Plain-English forex education. No hype, no signals.فارسی
BrokerCutForex Academy

Head to head

FXCM vs Saxo

FXCM is licensed by FCA in the United Kingdom, CySEC in the European Union and ASIC in Australia. Saxo is licensed by Danish FSA (Finanstilsynet) in Denmark / European Union, FCA in the United Kingdom, FINMA in Switzerland, MAS in Singapore, CONSOB in Italy and JFSA in Japan. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $50 at FXCM and $0 at Saxo. Only Saxo offers negative balance protection. Both offer segregated client money.

Facts last checked: FXCM on 20 October 2026, Saxo on 20 October 2026.

FXCM profileSaxo profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
FXCMStrictly regulatedRead the profile
SaxoStrictly regulatedRead the profile
Comparing
FXCMUnited Kingdom
SaxoDenmark / European Union

Overview

Founded
1999
Not yet checked
Headquarters
London, United Kingdom (Stratos Group)
Hellerup, Denmark
Official websites
  • fxcm.com
  • tradu.com
  • home.saxo
  • www.home.saxo
  • bgsaxo.it
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
Stratos Markets Limited
Saxo Bank A/S
Regulator
FCA
United Kingdom
Danish FSA (Finanstilsynet)
Denmark / European Union
Regulation level
Strictly regulated
Strictly regulated
Licence number
217689 (applied to cancel)
Check the register
Bank licence 1149
Check the register
Clients this company serves
Existing UK clients; FXCM's UK site sends new accounts to Trade Nation
Clients in Denmark and other countries not served by a local Saxo subsidiary, including those served through its French, Dutch, Belgian and Czech branches
All licences held
  • FCA (United Kingdom)
  • CySEC (European Union)
  • ASIC (Australia)
  • Danish FSA (Finanstilsynet) (Denmark / European Union)
  • FCA (United Kingdom)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • CONSOB (Italy)
  • JFSA (Japan)
Segregated client money
Yes
Yes
Negative balance protection
No
Yes
Compensation scheme
FSCS up to £85,000 (UK company); ICF up to €20,000 (Cyprus company); none for the St Vincent company
Danish Guarantee Fund: cash deposits up to €100,000 and investor cover up to €20,000 (Saxo Bank A/S); FSCS up to £85,000 (UK); local schemes for other subsidiaries

Costs

Your monthly cost
No accounts listed
No accounts listed
Cost per lot (EUR/USD)
No accounts listed
No accounts listed
Spread from
No accounts listed
No accounts listed
Typical EUR/USD spread
No accounts listed
No accounts listed
Commission per lot (round turn)
No accounts listed
No accounts listed
Typical GBP/USD spread
Not yet checked
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Not yet checked
Not yet checked

Leverage and margin

Maximum retail leverage
1:30 on major pairs (UK, EU, Australia); up to 1:1000 at the St Vincent company
1:30 on major pairs (UK, EU)
Retail leverage by asset class
  • Major currency pairs: 1:30
  • Non-major currency pairs: 1:20
  • Other commodities and non-major indices: 1:10
  • Share CFDs: 1:5
  • Crypto CFDs: 1:2
  • EUR/USD (3.33% initial margin, UK): 1:30
  • GBP/USD and USD/JPY (4% initial margin, UK): 1:25
Margin call level
Not yet checked
Not yet checked
Stop-out level
Not yet checked
50% (UK and EU retail close-out rule)

Account

Minimum deposit (this account)
No accounts listed
No accounts listed
Base currencies
No accounts listed
No accounts listed
Execution
No accounts listed
No accounts listed

Platforms and features

Platforms
  • Trading Station
  • MetaTrader 4
  • TradingView
  • SaxoTraderGO
  • SaxoTraderPRO
  • SaxoInvestor
  • Mobile app
  • TradingView
Markets
Forex, index, commodity, share and crypto CFDs, plus FXCM baskets
185+ FX pairs, FX options, CFDs, 23,000+ stocks, 7,400+ ETFs, bonds, futures and listed options
Demo account
Yes
Yes
Copy trading
Not yet checked
Not yet checked
Expert advisors (automated trading)
Yes
Not yet checked
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
  • Debit card
  • Credit card
  • Bank wire
  • Google Pay
  • Skrill
  • Neteller
  • Crypto
  • Bank transfer
Withdrawal fee
Not yet checked
Not yet checked
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
24/5 live chat
24-hour support while markets are open; relationship managers for larger clients

Our notes

Strengths
  • Long-running brand (since 1999) with companies licensed by the FCA, CySEC and ASIC
  • Its own Trading Station platform alongside MetaTrader 4, TradingView and API access
  • Low first deposit of 50 in the account currency on the international site
  • Parent company is a Danish bank classed as systemically important, with bank licences in Denmark and Switzerland
  • Every listed company is authorised by a strict regulator
  • No minimum funding in the UK, and negative balance protection for retail clients
  • Forex, stocks, bonds, futures and options in one account
Watch out for
  • The UK company, Stratos Markets Limited, has applied to cancel its FCA authorisation (shown on the FCA register since 15 October 2026), and FXCM's UK site says new trading accounts are now provided through Trade Nation.
  • FXCM's EU site says new trading accounts are now provided through AvaTrade, a separate broker
  • International clients join Stratos Global LLC in St Vincent and the Grenadines, which holds no financial licence; leverage there goes up to 1:1000 and losses can exceed deposits
  • Says Stratos South Africa (Pty) Ltd is FSCA FSP 46534 and Stratos Light Limited is supervised by the Israel Securities Authority; we could not confirm either on the regulator's register on 2026-10-20 (the FSCA FSP register could not be reached).
  • Saxo publishes minimum spreads, not typical spreads, and prices vary by account tier and country
  • No MetaTrader; trading runs on Saxo's own platforms or TradingView
  • BG SAXO SIM was checked on CONSOB's published list of registered SIMs (February 2025 edition); the live CONSOB register blocked our access on 2026-10-20

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • FXCM: Our products are traded on leverage which means they carry a high level of risk and you could lose more than your deposits. These products are not suitable for all investors. Please ensure you fully understand the risks and carefully consider your financial situation and trading experience before trading. Seek independent advice if necessary.
  • Saxo: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Open this comparison in the full tool to share a link with your own accounts and companies chosen.

Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

BrokerCut on Telegram

Get the latest forex news and market analysis.

Join the channel