To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare Interactive Brokers vs Saxo Bank.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Saxo Bank's score is 4.50 stars versus Interactive Brokers's 4.00 stars.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. Interactive Brokers alongside Saxo Bank are regulated in a major hub. Interactive Brokers is a publicly traded company, Saxo Bank isn't. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. Saxo Bank boasts an offering of 182 different currency pairs compared to Interactive Brokers's 115 available pairs.
To round out our comparison of Interactive Brokers vs Saxo Bank, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. Neither Interactive Brokers and Saxo Bank offer Meta Trader. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. Saxo Bank offers its clients access to 17 charting tools while Interactive Brokers has 9 charting tools, a difference of 8. Saxo Bank trails Interactive Brokers by 76 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and Saxo Bank offering 45.
Overall, Saxo Bank boasts 5.00 stars versus Interactive Brokers's 4.50 stars. And, when it comes to individual category awards, Saxo Bank finished with awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while Interactive Brokers came up with none of these.