eToro is an online trading platform that was founded in 2007. eToro is the pioneering online broker for social trading. They also offer self trading. They are regulated by FCA, CySEC and ASIC.
|#||Broker's Features||ETORO Availability||SAXO BANK Availability|
|#||Accepts US traders||✔||❌|
|#||24 hour trading||✔||❌|
|#||Trading by phone||✔||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||✔||❌|
|#||Interest charges on the balance||❌||❌|
|#||24 hour support||✔||❌|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will compare eToro vs Saxo Bank.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. eToro offers Online Financial Trading and Investment Services Such as Bitcoin, while Saxo Bank offers Currencies, Commodities, Indices, Stocks, Bonds, Futures.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. eToro is Market Maker, No dealing desk, STP, while Saxo Bank is Dealing Desk, Market Maker, STP.
Minimum Deposit Requirement: To compare these two FX brokers, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. eToro recommended minimum capital is 50, while Saxo Bank has a Minimum Deposit Requirement of .
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. eToro is regulated by NFA, CySEC, ASIC, CFTC, MiFID, FCA, while Saxo Bank regulated by ASIC, DFSA, FCA, FSA, FSC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Account currencies: Next lets consider the Account currencies each broker offers. eToro offers EUR, USD, GBP, JPY, CHF different account currencies for each account types, while Saxo Bank offers account currencies.
Languages Available: Next lets have a look at each broker's different Language options. eToro offers English, French, Spanish, German, Russian, Italian, while Saxo Bank offers Arabic, Chinese, Czech, Danish, Dutch, English, French, German, Greek, Hebrew Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. eToro offers Credit/Debit Cards, PayPal, Bank Wire Transfer, Bitcoin different payment methods for each account types, while Saxo Bank offers Credit/Debit Cards, Bank Wire Transfer payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, eToro makes eToro webTrader, etoro Openbook, eToro Mobile Trad available to clients, while Saxo Bank offers SaxoTrader, TradeMaker.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, eToro is more reliable based on our criteria above. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. eToro broker is regulated in more major hubs. eToro offers a wider range of platforms making it easier for the traders to choose one that matches their needs most. eToro offers a wider range of Account currencies. Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged. One of the criteria we looked at before opening an account on a forex broker is the minimum deposit amount. eToro broker offers lower minimum deposit requirement.
eToro offers commission-free stock and ETF trading in Europe and offers low fees for non-EU clients. Account opening is fast and seamless. It has innovative features like social trading that lets you copy others.
Saxo's forex, bond, options, and futures trading fees are high. The account opening is slow as it can take more than 3 days. Its live chat customer support is missing.
eToro has an unreliable customer service, and its trading platform freezes sometimes. Also, education tools are very limited.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.