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 |
Saxo outshines iFOREX on commissions and fees. Saxo earns 5/5 stars and ranks #9 out of 63 brokers in the Commissions and Fees category at ForexBrokers.com, while iFOREX holds 3/5 stars and ranks #62 of 63.
For forex, Saxo is commission-free and makes money from the spread; the only exception is a $3-per-side ticket fee if you trade under 50,000 units in a month. As of November 2023, average EUR/USD spreads were 1.1 pips on the Classic account, 1.0 pips on Platinum, and 0.9 pips on VIP, with minimums about 0.2 pips lower (for example, Classic minimum 0.9). Platinum and VIP pricing sits closer to the industry average, while Classic is slightly higher, so active and high-balance traders generally see the best value. Account minimums: Classic $0; Platinum $200,000 (AUD 300,000 for forex traders in Australia); VIP $1,000,000 or via loyalty upgrades (about $40M in forex volume to reach Platinum, $167M for VIP, each valid for 12 months). Saxo also waives custody fees on share trading if you opt into securities lending.
For iFOREX, published average spread data is not available, so direct spread comparisons are limited. Its 3/5 star rating and #62/63 ranking in the Commissions and Fees category indicate higher costs or less favorable pricing than Saxo.
| 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.
Saxo vs iFOREX: When it comes to range of investments, Saxo offers far more choice. Saxo lists about 70,000 tradeable symbols and 190 forex pairs, while iFOREX provides around 750 symbols and 88 forex pairs. Both brokers let you trade forex as CFDs and as spot contracts. Saxo also supports buying exchange-traded securities on U.S. and international exchanges, whereas iFOREX does not offer direct share dealing. Copy trading is available at Saxo but not at iFOREX. Neither broker lets you buy actual cryptocurrency, but both offer cryptocurrency derivatives.
Ratings back up the difference: Saxo earns 5 stars for Range of Investments and ranks #3 out of 63 brokers on ForexBrokers.com, while iFOREX scores 3.5 stars and ranks #42. If you want the widest selection, direct stock ownership, and copy trading, Saxo is the more versatile choice; if you’re focused on CFD trading with a simpler lineup, iFOREX covers the basics, including forex and crypto derivatives.
| 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 vs iFOREX: When it comes to trading platforms and tools, Saxo offers a wider setup. Saxo provides a free demo (paper) account, a proprietary platform, and both a Windows desktop download and a web platform. iFOREX also has its own proprietary, web-based platform but does not offer a desktop app or a demo account. For automation and community features, Saxo includes copy trading while iFOREX does not. Neither broker supports MT4, MT5, DupliTrade, or ZuluTrade. Both let you place orders directly from charts.
For charting, the number of technical indicators isn’t specified for either broker, but drawing tools are 20 with Saxo and 25 with iFOREX. Watchlists are far more detailed at Saxo (up to 60 columns) compared with iFOREX (9 columns). Reflecting these differences, ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63 brokers for Trading Platforms and Tools, while iFOREX earns 4 stars and ranks #55. In short, choose Saxo if you want a demo account, desktop access, copy trading, and deeper watchlists; pick iFOREX if you prefer a simpler, web-only setup.
| 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.
Saxo and iFOREX both offer mobile trading apps for iPhone and Android, but the experience differs a lot. The Saxo mobile app includes price alerts, synced watchlists across devices, and real-time watchlists. Charting is far more feature-rich on Saxo: 64 technical studies, trendline drawing, multiple time frames (intraday to weekly), and auto‑saved drawings. By contrast, iFOREX does not offer price alerts, synced or real-time watchlists, trendline drawing, multiple time frames, or auto-saving of chart drawings, and it does not list mobile technical studies.
Independent ratings reflect the gap. For mobile trading apps, ForexBrokers.com rates Saxo 5 stars and ranks it 2nd out of 63 brokers, while iFOREX earns 4 stars and ranks 56th out of 63. In short, choose the Saxo mobile app if you want deeper charting tools, alerts, and seamless watchlist management; pick iFOREX if you prefer a simpler setup for basic forex and CFD trading on the go.
| 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.
Saxo and iFOREX both cover the basics for market research, offering daily market commentary, a sentiment tool that shows the long/short split, and a global economic calendar. Where they differ is news: Saxo streams forex headlines from leading sources such as Bloomberg, Reuters, or Dow Jones, while iFOREX does not include top-tier news feeds.
On tools, Saxo includes Autochartist, whereas iFOREX does not; meanwhile, iFOREX provides Trading Central and Saxo does not. Saxo does not offer TipRanks or Acuity Trading tools, and it’s not specified whether iFOREX includes TipRanks or Acuity Trading. For overall quality, Saxo is rated 5/5 stars and ranks #1 out of 63 brokers for Research at ForexBrokers.com, while iFOREX holds 3.5/5 stars and ranks #49.
| 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 | |
| Signal Centre (Acuity Trading) | 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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| Overall Rating |
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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 | ||
| 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) | |||
| 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 | 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 | ||
| 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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