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Saxo Bank vs FXPrimus 2022

BrokerNotes.co

Written by BrokerNotes.co

Last updated August 30, 2022
Published April 26, 2022

Trying to decide between Saxo Bank and FXPrimus? 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 FXPrimus.

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 Rating expand_moreexpand_less Saxo Bank FXPrimus XTB
Overall Rating 9.5 / 10 6.8 / 10 8.7 / 10
Account Type expand_moreexpand_less Saxo Bank FXPrimus XTB
Standard Account Yes Yes Yes
Mini Account Yes Yes Yes
Micro Account Yes Yes Yes
Islamic Account No Yes Yes
Copy Trading expand_moreexpand_less Saxo Bank FXPrimus XTB
Social Trading / Copy Trading Yes Yes Yes
DupliTrade No No No
ZuluTrade No No No
Cryptocurrency expand_moreexpand_less Saxo Bank FXPrimus XTB
Cryptocurrency (Physical) No No No
Cryptocurrency (CFD) Yes Yes Yes
Bitcoin Yes Yes Yes
ethereum Yes Yes Yes
Forex Trading (Spot or CFDs) expand_moreexpand_less Saxo Bank FXPrimus XTB
Forex Trading Yes Yes Yes
Trading - Forex or CFDs Yes Yes Yes
Indices (Index CFDs) expand_moreexpand_less Saxo Bank FXPrimus XTB
DAX Yes Yes Yes
Dow Jones Yes Yes Yes
FTSE Yes Yes Yes
NASDAQ 100 Yes Yes Yes
Nikkei Yes Yes Yes
SP 500 Yes Yes Yes
Investments expand_moreexpand_less Saxo Bank FXPrimus XTB
Forex Trading Yes Yes Yes
Trading - Forex or CFDs Yes Yes Yes
Spread Betting No No No
Social Trading / Copy Trading Yes Yes Yes
Metals Yes Yes Yes
Energies Yes Yes Yes
Agriculturals Yes No Yes
ETF Yes No No
U.S. Stocks (CFD) Yes No Yes
Trading Platforms expand_moreexpand_less Saxo Bank FXPrimus XTB
Apple iOS App Yes Yes Yes
Android App Yes Yes Yes
Proprietary Platform Yes No Yes
Desktop Platform (Windows) Yes Yes Yes
Web Platform Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes Yes
MetaTrader 5 (MT5) No Yes No
Regulatory Licenses expand_moreexpand_less Saxo Bank FXPrimus XTB
Tier-1 Licenses 6 0 1
ASIC Authorised (Australia) Yes No No
IIROC Authorised (Canada) No No No
FCA Authorised (U.K.) Yes No Yes
SFC Authorised (Hong Kong) Yes No No
MAS Authorised (Singapore) Yes No No
FINMA Authorised (Switzerland) Yes No No
CFTC Registered (USA) No No No
Tier-2 Licenses 1 1 3
Tier-3 Licenses 0 1 1
Research, Education expand_moreexpand_less Saxo Bank FXPrimus XTB
Trading Central (Recognia) No No No
Forex News (Top-Tier Sources) Yes No Yes
Daily Market Commentary Yes Yes Yes
Autochartist Yes No No
Investor Dictionary (Glossary) Yes No No
Videos - Beginner Trading Videos Yes No Yes
Client Webinars (Archived) Yes Yes Yes
Trading Costs expand_moreexpand_less Saxo Bank FXPrimus XTB
Minimum Initial Deposit $2,000 $100 $0
Average Spread EUR/USD - Standard 0.8 (August 2020) N/A 0.9 (Q3 2021)
All-in Cost EUR/USD - Active 0.6 (August 2020) N/A 0.9 (Q3 2021)
Active Trader or VIP Discounts Yes No Yes
Bank Wire (Deposit/Withdraw) Yes Yes Yes
Visa/Mastercard (Credit/Debit) Yes Yes Yes
PayPal (Deposit/Withdraw) No No Yes
Trading Tools expand_moreexpand_less Saxo Bank FXPrimus XTB
Watchlists - Total Fields 62 7 8
Mobile Watchlist Yes Yes Yes
Charting - Indicators / Studies (Total) 62 30 39
Mobile Charting - Indicators / Studies 62 30 39
Trust Factors expand_moreexpand_less Saxo Bank FXPrimus XTB
Year Founded 1992 2009 2002
Publicly Traded (Listed) No No Yes
Bank Yes No No
Authorised in European Union Yes Yes Yes
Trust Score 99 69 95
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Saxo Bank vs FXPrimus 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 FXPrimus.

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 FXPrimus?

FXPrimus has a trust score of 69, giving it a "High Risk" 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 FXPrimus a good broker?

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 FXPrimus is none., 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 FXPrimus is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), NSE Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses Saxo Bank is none, while FXPrimus is VFSC Authorised (Vanuatu)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands) and FSC Authorised (Mauritius).

Which broker offers more trading platforms?

For trading platforms Saxo Bank supports a Proprietary Platform and Desktop Platform (Windows), whereas FXPrimus supports a Desktop Platform (Windows) and cTrader., neither have DupliTrade and ZuluTrade

Does Saxo Bank offer MetaTrader? Does FXPrimus offer MetaTrader?

For MetaTrader Saxo Bank provides MetaTrader 4 (MT4), while FXPrimus provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.

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

Saxo Bank requires a minimum deposit of $2,000, while FXPrimus requires a minimum deposit of $100. From our testing we found Saxo Bank offers spreads of 0.8 (August 2020), while FXPrimus offers spreads of N/A. Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for popular funding options, where FXPrimus supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw)., neither have PayPal (Deposit/Withdraw)

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

Saxo Bank offers a more diverse selection of investment options than FXPrimus allowing you to trade Forex Trading, Trading - Forex 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 40000, compared to 140 from FXPrimus.

Can I trade cryptocurrency with Saxo Bank or FXPrimus?

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 FXPrimus allow you to trade physical cryptocurrencies.

Who offers more research tools, Saxo Bank or FXPrimus?

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 FXPrimus has the tools listed here: Daily Market Commentary, Stock Charts and Social Trading / Copy Trading., neither have Trading Central (Recognia)




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