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 account | 1.1 | 0.62 |
| All-in Cost EUR/USD - Active | 0.9 | 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 and IC Markets both let you trade forex as CFDs or spot, and both support copy trading and cryptocurrency CFDs (but not actual crypto). Where they differ is depth. Saxo lists about 70,000 tradeable symbols and 190 forex pairs, dwarfing IC Markets’ 3,583 symbols and 61 pairs. Saxo also offers exchange‑traded shares on both U.S. and international exchanges, so you can buy stocks like Apple and Vodafone directly. IC Markets provides exchange‑traded shares on international markets only, not U.S. exchanges.
On range of investments, ForexBrokers.com rates Saxo 5 stars and ranks it #3 out of 63 brokers, while IC Markets earns 4.5 stars and ranks #26. In short, Saxo suits investors who want a very large product lineup with direct share dealing across global markets, whereas IC Markets appeals to traders who prioritize CFDs and forex with a leaner, still varied selection and access to copy trading.
| Feature |
Saxo
|
IC Markets
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|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 3583 |
| Forex Pairs (Total) | 190 | 61 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | Yes | 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 check the key boxes for traders: each offers a free demo (paper) account, web-based trading, a Windows desktop platform, copy trading, and the ability to place trades directly from charts. The main difference is platform choice. Saxo provides its own in-house platform, giving you a unified experience across web and desktop, while IC Markets does not have a proprietary platform but supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5)—ideal if you prefer the MetaTrader ecosystem and its third-party tools.
For Trading Platforms and Tools, ForexBrokers.com rates Saxo 5 out of 5 stars and ranks it #1 out of 63 brokers, whereas IC Markets earns 4 out of 5 stars and ranks #16. In short: pick Saxo if you want a top-rated, broker-built platform experience; pick IC Markets if MT4/MT5 compatibility is your priority, alongside copy trading and strong chart-trading workflows.
| 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 | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and IC Markets both offer full-featured mobile trading apps for iPhone and Android, with price alerts, trendline drawing, and auto-saved chart annotations. The key differences: Saxo syncs watchlists between mobile and web (IC Markets does not), and Saxo packs in 64 technical studies versus 30 at IC Markets. Independent ratings echo this gap: Saxo’s mobile app is rated 5 stars and ranked #2 out of 63 brokers by ForexBrokers.com, while IC Markets earns 4 stars and ranks #22.
If you value advanced charting tools and seamless watchlist syncing across devices, Saxo’s app stands out. If you’re content with essential indicators and drawing tools on both iPhone and Android, IC Markets still delivers a capable mobile experience, just with fewer indicators and no cross-platform watchlist sync.
| 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.
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 (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 give beginners plenty of forex and CFD education. Each offers at least 10 beginner-focused video lessons, at least 10 advanced videos for when you’re ready to go deeper, and ongoing client webinars every month. That mix of videos, webinars, and trading guides makes it easier to learn the basics, build skills, and keep up with market themes.
For overall quality, Saxo earns 5 stars for Education and ranks #13 out of 63 brokers at ForexBrokers.com, while IC Markets earns 4 stars and ranks #16 out of 63. If you want the highest-rated learning experience with a deep video library and frequent webinars, Saxo stands out. If you’re after a close alternative with similar beginner coverage and regular webinars, IC Markets is a solid choice.
| 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 #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
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IC Markets
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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 (SFC 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) | 70000 | 3583 | |
| Forex Pairs (Total) | 190 | 61 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | Yes | 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 | 1.1 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.9 | 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 | Yes | 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 | 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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