Plus500 vs Saxo Bank: Comparison and Analysis

Plus500 vs Saxo Bank: A Comprehensive Comparison Summary

Security

When it comes to security, both brokers prioritize the safety of client funds and are regulated by reputable authorities. Plus500 holds regulations from FCA, CySEC, MAS, FSA of Seychelles, ASIC, and FSCA. It is also a member of NFA, making it available for US traders. On the other hand, Saxo Bank is regulated by FCA, ASIC, MAS, FINMA, JFSA, and HKSFC. In terms of security rating, Plus500 scores slightly higher with a rating of 96 compared to Saxo Bank’s rating of 95.

Winner: Plus500

Demo Accounts

For traders who want to test the platforms before committing real funds, both brokers offer demo accounts. Plus500 provides an unlimited duration demo account with virtual funds of $40,000. These funds can be restored by contacting customer support. Saxo Bank offers a demo account with a duration of 20 days and virtual funds of $100,000. While Saxo Bank does not allow fund restoration, multiple demo accounts can be opened with the same email.

Winner: Plus500

Account Opening

When it comes to account opening, Plus500 requires a minimum deposit of $100 ($500 through wire transfers). The account currency options include USD, GBP, AUD, and EUR. Payment methods accepted by Plus500 include wire transfers, credit/debit cards, and eWallets. Plus500 offers various account types such as Standard, Islamic, Invest, Futures (for US clients), and Professional (for advanced traders).

Saxo Bank, on the other hand, requires a minimum deposit of $500, with the minimum deposit varying depending on the country and account type chosen. Saxo Bank offers over 20 account currencies, including EUR, USD, GBP, and AUD. The accepted payment methods include bank transfer, credit/debit cards, and e-wallets. Saxo Bank offers a range of account options, including Classic, Platinum, VIP, and Corporate accounts.

Winner: Saxo Bank

Social-Copy Trading

If you are interested in social or copy trading features, neither Plus500 nor Saxo Bank offer these functionalities.

Winner: Tie

Markets

In terms of available markets, both brokers offer a wide range of options. Plus500 provides access to 60 forex pairs, 23 commodities, 67 indices, 60 crypto assets, over 1800 stocks (both as CFDs and real assets), 25+ ETFs, and 100+ futures and options. On the other hand, Saxo Bank offers 180 forex pairs, 70 commodities, 37 indices, over 19,000 stocks, 3000+ ETFs, and 10 futures. It’s important to note that Saxo Bank does not offer any crypto assets.

Winner: Saxo Bank

Trading Fees

When it comes to trading fees, both brokers have variable spreads. However, Plus500 generally has higher spreads on CFDs compared to the market average. Saxo Bank, on the other hand, offers spreads starting from 0.3 pips on forex.

Winner: Saxo Bank

Platforms

Both brokers offer proprietary trading platforms. Plus500’s platform is available via web and mobile devices. Saxo Bank provides two platforms: SaxoTraderGO, a standard proprietary trading platform, and SaxoTraderPRO, an advanced platform that supports API connections, algo trading, and multi-screen trading.

Winner: Saxo Bank

Education/Customer Care

In terms of education and customer care, Plus500 offers a basic academy section with standard information suitable for less experienced traders. Customer support is easily accessible via email and live chat. Saxo Bank provides clients with access to webinars, articles, videos, trading guides, and a trading academy for educational purposes. Additionally, Saxo Bank offers easy access to customer support via email, phone, live chat, and even provides dedicated account managers for high-net-worth clients.

Winner: Saxo Bank

Conclusion

In conclusion, both Plus500 and Saxo Bank have their strengths and weaknesses. Plus500 excels in security, demo accounts, and lower minimum deposit requirements. It offers a large selection of CFD assets, making it more suitable for short-term investing. On the other hand, Saxo Bank shines in the markets it offers, lower trading fees, a wider range of account options, and advanced trading platforms. It also provides more comprehensive educational resources and enhanced customer support.

Considering your specific trading preferences and needs will help determine which broker is the better choice for you.

Winner: Saxo Bank