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.
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Interactive Brokers and Saxo are two reputable online brokers with strong regulatory standings, but there are some key differences. Founded in 1977, Interactive Brokers is a publicly traded company, while Saxo, established in 1992, also operates as a bank. Both brokers hold the highest Trust Score of 99 from ForexBrokers.com, indicating a high level of trust. In terms of licensing, Interactive Brokers holds 9 Tier-1 licenses and 2 Tier-2 licenses, while Saxo has 7 Tier-1 licenses and 1 Tier-2 license, reflecting their strong standing within the financial industry.
Overall, both Interactive Brokers and Saxo offer secure and well-regulated platforms for trading, with a slight edge in regulatory licenses in favor of Interactive Brokers. Their differences in company structure and trading status might appeal to different types of investors, with Interactive Brokers being ideal for those seeking a publicly traded entity, and Saxo being a suitable choice for those interested in a brokerage with banking capabilities.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Year Founded | 1977 | 1992 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | Yes |
| Tier-1 Licenses | 9 | 7 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Interactive Brokers and Saxo both stand out with top ratings for their commissions and fees, each receiving a commendable 5 out of 5 stars in this category. When it comes to ranking, Interactive Brokers secures the #2 spot out of 63 brokers, indicating a slight edge over Saxo, which holds the #9 position. Interactive Brokers offers competitive pricing; however, it does not publish its average spreads for forex. During Q3 2024, the EUR/USD spread averaged 0.19 pips, effectively 0.59 pips after factoring in commissions. Commissions begin at a modest 0.00002 (0.2 basis points) of the U.S. dollar trade value with a $2 minimum per order, potentially dropping to 0.08 basis points for very active traders. They aggregate prices from 17 major interbank dealers, charging commissions that range from $16 to $40 per million round turn.
Saxo, on the other hand, boasts a solid pricing structure, especially when catering to high-volume traders and those managing significant account balances. As of November 2023, Saxo offered average spreads of 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts, respectively. Saxo's pricing for Platinum and VIP accounts tends toward the industry average, while the Classic account is slightly higher. Saxo is generally commission-free and earns from the spread, though traders with monthly trading volumes below 50,000 units are subject to a $3 ticket fee per side. Notably, Saxo's VIP account won the 2024 Annual Award for the #1 VIP Client Experience, providing significant savings, exclusive events, and analysis access for those meeting the elite criteria.
Both brokers have unique strengths: Interactive Brokers for those who prefer a commission-based model with potential discounts for large volumes, and Saxo for those favoring spread-based costs supplemented by extensive loyalty rewards and tiered account benefits. While Interactive Brokers offers competitive pricing and execution methods, Saxo complements its offerings with valuable incentives and recognition as a top choice for VIP clients and active traders. The choice can ultimately rest on an individual trader’s specific preferences and trade volumes.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 0.59 | 1.1 |
| All-in Cost EUR/USD - Active | 0.59 | 0.9 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and Saxo are both renowned for their expansive range of investment offerings, making them popular choices for investors. Both platforms provide forex trading available as CFDs or spot contracts, catering to a variety of trading strategies. With an impressive 8,500 tradeable symbols, Interactive Brokers delivers a rich selection, though Saxo surpasses this with an extensive 70,000 symbols. In terms of forex trading pairs, Interactive Brokers offers 90 pairs, while Saxo offers a broader selection of 190 pairs. Both brokers provide access to exchange-traded securities on U.S. and international exchanges, allowing clients the option to invest in major companies like Apple and Vodafone. While Interactive Brokers doesn't offer copy trading, Saxo does, giving users additional ways to diversify their trading approaches.
When it comes to cryptocurrency offerings, both brokers give customers the option to invest in cryptocurrency derivatives. However, only Interactive Brokers provides the ability to purchase actual cryptocurrencies, setting it apart from Saxo in this aspect. Despite these differences, both Interactive Brokers and Saxo achieve a high rating of five stars for their investment range. According to ForexBrokers.com, Interactive Brokers is ranked as the top choice out of 63 brokers, while Saxo holds a strong position at number three, highlighting their standout offerings in the investment landscape.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 70000 |
| Forex Pairs (Total) | 90 | 190 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | 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.
Interactive Brokers and Saxo both excel in providing a wide array of trading platforms and tools that cater to traders' diverse needs. Each broker offers a user-friendly experience with both proprietary platforms and web-based access, ensuring smooth trading. Both brokers include the availability of virtual demo accounts, making it easy for users to practice and get acquainted with their offerings. While neither supports MetaTrader 4 or 5, they ensure trading flexibility through their proprietary solutions. However, Saxo offers copy trading which Interactive Brokers does not, adding diversity to Saxo's trading options.
For traders who rely heavily on chart analysis and customization, both brokers allow trading directly from stock charts, although they differ in tool availability. Interactive Brokers takes the lead with 85 drawing tools compared to Saxo's 20. Furthermore, Interactive Brokers supports an impressive 659 fields for watch lists, whereas Saxo offers 60. Despite these differences, both brokers receive a 5-star rating for their platforms and tools. Saxo stands as the overall leader, ranked #1 by ForexBrokers.com, narrowly edging out Interactive Brokers, which is ranked #3. Both platforms provide excellent features, making them top choices for traders.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 64 |
| Charting - Drawing Tools (Total) | 85 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 60 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Interactive Brokers and Saxo, both brokers offer comprehensive tools for on-the-go trading via iPhone and Android devices. They provide crucial features including stock and forex price alerts, watchlist symbol syncing with online accounts, and the ability to create watchlists with real-time quotes. Traders will appreciate the ability to draw trendlines and view various time frames, such as daily and intraday charts, on both apps. However, a distinct difference is that Saxo autosaves chart drawings, while Interactive Brokers does not.
In terms of charting capabilities, Interactive Brokers stands out by offering 97 technical studies compared to Saxo's 64. Both apps are highly rated, each receiving a 5-star rating for their mobile trading experience. Despite these similarities, there is a slight difference in their rankings by ForexBrokers.com, with Saxo securing the #2 spot and Interactive Brokers coming in at #4 out of 63 brokers. This suggests that while both apps are top-tier choices, users might find subtle differences based on their specific trading needs.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Interactive Brokers and Saxo, both platforms provide a substantial array of resources. They each deliver daily market commentary and forex news from top-tier sources like Bloomberg and Reuters, ensuring users stay informed with reliable insights. However, Interactive Brokers extends its advantage with exclusive market research tools from TipRanks and Acuity Trading, which are not available through Saxo. Despite this, Saxo shines with its integration of Autochartist, a popular tool for technical analysis, whereas Interactive Brokers does not offer this feature.
Both brokers come equipped with sentiment-based trading tools and economic calendars to track global news events. While Interactive Brokers garners an impressive five-star research rating and holds the third position among 63 brokers for research, Saxo achieves not only a five-star rating as well but is also ranked as the top provider in this category. This suggests that although Interactive Brokers provides diverse research tools, Saxo's research is considered unparalleled by ForexBrokers.com, highlighting its superior overall research offering.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and Saxo both provide a wealth of educational resources aimed at newcomers to online trading. Whether you're diving into forex or CFDs, you’ll find ample material on both platforms. Each broker offers a minimum of 10 educational pieces, including engaging articles, enlightening videos, and insightful archived webinars. For those who enjoy live learning, both Interactive Brokers and Saxo host monthly online webinars that can help you sharpen your trading skills and your understanding of the market. Plus, if you ever miss a session, you can access their searchable archives of recorded webinars at your convenience.
When it comes to videos specifically tailored for beginners, both brokers have created over 10 instructional videos to ease newcomers into trading. For more experienced traders seeking advanced topics, both platforms offer more than 10 detailed videos. In addition, both brokers feature an investor dictionary with definitions of over 50 important investing terms, making complex jargon accessible to everyone. While Interactive Brokers and Saxo both receive a perfect 5-star education rating, Interactive Brokers edges out in rankings, being placed third in education out of 63 brokers, compared to Saxo's thirteenth position. This might make Interactive Brokers a slightly more attractive option for those who prioritize educational support in their trading journey.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Interactive Brokers provides both actual delivered cryptocurrency and cryptocurrency derivatives, whereas Saxo only offers cryptocurrency derivatives.
Interactive Brokers and Saxo differ in their options for depositing or withdrawing funds, with Interactive Brokers supporting ACH or SEPA transfers and bank wires, but not Visa, Mastercard, PayPal, or Skrill, while Saxo supports bank wires and Visa or Mastercard, but not ACH or SEPA transfers, PayPal, or Skrill.
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 | 9 | 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 | Yes | |
| Japan (SFC 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) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | Saxo | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 70000 | |
| Forex Pairs (Total) | 90 | 190 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | Saxo | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.9 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | Saxo | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | Saxo | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | Saxo | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 60 | |
| Charting - Indicators / Studies (Total) | 155 | 64 | |
| Charting - Drawing Tools (Total) | 85 | 20 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 97 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | Saxo | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | Saxo | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | Saxo | |
|---|---|---|---|
| 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 | 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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