Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare Interactive Brokers vs Saxo Bank.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Saxo Bank received a rating of 4.5 stars over Interactive Brokers's 4 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Both Interactive Brokers and Saxo Bank are regulated in a major hub. Interactive Brokers is a publicly traded company, while Saxo Bank is not. How many currency pairs are available to trade? Interactive Brokers trails Saxo Bank by 67 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and Interactive Brokers offering 115.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Neither Interactive Brokers and Saxo Bank offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Saxo Bank boasts an offering of 17 charting tools compared to Interactive Brokers's 9 available charting tools. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while Saxo Bank has 47 available indicators, a difference of 74.
Overall, Saxo Bank boasts 4.5 stars versus Interactive Brokers's 4 stars. And, when it comes to individual category awards, Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while Interactive Brokers was rated none of these.