Saxo Markets
WellsTrade
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Overview
Saxo Markets was founded in 2012 and is headquartered in Denmark, while WellsTrade was established in 2008 and is based in United States. Saxo Markets holds licences including Financial Conduct Authority (FCA), while WellsTrade is regulated by Unregulated among others. Saxo Markets serves 10,000+ clients worldwide; WellsTrade has 10,000+. The minimum deposit is $6500 at Saxo Markets and $30 at WellsTrade.
| Feature | Saxo Markets | WellsTrade |
|---|---|---|
| Min. Deposit | $6500 | $30 |
| Regulation | Financial Conduct Authority (FCA) | Unregulated |
| Founded | 2012 | 2008 |
| Country | Denmark | United States |
| Clients | 10,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between Saxo Markets and WellsTrade, directly affecting your bottom line as a trader. WellsTrade has a lower barrier to entry with a minimum deposit of $30 (vs $6500 at Saxo Markets). Saxo Markets charges withdrawal fees while WellsTrade does not, a notable advantage for frequent withdrawers. Saxo Markets applies inactivity fees on dormant accounts; WellsTrade does not. Overall, WellsTrade scores higher on fees in our assessment.
| Feature | Saxo Markets | WellsTrade |
|---|---|---|
| Min. Deposit | $6500 | $30 |
| Withdrawal Fees | Yes | No |
| Inactivity Fees | Yes | No |
| Deposit Fees | No | No |
| CFD Fees | No | No |
Platforms
Saxo Markets offers MT4, MT5, cTrader, while WellsTrade supports MT4, MT5, cTrader. Both brokers provide mobile trading apps for iOS and Android. Saxo Markets supports social and copy trading features, which WellsTrade does not offer. The two brokers are closely matched on platform offering.
| Feature | Saxo Markets | WellsTrade |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | Mac, Web Trader, Tablet & Mobile apps | iPhone,Tablet,Mac,Android,WEB |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how Saxo Markets and WellsTrade compare. Saxo Markets has a video library; WellsTrade does not. Saxo Markets integrates third-party research tools (Autochartist); WellsTrade does not. Saxo Markets scores higher overall in education and research.
| Feature | Saxo Markets | WellsTrade |
|---|---|---|
| Forex Education | Yes | No |
| CFD Education | No | No |
| Weekly Webinars | No | No |
| Daily Commentary | No | No |
| Trading Central | No | No |
| Autochartist | Yes | No |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. Saxo Markets accepts 2 of the tracked payment methods (bank transfer, credit/debit card), while WellsTrade supports 2 (bank transfer, credit/debit card). Both brokers support the same set of payment methods.
| Feature | Saxo Markets | WellsTrade |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | No |
| Skrill | No | No |
| Neteller | No | No |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both Saxo Markets and WellsTrade offer live chat support. Both provide phone support. Email support is available at both brokers. Both brokers offer support in 2 languages. Both brokers are comparable on support quality.
| Feature | Saxo Markets | WellsTrade |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, and Chinese |