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OANDA vs Saxo Bank: 2023 Comparison

Franklin Carneiro da Silva| Updated: September 13, 2023

Are you confused about whether to choose OANDA vs Saxo Bank as a broker for your investing needs?

In this side-by-side comparison, we analyse OANDA vs Saxo Bank to help you understand how these apps compare on some of the most common features and make a better-informed decision about the best broker for you.

Below, you’ll find the pros and cons of each broker, as well as a comparison table that features the different fees charged, the financial instruments supported, the regulation, and more. Keep reading!

OANDA vs Saxo Bank: In a Nutshell

OANDA logo
Visit OANDAAsset 3
Ideal for
For CFD investors valuing access to MetaTrader 5

OANDA Corporation is a reputable online forex and CFD broker known for its advanced trading technology and robust platform.

OANDA offers a wide range of trading instruments, including major and minor currency pairs, commodities, indices, and precious metals.

The trading platform is designed to cater to both novice and experienced traders, providing a seamless trading experience. OANDA accepts US clients only for forex.

Saxo
Visit Saxo BankAsset 3
Ideal for
Advanced traders with a focus on reliability and security

Saxo Bank is a renowned online trading and investment bank that offers a wide range of financial services to individual and institutional clients.

Saxo Bank offers a range of trading platforms, including SaxoTraderGO and SaxoTraderPRO, providing clients with user-friendly and advanced options to access global markets.

Security is a paramount concern for Saxo Bank, which is evident through its strong regulatory oversight, encryption protocols, and segregated accounts.

Pros and Cons

OANDA

Pros

  • 0% commissions on real US stocks, Forex and CFDs on cryptocurrencies, indices and commodities
  • Access to MetaTrader 5
  • Good research tools
  • Well-designed investment platforms

Cons

  • OANDA accepts US clients, but only for forex
  • Medium-to-high CFD fees

Saxo Bank

Pros

  • Excellent research materials
  • Outstanding trading platforms (SaxoTraderPRO and SaxoTraderGO)
  • Extensive range of investment products
  • Long track record
  • Supervised by worldwide top-tier regulators

Cons

  • High minimum deposit ($2,000)
  • Fees higher than average
  • Fee structure is complex
  • Does not accept US residents

OANDA vs Saxo Bank: Side-by-side Comparison

OANDA logo
Saxo
  •  
  • General Information
  • Founded in
  • Demo Account
  • Account Minimum
  • Interest on unninvested cash (annually)
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocks
  • EU stocks
  • ETFs
  • Cryptocurrencies
  • Custody Fee
  • Inactivity Fee
  • Withdrawal Fee
  • Connectivity Fee
  • Currency Conversion Fee
  • Security
  • Regulators
  • Investor Compensation Scheme(per person, per institution)
  • OANDAAsset 3
  • General Information
  • Founded in1996
  • Demo Account
  • Account Minimum$0
  • Interest on unninvested cash (annually)0%
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs*On Stocks, ETFs, Indices, Commodities and Crypto
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocks$0
  • EU stocksNot Applicable
  • ETFsNot Applicable
  • CryptocurrenciesNot Applicable
  • Custody Fee$0
  • Inactivity Fee€10 if there has been no trading activity for the last 12 months.
  • Withdrawal Fee$0
  • Connectivity Fee$0
  • Currency Conversion Fee0.50%
  • Security
  • RegulatorsFCA, PFSA, ASIC
  • Investor Compensation Scheme(per person, per institution)

    EU: Up to €20,000 (assets + cash);
    UK: Up to £85,000 (assets + cash)

  • Saxo BankAsset 3
  • General Information
  • Founded in1992
  • Demo Account
  • Account Minimum$0 to $10,000, depending on the country**$/€2,000 for international accounts; £500 (UK)
  • Interest on unninvested cash (annually)USD: Up to 4.31%; EUR: Up to 2.55%
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies*Only 9 Crypto FX pairs
  • Commodities
  • Fees
  • US stocksFrom $0.01, $0.015 or $0.02 per share**Min. $1, $5 or $7, depending on account type: VIP, Platinum, Classic
  • EU stocksBetween 0.05% and 0.35%**Min. between €6 and €12 depending on exchange and account type
  • ETFsFrom $1**Depending on exchange and account type
  • Cryptocurrencies-
  • Custody FeeMin. $5**Between 0.05% and 0.15% depending on account type
  • Inactivity Fee£25 (UK) after one quarter of inactivity, $150 after 6 months of inactivity (International)
  • Withdrawal Fee€/$/£0
  • Connectivity Fee€/$/£0
  • Currency Conversion FeeBetween 0.3% and 1.0%**Depending on account type
  • Security
  • RegulatorsASIC, FSA, FCA, SFC, MAS, FINMA, DFSA.
  • Investor Compensation Scheme(per person, per institution)

    Depends on where the account is opened: up to €100,000 for cash and €20,000 for securities (Europe); up to £85,000 (UK); CHF 100,000 (Switzerland); HKD 500,000 (Hong Kong)

OANDA vs Saxo Bank: Verdict

To summarise, here’s our verdict:

OANDA Best for CFD investors valuing access to MetaTrader 5
Saxo Bank Best for advanced traders with a focus on reliability and security

Choosing between these two online brokers isn’t always an obvious decision. The differences between OANDA vs Saxo Bank come from the trading platforms, products, fees, and security. Do you prefer a primary trading platform? Do you want to invest in ETFs only? Do you value security more?

Ultimately, the best online broker for you will depend on your profile, personal preferences, and objectives. Explore the websites above and decide for yourself!

Want to know more about OANDA vs Saxo Bank? Explore our in-depth broker reviews, comparison table, and finder tool.

Feel free to leave your comments and feedback in the comments below – we’re happy to help!

Franklin Carneiro da Silva
Co-Founder & Fintech Analyst

Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.

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