Comparing online share dealing platforms side by side is no small task. For our 2024 review of U.K. brokers, more than 900 data points were collected over a 10-week period and used to score each broker. Let’s compare Saxo and Halifax.
Saxo vs Halifax Comparison
For our 2024 Review, we assessed the best trading platforms in the UK for online share dealing. Let's compare Saxo vs Halifax.
Is Saxo a good broker?
Saxo Markets’ trading platform is highly sophisticated and offers a huge range of international shares and funds. The biggest downside is the cost, as its charges are higher than its U.K. competitors. It's best suited for experienced investors rather than beginners.
Is Halifax a good broker?
If you are already a Halifax bank customer, it may be worth signing up to Halifax online share dealing for simplicity. The charges are in line with some other brokers, but more expensive than others. If you have a large investment portfolio you may benefit from the low annual management fee of £36. If you are new to Halifax, there may be a better platform for you that is cheaper and easier to open.
Which broker is less expensive?
Alongside the cost per trade, most UK online brokers also charge a monthly, quarterly, or annual management fee, which varies based on the account type and balance. Based on our thorough review, Halifax offers better pricing than Saxo for share dealing.
Assuming a £30,000 portfolio size, here are the total annual costs for share dealing with both brokers, given different monthly activity scenarios.
5 trades per year - Saxo would cost 0.12% + 0.08% (or £3) per trade: a minimum of £51 per year, while Halifax would cost £83.50 per year.
12 trades per year - Saxo would cost 0.12% + 0.08% (or £3) per trade: a minimum of £72 per year, while Halifax would cost £150 per year.
36 trades per year - Saxo would cost 0.12% + 0.08% (or £3) per trade: a minimum of £144 per year, while Halifax would cost £378 per year.
120 trades per year - Saxo would cost 0.12% + 0.08% (or £3) per trade: a minimum of £396 per year, while Halifax would cost £1,176 per year.
3 fund trades per year - Saxo would cost £0 per year, while Halifax would cost £0 per year.
How do Saxo and Halifax compare in terms of minimum deposits required?
Saxo requires a minimum deposit of £0, while Halifax requires a minimum deposit of £0. From our testing we found for accounts between £0 - £250,000 Saxo charges annual custody fees of Up to £800, while Halifax charges annual custody fees of £36.
Which broker offers a wider range of investment options?
Saxo offers investors access to ISA, SIPP, Share Trading, CFD Trading, Funds, ETFs, Bonds - Corporate, Bonds - Government (Gilts) and Investment Trusts, while Halifax offers investors access to ISA, SIPP, Funds, ETFs, Bonds - Corporate, Bonds - Government (Gilts), Investment Trusts and Advisor Services. Neither have Spread Betting and Crypto Trading. Investing encompasses a wide variety of asset classes, so finding a broker that offers every investment type you are interested in is important.
Do Saxo and Halifax offer ISA or SIPP accounts?
Self-invested personal pensions (SIPPs) and individual savings accounts (ISAs) are tax-advantaged savings accounts that are an important tool for many individual investors. You can read more about how these accounts operate at Gov.UK: Click here for SIPP information and here for ISA information. Our analysis finds that Both Saxo and Halifax offer SIPP and ISA accounts.
Do Saxo and Halifax offer cryptocurrency?
In our analysis of top brokers for share dealing in the U.K., we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum, which is still a somewhat rare offering amongst major U.K. brokers. Our review finds that neither Saxo nor Halifax offer crypto investing.
Which broker offers a better website experience?
Our testing concluded that the website of Saxo is better than the website of Halifax. Saxo offers more functionality, is cleanly designed, and is, overall, easier to use for beginners and casual investors.
Which stock trading app is better?
To compare the trading platforms of both Saxo and Halifax, we tested each broker's stock trading app. All features compared, our analysis finds that Saxo offers a better mobile app. Dive deeper: Best Stock Trading Apps UK.
Do Saxo and Halifax offer educational resources?
Educational offerings are of particular importance to those who are newer to investing, and we examine the availability of several different types of educational materials in our analysis. Our research finds that Saxo offers traders access to Client Webinars and Client Webinars (Archived), while Halifax offers access to none. Neither have Education (Share Trading), Education (Funds) and Education (Retirement).
Overall winner: Saxo
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