Switch Markets vs Saxo

Switch Markets or Saxo – which is better for UK traders 2024? Compare Switch Markets and Saxo in this detailed breakdown of their platforms, features and fees.

Switch Markets vs Saxo Comparison Table 2024
Switch Markets Saxo
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3.8
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4
Switch Markets is ranked #60 among CFD brokers. Saxo is ranked #76 among CFD brokers.
Review
Review
Switch Markets is a multi-asset CFD brokerage, regulated by ASIC and SVGFSA. The new brand offers trading on the MT4 and MT5 platforms and leverage up to 1:500. The broker boasts over 2000+ instruments, with some additional tools including copy trading services and free VPS hosting. Saxo Markets is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.
66% of retail accounts lose money.
Pros
  • Switch Markets offers access to a decent range trading tools including a market sentiment heatmap, an economic calendar and a VPS. I particularly appreciate the diverse range of forex calculators
  • I found 14 accessible deposit options and 5 base currencies. The impressive average processing times of 1 minute and 2 seconds should also appeal to active traders
  • I am impressed by the complimentary access to the HowToTrade education resources, community chatroom and market analysis without the need for any deposit
  • Traders can access copy trading solutions via the MetaTrader Trading Signals tools and duplicate positions of experienced traders in real-time
  • I think the $50 minimum initial deposit for both account types is very competitive compared to some other brands
  • Powerful proprietary trading platforms with comprehensive charting packages and advanced analysis tools
  • High-level research hub with curated market research, plus unique insights with 'Outrageous Predictions'
  • Excellent educational resources including podcasts, webinars and expert-led video insights
  • Access to comprehensive third-party analysis tools including TradingView and Updata
  • The ISA account is highly accessible and flexible with no entry or exit fees
  • Heavily regulated and trustworthy brand based in Switzerland
  • Low fees with premium account tiers
Cons
  • I'm a little concerned that the global entity is regulated offshore by the SVGFSA, a low-tier watchdog with very limited financial protection for clients
  • Spreads are not the most competitive for Standard account holders in my opinion, averaging 1.5 pips on EUR/USD
  • High funding requirements for the trading accounts
  • Access to Level 2 pricing requires a subscription
  • Clients from some jurisdictions not accepted including the US and Belgium
FCA Regulated
No

List of FCA Regulated Brokers

Yes
Instruments
CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFs
Demo Account
Yes Yes
Minimum Deposit
$50 £500
Payment Methods
Minimum Trade
0.01 Lots Vary by asset
Regulator
ASIC DFSA, MAS, FCA, SFC, FINMA, AMF, CONSOB
Mobile Apps
iOS & Android SaxoTraderGo (iOS, Android, Windows)
iOS App Rating
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Android App Rating
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Margin Trading
Yes No
MetaTrader 4
Yes No
MetaTrader 5
No No
cTrader
No No
AlgoTrader
No No
OmniTrader
No No
TradingView
No Yes
Autochartist
No No
eSignal
No No
Trading Central
No No
STP Account
No No
ECN Account
No Yes
DMA Account
No No
MAM Account
Yes No
PAMM Account
Yes No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
Yes No
Market Maker
Yes No
P2P Trading
No No
Spot Trading
Yes Yes
Auto Trading
Yes - Equinix
Copy Trading
Yes No
Copy Trading Platform
Switch Markets offers copy trading services with low fees via the MetaTrader 4 terminal.
Social Trading
Yes No
Trade Signals
MT4 Yes
VPS Hosting
Yes No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • NZD
  • CHF
  • SGD
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • SEK
  • DKK
  • CHF
Commodities
  • Gold
  • Silver
  • Oil
  • Natural Gas
  • Gold
  • Silver
  • Natural Gas
  • Oil
  • Copper
  • Corn
CFD
Switch Markets offers 180+ CFD instruments with 1:500 leverage and fast order execution speeds of <76 ms. I find commissions are also fairly competitive, coming in at $7 per round turn for Pro account holders. Trade 8,900+ CFDs spanning forex, stocks, indices, commodities, options and bonds with powerful tools and signals.
Leverage
1:500 1:30
FTSE Spread
1.2 1.2 pts (Variable)
GBPUSD Spread<
0.5 0.7 (var)
Oil Spread
2.0 0.03
Stocks Spread
Variable 0.10% (subject to min commission)
Forex
I think the range of 60+ major, minor and exotic currency pairs is fairly competitive, especially with spreads from 0 pips in the Pro account. Experienced traders can also access high leverage up to 1:500 in the popular MT4 platform. Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.
Assets
60+ 40+
GBPUSD Spread
0.5 0.7 (varies by region)
EURUSD Spread
0.1 0.2 (varies by region)
EURGBP Spread
0.6 0.6 (varies by region)
Cryptocurrency
There's only 6 crypto CFDs available at Switch Markets, though I was pleased to see leverage of 1:3 available. I like that you can also benefit from BTC, ETH, XRP, USDT and USDTRC20 deposit options. Trade cryptos against major fiat currencies or take a longer-term view with ETNs.
Spread
Variable Variable
Coins
  • BTC
  • ETH
  • LTC
  • XRP
  • BTC
  • ETH
  • LTC
  • XRP
  • XTZ
  • SOL
  • ADA
  • DOT
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
Switch Markets Saxo
Review
Review
66% of retail accounts lose money.
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