Forex.com is currently one of the larger online brokers that is cornering the U.S online retail trading scene. The trading platform is owned and managed by a holding company known as GAIN Capital which is in direct competition with FXCM for the domination of the U.S market.
|#||Broker's Features||SAXO BANK Availability||FOREXCOM 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 Saxo Bank vs Forexcom.
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. Saxo Bank offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Bonds, Futures, while Forexcom offers Currencies, Commodities, Indices, CFD, Cryptocurrency.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. Saxo Bank is Dealing Desk, Market Maker, STP, while Forexcom is Market Maker.
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. Saxo Bank is regulated by ASIC, DFSA, FCA, FSA, FSC, while Forexcom regulated by CFTC, NFA. 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. Saxo Bank offers different account currencies for each account types, while Forexcom offers EUR, GBP, USD, AUD, CAD, CHF, JPY account currencies.
Languages Available: Next lets have a look at each broker's different Language options. Saxo Bank offers Arabic, Chinese, Czech, Danish, Dutch, English, French, German, Greek, Hebrew, while Forexcom offers Arabic, English, Japanese, Russian, Chinese, Arabic. Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. Saxo Bank offers Credit/Debit Cards, Bank Wire Transfer different payment methods for each account types, while Forexcom 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, Saxo Bank makes SaxoTrader, TradeMaker available to clients, while Forexcom offers MT4, WebTrader.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, Saxo Bank is more reliable based on our criteria above. Saxo Bank has a wider range of instruments to trade giving you the flexibility to get access and exposure to a wide range of markets. 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. Saxo Bank broker is regulated in more major hubs. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. Saxo Bank has a wider range of languages in which customer service is offered making the broker more accessible. As Saxo Bank offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. As a market maker, Saxo Bank may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Saxo has a great research service, its proprietary research team constantly feeds trade ideas. The Saxo trading experience is driven by a great, and well-designed Saxo trading platform to execute the trades. Saxo's product portfolio is wide, can serve even heavy traders.
The product portfolio is limited, providing only forex and CFDs. The stock CFD fees are high. Its desktop trading platform is not user-friendly.
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.
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.