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Saxo Bank vs Fineco Bank 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between Saxo Bank and Fineco Bank? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, Saxo Bank ranks more highly than Fineco Bank.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall RatingSaxo BankFineco BankIG
Overall Rating9.7 / 107.9 / 109.9 / 10
Account TypeSaxo BankFineco BankIG
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesNoYes
Islamic AccountNoYesNo
Copy TradingSaxo BankFineco BankIG
Social Trading / Copy TradingYesNoYes
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencySaxo BankFineco BankIG
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesNoYes
BitcoinYesNoYes
ethereumYesNoYes
Forex Trading (Spot or CFDs)Saxo BankFineco BankIG
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)Saxo BankFineco BankIG
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsSaxo BankFineco BankIG
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingNoNoYes
Social Trading / Copy TradingYesNoYes
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesNoYes
ETFYesYesYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformsSaxo BankFineco BankIG
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesYesYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)NoNoYes
MetaTrader 5 (MT5)NoNoNo
Regulatory LicensesSaxo BankFineco BankIG
Tier-1 Licenses617
ASIC Authorised (Australia)YesNoYes
IIROC Authorised (Canada)NoNoNo
FCA Authorised (U.K.)YesYesYes
SFC Authorised (Hong Kong)YesNoNo
MAS Authorised (Singapore)YesNoYes
FINMA Authorised (Switzerland)YesNoYes
CFTC Registered (USA)NoNoYes
Tier-2 Licenses102
Tier-3 Licenses001
Research, EducationSaxo BankFineco BankIG
Trading Central (Recognia)NoNoNo
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesNoYes
AutochartistYesNoYes
Investor Dictionary (Glossary)YesYesYes
Videos - Beginner Trading VideosYesYesYes
Client Webinars (Archived)YesYesYes
Trading CostsSaxo BankFineco BankIG
Minimum Initial Depositโ‚ฌ2,000$0ยฃ250.00
Average Spread EUR/USD - Standard0.9 (September 2022)N/A0.86 (September 2022)
All-in Cost EUR/USD - Active0.7 (September 2022)N/A0.5957 (September 2022)
Active Trader or VIP DiscountsYesNoYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesNoYes
PayPal (Deposit/Withdraw)NoNoYes
Trading ToolsSaxo BankFineco BankIG
Watchlists - Total Fields6214
Mobile WatchlistYesNoYes
Charting - Indicators / Studies (Total)629033
Mobile Charting - Indicators / Studies62N/A33
Trust FactorsSaxo BankFineco BankIG
Year Founded199219991974
Publicly Traded (Listed)NoYesYes
BankYesYesYes
Authorised in European UnionYesYesYes
Trust Score999299
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Saxo Bank vs Fineco Bank Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Saxo Bank vs Fineco Bank.

Can I trust Saxo Bank?

Saxo Bank has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are โ€“ in most cases โ€“ operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a โ€œDo Not Trustโ€ rating.

Can I trust Fineco Bank?

Fineco Bank has a trust score of 92, giving it a "Highly Trusted" trust label.

Is Saxo Bank a good broker?

Saxo Bank is a highly-trusted broker that ranks near the top in practically every category. It provides traders and investors with an incredible platform experience (including on mobile) alongside powerful research and a vast selection of more than 40,000 symbols to trade across multiple asset classes.

Is Fineco Bank a good broker?

FinecoBank is a trusted brand catering to forex and CFD traders, and listed on the Italian Stock Exchange. Operating out of the U.K. and Italy, traders aren't permitted to open online accounts with Fineco unless they are a resident of the U.K. or Italy (or are applying as EU residents โ€“ at an actual Fineco branch office).

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Saxo Bank is ASIC Authorised (Australia), SFC Authorised (Hong Kong), FSA Authorised (Japan), MAS Authorised (Singapore), FINMA Authorised (Switzerland) and FCA Authorised (U.K.), while Fineco Bank is FCA Authorised (U.K.)., neither have IIROC Authorised (Canada), CBI Authorised (Ireland), FMA Authorised (New Zealand) and CFTC Registered (USA)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Saxo Bank is DFSA / Central Bank Authorised (UAE), while Fineco Bank is none., neither have CBRC Authorised (China), CySEC Authorised (Cyprus), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses unfortunately, neither Saxo Bank nor Fineco Bank are SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu)., neither have VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

Both Saxo Bank and Fineco Bank offer a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade

Does Saxo Bank offer MetaTrader? Does Fineco Bank offer MetaTrader?

Neither Saxo Bank or Fineco Bank offer MT4 or MT5. If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers., neither have MetaTrader 4 (MT4) and MetaTrader 5 (MT5)

How do Saxo Bank and Fineco Bank differ in terms of minimum deposit? What about average spreads and funding options?

Saxo Bank requires a minimum deposit of โ‚ฌ2,000, while Fineco Bank requires a minimum deposit of $0. From our testing we found Saxo Bank offers spreads of 0.9 (September 2022), while Fineco Bank offers spreads of N/A. Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for popular funding options, where Fineco Bank supports Bank Wire (Deposit/Withdraw)., neither have PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw)

Which brokers offers more tradeable asset classes, Saxo Bank or Fineco Bank?

Saxo Bank offers a more diverse selection of investment options than Fineco Bank allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD)., neither have Spread Betting Looking at total tradeable symbols, Saxo Bank has 60000, compared to 126 from Fineco Bank.

Can I trade cryptocurrency with Saxo Bank or Fineco Bank?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither Saxo Bank nor Fineco Bank allow you to trade physical cryptocurrencies.

Who offers more research tools, Saxo Bank or Fineco Bank?

In terms of research and research tools Saxo Bank gives traders the following tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison Fineco Bank has the tools listed here: Stock Charts and Forex News (Top-Tier Sources)., neither have Trading Central (Recognia)

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