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Interactive Brokers vs Saxo 2024

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Written by ForexBrokers.com

August 29, 2023

Is Interactive Brokers better than Saxo? In our analysis of 23 international regulators across 62 of the best forex brokers, Interactive Brokers is considered Highly Trusted, with an overall Trust Score of 99 out of 99. Saxo is considered Trusted, with an overall Trust Score of 99 out of 99. Learn more about Trust Score.

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Compare

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Overall Rating Interactive Brokers Saxo
Overall Rating info 5/5 Stars 5/5 Stars
Commissions & Fees 5/5 Stars 5/5 Stars
Offering of Investments 5/5 Stars 5/5 Stars
Platform & Tools 5/5 Stars 5/5 Stars
Mobile Trading 5/5 Stars 5/5 Stars
Research 5/5 Stars 5/5 Stars
Education 5/5 Stars 4/5 Stars
Trust Score info 99 99
Winner check_circle
Review Interactive Brokers Review Saxo Review
Broker Screenshots Interactive Brokers Saxo
Trading Platforms Gallery (click to expand) info
Mobile Trading Gallery (click to expand) info
Research Gallery (click to expand) info
Education Gallery (click to expand) info
Regulation Interactive Brokers Saxo
Trust Score info 99 99
Year Founded info 1977 1992
Publicly Traded (Listed) info Yes No
Bank info No Yes
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-1 Licenses info 9 7
Tier-2 Licenses info 1 1
Tier-3 Licenses info 0 0
Tier-4 Licenses info 0 0
Tier-1 Licenses (Highly Trusted) Interactive Brokers Saxo
Australia (ASIC Authorised) info Yes Yes
Canada (CIRO Authorised) info Yes No
Hong Kong (SFC Authorised) info Yes Yes
Japan (SFC Authorised) info Yes Yes
Singapore (MAS Authorised) info Yes Yes
Switzerland (FINMA Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info Yes Yes
USA (CFTC Authorized) info Yes No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses (Trusted) Interactive Brokers Saxo
Kenya (CMA Authorised) info No No
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA/Central Bank Authorised) info No Yes
India (SEBI Authorised) info Yes No
Jordan (JSC Authorised) info No No
Investments Interactive Brokers Saxo
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 8500 70000
Forex Pairs (Total) info 90 190
U.S. Stock Trading (Non CFD) info Yes Yes
Int'l Stock Trading (Non CFD) info Yes Yes
Social Trading / Copy Trading info No Yes
Cryptocurrency (Physical) info Yes No
Cryptocurrency (Derivative) info 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 info 0.63 info 1.1 info
All-in Cost EUR/USD - Active info 0.63 info 0.9 info
Active Trader or VIP Discounts info Yes Yes
Inactivity Fee info No Yes
Execution: Agency Broker info Yes Yes
Execution: Market Maker info No Yes
Funding Interactive Brokers Saxo
Minimum Deposit info $0 $0
PayPal (Deposit/Withdraw) info No No
Skrill (Deposit/Withdraw) info No No
Visa/Mastercard (Credit/Debit) info No Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
Trading Platforms Interactive Brokers Saxo
Proprietary Platform info Yes Yes
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info No Yes
MetaTrader 4 (MT4) info No No
MetaTrader 5 (MT5) info No No
cTrader info No No
DupliTrade info No No
ZuluTrade info No No
Trading Tools Interactive Brokers Saxo
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 640 60
Charting - Indicators / Studies (Total) info 128 64
Charting - Drawing Tools (Total) info 6 20
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading Interactive Brokers Saxo
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info Yes Yes
Mobile Charting - Indicators / Studies info 70 64
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info No Yes
Mobile Economic Calendar info Yes Yes
Research Interactive Brokers Saxo
Daily Market Commentary info Yes Yes
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info No Yes
Trading Central (Recognia) info Yes No
TipRanks info Yes No
Social Sentiment - Currency Pairs info Yes Yes
Economic Calendar info Yes Yes
Education Interactive Brokers Saxo
Education (Forex or CFDs) info Yes Yes
Client Webinars info Yes Yes
Client Webinars (Archived) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Videos - Advanced Trading Videos info Yes Yes
Investor Dictionary (Glossary) info Yes Yes
Major Forex Pairs Interactive Brokers Saxo
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review Interactive Brokers Review Saxo Review
Overall Interactive Brokers Saxo
Overall Rating info 5/5 Stars 5/5 Stars
Commissions & Fees 5/5 Stars 5/5 Stars
Offering of Investments 5/5 Stars 5/5 Stars
Platform & Tools 5/5 Stars 5/5 Stars
Mobile Trading 5/5 Stars 5/5 Stars
Research 5/5 Stars 5/5 Stars
Education 5/5 Stars 4/5 Stars
Trust Score info 99 99
Winner check_circle
Review Interactive Brokers Review Saxo Review
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Interactive Brokers vs Saxo Comparison

We’ve made it easy to compare the best forex brokers, side-by-side. Our editorial team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Our research is unbiased and independent; learn more about how we test. That same research and data powers our broker comparisons. Let's compare Interactive Brokers vs Saxo.

Can I trust Interactive Brokers?

Interactive Brokers is publicly traded, does not operate a bank, and is authorised by nine Tier-1 regulators (Highly Trusted), one Tier-2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk). Interactive Brokers is authorised by the following Tier-1 regulators: Australian Securities & Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system.

Can I trust Saxo?

Saxo is not publicly traded, does operate a bank, and is authorised by seven tier-1 regulators (Highly Trusted), one tier-2 regulator (Trusted), zero tier-3 regulators (Average Risk), and zero tier-4 regulators (High Risk). Saxo is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system.

Is Interactive Brokers good?

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.

Is Saxo good?

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.

What is the minimum deposit requirement for opening an account with Interactive Brokers?

To open a trading account with Interactive Brokers, you'll need to make an initial minimum deposit of $0.

What is the minimum deposit requirement for opening an account with Saxo?

Saxo requires a minimum deposit of $0 before you can open an account and start trading.

What funding options does each broker offer?

It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Interactive Brokers offers Bank Wire (Deposit/Withdraw) for banking, whereas Saxo provides Visa/Mastercard (Credit/Debit) and Bank Wire (Deposit/Withdraw). Neither have PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw).

Does Interactive Brokers or Saxo offer lower pricing?

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that Interactive Brokers offers better pricing overall for traders.

Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.

Is Interactive Brokers or Saxo safer for forex and CFDs trading?

At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that Interactive Brokers holds 9 global Tier-1 licenses, while Saxo holds 7. Both Interactive Brokers and Saxo hold 1 global Tier-2 licenses.

After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that Interactive Brokers and Saxo have earned the same Trust Score (99).

Which trading platform is better: Interactive Brokers or Saxo?

To compare the trading platforms of both Interactive Brokers and Saxo, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Saxo offers a better experience. With research, Saxo offers superior market research. Finally, we found Saxo to provide better mobile trading apps.

Here’s what trading platforms are available at Interactive Brokers:

  • Proprietary Platform - Yes
  • Web Platform - Yes
  • cTrader - No
  • DupliTrade - No
  • MT4 - No
  • MT5 - No
  • ZuluTrade - No
  • TradingView - Yes

Here’s what trading platforms are available at Saxo:

  • Proprietary Platform - Yes
  • Web Platform - Yes
  • cTrader - No
  • DupliTrade - No
  • MT4 - No
  • MT5 - No
  • ZuluTrade - No
  • TradingView - Yes

What about MetaTrader? How about copy trading?

The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. Neither broker offers Meta Trader. Forex traders also appreciate the ability to engage in social copy trading. While Saxo offers copy trading, Interactive Brokers does not.

What can I trade with each broker?

Saxo provides traders 190 currency pairs (e.g., EUR/USD) compared to Interactive Brokers's 90 available pairs. If you are interested in trading CFDs, Saxo offers traders access to 70000 CFDs, while Interactive Brokers offers access to 8500 CFDs; so Saxo offers 61500 more CFDs than Interactive Brokers.

We found in our testing that Interactive Brokers offers a more diverse selection of investment options than Saxo, allowing you to trade Forex Trading (Spot or CFDs), U.S. Stocks (CFD), Int'l Stock Trading (Non CFD) and Cryptocurrency (Physical). Neither have Spread Betting.

Overall winner: Interactive Brokers

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announcementPlease 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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