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Saxo Bank vs IC Markets 2021

Is IC Markets better than Saxo Bank? In our analysis of 23 international regulators across 50 brokers, IC Markets is considered average-risk, with an overall Trust Score of 86 out of 99. Saxo Bank is considered low-risk, with an overall Trust Score of 99 out of 99. Learn more about Trust Score.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overall Rating

Feature Saxo Bank IC Markets
Overall 5 4.5
Commissions & Fees 4.5 5
Offering of Investments 5 4.5
Platforms & Tools 5 4
Mobile Trading Apps 5 4
Research 5 3.5
Education 4 4
Trust Score 99 86
Saxo Bank Review IC Markets Review
67% of retail CFD accounts lose money 74-89% of retail CFD accounts lose money
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Regulation

Feature Saxo Bank IC Markets
Trust Score 99 86
Year Founded
1992 2007
Publicly Traded (Listed)
No No
Bank
Yes No
Tier-1 Licenses
6 1
Tier-2 Licenses
1 1
Tier-3 Licenses
0 1
Authorised in the European Union
Yes No

Tier-1 Licenses (High Trust)

Feature Saxo Bank IC Markets
ASIC Authorised (Australia)
Yes Yes
IIROC Authorised (Canada)
No No
SFC Authorised (Hong Kong)
Yes No
CBI Authorised (Ireland)
No No
FSA Authorised (Japan)
Yes No
MAS Authorised (Singapore)
Yes No
FINMA Authorised (Switzerland)
Yes No
FCA Authorised (UK)
Yes No
CFTC Registered (USA)
No No
FMA Authorised (New Zealand)
No No

Tier-2 Licenses (Average Trust)

Feature Saxo Bank IC Markets
CBRC Authorised (China)
No No
CySEC Authorised (Cyprus)
No Yes
SEBI Authorised (India)
No No
ISA Authorised (Israel)
No No
CBR Authorised (Russia)
No No
FSCA Authorised (South Africa)
No No
SEC Authorised (Thailand)
No No
DFSA / Central Bank Authorised (UAE)
Yes No

Tier-3 Licenses (Low Trust)

Feature Saxo Bank IC Markets
SCB Authorised (Bahamas) No Yes
IFSC Authorised (Belize) No No
Cayman Islands Monetary Authority (CIMA)
No No
BMA Authorised (Bermuda) No No
FSC Authorised (British Virgin Islands)
No No
FSC Authorised (Mauritius)
No No
VFSC Authorised (Vanuatu)
No No

Investments

Feature Saxo Bank IC Markets
Forex Trading
Yes Yes
CFD Trading
Yes Yes
Tradeable Symbols (Total)
40000 3583
Forex Pairs (Total)
182 61
US Stock Trading (Non CFD)
Yes No
Int'l Stock Trading (Non CFD)
Yes No
Social Trading / Copy-Trading
Yes Yes
Cryptocurrency (Physical)
No No
Cryptocurrency (CFD)
Yes Yes
Crypto Disclaimer (UK) 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

Feature Saxo Bank IC Markets
Average Spread EUR/USD - Standard
0.8 (August 2020) 0.62 (August 2021)
All-in Cost EUR/USD - Active
0.6 (August 2020) 0.62 (August 2021)
Active Trader or VIP Discounts
Yes Yes
Execution: Agency Broker
Yes Yes
Execution: Market Maker
Yes Yes

Funding

Feature Saxo Bank IC Markets
Minimum Deposit
$2,000.00 $200
Bank Wire (Deposit/Withdraw)
Yes Yes
Visa/Mastercard (Credit/Debit)
Yes Yes
PayPal (Deposit/Withdraw)
No Yes
Skrill (Deposit/Withdraw)
No Yes

Trading Platforms

Feature Saxo Bank IC Markets
Proprietary Platform
Yes No
Desktop Platform (Windows)
Yes Yes
Web Platform
Yes Yes
Social Trading / Copy-Trading
Yes Yes
MetaTrader 4 (MT4)
Yes Yes
MetaTrader 5 (MT5)
No Yes
cTrader
No Yes
DupliTrade
No No
ZuluTrade
No Yes

Trading Tools

Feature Saxo Bank IC Markets
Virtual Trading (Demo)
Yes Yes
Alerts - Basic Fields
Yes Yes
Watchlists - Total Fields
62 7
Charting - Indicators / Studies (Total)
62 30
Charting - Drawing Tools (Total)
20 15
Charting - Trade From Chart
Yes Yes
Charting - Drawings Autosave
Yes Yes

Mobile Trading

Feature Saxo Bank IC Markets
Android App
Yes Yes
Apple iOS App
Yes Yes
Alerts - Basic Fields
Yes Yes
Watch List
Yes Yes
Watch List Syncing
Yes No
Charting - Indicators / Studies
62 30
Charting - Draw Trendlines
Yes Yes
Charting - Trendlines Moveable
Yes No
Charting - Multiple Time Frames
Yes Yes
Charting - Drawings Autosave
Yes No
Forex Calendar
Yes Yes

Research

Feature Saxo Bank IC Markets
Daily Market Commentary
Yes Yes
Forex News (Top-Tier Sources)
Yes Yes
Autochartist
Yes Yes
Trading Central (Recognia)
No Yes
Delkos Research
No No
Social Sentiment - Currency Pairs
Yes Yes
Economic Calendar
Yes Yes

Education

Feature Saxo Bank IC Markets
Has Education - Forex or CFDs
Yes Yes
Client Webinars
Yes Yes
Client Webinars (Archived)
Yes Yes
Videos - Beginner Trading Videos
Yes No
Videos - Advanced Trading Videos
Yes No
Investor Dictionary (Glossary)
Yes Yes

Major Forex Pairs

Feature Saxo Bank 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

Overall

Feature Saxo Bank IC Markets
Overall 5 4.5
Commissions & Fees 4.5 5
Offering of Investments 5 4.5
Platforms & Tools 5 4
Mobile Trading Apps 5 4
Research 5 3.5
Education 4 4
Trust Score 99 86
Saxo Bank Review IC Markets Review

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare IC Markets vs Saxo Bank.

Does IC Markets or Saxo Bank offer lower pricing?
Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spreads data, and pricing structures vary. Based on our thorough annual assessment, IC Markets offers better pricing overall for traders.

Is IC Markets or Saxo Bank safer for forex and CFDs trading?
At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases. Here's our findings. Saxo Bank holds 6 global Tier-1 licenses, while IC Markets holds 1. Both IC Markets and Saxo Bank hold 1 global Tier-2 licenses. In our analysis of 23 international regulators across 50 brokers, Saxo Bank earned a higher Trust Score than IC Markets.

Which trading platform is better: IC Markets or Saxo Bank?
To compare the trading platforms of both IC Markets and Saxo Bank, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Saxo Bank offers a better experience. With research, Saxo Bank offers superior market research. Finally, we found Saxo Bank to provide better mobile trading apps.

What about MetaTrader and copy trading?
For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. IC Markets and Saxo Bank both offer copy trading. Both IC Markets and Saxo Bank offer MetaTrader 4 (MT4).

How many forex pairs and CFDs are available to trade?
Saxo Bank provides traders 182 currency pairs (e.g., EUR/USD) compared to IC Markets's 61 available pairs. Forex pairs aside, Saxo Bank offers traders access to 40000 CFDs while IC Markets has 3583 available CFDs, a difference of 36,417.

Can I trust IC Markets?
IC Markets is not publicly traded and does not operate a bank. IC Markets is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). IC Markets is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC).

Can I trust Saxo Bank?
Saxo Bank is not publicly traded, does operate a bank, and is authorised by six tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Saxo Bank is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA) and the Financial Conduct Authority (FCA).

Is IC Markets good?
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.

Is Saxo Bank good?
Saxo Bank 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.

Overall winner: Saxo Bank

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