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Saxo Bank vs TopFX 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between Saxo Bank and TopFX? 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 TopFX.

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 BankTopFXFOREX.com
Overall Rating9.5 / 106.5 / 108.7 / 10
Account TypeSaxo BankTopFXFOREX.com
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountNoYesYes
Copy TradingSaxo BankTopFXFOREX.com
Social Trading / Copy TradingYesYesNo
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencySaxo BankTopFXFOREX.com
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)Saxo BankTopFXFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)Saxo BankTopFXFOREX.com
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsSaxo BankTopFXFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingNoNoNo
Social Trading / Copy TradingYesYesNo
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesNoYes
ETFYesYesYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformsSaxo BankTopFXFOREX.com
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)NoYesYes
MetaTrader 5 (MT5)NoNoYes
Regulatory LicensesSaxo BankTopFXFOREX.com
Tier-1 Licenses604
ASIC Authorised (Australia)YesNoNo
IIROC Authorised (Canada)NoNoYes
FCA Authorised (U.K.)YesNoYes
SFC Authorised (Hong Kong)YesNoNo
MAS Authorised (Singapore)YesNoNo
FINMA Authorised (Switzerland)YesNoNo
CFTC Registered (USA)NoNoYes
Tier-2 Licenses112
Tier-3 Licenses001
Research, EducationSaxo BankTopFXFOREX.com
Trading Central (Recognia)NoYesYes
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesNoYes
AutochartistYesYesNo
Investor Dictionary (Glossary)YesNoYes
Videos - Beginner Trading VideosYesNoYes
Client Webinars (Archived)YesNoNo
Trading CostsSaxo BankTopFXFOREX.com
Minimum Initial Depositโ‚ฌ2,000Depends on payment method$100
Average Spread EUR/USD - Standard0.9 (September 2022)N/A1.0 (July 2022)
All-in Cost EUR/USD - Active0.7 (September 2022)N/A1.0 (July 2022)
Active Trader or VIP DiscountsYesNoYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)NoYesYes
Trading ToolsSaxo BankTopFXFOREX.com
Watchlists - Total Fields62720
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)6230203
Mobile Charting - Indicators / Studies623088
Trust FactorsSaxo BankTopFXFOREX.com
Year Founded199220101999
Publicly Traded (Listed)NoNoYes
BankYesNoNo
Authorised in European UnionYesNoYes
Trust Score996799
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Saxo Bank vs TopFX 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 TopFX.

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 TopFX?

TopFX has a trust score of 67, 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 TopFX a good broker?

TopFX lags behind the industry average when it comes to market research and education, yet offers a growing selection of markets that you can trade on the MetaTrader and cTrader platforms.

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 TopFX 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 TopFX is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), 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 TopFX 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?

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

Does Saxo Bank offer MetaTrader? Does TopFX offer MetaTrader?

For MetaTrader Saxo Bank provides neither of these, while TopFX provides MetaTrader 4 (MT4). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers., neither have MetaTrader 5 (MT5)

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

Saxo Bank requires a minimum deposit of โ‚ฌ2,000, while TopFX requires a minimum deposit of Depends on payment method. From our testing we found Saxo Bank offers spreads of 0.9 (September 2022), while TopFX offers spreads of N/A. Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for popular funding options, where TopFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

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

Saxo Bank offers a more diverse selection of investment options than TopFX 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 655 from TopFX.

Can I trade cryptocurrency with Saxo Bank or TopFX?

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 TopFX allow you to trade physical cryptocurrencies.

Who offers more research tools, Saxo Bank or TopFX?

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 TopFX has the tools listed here: Autochartist, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.

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