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Interactive Brokers vs Saxo Bank: Comparison and Analysis

Trying to figure out which Forex trading platform is better – Interactive Brokers or Saxo Bank? To spare you going through a time-consuming research process yourself, our experienced traders prepared the following comparison article, laying out the features of both these renowned brokers in detail.

We’ve compared over 100 variables and features, providing you with a list of all the pros and cons of Saxo Bank and Interactive Brokers. We’ve even divided our comparison charts into a more logical structure, ensuring straightforward navigation.

Scroll the whole post below, or jump to the relevant section with the quick menu.

Open Account
74-89% of retail CFD accounts lose money
Interactive Brokers review
Open Account
72% of retail investor accounts lose money
Saxo Bank review

Overall Ratings


Rated
79
Rated
81

General Breakdown. This graph highlights the key scores from each Macro, uniquely calculated by us.

  • Interactive Brokers
  • Saxo Bank

Security 95
Security 95

Cost 67
Cost 69

Trading 71
Trading 75

Education 75
Education 76

Company Info


Foundation
1978
1992
Is it Regulated?
Is it Publicly Traded?
Is it a Bank?
Segregated Clients Funds ?
No-ESMA Branches? ?
Accepts EU Clients?
Accepts US Clients?
Accepts Canadian Clients?
Website Languages
en, chi(t/s), de, es, fr, ru, it, jpn
en, ar, chi(t/s), dan, fr, hu, ne, nor, pol, ru, slo, it, swi, sg

Leverage


Non-EU Leverage ?
0
400:1
European Leverage ?
30:1
30:1
Australian Leverage ?
0
30:1
US Leverage ?
0
0
Canadian Leverage ?
50:1
400:1

Tier 1 Regulation


FSA ?
MAS ?
FINMA ?
FCA ?
CFTC ?
MIFID-ESMA ?
ASIC ?
CIRO ?
SFC ?

Tier 2 Regulation


FMA ?
CBR ?
FSCA ?
SEC ?
DFSA ?
CBRC ?
CySEC ?
ISA ?

Tier 3 Regulation


Offshore ?
MMA (Maldives) ?
EDR ?
FSA (Seychelles) ?
SCB (Bahamas) ?
FSC (Mauritius) ?
VFSC (Vanuatu) ?
IFSC (Belize) ?
CIMA (Cayman Islands) ?
SVG (Saint Vincent and the Grenadines) ?
FSRC (St. Kitts & Nevis) ?
BMA (Bermuda) ?
BVI (British Virgin Islands) ?

Brand Power


SimilarWeb - Website Ranking
1601127
SimilarWeb - Total Visits
Facebook Likes
179040
Twitter Likes
30500
Instagram Likes
2911

Deposit and Withdrawal


Minimum Deposit ?
Minimum Withdraw ?
Credit Card ?
Bank Transfer ?
PayPal
Neteller
Skrill
Other Methods Available ?
Check, Bpay
Maestro, Carte Bleue, Dankort
Deposit Waiting Time ?
1 business day
1-2 business days
Withdraw Waiting Time ?
1 business day
1-2 business days
Bonus Program ?

Costs and Fees


Deposit Fees ?
Withdrawal Commissions ?
Overnight/Swap Fee ?
Inactivity Fee ?
Conversion Fee ?

Account Types


Demo Account ?
Demo Account Expiration ?
Account Currencies ?
AUD, EUR, GBP, USD, CAD, CHF, CNY, CZK, HKD, HUF, JPY, MXN, NOK, NZD, RUB, SEK, SGD
EUR, USD
Standard Account ?
Micro Account ?
Low-cost Account ?
Variable Spread Account ?
Fixed Spread Account ?
Zero Spread Account ?
ECN Account ?
Swap Free Account ?
Islamic Account ?
Professional Traders Account ?
Active Trader Program ?

Commodities


Crude Oil ?
Natural Gas ?
Silver ?
13.0
Platinum ?
Copper ?
Soybeans ?
Corn ?
Gold ?
12.0

Forex Fixed Spreads


EUR/GBP Spread
EUR/USD Spread
USD/JPY Spread
GBP/USD Spread
USD/CHF Spread
AUD/USD Spread
USD/CAD Spread
NZD/USD Spread

Forex Variable Spreads


EUR/USD Average Spread
0.2
0.6
USD/JPY Average Spread
0.2
0.6
USD/CHF Average Spread
0.2
0.7
GBP/USD Average Spread
0.2
0.7
USD/CAD Average Spread
0.2
2.3
AUD/USD Average Spread
0.2
1.0
NZD/USD Average Spread
0.2
1.7
EUR/GBP Average Spread
0.2
1.8

Fees on Stocks


Apple
1.0
3.0
Facebook
1.0
3.0
Alphabet
1.0
3.0
Snapchat
1.0
3.0
BP
4.0
5.00
Tesco
4.0
5.00
Barclays
4.0
5.00
Lloyds
4.0
5.00

Fees on Indices


FTSE100
S&P500
Dow Jones
Nasdaq
CAC40
DAX30
Nikkei 225
Euro Stoxx 50

Fees on Cryptocurrencies


Bitcoin
0
0
Ethereum
0
0
Ripple
0
0
Litecoin
0
0
Bitcoin Cash
0
0
Dash
0
0
Monero
0
0
Neo
0
0

Platforms


cTrader Desktop
cTrader Web
Mirror Trader
ZuluTrade ?
MT4 Dekstop
MT4 Web
MT5 Desktop
MT5 Web
Proprietary Desktop Platform
Proprietary Web Platform
MAC Platforms
Sirix

Mobile Trading


Android ?
iOS ?
Windows ?
Trading Signals on Mobile ?
Smart Watch App ?
Forex Trading ?
CFD Trading ?
Alerts ?
Chartings-Drawing Tools ?
Mobile Available Language ?
en, chi(t/s), de, es, fr, ru, it, jpn
en, ar, cz, de, es, fi, fr, hu, ne, nor, pol, ru, slo, it, chi
Watchlist Mobile ?

Available Markets


Forex Pairs ?
23
180
Crypto ?
23
180
Commodities ?
10
70
Stocks ?
5000
19000
Indices ?
ETF ?
50
3000
Futures ?
10
10
Options ?
10
Bonds ?
38000
5000
Metal ?
4
Agricultural ?
5
Energies ?
5
2
Interest Rates ?
Penny Stocks ?
IPO ?
Blends ?
Dow Jones ?
FTSE ?
Dax ?
Nikkei ?
Gold Market ?
Bitcoin ?
Real Assets ?
ETF, Stocks

Trading Execution


Direct Market Access (DMA) ?
Straigh Through Processing (STP) ?
Electronic Communication Network (ECN) ?
Market Maker ?
Non Dealing Desk (NDD) ?
FIFO Applies? ?
4 Digits Decimal Pricing ?
5 Digits Decimal Pricing ?

Risk Management


Stop Losses ?
Take Profits ?
Limit Orders ?
Trailing Stop ?
Margin Call ?
OCO Orders ?
Guaranteed Stop Loss ?
Negative Balance Protection ?
Minimum Trade Size ?
0.001 lots
0.001 lots
Maximum Trade Size ?
100 lots
100 lots

Special Trading Conditions


MAM ?
PAMM ?
Social Trading ?
Copy Trading ?
LAMM ?

Available Trading Techniques


Scalping ?
Hedging ?
Spread Betting ?
Expert Advisor (EA) ?
Virtual Private Server ?
API ?

Trading Tools


One-Click Trading ?
Signal Trading ?
Price Alerts ?
Number Chart Indicators ?
51
47
Number Chart Drawing Tools ?
31
17
Trade Directly From Chart ?
Watchlist ?

Education


Education Center ?
Webinars
Platform Tutorial Video ?
Video on Trading for Beginners ?
Video on Trading for Experts ?
Tutorial Guide
Glossary

Customer Support


Call Back Request ?
Email Support
Phone Support
Live Chat
Support Language Available
en, chi(t/s), de, es, fr, ru, it, jpn
en, ar, cz, de, es, fi, fr, hu, ne, nor, pol, ru, slo, it, chi

Research


Professional Reports
Social Trading Features - Social Feeds ?
Economic Calendar
Daily Email With Trading Ideas
Analysis From Trading Central (Recognia)
Analysis From Delkos Research
AutoChartist
Traders Sentiment ?
News via Twitter
News via FaceBook
Daily Market Commentary

About Interactive Brokers and Saxo Bank

Founded in 1978, Interactive Brokers not only has a reputation as one of the most experienced brokers but also as one of the best in business. Throughout these years, Interactive Brokers has built a loyal base of clients, being a respected trading platform, especially among more experienced and advanced traders.

Saxo Bank, on the other hand, was founded in 1992. However, while younger, this Danish platform quickly became a popular broker and is now considered one of the best online trading platforms in the industry, having won multiple prestigious awards and being regulated by numerous high-authority financial organizations.

Interactive Brokers vs. Saxo bank: Which Broker Offers Better Pricing?

Interactive Brokers offers three account plans that heavily affect fees and commissions – a fixed plan, a tiered plan, and a free-tier plan. The trading costs will also depend on the country you’re trading from. On average, if you were going for a fixed plan, you can expect Forex spreads to start from as low as 0.2 pips with a minimum $2 commission. Stocks and EFTs include a minimum commission of $0.0005, whereas crypto fees range from 0.12% to 0.18% of one’s trade value.

As for no-trading fees, deposits and withdrawals are free in most scenarios, although that can depend on your account. They are nothing to be afraid of, though. There’s also an inactivity fee of $10/month after 12 months of no activity on one’s account.

Regarding Saxo Bank, a minimum spread when trading Forex is 0.4 pips. For US stocks, you can expect a minimum $3 commission. The good news is that all deposits are free, although you might be forced to pay a conversion fee if your base currency doesn’t match your deposit currency. Withdrawals are also free, although that may depend on your payment method and location. Saxo also has an inactivity fee. Instead of charging your account monthly after 12 months of inactivity, the broker will take 100 USD (or the equivalent in your base currency) from your account after six months.

Winner: Interactive Brokers

Saxo vs. Interactive Brokers: Which Platform Has a Better Selection of Markets?

Although pricing is a significant factor to consider when choosing the best Forex trading platform, a broker is only as good as its selection of available markets. So, which platform comes out on top here?

Let’s start with Saxo Bank this time. The broker offers an impressive collection of up to  40,000 trading assets. Namely:

  • Forex Trading: Over 180 currency pairs with pips as low as 0.4;
  • Commodities: Four commodities in total – gold, silver, WTI, and corn;
  • Indices: 25+ indices from all over the world;
  • Stocks: Saxo traders can choose between 37 stock exchanges, offering a total of over 19,000 stocks;
  • Bonds: Saxo Bank offers over 5,000 government and corporate bonds;
  • Options: Saxo users can trade over 1,200 options from 23 worldwide exchanges;
  • Mutual Funds: Traders can also take advantage of mutual funds with zero commissions.

How does Interactive Brokers compare? Essentially, the platform’s users can trade:

  • Forex Trading: More than 100 currency pairs with pips as low as 0.2;
  • CFDs: Interactive Brokers offers up to 7,100 CFDs in Forex, shares, commodities, and indices;
  • Stocks and ETFs: The broker allows its online traders to trade stocks and ETFs from over 80 exchanges around the world;
  • Options and Futures: You can also trade options and futures from more than 30 exchanges;
  • Bonds: You are free to search and compare over 1 million bonds, which you can trade through the broker;
  • Mutual Funds: Like Saxo Bank, Interactive Brokers also offers mutual funds – 40,000 of them to be exact;
  • Crypto Trading: Interactive Brokers also allows you to trade cryptocurrencies, provided by the Paxos Trust Company.

So yes, when you compare Saxo Bank with Interactive Brokers, it’s clear that these two platforms are closely matched to other available assets. However, Saxo Bank’s offer seems slightly more diverse and extensive.

Winner: Saxo Bank

Saxo Bank vs. Interactive Brokers: Which Broker Is More Regulated?

Interactive Brokers holds nine tier-1 licenses from the Central Bank of Ireland (CBI), Financial Conduct Authority (FCA), Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), Commodity Futures Trading Commission (CFTC), Monetary Authority of Singapore (MAS), Securities Futures Commission (SFC), and Australian Securities & Investment Commission (ASIC).

Saxo Bank, on the other hand, is authorized by six tier-1 financial organizations. It also has licenses from ASIC, JFSA, FCA, and MAS while also being authorized by the Swiss Financial Market Supervisory Authority (FINMA) and Securities Futures Commission (SFC).

Winner: Tie

Which One Is Better? Interactive Brokers or Saxo Bank?

So, based on what we’ve covered, which broker is better? Well, in our opinion, there’s no clear winner. Both Saxo Bank and Interactive Brokers are fantastic platforms for traders, especially more experienced ones. There are also several factors we haven’t mentioned, such as trading tools and educational materials. We have, however, included them in our comprehensive reviews of Interactive Brokers and Saxo Bank. Be sure to read them before making your final decision.