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 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. That said, they take different paths to low costs. Interactive Brokers (ranked #2 of 63 by ForexBrokers.com) uses a commission-based model with very tight spreads, while Saxo (ranked #8 of 63) is spread-only for forex, with a small ticket fee for very small monthly volumes. If you trade standard lots or larger, Interactive Brokers often works out cheaper; if you prefer a spread-only setup and hold a sizable account, Saxo’s higher-tier pricing can be attractive.
Interactive Brokers doesn’t routinely publish average forex spreads, but in Q3 2024 we observed an average EUR/USD spread of 0.19 pips and an all-in cost of about 0.59 pips after commission. Commissions start at 0.00002 (0.2 bps) of trade value per side with a $2 minimum per order ($4 round turn), and can fall to 0.08 bps for exceptionally active traders. For a $100,000 EUR/USD trade, the commission is roughly 0.40 pips on top of the spread. IBKR aggregates quotes from 17 major interbank dealers and charges $16–$40 per million round turn ($8–$20 per side). Note the $2-per-side minimum makes sub-100k trades proportionally pricier. High-volume discounts reduce the minimum to $1.50 per order above $1B in monthly forex volume, and to $1 above $5B; large orders can be handled via RFQ. IBKR Lite and IBKR Pro support forex but are not commission-free.
Saxo is commission-free for forex (it earns from the spread), with average EUR/USD spreads of 1.1 pips on Classic, 1.0 on Platinum, and 0.9 on VIP; minimum spreads were about 0.2 pips lower than those averages during the period observed. A $3-per-side ticket fee applies if you trade less than 50,000 units per month. The Classic account minimum is $0; Platinum requires $200,000 (AUD 300,000 in Australia), and VIP is for deposits of $1,000,000 or via loyalty upgrades (e.g., roughly $40M in forex volume for Platinum, $167M for VIP, each valid for 12 months). Saxo also waives custody fees for share trading if you opt into securities lending. Compared side by side, IBKR’s commission-plus-spread model can deliver lower all-in costs for standard lots, while Saxo’s spread-only tiers suit traders who prioritize simplicity and maintain larger balances.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 0.226 | 1.0 |
| All-in Cost EUR/USD - Active | 0.226 | 0.8 |
| Non-wire bank transfer | 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 deliver a wide range of investments, including forex traded as CFDs or spot. Saxo lists about 71,000 tradeable symbols versus roughly 8,500 at Interactive Brokers. For currency traders, Saxo offers about 190 forex pairs compared to around 90 at Interactive Brokers. Both brokers give access to exchange-traded securities on U.S. and international markets, and neither supports copy trading.
Crypto access differs: Interactive Brokers lets you buy actual cryptocurrency, while Saxo focuses on cryptocurrency CFDs and does not offer delivered crypto. Both brokers earn 5 out of 5 stars for Range of Investments, with Interactive Brokers ranked #1 of 63 and Saxo ranked #3 by ForexBrokers.com. Choose Saxo if you want sheer instrument count and more forex pairs, or consider Interactive Brokers if you want real crypto alongside broad global markets.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 71000 |
| Forex Pairs (Total) | 90 | 190 |
| 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 vs Saxo: both brokers check the key platform boxes. Each offers simulated (paper) trading with a virtual demo account, a proprietary trading platform built in-house, a Windows desktop download, and a web-based platform. Both let you trade directly from charts. Neither supports copy trading, and neither offers MetaTrader 4 (MT4) or MetaTrader 5 (MT5). If you want to test strategies, place trades from charts, and switch between desktop and browser, either broker can fit the bill.
According to ForexBrokers.com, both Interactive Brokers and Saxo earn 5 stars for Trading Platforms and Tools. In the 2024 ranking out of 63 brokers, Interactive Brokers places #2 while Saxo ranks #3. If a slightly higher ranking matters to you, Interactive Brokers has the edge, though Saxo sits close behind for platform quality.
| 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 | 61 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and Saxo both deliver capable mobile trading apps for iPhone and Android. Each supports stock and forex price alerts and syncs watchlists across mobile and web, so changes appear everywhere. Both apps let you draw trendlines on charts. A key difference: Saxo auto-saves your chart drawings, while Interactive Brokers does not, so you may need to redraw on Interactive Brokers if you close or switch charts.
For charting depth, Interactive Brokers offers 155 technical studies in the app, compared with 64 at Saxo. Despite that difference, both earn 5 out of 5 stars for Mobile Trading Apps, and ForexBrokers.com ranks Saxo #3 and Interactive Brokers #4 out of 63 brokers. If you want the widest range of indicators, Interactive Brokers stands out; if you value saved annotations and a slightly higher 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.
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 (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | Yes | No |
| Acuity Trading | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers vs Saxo for beginner education: both brokers make it easy to start learning. Each runs client webinars at least once a month and offers a sizable set of beginner-focused trading videos (10 or more) that walk through core concepts step by step.
As you grow, both also provide 10+ advanced videos to deepen your skills. Independent ratings back the quality: each earns 5 stars for Education, yet Interactive Brokers ranks #1 out of 63 brokers with ForexBrokers.com, while Saxo ranks #12. If you want the highest-rated education overall, Interactive Brokers has the edge; if you choose Saxo, you’ll still get excellent learning support.
| 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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| 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 | Yes | |
| 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) | 90 | 190 | |
| 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) - Standard account | 0.226 | 1.0 | |
| All-in Cost EUR/USD - Active | 0.226 | 0.8 | |
| Inactivity Fee | No | Yes | |
| 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 | 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 | 61 | |
| 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 | Yes | |
| 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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