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

Head to head

Saxo vs ThinkMarkets

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. ThinkMarkets is licensed by FCA in the United Kingdom; CySEC in the European Union; ASIC in Australia; DFSA in Dubai (DIFC), UAE and FSCA in South Africa, and also has an offshore registration. 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 $0 at Saxo and $10 at ThinkMarkets (the Standard account needs $50). Only Saxo offers negative balance protection. Both offer segregated client money.

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

Saxo profileThinkMarkets 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
SaxoStrictly regulatedRead the profile
ThinkMarketsStrictly regulatedRead the profile
Comparing
SaxoDenmark / European Union
ThinkMarketsStandard account · United Kingdom

Overview

Founded
Not yet checked
2010
Headquarters
Hellerup, Denmark
Not yet checked
Official websites
  • home.saxo
  • www.home.saxo
  • bgsaxo.it
  • thinkmarkets.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
Saxo Bank A/S
TF Global Markets (UK) Limited
Regulator
Danish FSA (Finanstilsynet)
Denmark / European Union
FCA
United Kingdom
Regulation level
Strictly regulated
Strictly regulated
Licence number
Bank licence 1149
Check the register
629628
Check the register
Clients this company serves
Clients in Denmark and other countries not served by a local Saxo subsidiary, including those served through its French, Dutch, Belgian and Czech branches
UK residents
All licences held
  • Danish FSA (Finanstilsynet) (Denmark / European Union)
  • FCA (United Kingdom)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • CONSOB (Italy)
  • JFSA (Japan)
  • FCA (United Kingdom)
  • CySEC (European Union)
  • ASIC (Australia)
  • DFSA (Dubai (DIFC), UAE)
  • FSCA (South Africa)
  • FSA Seychelles (Seychelles)
Segregated client money
Yes
Yes
Negative balance protection
Yes
No
Compensation scheme
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
FSCS up to £85,000 (UK); ICF up to €20,000 (Cyprus); none for the Seychelles company

Costs

Your monthly cost
No accounts listed
$110$11 per lot × 10 lots
Cost per lot (EUR/USD)
No accounts listed
$11
Spread from
No accounts listed
0.4 pips
Typical EUR/USD spread
No accounts listed
1.1 pips
Commission per lot (round turn)
No accounts listed
None
Typical GBP/USD spread
Not yet checked
1.3 pips
Typical USD/JPY spread
Not yet checked
1.4 pips
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Not yet checked
Yes

Leverage and margin

Maximum retail leverage
1:30 on major pairs (UK, EU)
1:30 on major pairs (UK, EU, Australia); up to 500:1 (2500:1 on ThinkTrader) at the Seychelles company
Retail leverage by asset class
  • EUR/USD (3.33% initial margin, UK): 1:30
  • GBP/USD and USD/JPY (4% initial margin, UK): 1:25
  • Major currency pairs (UK: 1:30
  • Currency pairs: up to 500:1
  • ThinkTrader account (Seychelles company): up to 2500:1
Margin call level
Not yet checked
Not yet checked
Stop-out level
50% (UK and EU retail close-out rule)
50% (forced liquidation level)

Account

Minimum deposit (this account)
No accounts listed
$50
Base currencies
No accounts listed
USD, USDt, AUD, GBP, EUR, SGD, CHF
Execution
No accounts listed
Spread only, no commission (MT4, MT5)

Platforms and features

Platforms
  • SaxoTraderGO
  • SaxoTraderPRO
  • SaxoInvestor
  • Mobile app
  • TradingView
  • ThinkTrader
  • MetaTrader 4
  • MetaTrader 5
  • TradingView
Markets
185+ FX pairs, FX options, CFDs, 23,000+ stocks, 7,400+ ETFs, bonds, futures and listed options
Forex, commodities, indices, crypto, stocks, ETFs and futures CFDs (up to 4,000 instruments on ThinkTrader)
Demo account
Yes
Yes
Copy trading
Not yet checked
Not yet checked
Expert advisors (automated trading)
Not yet checked
Yes
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
  • Bank transfer
  • Bank wire
  • Visa
  • Mastercard
  • Apple Pay
  • Google Pay
  • Neteller
  • Crypto
Withdrawal fee
Not yet checked
No fee on any funding method (international site)
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
24-hour support while markets are open; relationship managers for larger clients
Not yet checked

Our notes

Strengths
  • 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
  • Licensed by the FCA, CySEC and ASIC, with client money in segregated accounts
  • Publishes target (typical) spreads for the Standard account, such as 1.1 pips on EUR/USD
  • No deposit or withdrawal fees on the international site's funding methods
Watch out for
  • 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
  • International clients join TF Global Markets Int Limited in the Seychelles (offshore tier), where leverage goes up to 2500:1 on ThinkTrader and losses can exceed deposits
  • ThinkMarkets also says it is licensed by CIMA, an FSC, an FMA and (on its South African company) FSCA FSP 49835, without naming every company; we could not confirm these on 2026-10-20. Its FSCA OTC derivative provider approval is confirmed.
  • The ThinkZero minimum deposit is shown as $100 on the account types page and $500 on the ThinkZero page; ask before you fund.

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:

  • 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.
  • ThinkMarkets: Derivative products are leveraged products and can result in losses that exceed initial deposits. Please ensure you fully understand the risks and take care to manage your exposure and seek independent advice if necessary.

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