Saxo Bank vs XM Forex Broker Comparison
A head-to-head comparison of Saxo Bank and XM across regulation, trading costs, platforms, and editorial scoring.
Danish-licensed bank with the deepest multi-asset coverage we cover, premium SaxoTraderGO/PRO platforms, and tiered pricing for active traders.
VS
Our Verdict
Saxo Bank winsby 0.4 pts
Saxo Bank edges ahead with a score of 4.7/5 vs XM's 4.3/5. A narrow margin, so review the breakdown below to see where each broker has a clear advantage.
Verdict by Trader Profile
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Best for low cost trading
It's a tie
Both equally suited
Both brokers offer spreads from 0.6 pips.
Best for safety & regulation
It's a tie
Both equally suited
Both brokers show an equally strong safety profile across regulation, fund protection, and client safeguards.
Best for platform choice
Recommended
Saxo Bank offers more exclusive platform options: Proprietary Web/Mobile, SaxoTraderGO, a proprietary platform.
Best for beginners
Recommended
Saxo Bank edges out XM with a higher editorial score (4.7/5 vs 4.3/5), indicating a stronger overall experience for new traders.
Saxo Bank vs XM: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.7/ 5 | 4.3/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.9 / 5▲ | 4.3 / 5 |
Fees & Spreads 30% weight | 4.4 / 5▲ | 4.3 / 5 |
Platforms & Tools 20% weight | 4.8 / 5▲ | 4.2 / 5 |
Customer Support 10% weight | 4.6 / 5▲ | 4.4 / 5 |
| Founded | 1992 | 2009 |
| Headquarters | Copenhagen, Denmark | Limassol, Cyprus |
| Min deposit | No minimum | $5 |
| Spreads from | 0.6 pips | 0.6 pips |
| Commission / lot | N/A | N/A |
| Max leverage | 30:1 | 1000:1 |
| Withdrawal fee | Free | Free for most methods |
| Regulators | FCA ASIC JFSA MAS SFC DFSA ACPR CNMV FINMA Finansinspektionen Finanstilsynet CMA FSC CBI KNF Finanstilsynet MFSA | ASIC CySEC ASF FSC KNF |
| Platforms | Proprietary Web/Mobile SaxoTraderGO | MetaTrader 4 MetaTrader 5 |
| Active bonuses | ||
| Visit broker | Visit Saxo Bank | Visit XM |
Saxo Bank vs XM Forex Broker Pros & Cons
Pros
Licensed bank (Denmark)
Best-in-class multi-asset platform
Tiered active-trader pricing
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
Mobile trading app available
Proprietary trading platform available
Advanced charting tools included
Transparent pricing with clear cost disclosure
Phone support available
Multilingual customer support
Pros
USD 5 minimum deposit
Strong bonus program
Multilingual support
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
MetaTrader 4 and MetaTrader 5 supported
Mobile trading app available
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Cons
Higher minimums on classic accounts than ECN brokers
No MT4 / MT5
No raw spread account option
Inactivity fee applies
No MetaTrader support
No 24/5 live chat
Cons
Spreads not as tight as ECN-style brokers
Not available to US clients
No raw spread account option
Inactivity fee applies
No proprietary platform
Saxo Bank vs XM: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
1
Saxo Bank
criteria win
2
XM
criteria wins
Highlighted rows show where the two brokers differ
| Criteria | Saxo Bank | XM |
|---|---|---|
| Trust & Regulation | ||
| Top-tier regulator (FCA, ASIC, CFTC, etc.) | Pass | Pass |
| Segregated client funds | Pass | Pass |
| Negative balance protection | Pass | Pass |
| Compensation scheme (e.g. FSCS) | Pass | Pass |
| Fees & Spreads | ||
| Raw/ECN spreads available | Fail | Fail |
| No deposit fee | Pass | Pass |
| No inactivity fee | Fail | Fail |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Fail | Pass |
| Proprietary platform | Pass | Fail |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Fail | Pass |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
Saxo Bank vs XM: Frequently Asked Questions
Based on our independent editorial scoring, Saxo Bank ranks higher with a score of 4.7/5 vs 4.3/5 for XM. The best choice still depends on your individual trading needs; Saxo Bank and XM may each suit different trader profiles.
Both Saxo Bank and XM offer spreads starting from 0.6 pips, making them equivalent on this metric. Consider commissions and account types when evaluating total trading costs.
Saxo Bank has a lower minimum deposit of no minimum required, while XM requires at least $5. This makes Saxo Bank more accessible for traders with limited starting capital.
Both Saxo Bank and XM hold licences from top-tier regulators, indicating a high standard of regulatory oversight. Both are considered safe. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners: Saxo Bank has a lower minimum deposit (no minimum), lowering the barrier to entry; both brokers offer negative balance protection. Also weigh up educational resources and customer support quality before deciding.
Saxo Bank offers maximum leverage of 30:1, while XM offers up to 1000:1. Available leverage varies by account type, instrument, and jurisdiction. Higher leverage amplifies both potential profits and losses. Always use appropriate risk management.
Saxo Bank supports Proprietary Web/Mobile, SaxoTraderGO and XM offers MetaTrader 4, MetaTrader 5; Saxo Bank exclusively offers Proprietary Web/Mobile, SaxoTraderGO; XM exclusively offers MetaTrader 4, MetaTrader 5.
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