,000 for a Classic account, while FXCM requires a minimum deposit of $50 for a Mini account.
Fact #7:Trading Instruments, Saxo Bank offers over 40,000 financial instruments across various asset classes, including forex, stocks, ETFs, and options, while FXCM offers over 180 forex pairs, 300+ stocks, and 250+ ETFs.
Fact #8:Mobile Trading, Saxo Bank offers mobile trading through its SaxoTraderGO and SaxoTraderPRO apps, while FXCM offers mobile trading through its MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps.
Fact #9:Customer Support, Saxo Bank offers 24/7 customer support through phone, email, and live chat, while FXCM offers 24/7 customer support through phone, email, and live chat in multiple languages.
Fact #10:Awards, both Saxo Bank and FXCM have received numerous awards for their forex trading services, including “Best Retail FX Platform” and “Best Trading Platform” awards.
Compare Forex Broker: Saxo Bank vs FXCM
When it comes to selecting a reliable Forex broker, traders have numerous options to choose from. In this article, we will compare two prominent Forex brokers, Saxo Bank and FXCM. Both Saxo Bank and FXCM have a strong reputation in the Forex market, but they have distinct features and offerings that set them apart.
Saxo Bank Overview
Saxo Bank is a Danish-based online Forex broker founded in 1992. The broker is regulated by the Danish Financial Supervisory Authority (FSA) and is a member of the European Securities and Markets Authority (ESMA). Saxo Bank offers a wide range of trading products, including Forex, CFDs, commodities, and indices.
Saxo Bank Key Features:
Trading Platforms: Saxo Bank offers a proprietary trading platform, SaxoTraderGO, and SaxoTraderPRO, which cater to both beginners and advanced traders.
Instruments: Saxo Bank offers over 30,000 tradable instruments, including 165 Forex pairs.
Leverage: Saxo Bank offers a maximum leverage of 200:1 for Forex trading.
Fees: Saxo Bank charges competitive spreads, with a minimum spread of 0.4 pips for EUR/USD.
FXCM Overview
FXCM is a US-based online Forex broker founded in 1999. The broker is regulated by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). FXCM offers a range of trading products, including Forex, CFDs, and spread betting.
FXCM Key Features:
Trading Platforms: FXCM offers a proprietary trading platform, FXCM Trading Station, and MetaTrader 4 (MT4).
Instruments: FXCM offers over 10,000 tradable instruments, including 39 Forex pairs.
Leverage: FXCM offers a maximum leverage of 400:1 for Forex trading.
Fees: FXCM charges competitive spreads, with a minimum spread of 1.4 pips for EUR/USD.
Comparison Table
Feature
Saxo Bank
FXCM
Trading Platforms
SaxoTraderGO, SaxoTraderPRO
FXCM Trading Station, MT4
Instruments
30,000+
10,000+
Leverage
200:1
400:1
Fees
Competitive spreads, minimum 0.4 pips
Competitive spreads, minimum 1.4 pips
Regulation
Danish FSA, ESMA
CFTC, NFA
Saxo Bank vs FXCM: Which is Better?
When choosing between Saxo Bank and FXCM, traders must consider their individual needs and preferences. Both brokers have their strengths and weaknesses.
Advantages of Saxo Bank
Wide Range of Instruments: Saxo Bank offers an extensive range of tradable instruments, making it an attractive option for traders who want to diversify their portfolios.
Competitive Spreads: Saxo Bank charges competitive spreads, with a minimum spread of 0.4 pips for EUR/USD.
Regulatory Compliance: Saxo Bank is regulated by the Danish FSA and is a member of ESMA, ensuring a high level of regulatory compliance.
Disadvantages of Saxo Bank
Minimum Deposit Requirement: Saxo Bank has a minimum deposit requirement of $10,000, which may be a barrier for some traders.
Limited Leverage: Saxo Bank offers a maximum leverage of 200:1, which may not be sufficient for some traders.
Advantages of FXCM
High Leverage: FXCM offers a maximum leverage of 400:1, which may be attractive to traders who want to maximize their trading potential.
User-Friendly Trading Platforms: FXCM offers user-friendly trading platforms, including FXCM Trading Station and MT4.
Competitive Spreads: FXCM charges competitive spreads, with a minimum spread of 1.4 pips for EUR/USD.
Disadvantages of FXCM
Limited Instruments: FXCM offers a relatively limited range of tradable instruments, compared to Saxo Bank.
Beginners: FXCM may be a better option for beginners, due to its user-friendly trading platforms and high leverage.
Advanced Traders: Saxo Bank may be a better option for advanced traders, due to its extensive range of tradable instruments and competitive spreads.
Frequently Asked Questions
Saxo Bank and FXCM are two well-established online forex brokers that cater to a wide range of traders. In this FAQ section, we will compare the two brokers to help you make an informed decision when choosing a forex broker.
What are the key similarities between Saxo Bank and FXCM?
Both Saxo Bank and FXCM offer a wide range of forex trading pairs, commodities, and indices. Both brokers provide competitive spreads and low fees. Both brokers offer robust platforms and tools for trading and analysis.
What are the key differences between Saxo Bank and FXCM?
Saxo Bank offers a more comprehensive range of trading instruments, including stocks, ETFs, and options. FXCM offers a more user-friendly platform, with a simpler interface and more intuitive navigation.
What are the typical spreads for major forex pairs on Saxo Bank and FXCM?
Are there any commission fees or other trading costs?
Saxo Bank: No commission fees for most trading instruments, but a small commission fee for certain ETFs and stocks. FXCM: No commission fees for most trading instruments, but a small commission fee for certain currency pairs and indices.
