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 |
When comparing Saxo and IC Markets for commissions and fees, both brokers offer compelling pricing structures that cater to different types of traders. Saxo delivers outstanding all-around pricing, particularly for active and high-volume traders who can maintain large account balances. With average EUR/USD spreads of 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts respectively, Saxo's Platinum and VIP accounts align closely with industry averages. Notably, Saxo’s Classic account is commission-free for forex trading, though a $3 ticket fee applies if trading less than 50,000 units per month. For its exceptional services, Saxo is rated 5 stars and ranked #9 out of 63 brokers by ForexBrokers.com.
On the other hand, IC Markets is celebrated for its small effective spreads and low deposit requirements, making its trading costs competitive with some of the top low-cost brokers like IG and CMC Markets. IC Markets features three account types: the commission-free Standard account, and the commission-based Raw Spread and cTrader Raw Spread accounts. The cTrader account is particularly notable, offering an all-in EUR/USD trading cost of 0.62 pips, thanks to its 0.6 pip commission that's slightly lower than its MetaTrader counterpart. IC Markets’ pricing excellence earned it a 5-star rating and a #5 ranking in the Commissions & Fees category by ForexBrokers.com.
Both Saxo and IC Markets offer high-quality pricing models that cater to various trader needs, with IC Markets being slightly more favorable for those seeking lower deposit thresholds and competitive commission-based accounts. Saxo, however, stands out with its loyalty program, especially for investors eyeing to upgrade to Platinum or VIP status for more savings and exclusive services.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.1 | 0.62 |
| All-in Cost EUR/USD - Active | 0.9 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and IC Markets in terms of their available range of investments, both platforms cater to forex traders by offering forex trading as both CFDs and spot contracts. Saxo, however, provides a significantly larger selection of tradeable symbols, boasting an impressive 70,000 compared to IC Markets' 3,583. With reference to forex pairs, Saxo continues to offer a wider variety, with 190 pairs available against the 61 that IC Markets offers. Moreover, Saxo gives traders access to U.S. exchange-traded securities, allowing direct investment in companies like Apple, a feature absent in IC Markets. Both brokers allow trading on international exchanges, letting clients invest in companies such as Vodafone.
The two platforms support copy trading functionalities and do not offer the option to purchase actual cryptocurrencies; instead, they provide cryptocurrency derivatives for trading. In terms of recognition and ratings, Saxo takes the edge in the range of investments, achieving a perfect 5-star rating and securing the 3rd spot out of 63 brokers on ForexBrokers.com. Meanwhile, IC Markets holds a commendable 4.5-star rating and ranks 25th in the same category. This makes Saxo an attractive choice for investors seeking a broad spectrum of investment opportunities and access to diverse markets. In contrast, IC Markets may appeal more to those who prioritize specific trading instruments and slightly fewer, yet focused, investment options.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 3583 |
| Forex Pairs (Total) | 190 | 61 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When comparing Saxo and IC Markets, both offer simulated trading with free virtual demo accounts, which can be a great way for traders to practice their strategies risk-free. Saxo takes a unique approach with its own proprietary platform, available via a desktop download for Windows and accessible through web browsers. IC Markets, on the other hand, doesn't have its own proprietary platform but provides popular options like MetaTrader 4 and MetaTrader 5. Both brokers facilitate copy trading, but IC Markets also supports ZuluTrade, offering additional social trading features not available with Saxo.
Saxo stands out with its charting capabilities, offering 20 drawing tools and the ability to trade directly from stock charts, while IC Markets provides 15 drawing tools with similar chart-based trading functionality. Additionally, Saxo impresses by offering 60 fields for watch lists compared to IC Markets' seven. Rated five stars for trading platforms and tools, Saxo tops the list of 63 brokers as the number one choice in this category by ForexBrokers.com. In comparison, IC Markets is rated four stars and ranks 16th, highlighting Saxo's edge in platform features and customization.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and IC Markets both provide mobile trading apps for both iPhone and Android, enabling users to trade on-the-go conveniently. Both apps allow setting up price alerts and real-time quotes for your watchlist, along with the ability to draw trendlines and view multiple time frames on forex and stock charts. However, one key difference lies in watchlist symbol syncing. Saxo users enjoy the convenience of having their watchlist automatically synchronized between their mobile app and online account, whereas IC Markets does not offer this feature.
When it comes to technical analysis, Saxo's app stands out with 64 technical studies, more than double what IC Markets offers with 30. Both platforms ensure chart drawings are auto-saved for future reference. In terms of ratings, Saxo shines with a 5-star rating for its mobile trading experience and ranks second out of 63 brokers based on ForexBrokers.com. IC Markets also performs well but falls slightly behind with a 4-star rating and a number 22 ranking. This makes Saxo a more suited choice for traders valuing a comprehensive and seamless mobile trading experience.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Saxo and IC Markets, both online brokers provide comprehensive market research tools, including daily market commentary and timely forex news from high-profile sources like Bloomberg and Reuters. They also offer valuable technical analysis features from Autochartist, as well as sentiment-based trading tools that display the ratio of long or short positions across various instruments. Additionally, both brokers support economic calendars that track significant global financial events. However, where they differ lies in their associations with other research tools; Saxo does not incorporate services from Trading Central, unlike IC Markets, which enhances its offerings with these technical analytic tools.
Despite some similarities, Saxo is considered the superior choice when it comes to research quality and breadth, receiving a 5-star research rating compared to IC Markets' 4 stars. Furthermore, Saxo holds the top ranking in ForexBrokers.com’s research category out of 63 brokers, while IC Markets is positioned at number 23. Saxo's leading edge in research is reflected in its diverse range of tools and insights, marking it as a top choice for those who value excellence in market analysis.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Both Saxo and IC Markets offer comprehensive educational resources for those new to trading in the forex and CFD markets. Saxo provides an extensive library with over ten informative articles, videos, and archived webinars, along with at least ten beginner-focused videos to help you get started. IC Markets matches this with a similar volume of beginner resources, ensuring you have access to a wealth of educational materials to enhance your trading skills. Additionally, both platforms host at least one online educational webinar each month and maintain a searchable archive of their sessions, making it easy for newcomers to learn at their own pace.
When comparing the depth of content for advanced traders, Saxo and IC Markets each supply over ten videos on more sophisticated topics, along with a solid investor dictionary containing more than 50 terms. Saxo shines in ratings, earning a five-star rating for education and ranking 13th among 63 brokers as per ForexBrokers.com, while IC Markets is close behind with a four-star rating and a 16th-place ranking. Whether you're starting or looking to build on existing skills, both brokers offer valuable educational support to guide your trading journey.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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 #20.
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
|
IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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Both Saxo and IC Markets do not offer the ability to buy actual delivered cryptocurrency, but they both provide options to trade cryptocurrency derivatives.
When comparing online brokers, Saxo and IC Markets both support Visa or Mastercard and bank wire transfers for depositing or withdrawing account funds, yet differ in e-payment methods, with IC Markets offering additional flexibility through PayPal and Skrill, options not available with Saxo.
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 |
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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 (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| 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) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 3583 | |
| Forex Pairs (Total) | 190 | 61 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.1 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Saxo | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | IC Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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