9 minute read
Exness vs Saxo Bank: A Comprehensive Comparison
from Exness
by Exness_Blog
When choosing a forex and CFD broker, traders face a critical decision that can significantly impact their trading experience and success. Exness vs Saxo Bank are two prominent names in the online trading industry, each offering unique features, platforms, and services tailored to different types of traders. This comprehensive comparison delves into the key aspects of Exness vs Saxo Bank, including their regulation, trading platforms, fees, account types, trading instruments, and customer support. By the end, you’ll have a clear understanding of which broker aligns best with your trading goals.
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Overview of Exness vs Saxo Bank
Exness
Founded in 2008, Exness is a globally recognized broker headquartered in Cyprus, with additional offices in Seychelles, South Africa, and the United Kingdom. It is known for its competitive spreads, flexible account types, and support for the popular MetaTrader platforms (MT4 and MT5). Exness caters to both beginner and experienced traders, offering a wide range of trading instruments, including forex, cryptocurrencies, metals, and energies. The broker emphasizes transparency, fast execution, and multilingual customer support, making it a favorite among retail traders worldwide.
Saxo Bank
Established in 1992, Saxo Bank is a Danish investment bank and online brokerage with a global presence. Headquartered in Copenhagen, Saxo Bank is regulated by multiple top-tier authorities, including the UK’s Financial Conduct Authority (FCA) and Denmark’s Financial Supervisory Authority. Saxo Bank is renowned for its proprietary trading platforms, SaxoTraderGO and SaxoTraderPRO, and its extensive range of over 70,000 tradable instruments. It primarily targets experienced traders and institutional clients, offering sophisticated tools and premium services.
Regulation and Trustworthiness
Regulation is a crucial factor when choosing a broker, as it ensures the safety of funds and adherence to industry standards.
· Exness: Exness is regulated by several authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. However, its primary operations are regulated by less stringent jurisdictions, such as the Seychelles Financial Services Authority (FSA). Exness has a Trust Score of 71, classified as “Average Risk” due to its limited Tier-1 licenses. Despite this, Exness maintains segregated client accounts and transparent operations, which enhance its reliability.
· Saxo Bank: Saxo Bank boasts a Trust Score of 99, earning a “Highly Trusted” label. It holds licenses from multiple Tier-1 regulators, including the FCA (UK), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS), and the Swiss Financial Market Supervisory Authority (FINMA). Saxo Bank’s strong regulatory framework and banking license make it one of the most secure brokers in the industry.
Verdict: Saxo Bank has a clear edge in regulation and trustworthiness due to its extensive Tier-1 licenses and banking status. Exness, while reliable, is better suited for traders comfortable with less stringent regulatory oversight.
Trading Platforms
The trading platform is the backbone of any broker, as it determines the user experience, execution speed, and access to analytical tools.
· Exness: Exness supports two of the most popular platforms in the industry: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are widely favored for their user-friendly interfaces, advanced charting tools, and support for automated trading via Expert Advisors (EAs). Exness also offers its proprietary Exness Terminal and a Social Trading app for copy trading, catering to beginners and passive investors. The platforms support one-click trading, trailing stops, and pending orders, ensuring flexibility for various trading strategies.
· Saxo Bank: Saxo Bank provides its proprietary platforms, SaxoTraderGO and SaxoTraderPRO, which are designed for seamless trading across desktop, web, and mobile devices. SaxoTraderGO is user-friendly and ideal for retail traders, while SaxoTraderPRO offers advanced features like algorithmic trading and customizable workspaces for professionals. Saxo Bank also supports third-party platforms like TradingView, but it does not offer MT4 or MT5, which may disappoint traders accustomed to these industry standards. The platforms include one-click trading, trailing stops, and pending orders, with a 20-day trial period for demo accounts.
Verdict: Exness is the better choice for traders who prefer the familiarity and versatility of MT4 and MT5. Saxo Bank’s proprietary platforms are feature-rich and ideal for advanced traders, but the lack of MetaTrader support may be a drawback for some.
Fees and Spreads
Trading costs, including spreads and commissions, directly affect profitability, making them a key consideration.
· Exness: Exness is known for its competitive spreads, particularly on its Pro and Zero accounts. Spreads on major currency pairs like EUR/USD can start as low as 0.0 pips on the Zero account, though a commission applies. The Standard account offers commission-free trading with slightly wider spreads. Exness uses variable spreads, which can tighten during high liquidity periods, benefiting active traders. There are no deposit or withdrawal fees, but third-party payment providers may charge processing fees.
· Saxo Bank: Saxo Bank employs fixed spreads, with EUR/USD spreads averaging between 0.4 and 0.8 pips, which is competitive but slightly higher than Exness’s best offerings. A fixed commission of $6 applies to trades under $50,000, which can be costly for smaller accounts. Saxo Bank does not charge deposit or withdrawal fees, though a $40 fee applies to manual withdrawals. The broker’s fee structure favors high-volume traders, as commissions decrease with larger trade sizes. Additionally, Saxo Bank’s high minimum deposit (€2,000 for the Classic account) may deter beginners.
Verdict: Exness offers lower trading costs for retail traders, especially those using commission-based accounts with tight spreads. Saxo Bank is more cost-effective for high-volume traders but less accessible for those with smaller budgets.
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Account Types
The variety and flexibility of account types cater to different trading styles and experience levels.
· Exness: Exness offers a range of account types, including:
· Standard: No commission, wider spreads, suitable for beginners.
· Standard Cent: Low-risk trading with micro-lots, ideal for novices.
· Pro: Tight spreads, low commissions, designed for experienced traders.
· Zero: Near-zero spreads with fixed commissions, best for high-frequency traders.
· Raw Spread: Ultra-low spreads with a small commission, tailored for scalpers. The minimum deposit is as low as $10 for some accounts, making Exness highly accessible.
· Saxo Bank: Saxo Bank provides three account tiers:
· Classic: €2,000 minimum deposit, basic features.
· Platinum: $200,000 minimum, tighter spreads, and premium support.
· VIP: $1,000,000 minimum, exclusive features, and personalized service. The high minimum deposits make Saxo Bank less beginner-friendly, but the tiered structure rewards high-net-worth clients with lower fees and advanced tools.
Verdict: Exness is more inclusive, offering affordable accounts for beginners and professionals alike. Saxo Bank caters to wealthier traders seeking premium services.
Trading Instruments
The range of tradable assets allows traders to diversify their portfolios and explore new markets.
· Exness: Exness supports trading in forex (over 100 currency pairs), cryptocurrencies, gold, silver, CFDs, oil, stocks, indices, metals, and energies. While its instrument range is robust, it is narrower compared to Saxo Bank, with a focus on forex and CFDs.
· Saxo Bank: Saxo Bank offers an extensive selection of over 70,000 instruments, including forex (190 currency pairs), stocks, bonds, ETFs, futures, options, CFDs, spread betting, and cryptocurrencies. This vast portfolio makes Saxo Bank ideal for traders seeking exposure to multiple asset classes.
Verdict: Saxo Bank dominates in terms of instrument variety, offering unparalleled diversification opportunities. Exness is sufficient for forex and CFD traders but lacks the breadth of Saxo Bank’s offerings.
Customer Support
Reliable customer support is essential, especially for beginners navigating the complexities of trading.
· Exness: Exness provides 24/7 customer support in multiple languages via live chat, email, and phone. Its multilingual team ensures accessibility for global clients. Exness also offers educational resources, including webinars, calculators, and economic calendars, though its advanced technical analysis tools are limited.
· Saxo Bank: Saxo Bank’s customer support is available during business hours and is accessible via phone, email, and live chat. While the support is professional, some users have reported slow response times and poor communication, particularly during onboarding. Saxo Bank excels in research, offering daily market updates, webinars, podcasts, and curated insights like “Outrageous Predictions.”
Verdict: Exness has an edge in customer support availability and accessibility, while Saxo Bank stands out for its high-quality research and educational content.
Deposit and Withdrawal Methods
Efficient and cost-effective funding options enhance the trading experience.
· Exness: Exness supports deposits and withdrawals via bank cards, bank transfers, and e-wallets like Perfect Money and Neteller. There are no broker-side fees, but third-party charges may apply. Withdrawals are typically processed within 24 hours.
· Saxo Bank: Saxo Bank offers fee-free deposits via bank wire transfers and credit/debit cards, with withdrawals limited to bank wire transfers (3-5 business days). A $40 fee applies to manual withdrawals, which may inconvenience some traders.
Verdict: Exness provides faster and more flexible withdrawal options, while Saxo Bank’s methods are reliable but slower and less versatile.
Pros and Cons
Exness
Pros:
· Low minimum deposit ($10 for some accounts).
· Competitive spreads and low trading costs.
· Supports MT4 and MT5 platforms.
· 24/7 multilingual customer support.
· Fast withdrawal processing.
Cons:
· Limited Tier-1 regulatory licenses.
· Narrower range of trading instruments.
· Limited advanced technical analysis tools.
Saxo Bank
Pros:
· Highly trusted with multiple Tier-1 licenses.
· Extensive range of over 70,000 instruments.
· Advanced proprietary platforms (SaxoTraderGO and PRO).
· Comprehensive research and educational resources.
· Fee-free deposits and withdrawals (except manual withdrawals).
Cons:
· High minimum deposit (€2,000 for Classic account).
· No MT4 or MT5 support.
· Customer support not available 24/7.
· Higher fees for smaller accounts.
Who Should Choose Exness?
Exness is ideal for:
· Beginner traders seeking low entry barriers and user-friendly platforms (MT4/MT5).
· Scalpers and high-frequency traders who benefit from tight spreads and low commissions.
· Traders in regions with less stringent regulatory requirements.
· Those prioritizing fast withdrawals and 24/7 customer support.
Who Should Choose Saxo Bank?
Saxo Bank is best for:
· Experienced traders and high-net-worth individuals who can meet high minimum deposits.
· Investors seeking a wide range of asset classes for portfolio diversification.
· Traders who value advanced proprietary platforms and premium research tools.
· Those prioritizing top-tier regulation and security.
Conclusion
Both Exness vs Saxo Bank are reputable brokers with distinct strengths. Exness excels in accessibility, low-cost trading, and MetaTrader support, making it a great choice for retail traders and beginners. Saxo Bank, with its extensive instrument range, top-tier regulation, and sophisticated platforms, caters to experienced traders and institutional clients. Your choice depends on your trading experience, budget, and priorities—whether it’s low fees and simplicity with Exness or premium features and diversification with Saxo Bank.
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