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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When selecting an online broker, it's crucial to consider their trustworthiness and regulatory standing. Saxo, established in 1992, offers a significant edge in trust with a ForexBrokers.com Trust Score of 99 out of 99. With no listing on the stock exchange but operating as a bank, Saxo commands high trust backed by seven Tier-1 licenses and one Tier-2 license, demonstrating a robust regulatory framework.
In comparison, IC Markets was founded in 2007 and holds a solid ForexBrokers.com Trust Score of 84, placing it in the trusted category. However, it does not hold any Tier-2 licenses and is not a bank, operating with two Tier-1 licenses. While not publicly traded, IC Markets maintains a good level of trust but does not reach the towering regulatory stature of Saxo.
| 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 stars for commissions and fees. In our 2024 review, Saxo ranks #8 of 63 brokers in this category, while IC Markets ranks higher at #5. Both appeal to cost-conscious forex traders, but they get there in different ways: Saxo leans on tight spreads (especially for higher-tier accounts) with mostly spread-only pricing, while IC Markets shines with ultra-low “raw” spreads plus a small per-trade commission.
As of November 2023, Saxo’s average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP); minimum spreads were about 0.2 pips lower. Forex trading is commission-free at Saxo, with one exception: traders doing under 50,000 units per month pay a $3 per side ticket fee. The Classic account requires a $0 minimum deposit, Platinum requires $200,000 (AUD 300,000 in Australia), and VIP typically requires $1,000,000—or qualifying via Saxo’s loyalty program. Saxo also waives custody fees for share trading if you opt into securities lending.
IC Markets offers three accounts: Standard (spread-only), Raw Spread on MT4/MT5, and cTrader Raw Spread. The cTrader Raw Spread account charges $3.0 per side per 100,000 units (about 0.6 pips all-in when added to its listed 0.02-pip average EUR/USD spread, for a 0.62-pip total), while the MT4/MT5 Raw account is $3.5 per side per 100,000 units (about 0.72 pips all-in). The Standard account lists an average 0.62-pip spread with no commission. Pricing can vary by platform and whether you open under IC Markets’ EU, Australia, or Seychelles entity, and active traders can qualify for discounts above 100 standard lots per month.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Standard account | 1.0 | 0.62 |
| All-in Cost EUR/USD - Active | 0.8 | 0.62 |
| Non-wire bank transfer | 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 vs IC Markets: when it comes to range of investments, Saxo offers far more markets. Saxo lists about 71,000 tradeable symbols and 190 forex pairs, while IC Markets offers 3,583 symbols and 61 forex pairs. Both let you trade forex as CFDs or as spot contracts, and both support cryptocurrency CFDs (but not actual coins). For stocks, Saxo lets you buy exchange-traded securities on both U.S. and international exchanges, so you can purchase shares like Apple in the U.S. and Vodafone in the U.K.; IC Markets offers exchange-traded securities on international exchanges but not on U.S. exchanges. IC Markets does offer copy trading, which Saxo does not.
Ratings reflect this difference in breadth: Saxo earns 5 stars and ranks #3 out of 63 brokers for Range of Investments, while IC Markets earns 4.5 stars and ranks #22. Choose Saxo if you want the widest market access, especially U.S. shares and a huge list of symbols; pick IC Markets if copy trading matters and you’re comfortable with a smaller, still varied selection.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 3583 |
| Forex Pairs (Total) | 190 | 61 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| 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.
Both Saxo and IC Markets provide free demo accounts for paper trading, plus desktop (Windows) and web platforms. Saxo showcases its own in-house platform, while IC Markets relies on third-party software instead of a proprietary platform. IC Markets supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which Saxo does not. Both brokers let you place trades straight from charts. For social features, IC Markets offers copy trading; Saxo does not.
For platform quality and tools, ForexBrokers.com rates Saxo at 5 stars and ranks it #3 out of 63 brokers, while IC Markets earns 4 stars and ranks #17. In short, pick Saxo if you want a polished, broker-built platform experience; choose IC Markets if you prefer MetaTrader and want copy trading alongside desktop and web access.
| 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) | 61 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and IC Markets both deliver full-featured mobile trading apps for iPhone and Android. Each supports price alerts, drawing tools like trendlines, and automatic saving of chart annotations—handy for keeping your analysis intact across sessions.
Where they differ is depth and syncing. The Saxo mobile app packs 64 technical studies versus 30 on IC Markets, and Saxo syncs watchlists with your web platform while IC Markets does not. That extra polish shows in ratings: Saxo earns 5 stars and ranks #3 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, while IC Markets scores 4 stars and ranks #22. Choose Saxo if you want richer indicators and cross-device watchlist syncing; pick IC Markets if you mainly need core tools on the go.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and IC Markets both deliver daily market commentary, top-tier forex news (from sources like Bloomberg, Reuters, or Dow Jones), and handy research tools. Each broker includes Autochartist for pattern and signal spotting, a sentiment tool that shows the long/short split, and a full economic calendar. Neither offers TipRanks or Acuity Trading tools. One key difference: IC Markets adds Trading Central, while Saxo does not.
When it comes to overall research quality, Saxo takes the lead. ForexBrokers.com rates Saxo 5/5 stars and ranks it #1 out of 63 brokers for Research, while IC Markets scores 4/5 stars and sits at #21. Choose Saxo if you want top-rated, in-house research with strong news and analysis; pick IC Markets if you specifically value having Trading Central alongside Autochartist.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and IC Markets both offer extensive forex and CFD education, with at least 10 learning pieces each across articles, videos, and archived webinars. Beginners can follow step‑by‑step video courses, and both brokers run online client webinars at least once a month to help new traders build confidence and understand the basics.
For those ready to advance, each broker also provides 10+ videos aimed at experienced traders. According to ForexBrokers.com, Saxo earns 5 stars for Education and ranks #12 out of 63 brokers, while IC Markets earns 4 stars and ranks #16. If beginner education is your top priority, Saxo has the edge, though IC Markets remains a solid choice with plenty of helpful learning materials.
| 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 an exclusive 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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|---|---|---|
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| Trust Score | 99 | 84 |
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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 | 84 | |
| 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 | 84 | |
| 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) | Yes | 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 SCA 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 | 3583 | |
| Forex Pairs (Total) | 190 | 61 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| 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) - Standard account | 1.0 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.62 | |
| Inactivity Fee | Yes | No | |
| 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 | 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) | 61 | 30 | |
| 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 | 30 | |
| 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 | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | 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 | 84 | |
| Winner | check_circle | ||
| Review | Saxo Review | IC Markets Review |
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