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 is a better option with a 4.50 star rating over IC Markets's 4.00 star rating.
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. IC Markets alongside 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. Saxo Bank boasts an offering of 182 different currency pairs compared to IC Markets's 63 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IC Markets makes Meta Trader available to clients, while Saxo Bank does not. 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. Saxo Bank trails IC Markets by 14 total charting tools, with IC Markets offering 31 and Saxo Bank offering 17. IC Markets boasts an offering of 51 different indicators (for example, moving averages) compared to Saxo Bank's 47 available indicators.
Overall, Saxo Bank boasts 4.50 stars versus IC Markets's 4.00 stars. And, when it comes to individual category awards, Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while IC Markets was rated none of these.