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Mitrade
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Saxo Bank

Mitrade vs Saxo Bank: which broker is better in 2026?

We compare Mitrade and Saxo Bank — two forex & CFD brokers — side by side across regulation, fees, platforms, minimum deposit, and our editorial scores. Based on our overall editorial score, Saxo Bank edges ahead (4.1/5), but the right choice depends on what matters most to you — check the breakdown below.

Side-by-side comparison

CriteriaMitradeSaxo Bank
Overall score 3.6 4.1
Regulation & safety 3.5 4.5
Fees & deposit 4.0 3.5
Platform & assets 3.5 4.5
User support 3.5 4.0
Trust score72/10085/100
Minimum depositVaries by account type — check the official siteVaries by account type — check the official site
Demo accountAvailableAvailable
PlatformsProprietary web platform, iOS/Android mobile appSaxoTraderGO (web/mobile), SaxoTraderPRO (desktop), API
Fee modelCommission-free, spread-only pricing (plus overnight funding on leveraged positions) — exact spreads not yet verified in detailTiered structure based on volume/account tier (Classic/Platinum/VIP) — tends toward premium, not the cheapest; exact figures not yet verified

Pros & cons

Mitrade
  • Multi-jurisdiction licensing (ASIC Australia, CySEC Cyprus, FSCA South Africa) with an easy, beginner-friendly proprietary platform
  • Commission-free spread-only pricing; Australian platform reportedly carries a Lloyd's of London excess-of-loss insurance policy (capped at AUD 1,000,000 for qualifying claims on insolvency)
  • Wide CFD coverage (forex, indices, commodities, crypto, ETFs, shares) on web + mobile, with demo accounts and modern payment options (Apple Pay/Google Pay in AU)
  • Regulatory history includes a 2023 ASIC interim stop order (later revoked) and a 2024 Philippines SEC advisory — worth reading before depositing
  • Own platform only — no MetaTrader 4/5 or cTrader for advanced/algorithmic traders
  • Leveraged CFDs are high-risk, and the UAE licence covers promotion only, not brokerage — entity coverage varies a lot by country
Saxo Bank
  • Fully licensed bank (Danish FSA) — prudential oversight + multi-jurisdiction regulation
  • Very broad instrument coverage (forex, stocks, ETFs, options, futures, bonds) in one account
  • Professional-grade, well-regarded SaxoTraderGO/PRO platform
  • Fee structure tends toward premium (not the cheapest), better suited to medium-to-high volume
  • Minimum deposit & tiers can feel high for small-capital beginners
  • Leveraged products remain high-risk

Regulation at a glance

Mitrade

Operates through separate entities per region: Mitrade Global Pty Ltd (Australia) under ASIC; MiTrade EU Limited (Cyprus) under CySEC (licence 438/23, since 9 October 2023); a Financial Sector Conduct Authority (FSCA) entity in South Africa via the 2025 acquisition of Fridah Asset Managers (to be renamed Mitrade Markets Pty Ltd); plus a 2026 UAE Capital Markets Authority Category 5 licence limited to introduction/promotion only (NOT brokerage). Which entity serves you — and its protections — depends on your country. Verify directly with the relevant regulator before signing up.

Saxo Bank

A fully licensed bank supervised by the Danish FSA (Finanstilsynet), with entities regulated by the FCA (UK), FINMA (Switzerland), MAS (Singapore), ASIC (Australia), and others. Its 'bank' status adds a layer of prudential oversight.