Written by ForexBrokers.com
In this head to head comparison of Saxo vs iFOREX, 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.
Founded in 1992, Saxo is an online broker that operates as a bank and boasts a strong reputation for trust, as reflected by its ForexBrokers.com Trust Score of 99 out of 99. Despite not being publicly traded, Saxo’s credentials as a reliable broker are underscored by its acquisition of seven Tier-1 licenses, known for high trust, and one Tier-2 license, considered trusted. These credentials position Saxo as a highly regarded choice for online trading, backed by stringent regulatory oversight.
In contrast, iFOREX, established in 1996, does not enjoy the same level of regulatory backing or trust as Saxo, with a Trust Score of 75, indicating average risk. While not a bank or publicly traded, iFOREX holds just one Tier-1 license, and lacks any Tier-2 licenses, which affects its perceived risk profile. For traders evaluating their options between these brokers, the difference in trust scores and regulatory licensing can serve as an essential factor in decision-making.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Year Founded | 1992 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Saxo and iFOREX for their commissions and fees, Saxo stands out with its competitive pricing, particularly for those who are active traders or can maintain large account balances. Saxo offers three types of accounts: Classic, Platinum, and VIP. As of November 2023, the EUR/USD spread averages at 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP accounts. Despite its lower cost, Saxo's Platinum and VIP accounts align with industry average pricing, whereas the Classic account is slightly above average. Moreover, Saxo waives custody fees for traders who engage in securities lending. The entry-level Classic account now requires no minimum deposit, while the Platinum account requires $200,000, and the VIP account requires $1,000,000 or specific trading volume through their loyalty program. Saxo is commission-free on forex trades, except for a small ticket fee for lower-volume traders. Saxo has an impressive 5-star rating for commissions and fees, holding the #9 spot out of 63 brokers.
iFOREX, on the other hand, does not provide detailed average spread data. This lack of transparency might be a consideration for traders who prioritize clear pricing structures. Although iFOREX allows trades without charging commissions, the absence of specific spread information could affect decision-making for cost-conscious traders. The platform earned a 3-star rating for its commissions and fees, ranking considerably lower at #61 out of 63 brokers. For those who prioritize precise cost information and lower trading fees, Saxo may offer a more favorable option.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| 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 the range of investments available through Saxo and iFOREX, there are notable differences that can affect a trader's choice. Saxo prides itself on offering a vast selection of 70,000 tradable symbols, including 190 forex pairs. This extensive coverage is complemented by the availability of exchange-traded securities on both U.S. and international exchanges, enabling clients to invest directly in stocks like Apple and Vodafone. Moreover, Saxo supports CFD trading in forex and cryptocurrency derivatives, offering a platform for both seasoned investors and beginners looking for diverse investment opportunities. Additionally, Saxo facilitates copy trading, allowing clients to follow and replicate successful trading strategies. This comprehensive range earned Saxo a high rating of 5 stars for its investment offerings, securing the third spot out of 63 brokers on ForexBrokers.com for range of investments.
In contrast, iFOREX has a more limited selection with 750 tradable symbols and 88 forex pairs. While iFOREX does provide forex trading via CFDs and also lets investors trade cryptocurrency derivatives, it lacks the direct access to exchange-traded securities, a key difference from Saxo. This means that traders cannot purchase actual shares in companies like Apple or Vodafone through iFOREX. The absence of a copy trading feature may also limit options for novice traders looking to learn from experts. These factors contribute to its 3.5-star rating for range of investments and a ranking of 41 out of 63 brokers according to ForexBrokers.com. Despite these limitations, iFOREX still serves as a viable platform for those primarily interested in CFD trading within a more confined selection.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 750 |
| Forex Pairs (Total) | 190 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | No |
| 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.
Saxo and iFOREX both offer traders unique platforms, but they cater to different needs. Saxo shines with a proprietary platform that is accessible as a Windows-based desktop download as well as a web-based application. Offering a free virtual demo account distinguishes Saxo by allowing users to practice with simulated trading, an option not available with iFOREX. Saxo supports direct trading from charts and enhances user experience with 20 drawing tools and customizable watch lists boasting 60 fields. On top of that, Saxo includes a copy trading feature, which adds convenience for users looking for diverse trading strategies. These robust offerings have earned Saxo a 5-star rating and a top rank in the Trading Platforms and Tools category by ForexBrokers.com.
iFOREX, in contrast, also boasts a proprietary web-based trading platform but lacks a desktop download option and a demo account. While it doesn't feature copy trading or support MetaTrader platforms, iFOREX compensates with comprehensive charting capabilities, including 25 drawing tools. However, the platform’s watch lists are somewhat limited, featuring only nine columns compared to Saxo's expansive options. Despite these limitations, iFOREX still earns a respectable 4-star rating from ForexBrokers.com, making it a viable choice for traders who prioritize detailed charting tools over other functionalities. However, when stacked against 63 brokers, iFOREX ranks 54th in tools and platforms, highlighting room for improvement compared to Saxo's top-ranked offering.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 57 |
| Charting - Drawing Tools (Total) | 20 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When choosing a mobile trading app, both Saxo and iFOREX offer compatibility for iPhone and Android users. However, Saxo edges out with more advanced features that enhance the trading experience. Saxo not only provides stock and forex price alerts, but it also enables seamless synchronization of watchlists across devices. This ensures any changes made are reflected instantly, whether you're on the app or the web. Additionally, Saxo's mobile app supports 64 technical studies for charting and allows users to draw and save trendlines, view multiple time frames, and create real-time watchlists. On the contrary, iFOREX falls short in these areas, lacking support for price alerts, watchlist syncing, trendline drawing, and real-time quotes in watchlists.
In terms of performance ratings, Saxo garners a prestigious five-star rating for its mobile trading app, standing as the second-best among 63 brokers evaluated by ForexBrokers.com. iFOREX, while still functional, receives a four-star rating and ranks 55th out of the same set of brokers. For traders prioritizing immediate access to comprehensive trading features on a reliable mobile platform, Saxo provides a superior option.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Saxo and iFOREX, several key differences become evident. Both platforms provide daily market commentary and an economic calendar, which keep traders informed with timely updates and upcoming global news events. However, Saxo takes a step further by delivering forex news from top-tier sources like Bloomberg and Reuters, something iFOREX does not offer. For those interested in technical analysis, Saxo incorporates tools from Autochartist, whereas iFOREX provides resources from Trading Central. Both brokers offer sentiment-based trading tools to gauge the market positioning but differ significantly in their access to expert tools and news sources.
Saxo's market research is rated highly at 5 stars, thanks to its comprehensive offerings, while iFOREX earns a respectable rating of 3.5 stars. This disparity is also reflected in their respective rankings by ForexBrokers.com, where Saxo claims the top spot out of 63 brokers, highlighting its superior research capabilities. iFOREX, on the other hand, is ranked at #48. Ultimately, traders seeking complete and cutting-edge research tools are likely to find Saxo a more enriching platform, while iFOREX may appeal to those with more basic research needs.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| 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.
When it comes to educational resources for beginners, Saxo stands out as a strong contender compared to iFOREX. Saxo provides an extensive array of educational tools for those new to trading, including more than ten articles, videos, and webinars focused on forex and CFDs. Additionally, Saxo hosts monthly online educational webinars that clients can join and offers access to a searchable archive of recorded webinars. This allows beginner traders to learn at their own pace with a wealth of resources at their disposal. Saxo also supports learners with a comprehensive library of over ten beginner-focused educational videos and a detailed investor dictionary featuring more than 50 investing terms, serving as a solid foundation for new traders to build their knowledge.
On the other hand, iFOREX offers fewer educational opportunities tailored for those beginning their trading journey. While iFOREX does have over ten beginner educational videos, it lacks the breadth of foundational content that Saxo provides. iFOREX does not host monthly educational webinars or maintain a webinar archive, limiting flexibility in learning. The absence of an extensive investor dictionary with relevant terms further hinders a beginner's ability to grasp essential concepts efficiently. Consequently, Saxo's more comprehensive educational offerings contribute to a higher educational rating of five stars compared to iFOREX’s 3.5 stars, as reflected in their respective rankings of 13th and 53rd out of 63 brokers by ForexBrokers.com.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. Saxo finished with an overall rank of #3, while iFOREX finished with an overall rank of #52.
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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iFOREX
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| Trust Score | 99 | 75 |
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When comparing online brokers Saxo and iFOREX, neither platform offers the ability to buy actual delivered cryptocurrency, but both provide the option to trade cryptocurrency derivatives.
While both Saxo and iFOREX facilitate deposits and withdrawals via Visa, Mastercard, and bank wires, iFOREX distinguishes itself by offering additional options like PayPal and Skrill, which Saxo does not provide.
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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Saxo Review |
| Broker Screenshots | Saxo | iFOREX | |
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| Regulation | Saxo | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1992 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | Yes | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 750 | |
| Forex Pairs (Total) | 190 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 60 | 9 | |
| Charting - Indicators / Studies (Total) | 64 | 57 | |
| Charting - Drawing Tools (Total) | 20 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Saxo | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Saxo | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Saxo | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | Saxo | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Saxo Review |
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