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 IG Group 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. Both IG Group and Saxo Bank hold a 4.50 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. IG Group and Saxo Bank both are regulated in a major hub. IG Group is a publicly traded company while Saxo Bank is not. As far as how many currency pairs are available for trading, here's the answer. IG Group trails Saxo Bank by 91 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and IG Group offering 91.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IG Group 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 offers its clients access to 17 charting tools while IG Group has 9 charting tools, a difference of 8. Saxo Bank offers its clients access to 45 different indicators (for example, volume) while IG Group has 22 available indicators, a difference of 23.
Overall, both IG Group and Saxo Bank share a rating of 5.00 stars. And, when it comes to individual category awards, Saxo Bank was rated 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 IG Group was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.