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

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

Compare Variables
XM
Trustpilot 2.2 3,168 reviews
Saxo Bank
Trustpilot 3.7 8,660 reviews
Partnership analysis
Key Advantages
  • High CPA and Revenue Share PotentialPartners can earn up to $1,000 CPA per qualified client and up to $90 per lot in revenue share, providing significant earning potential.
  • Daily Commission PayoutsXM processes affiliate commissions daily via an automated system, ensuring partners have rapid access to their earnings.
  • Extensive Regulatory FrameworkThe broker holds licenses from multiple respected regulators, including CySEC, FCA, and ASIC, which enhances brand trust and conversion rates.
  • 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.
Considerations
  • Strict Regional RestrictionsPartners are prohibited from soliciting clients from several European countries, including Belgium, France, Spain, and Portugal.
  • High CPA Qualification ThresholdsTo qualify for CPA payouts, referred clients must meet specific deposit minimums (e.g., $150) and complete a required number of round lots within 12 months.
  • Dormancy Fees on Affiliate AccountsAffiliate e-wallets with no activity for six consecutive months are subject to a $10 monthly dormancy fee.
  • Proprietary Platform FocusThe broker relies heavily on its proprietary SaxoTrader and SaxoInvestor platforms, which may require a learning curve for clients accustomed to standard third-party software.
  • Institutional Target AudienceThe extensive product range and sophisticated tools are primarily tailored toward advanced traders and institutional clients, potentially limiting conversion rates among novice retail traders.
  • Stringent Onboarding RequirementsAs a highly regulated bank, Saxo enforces strict KYC and compliance protocols, which may extend the time required to fully onboard and activate referred clients.
Entity & registration
Registered entity
Cyprus
Denmark
Headquarters
Cyprus
Denmark
Offshore entity Not Disclosed Not Disclosed
Regulatory licences
Regulatory Status Highly Regulated Highly Regulated
Regulatory licences BAFINCNMVCONSOBFIN FSAAFMFI SWEDENFCAASICCYSECMNBKNF DFSA DENMARKFCAMASFINMACONSOBJFSA
Key affiliate snapshot
Payout Frequency Daily Monthly
Tracking Method S2S / postback Not Disclosed
Withdrawal Methods Wire transferSkrillNetellerOther Not Disclosed
Sub-IB Tiers Not Disclosed Not Disclosed
Last verified Aug 2, 2026 Aug 2, 2026
Commission Structure
Lot Rebate ($/lot) Up to $90 per lot Not Disclosed
CPA Model Up to $1000 Not Disclosed
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 S2S Postback API Webhooks API
Marketing & Creatives
Landing pages Available Not Disclosed
Banners Available Not Disclosed
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 Not Disclosed
Tradable markets & scope CommoditiesCrypto CfdsForexIndicesStocks BondsCommoditiesCrypto CfdsEtfForexIndicesStocks
Min Deposit (FTD) $150 $0
Max Leverage Not Disclosed Not Disclosed
Execution model Not Disclosed ECN
Avg EURUSD Spread 0.8 pips Not Disclosed
Spread type Not Disclosed Not Disclosed
ECN commission (per lot) Not Disclosed Not Disclosed
Bonus campaigns Available Not Disclosed
Swap-Free / Islamic Accounts Not Disclosed Not Disclosed
Crypto deposits (traders) Not Disclosed Not Disclosed
Reduced-KYC onboarding Not Disclosed Not Disclosed
Investment Programs
PAMM / MAM System Available Not Disclosed
Compliance & Geo
Restricted Countries BelgiumSpainFrancePortugal Not Disclosed
US Clients Acceptance Not accepted Not accepted