Saxo Bank vs Libertex (Forex Club) 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 Libertex (Forex Club).
Can I trust Saxo Bank?
Saxo Bank has a trust score of 99, giving it a "Highly Trusted" trust label.
- "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 – in most cases – 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 “Do Not Trust” rating.
Can I trust Libertex (Forex Club)?
Libertex (Forex Club) has a trust score of 67, giving it a "High Risk" trust label. Here's what each trust score label means:
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. Libertex (Forex Club) is FCA Authorised (U.K.), while Saxo Bank is ASIC Authorised (Australia), SFC Authorised (Hong Kong), FSA Authorised (Japan), MAS Authorised (Singapore), FINMA Authorised (Switzerland) and FCA Authorised (U.K.). Both do not 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, Libertex (Forex Club) is CySEC Authorised (Cyprus), while Saxo Bank is DFSA / Central Bank Authorised (UAE). Both do not 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 unfortunately, neither Saxo Bank nor Libertex (Forex Club) 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). Both do not have VFSC Authorised (Vanuatu)..
Which broker offers more trading platforms?
Both Saxo Bank and Libertex (Forex Club) offer a Proprietary Platform and Desktop Platform (Windows). Both do not have cTrader, DupliTrade and ZuluTrade
Does Saxo Bank offer MetaTrader? Does Libertex (Forex Club) offer MetaTrader?
Both Saxo Bank and Libertex (Forex Club) offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4. Both do not have MetaTrader 5 (MT5).
How do Saxo Bank and Libertex (Forex Club) differ in terms of minimum deposit? What about average spreads and funding options?
Saxo Bank requires a minimum deposit of $2,000, while Libertex (Forex Club) requires a minimum deposit of $10. From our testing we found Saxo Bank offers spreads of 0.8 (August 2020), while Libertex (Forex Club) offers spreads of -1. Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for popular funding options, where Libertex (Forex Club) supports Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).
Which brokers offers more tradeable asset classes, Saxo Bank or Libertex (Forex Club)?
Both Saxo Bank and Libertex (Forex Club) allow you to trade Forex Trading, Trading - Forex or CFDs, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Both do not have Spread Betting. Looking at total tradeable symbols, Saxo Bank has 40000, compared to 300 from Libertex (Forex Club).
Can I trade cryptocurrency with Saxo Bank or Libertex (Forex Club)?
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 — including spot forex contracts. In terms of trading physical cryptocurrency neither Saxo Bank nor Libertex (Forex Club) allow you to trade physical cryptocurrencies.
Who offers more research tools, Saxo Bank or Libertex (Forex Club)?
In terms of research and research tools Libertex (Forex Club) gives traders the following tools: Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison Saxo Bank has the tools listed here: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. Both do not have Trading Central (Recognia).
