After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare IC Markets vs Saxo Bank.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Saxo Bank received a rating of 4.50 stars over IC Markets's 4.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Both IC Markets and Saxo Bank are regulated in a major hub. Neither IC Markets and Saxo Bank are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. IC Markets trails Saxo Bank by 119 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and IC Markets offering 63.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IC Markets has Meta Trader, Saxo Bank doesn't. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. IC Markets boasts an offering of 31 charting tools compared to Saxo Bank's 17 available charting tools. IC Markets boasts an offering of 51 different indicators (for example, moving averages) compared to Saxo Bank's 45 available indicators.
Overall, Saxo Bank boasts 5.00 stars versus IC Markets's 4.00 stars. And, when it comes to individual category awards, Saxo Bank posted awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while IC Markets found itself with none of these.