Independent forex broker comparison·Data checked Trading is risky. Most retail CFD accounts lose money.
EUR/USD typical
Interactive Brokers0.1+$4OANDA0.1+$5HFM0.0+$6Vantage0.0+$6Exness0.0+$7FOREX.com0.0+$7FP Markets0.1+$6CMC Markets0.7pipsIC Markets0.1+$7XM0.1+$7tastyfx0.8pipsPepperstone0.1+$7Saxo0.8pipsIG0.9pipsAvaTrade0.9pipsXTB0.9pipsOcta0.9pipseToro1.0pipsCharles Schwab1.2pipsPlus5001.3pips

Broker review · 2026

Saxo review 2026

A Danish bank with 185+ FX pairs, FX options and pro platforms.

4.6/5

Ranked #4 of 20

Visit Saxo

home.saxo

By the FXBroker research desk · Updated · Advertiser disclosure

Saxo is a licensed Danish bank offering more than 180 FX spot pairs, FX forwards and options, and over 70,000 instruments in total. Its SaxoTraderGO and PRO platforms are excellent, with pricing improving at higher account tiers.

Pros

  • Licensed bank with top-tier regulation
  • The widest forex range we track, plus FX options
  • Excellent professional platforms
  • Lower spreads at Platinum and VIP tiers

Cons

  • No MetaTrader
  • Best pricing requires large balances
  • Not available to US residents

Saxo overview

Saxo Bank was founded in 1992 and is regulated as a bank in Denmark. It serves retail and institutional clients and white-labels its technology to other banks.

Is Saxo safe and regulated?

Saxo is supervised by the Danish FSA and holds licences from the FCA, ASIC, MAS, FINMA, SFC and JFSA. Bank deposits are covered by the Danish deposit guarantee scheme.

Danish FSAFCAASICMASFINMASFCJFSA

Tier-1 regulators are shown in bold. Always confirm the licence on the regulator’s own register.

Saxo spreads and fees

EUR/USD spreads start around 0.8 pips on Classic accounts and narrow on Platinum and VIP tiers. Custody, inactivity and data fees vary by region.

AccountEUR/USD spreadCommission (round turn)Cost per lot
Standard0.8 pips$0$8.0

Trading platforms

SaxoTraderGO (web and mobile) and SaxoTraderPRO (desktop) offer deep analytics, options chains and advanced order types. TradingView integration is available in many regions.

How Saxo scores

Trust & regulation 30%
5.0
Fees & spreads 25%
4.2
Platforms & tools 15%
4.9
Markets & range 10%
5.0
Ease of use 10%
3.8
Research & education 10%
4.8

Verdict

Saxo is the premium choice for experienced traders who want depth and bank-level safety.

Open an account with SaxoYou will be taken to home.saxo.

Saxo FAQ

Is Saxo a bank?

Yes. Saxo Bank A/S is a licensed bank supervised by the Danish FSA.

How many forex pairs does Saxo offer?

Saxo offers 185+ FX spot pairs plus FX forwards and options.

Does Saxo accept US clients?

No. Saxo does not accept US residents.

Is Saxo good for beginners?

Saxo scores 3.8/5 for ease of use. It is better suited to traders with some experience; beginners may prefer these brokers.

Saxo alternatives

Top-scoring brokers available in the same regions.

#BrokerScoreEUR/USDRaw / lotMin. dep.RegulatorsPlatformsLinks
01 IGTraders who want the biggest market range and top-tier safety 4.8 0.9pips n/a $0 FCAASICBaFin+5 MT4TradingView VisitReview
02 Interactive BrokersProfessional and multi-asset traders 4.7 n/a $5all-in $0 SECFINRACFTC+7 Own platform VisitReview
03 CMC MarketsForex variety and charting on a proprietary platform 4.7 0.7pips n/a $0 FCAASICCIRO+4 MT4TradingView VisitReview
05 PepperstoneActive traders who want tier-1 regulation and raw pricing 4.6 1.1pips $8all-in $0 ASICFCACySEC+4 MT4MT5cTraderTradingView VisitReview

Spreads are typical values during liquid hours and change constantly. Raw / lot = raw EUR/USD spread converted at $10 per pip plus round-turn commission. Data checked October 2026. How we score.

Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly. Between roughly 60% and 89% of retail investor accounts lose money when trading CFDs, depending on the provider. Consider whether you understand how they work and can afford to lose your money. Read the full risk warning.