General Breakdown. This graph highlights the key scores from each Macro, uniquely calculated by us.
- Interactive Brokers
- Saxo Bank
Tier 1 Regulation
Tier 2 Regulation
Tier 3 Regulation
Deposit and Withdrawal
Costs and Fees
Forex Fixed Spreads
Forex Variable Spreads
Fees on Stocks
Fees on Indices
Fees on Cryptocurrencies
Special Trading Conditions
Available Trading Techniques
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).
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.