Written by ForexBrokers.com
In this head to head comparison of Saxo vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Saxo and IC Markets are well-known online brokers with different levels of regulatory coverage. Saxo holds seven Tier‑1 licenses and one Tier‑2 license, earning a 99/99 Trust Score from ForexBrokers.com (in the highly trusted 90–99 band). IC Markets holds two Tier‑1 licenses and no Tier‑2 licenses, with an 83/99 Trust Score (in the trusted 80–89 band).
Saxo was founded in 1992 and is a bank, while IC Markets was founded in 2007 and is not a bank. Neither broker is publicly traded. For context, ForexBrokers.com rates 90–99 as highly trusted, 80–89 trusted, 70–79 average risk, 60–69 high risk, and below 59 not trusted.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Year Founded | 1992 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
Saxo and IC Markets both earn 5 out of 5 stars for commissions and fees, but they suit different types of traders. Saxo is ranked #8 out of 36 brokers by ForexBrokers.com in this category, while IC Markets is ranked #5 out of 36 brokers. Saxo offers strong pricing overall, especially for active traders and clients with larger balances, with lower costs available through its Platinum and VIP tiers. Its EUR/USD spreads in November 2023 averaged 1.1 pips on Classic, 1.0 on Platinum, and 0.9 on VIP, and Saxo is generally commission-free for forex, though traders who do less than 50,000 units per month pay a $3 ticket fee per side.
IC Markets is often the better pick for traders focused on low day-to-day trading costs. Its commission-based Raw Spread accounts and commission-free Standard account are priced very competitively, and its all-in EUR/USD cost can be as low as 0.62 pips on cTrader or about 0.72 pips on MetaTrader, based on the figures provided. IC Markets also keeps account opening costs low, has discounts for high-volume traders, and its pricing helped it earn Best in Class honors in the Commissions & Fees category for 2024.
In simple terms, Saxo can be a great value if you qualify for its higher account tiers, while IC Markets may appeal more to traders who want low-cost pricing right from the start. Saxo’s best rates are tied to larger deposits or trading volume, whereas IC Markets keeps its core pricing more accessible across its Standard, Raw Spread, and cTrader Raw Spread accounts.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | 0.8 |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.72 |
| Non-wire bank transfer (Deposit/Withdraw) | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo offers a much wider range of investments than IC Markets, making it a stronger choice for traders who want more market access in one place. Both brokers let you trade forex as CFDs or spot contracts, and both offer cryptocurrency CFDs, but Saxo stands out with about 71,000 tradeable symbols and 192 forex pairs, compared with 7,435 symbols and 61 forex pairs at IC Markets. Saxo also lets clients buy real exchange-traded securities on both U.S. and international exchanges, such as Apple shares or Vodafone shares, while IC Markets does not offer these direct share purchases.
IC Markets does have one notable advantage: copy trading, which Saxo does not offer. Still, when it comes to range of investments overall, Saxo is rated 5 out of 5 stars and ranked #3 out of 36 brokers by ForexBrokers.com, while IC Markets is rated 4.5 stars and ranked #22. If your main priority is having the broadest choice of markets, Saxo is the clearer winner.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 7435 |
| Forex Pairs (Total) | 192 | 61 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Saxo and IC Markets both give traders a choice of a free demo account, plus desktop and web-based platforms, and each lets you place trades directly from a price chart. Saxo stands out for its own in-house platform, which can be a good fit if you want a broker-built trading experience with a clean, unified setup. IC Markets does not offer a proprietary platform, but it does support the widely used MetaTrader 4 and MetaTrader 5 platforms, which many traders prefer for charting and automation.
IC Markets also offers copy trading, while Saxo does not, giving IC Markets an edge for traders who want to follow other investors. In overall platform quality, Saxo is rated 5 out of 5 stars and ranks #3 out of 36 brokers for Trading Platforms and Tools, compared with IC Markets at 4 out of 5 stars and #17. In short, Saxo is the stronger pick for an all-in-one proprietary platform, while IC Markets may appeal more to traders who want MT4, MT5, and copy trading options.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 32 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and IC Markets both offer iPhone and Android apps, along with stock and forex price alerts, trendline drawing, and automatic saving of chart drawings. That means either broker gives mobile traders the core tools they need to track markets and manage charts on the go. Both apps are also built for active use, so the main differences come down to how much extra functionality they provide.
Saxo stands out for mobile trading apps thanks to watchlist symbol syncing, which lets changes made on the app and online account stay in sync, while IC Markets does not offer this feature. Saxo also offers more charting tools, with 64 technical studies compared with 32 at IC Markets. These differences help explain Saxo’s higher mobile trading apps rating of 5 stars and its #3 ranking out of 36 brokers, versus IC Markets’ 4 stars and #22 ranking.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 32 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and IC Markets both give traders useful market research basics, including daily market commentary, news from major sources like Bloomberg and Reuters, and an economic calendar for tracking upcoming events. Where Saxo stands out is in its added research depth: it includes Autochartist tools, while IC Markets does not. Saxo also earns a top Research rating of 5 stars and is ranked #1 out of 36 brokers by ForexBrokers.com for this category.
IC Markets, however, offers several extra research features that Saxo does not. These include Trading Central tools, sentiment data showing long and short positions, and TipRanks research. Even so, IC Markets is rated 4 stars for Research and sits at #21 out of 36, which puts it behind Saxo overall for market research strength.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to education for beginners, both Saxo and IC Markets give traders a solid range of learning materials. Each broker offers forex or CFD education with at least 10 related resources, monthly online webinars, and at least 10 beginner videos plus 10 advanced videos. That means new traders at either broker can find help with the basics and continue learning as their skills grow.
Even so, Saxo has the edge in education overall. It is rated 5 stars for Education and ranks #12 out of 36 brokers at ForexBrokers.com, while IC Markets is rated 4 stars and ranks #16. For beginners looking for a slightly stronger learning experience, Saxo stands out as the better choice, though IC Markets still offers plenty of useful educational content.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than IC Markets. Saxo finished with an overall rank of #3, while IC Markets finished with an overall rank of #21.
Saxo is a multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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IC Markets
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| Trust Score | 99 | 83 |
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Saxo vs IC Markets: neither online broker lets you buy actual delivered cryptocurrency, but both offer cryptocurrency CFD trading.
Comparing deposit and withdrawal methods, Saxo and IC Markets both do not support ACH or SEPA and both accept bank wire transfers, but only IC Markets offers PayPal and Skrill, while Visa/Mastercard availability is not specified for either broker.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Saxo | IC Markets | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review | IC Markets Review |
| Broker Screenshots | Saxo | IC Markets | |
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| Regulation | Saxo | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1992 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Saxo | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 7435 | |
| Forex Pairs (Total) | 192 | 61 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Saxo | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.0 | 0.8 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.72 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | No | No |
| Trading Platforms | Saxo | IC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | Saxo | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 64 | 32 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 32 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | IC Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | IC Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | IC Markets Review |
| Overall | Saxo | IC Markets | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review | IC Markets Review |
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