Review Market logoReviewMarket
Compare brokers
← All comparisons
Saxo Bank
VS
XM

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

We compare Saxo Bank and XM — 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

CriteriaSaxo BankXM
Overall score 4.1 3.6
Regulation & safety 4.5 3.0
Fees & deposit 3.5 3.5
Platform & assets 4.5 4.0
User support 4.0 4.0
Trust score85/10069/100
Minimum depositVaries by account type — check the official siteVaries by account type — check the official site
Demo accountAvailableAvailable
PlatformsSaxoTraderGO (web/mobile), SaxoTraderPRO (desktop), APIMetaTrader 4, MetaTrader 5, XM app
Fee modelTiered structure based on volume/account tier (Classic/Platinum/VIP) — tends toward premium, not the cheapest; exact figures not yet verifiedStandard / ultra-low spread; figures vary

Pros & cons

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
XM
  • Very large client base, strong multilingual education & support
  • MT4/MT5 + many instruments
  • CySEC license for the EU entity
  • Many retail clients via the offshore entity (Belize) — weaker protection
  • Standard spread is not the cheapest
  • Leverage is high-risk

Regulation at a glance

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.

XM

Trading Point group — regulated by CySEC (Cyprus), ASIC (historically), DFSA (Dubai), FSC (Belize), FSCA (South Africa). Many retail clients via the offshore entity (Belize).