IG Markets vs Saxo: Comparison and Analysis

IG Markets vs Saxo: A Comparison Summary

Choosing a broker can be a challenging task, especially with the number of options available in the market. This comparison summary will highlight the similarities and differences between two popular brokers, IG Markets and Saxo, to help traders make an informed decision.

Security and Regulations

IG Markets is regulated by multiple authorities such as ASIC, FMA, FSCA, NFA, MAS, DFSA, JFSA, FINMA, and BMA. The broker also has a high security rating of 98. On the other hand, Saxo is regulated by FCA, ASIC, MAS, FINMA, JFSA, and HKSFC, and has a security rating of 95. Both brokers are regulated by reputable authorities and have high-security ratings, making them safe options for traders.

Demo Account

IG Markets offers an unlimited duration demo account with virtual funds of $30,000 that can be restored by contacting customer support. On the other hand, Saxo offers a demo account with a duration of 20 days and virtual funds of $100,000. However, the funds cannot be restored, but multiple demo accounts can be opened with the same email. Both brokers offer demo accounts to their clients, but IG Markets has an edge with its unlimited duration feature.

Account Opening

IG Markets requires a minimum deposit of $300 for most countries and offers a variety of account types, including a Standard account, Limited Risk account, Spread Betting account, Option and Turbo24 account, Share Dealing account, Islamic account, Professional and Select account. Saxo, on the other hand, does not require a minimum deposit and offers a variety of account types, including a Classic account, Platinum account, VIP account, and Corporate account. Both brokers offer multiple account options, but Saxo has a lower minimum deposit requirement.

Social-Copy Trading

IG Markets does not offer social or copy trading features, and Saxo also does not offer these services. Therefore, both brokers do not provide social or copy trading features to their clients.

Markets

IG Markets offers a wide range of markets, including Forex, Commodities, Indices, Crypto assets, Stocks, ETFs, Futures, and Options. The broker offers both CFDs and real assets, making it suitable for both short and long-term investments. Saxo offers Forex, Commodities, Indices, Bonds, Stocks, ETFs, and Futures. However, the broker only offers CFD assets, which means it’s more suitable for short-term investments.

Trading Fees

Both brokers offer variable spreads, with IG Markets offering spreads from 0.6 pips on Forex, and Saxo offering spreads from 0.3 pips on Forex. IG Markets also offers $0 commission on real US stocks for FCA, ASIC, DFSA, JFSA traders. Both brokers have competitive trading fees, but Saxo has lower spreads on Forex.

Platforms

IG Markets offers a proprietary platform, L2 Dealer, ProRealTime platform, and MetaTrader 4 (MT4). Saxo offers SaxoTraderGO and SaxoTraderPRO, which is an advanced trading platform that can be connected with APIs and algo trading. Both brokers offer multiple platforms, and traders can choose the platform that suits them best.

Education/Customer Care

IG Markets offers an extensive education section suitable for every trader, a dedicated Academy App, and easy access to customer care via phone, email, and live chat. Saxo provides clients access to webinars, articles, videos, trading guides, and a trading academy. Customer care is also easily accessible via email, phone, and live chat, and the broker provides dedicated account managers for high-net-worth clients.

Conclusion

In conclusion, both IG Markets and Saxo are reputable brokers with competitive features. IG Markets has a high-security rating, an unlimited duration demo account, a wide range of markets, $0 commission on real US stocks for certain traders, and access to multiple trading platforms. Saxo also has a high-security rating, a demo account with a large virtual fund, a variety of account types, a lower minimum deposit, low spreads on Forex, an advanced trading platform, and access to multiple educational resources.