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Saxo Bank vs CMC Markets: Which Forex Affiliate & IB Program is Better?

Scale your partner business with precision. A data-backed breakdown of Saxo Bank and CMC Markets, analyzing commission structures, regulatory safeguards, and the trading conditions that keep your clients active for the long term.

Compare Variables
Saxo Bank
Trustpilot 3.7 8,660 reviews
CMC Markets
Trustpilot 4.2 3,323 reviews
Partnership analysis
Key Advantages
  • Extensive Regulatory FrameworkSaxo Bank holds licenses from multiple Tier-1 regulators, including the Danish FSA, FCA, and MAS, providing a highly secure environment for client funds.
  • Comprehensive Multi-Asset OfferingPartners can market over 71,000 instruments across forex, stocks, bonds, ETFs, and commodities, catering to a diverse and sophisticated client base.
  • Advanced API IntegrationThe broker provides robust OpenAPI technology, allowing partners to create bespoke, fully integrated user experiences and seamless front-to-back operations.
  • Extensive Market AccessPartners can promote over 12,000 tradable instruments across multiple asset classes, including forex, indices, commodities, and cryptocurrencies.
  • Flexible Remuneration ModelsThe partner program offers competitive CPA payouts starting from $300, alongside tailored, multi-tier rebate structures for Introducing Brokers.
  • Advanced Platform EcosystemClients benefit from the proprietary Next Generation platform, MetaTrader 4, MetaTrader 5, and TradingView integration, catering to diverse trading preferences.
Considerations
  • Proprietary Platform FocusThe broker relies heavily on its proprietary SaxoTrader and SaxoInvestor platforms, which may require a learning curve for clients accustomed to standard third-party software.
  • Institutional Target AudienceThe extensive product range and sophisticated tools are primarily tailored toward advanced traders and institutional clients, potentially limiting conversion rates among novice retail traders.
  • Stringent Onboarding RequirementsAs a highly regulated bank, Saxo enforces strict KYC and compliance protocols, which may extend the time required to fully onboard and activate referred clients.
  • Variable CPA ThresholdsWhile CPA payouts start at $300, specific qualification criteria and trading thresholds must be met before commissions are released.
  • Complex Account StructuresThe distinction between standard CFD accounts and FX Active accounts may require partners to provide additional guidance to their referrals.
  • Institutional FocusSome of the more advanced liquidity and API solutions are tailored specifically for institutional clients rather than standard retail IBs.
Entity & registration
Registered entity
Denmark
United Kingdom
Headquarters
Denmark
United Kingdom
Offshore entity Not Disclosed
Bermuda
Regulatory licences
Regulatory Status Highly Regulated Highly Regulated
Regulatory licences DFSA DENMARKFCAMASFINMACONSOBJFSA FCABAFINASICMASDFSABMA
Key affiliate snapshot
Payout Frequency Monthly Not Disclosed
Tracking Method Not Disclosed Cookie
Withdrawal Methods Not Disclosed Wire transferVisaMastercardSkrillNeteller Crypto
Sub-IB Tiers Not Disclosed Not Disclosed
Last verified Aug 2, 2026 Aug 2, 2026
Commission Structure
Volume RevShare Not Disclosed Not Disclosed
CPA Model Not Disclosed Up to $300
Hybrid Model Not Disclosed Not Disclosed
Tracking & Integrations
Attribution model Not Disclosed Not Disclosed
Cross-device tracking Not Disclosed Not Disclosed
Affiliate cookie duration Not Disclosed Not Disclosed
Tech Stack Readiness API API
Marketing & Creatives
Landing pages Not Disclosed Available
Banners Not Disclosed Available
Educational materials Not Disclosed Not Disclosed
Promo codes Not Disclosed Not Disclosed
Widgets Not Disclosed Not Disclosed
IB Support
Dedicated account manager Available Available
Sub-IB tracking tools Not Disclosed Not Disclosed
Custom partner conditions Not Disclosed Not Disclosed
Client Trading Conditions
Trading Platforms Not Disclosed MT4MT5WebTraderTradingView
Tradable markets & scope BondsCommoditiesCrypto CfdsEtfForexIndicesStocks BondsCommoditiesCrypto CfdsEtfForexIndicesStocks≈ 12000 instruments
Min Deposit (FTD) $0 $0
Max Leverage Not Disclosed 1:200
Execution model ECN NDD
Avg EURUSD Spread Not Disclosed 0 pips
Spread type Not Disclosed Variable
ECN commission (per lot) Not Disclosed $2 per lot
Bonus campaigns Not Disclosed Not Disclosed
Swap-Free / Islamic Accounts Not Disclosed Not Disclosed
Crypto deposits (traders) Not Disclosed Available
Reduced-KYC onboarding Not Disclosed Not Disclosed
Investment Programs
PAMM / MAM System Not Disclosed Not Disclosed
Compliance & Geo
Restricted Countries Not Disclosed Not Disclosed
US Clients Acceptance Not accepted Not accepted