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Saxo Bank vs Plus500: 2023 Comparison

Franklin Carneiro da Silva| Updated: August 22, 2023

Are you confused about whether to choose Saxo Bank vs Plus500 as a broker for your investing needs?

In this side-by-side comparison, we analyse Saxo Bank vs Plus500 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!

Saxo Bank vs Plus500: In a Nutshell

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.

Saxo Bank vs Plus500: 2023 Comparison 1
Visit Plus500Asset 3

82% of retail CFD accounts lose money.

Ideal for
Commission-free CFDs trading and low spreads

Plus500 is an online broker offering a wide range of financial products, including real shares and CFDs on forex, indices, shares, commodities, options, ETFs, and cryptocurrencies.

There are two distinct account types: Plus500 CFD, which only focuses on CFD products; Plus500 Invest, where you can trade stocks (real shares).

The web platform you will use is the WebTrader, Plus500’s proprietary platform, offering a stable trading experience and easy access from multiple devices.

Pros and Cons

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

Plus500

Pros

  • Easy-to-use and responsive platform
  • Low spreads
  • No dealing commissions
  • Demo Account
  • Top-tier regulators

Cons

  • No ETF offering
  • Inactivity fee ($10 per month after no login activity in 3 months)
  • High overnight funding fees
  • Very little research and education provided

Saxo Bank vs Plus500: Side-by-side Comparison

Saxo
Saxo Bank vs Plus500: 2023 Comparison 2
  •  
  • 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)
  • 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)

  • Plus500Asset 3

    82% of retail CFD accounts lose money.

  • General Information
  • Founded in2008
  • Demo Account
  • Account Minimum$100
  • Interest on unninvested cash (annually)0%
  • Products
  • Stocks*On "Plus500 Invest" only.
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs*On Forex, Cryptocurrencies, Stocks, Commodities, ETFs, Options and Indices
  • Leverage Products
  • Forex*Through CFDs only
  • Cryptocurrencies*Through CFDs only
  • Commodities*Through CFDs only
  • Fees
  • US stocks$0.006 per share
  • EU stocksIt varies according to each country stock exchange
  • ETFsNot Applicable
  • CryptocurrenciesNot Applicable**0.30% spread on Bitcoin CFD - it varies according to each crypto (Availability subject to regulations and spreads subject to change).
  • Custody Fee$0
  • Inactivity Fee$10/month**After 3 months of login inactivity.
  • Withdrawal Fee$0
  • Connectivity Fee$0
  • Currency Conversion FeeUp to 0.70%
  • Security
  • RegulatorsFCA, CySEC, FSCA, FMA and ASIC.
  • Investor Compensation Scheme(per person, per institution)

    Up to £85,000 for clients under Plus500UK Ltd.

Saxo Bank vs Plus500: Verdict

To summarise, here’s our verdict:

Saxo Bank Best for advanced traders with a focus on reliability and security
Plus500 Best for commission-free CFDs trading and low spreads

Choosing between these two online brokers isn’t always an obvious decision. The differences between Saxo Bank vs Plus500 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 Saxo Bank vs Plus500? 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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