Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs Saxo, 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.
Interactive Brokers vs Saxo: Both online brokers earn a 99/99 Trust Score from ForexBrokers.com, the highest possible rating. Interactive Brokers was founded in 1977, is publicly traded, and is not a bank. Saxo was founded in 1992, is not publicly traded, and is a bank. For regulation, Interactive Brokers holds 8 Tier-1 licenses and 2 Tier-2 licenses, while Saxo holds 7 Tier-1 licenses and 1 Tier-2 license (Tier-1 is viewed as highly trusted by ForexBrokers.com).
ForexBrokers.com’s Trust Score ranges classify brokers as follows: 90–99 highly trusted, 80–89 trusted, 70–79 average risk, 60–69 high risk, and 59 or below not to be trusted. With scores of 99, both Interactive Brokers and Saxo sit at the top of the highly trusted range.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Year Founded | 1977 | 1992 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | Yes |
| Tier-1 Licenses | 8 | 7 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Interactive Brokers and Saxo both earn 5 stars for commissions and fees, but they take different approaches to pricing. Interactive Brokers ranks #2 out of 36 brokers and is known for low-cost forex trading with commission-based pricing rather than spread markups. For EUR/USD, IBKR’s average spread in Q3 2024 was 0.19 pips, with an estimated all-in cost of about 0.59 pips after commission. Its minimum forex commission is $2 per side, which can make smaller trades more expensive, but active traders may qualify for lower rates.
Saxo also scores 5 stars, but ranks #8 out of 36 brokers for commissions and fees. Its pricing is especially attractive for active traders, high-volume traders, and larger account holders. As of November 2023, average EUR/USD spreads were 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP. Saxo is commission-free for forex, since costs are built into the spread, although traders who trade less than 50,000 units per month pay a $3 per-side ticket fee.
In simple terms, Interactive Brokers is usually the better pick for traders who want very low forex pricing and do not mind paying commissions, while Saxo can be a strong choice for larger, more active traders who may benefit from lower spreads on higher account tiers. Both brokers offer competitive pricing, but IBKR stands out for lower overall forex trading costs, while Saxo’s best rates are tied more closely to account size and trading volume.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | N/A | 1.0 |
| All-in Cost EUR/USD - Raw spread account | 0.626 | N/A |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and Saxo both give clients access to a wide mix of investments, including forex trading, U.S. stocks, and international shares. Each broker lets you trade forex either as a CFD or spot contract, and both support exchange-traded securities on major markets around the world, so you can buy real shares like Apple in the U.S. or Vodafone in the U.K. Neither broker offers copy trading, so investors looking for that feature will need to look elsewhere.
Where they differ most is in product range. Saxo lists far more tradeable symbols overall, with 71,000 compared with Interactive Brokers’ 8,500, and it also offers more forex pairs at 192 versus 100. On the other hand, Interactive Brokers stands out for allowing clients to buy actual cryptocurrency, while Saxo offers crypto only as a CFD. Both brokers earn 5 out of 5 stars for range of investments, but ForexBrokers.com ranks Interactive Brokers #1 out of 36 brokers in this category, ahead of Saxo at #3.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 71000 |
| Forex Pairs (Total) | 100 | 192 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | No |
| Cryptocurrency (Underlying) | Yes | No |
| Cryptocurrency (CFDs) | No | 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.
Interactive Brokers and Saxo both give traders a strong set of platform choices, including a proprietary platform, a Windows desktop app, and a web-based trading platform. Each broker also offers free simulated paper trading, so beginners can practice before trading real money, and both let you place trades directly from a stock chart. Neither broker supports copy trading, MetaTrader 4, or MetaTrader 5, so if you want those tools, you will need to look elsewhere.
In ForexBrokers.com’s Trading Platforms and Tools category, both Interactive Brokers and Saxo earn 5 out of 5 stars, showing that each offers a well-rounded trading experience. Interactive Brokers is ranked #2 out of 36 brokers, while Saxo is ranked #3, putting them very close in overall quality. For traders comparing online brokers, both are solid choices for platform access and chart-based trading tools.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 155 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and Saxo both give mobile traders a strong experience with iPhone and Android apps, plus stock and forex price alerts and watchlist syncing between the app and online account. Both apps also let users draw trendlines on charts, and each earns a top 5-star rating for mobile trading apps. In ForexBrokers.com’s ranking of 36 brokers, Saxo edges ahead at #3, while Interactive Brokers follows closely at #4.
The biggest difference is in charting tools and drawing features. Interactive Brokers offers 155 technical studies in its mobile charting tools, which is far more than Saxo’s 64. Saxo, however, has a useful advantage because chart drawings are automatically saved in the app, while Interactive Brokers does not auto-save them. For traders who want a wider range of indicators, Interactive Brokers stands out; for those who prefer saved chart markings and a slightly higher category ranking, Saxo has the edge.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 155 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and Saxo both give traders plenty of market research tools, including daily market commentary, forex news from leading sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking global events. Both brokers also earned a 5-star rating for Research, showing that each offers strong support for traders who want to stay informed.
Where they differ is in the extra research features. Interactive Brokers stands out with Trading Central tools, sentiment data showing long and short positioning, TipRanks research, and Acuity Trading signals, while Saxo offers Autochartist instead. That broader mix helped Saxo place #1 out of 36 brokers for Research, compared with #3 for Interactive Brokers, making Saxo the better pick overall for market research in this comparison.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | No |
| TipRanks | Yes | No |
| Acuity Trading | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to learning resources for beginners, Interactive Brokers and Saxo both give new traders plenty of support. Each offers forex and CFDs education with at least 10 learning pieces, monthly online client webinars, and a solid library of beginner and advanced videos. Both brokers are also rated 5 stars for Education, so either one can help a beginner build knowledge at a steady pace.
The main difference is in third-party recognition. Interactive Brokers ranks #1 out of 36 brokers for the Education category at ForexBrokers.com, while Saxo ranks #12. That makes Interactive Brokers the stronger choice for educational support overall, especially for beginners who want more guided learning resources and a top-ranked education experience.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than Saxo. Interactive Brokers finished with an overall rank of #2, while Saxo finished with an overall rank of #3.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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Saxo
|
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| Overall Rating |
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| Trust Score | 99 | 99 |
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In the Interactive Brokers vs Saxo comparison for cryptocurrency trading, Interactive Brokers allows you to buy actual (delivered) cryptocurrency but not crypto CFDs, while Saxo does not offer delivered crypto and instead provides cryptocurrency exposure only via CFDs.
For depositing and withdrawing funds, Interactive Brokers supports ACH/SEPA and bank wire transfers, while Saxo offers bank wires only; neither broker supports PayPal or Skrill, and Visa/Mastercard availability is not specified for either.
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 | Interactive Brokers | Saxo | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Saxo Review |
| Broker Screenshots | Interactive Brokers | Saxo | |
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| Regulation | Interactive Brokers | Saxo | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1977 | 1992 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 7 | |
| Tier-2 Licenses | 2 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | Saxo | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | Yes | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | Saxo | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) |
| Investments | Interactive Brokers | Saxo | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 71000 | |
| Forex Pairs (Total) | 100 | 192 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | No | |
| Cryptocurrency (Underlying) | Yes | No | |
| Cryptocurrency (CFDs) | No | 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 | Interactive Brokers | Saxo | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | N/A | 1.0 | |
| All-in Cost EUR/USD - Raw spread account | 0.626 | N/A | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | Saxo | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| Trading Platforms | Interactive Brokers | Saxo | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Interactive Brokers | Saxo | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 155 | 64 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | Saxo | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 155 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | No | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | Saxo | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | Yes | No | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | Saxo | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | Saxo | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Interactive Brokers Review | Saxo Review |
| Overall | Interactive Brokers | Saxo | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Saxo Review |
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