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Saxo Bank vs Interactive Brokers 2023

ForexBrokers.com

Written by ForexBrokers.com

December 27, 2022

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

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Overall RatingSaxo BankInteractive Brokers
Overall Rating 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 4/5 Stars 4.5/5 Stars
Trust Score 99 99
Winner check_circle
Review Saxo Bank Review Interactive Brokers Review
RegulationSaxo BankInteractive Brokers
Trust Score 99 99
Year Founded 1992 1977
Publicly Traded (Listed) No Yes
Bank Yes No
Authorised in European Union Yes info Yes info
Tier-1 Licenses 6 8
Tier-2 Licenses 1 1
Tier-3 Licenses 0 0
Tier-1 Licenses (High Trust)Saxo BankInteractive Brokers
ASIC Authorised (Australia) Yes Yes
IIROC Authorised (Canada) No Yes
SFC Authorised (Hong Kong) Yes Yes
CBI Authorised (Ireland) No Yes
FSA Authorised (Japan) Yes Yes
MAS Authorised (Singapore) Yes Yes
FINMA Authorised (Switzerland) Yes Yes
FCA Authorised (U.K.) Yes Yes
CFTC Registered (USA) No Yes
FMA Authorised (New Zealand) No No
Tier-2 Licenses (Average Trust)Saxo BankInteractive Brokers
CBRC Authorised (China) No No
CySEC Authorised (Cyprus) No No
SEBI Authorised (India) No Yes
ISA Authorised (Israel) No No
CBR Authorised (Russia) No No
FSCA Authorised (South Africa) No No
SEC Authorised (Thailand) No No
DFSA / Central Bank Authorised (UAE) Yes No
Tier-3 Licenses (Low Trust)Saxo BankInteractive Brokers
SCB Authorised (Bahamas) No No
IFSC Authorised (Belize) No No
CIMA Authorised (Cayman Islands) No No
BMA Authorised (Bermuda) No No
FSC Authorised (British Virgin Islands) No No
FSC Authorised (Mauritius) No No
VFSC Authorised (Vanuatu) No No
InvestmentsSaxo BankInteractive Brokers
Forex Trading (Spot or CFDs) Yes Yes
Tradeable Symbols (Total) 60000 8500
Forex Pairs (Total) 190 90
U.S. Stock Trading (Non CFD) Yes Yes
Int'l Stock Trading (Non CFD) Yes Yes
Social Trading / Copy Trading Yes No
Cryptocurrency (Physical) No Yes
Cryptocurrency (CFD) Yes No
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).
CostSaxo BankInteractive Brokers
Average Spread EUR/USD - Standard 0.9 (September 2022) 0.6 (Aug 2022)
All-in Cost EUR/USD - Active 0.7 (September 2022) 0.6 (Aug 2022)
Active Trader or VIP Discounts Yes Yes
Execution: Agency Broker Yes Yes
Execution: Market Maker Yes No
FundingSaxo BankInteractive Brokers
Minimum Initial Deposit €2,000 $0
PayPal (Deposit/Withdraw) No No
Skrill (Deposit/Withdraw) No No
Visa/Mastercard (Credit/Debit) Yes No
Bank Wire (Deposit/Withdraw) Yes Yes
Trading PlatformsSaxo BankInteractive Brokers
Proprietary Platform Yes Yes
Desktop Platform (Windows) Yes Yes
Web Platform Yes Yes
Social Trading / Copy Trading Yes No
MetaTrader 4 (MT4) No No
MetaTrader 5 (MT5) No No
cTrader No No
DupliTrade No No
ZuluTrade No No
Trading ToolsSaxo BankInteractive Brokers
Virtual Trading (Demo) Yes Yes
Alerts - Basic Fields Yes Yes
Watchlists - Total Fields 62 640
Charting - Indicators / Studies (Total) 62 128
Charting - Drawing Tools (Total) 20 85
Charting - Trade From Chart Yes Yes
Charts can be saved Yes Yes
Mobile TradingSaxo BankInteractive Brokers
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 62 97
Mobile Charting - Draw Trendlines Yes Yes
Mobile Charting - Multiple Time Frames Yes Yes
Mobile Charting - Drawings Autosave Yes No
Forex Calendar Yes Yes
ResearchSaxo BankInteractive Brokers
Daily Market Commentary Yes Yes
Forex News (Top-Tier Sources) Yes Yes
Autochartist Yes No
Trading Central (Recognia) No Yes
Social Sentiment - Currency Pairs Yes Yes
Economic Calendar Yes Yes
EducationSaxo BankInteractive Brokers
Has 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 PairsSaxo BankInteractive Brokers
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 Saxo Bank Review Interactive Brokers Review
OverallSaxo BankInteractive Brokers
Overall Rating 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 4/5 Stars 4.5/5 Stars
Trust Score 99 99
Winner check_circle
Review Saxo Bank Review Interactive Brokers Review
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Saxo Bank vs Interactive Brokers Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 62 forex and CFD brokerages to find the best forex broker. Let's compare Saxo Bank vs Interactive Brokers.

Does Saxo Bank or Interactive Brokers offer lower pricing?

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spreads data, and pricing structures vary. Based on our thorough annual assessment, Interactive Brokers offers better pricing overall for traders.

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

At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases. Here's our findings. Interactive Brokers holds 8 global Tier-1 licenses, while Saxo Bank holds 6. Both Saxo Bank and Interactive Brokers hold 1 global Tier-2 licenses. In our analysis of 23 international regulators across 50 brokers, Saxo Bank and Interactive Brokers earned the same Trust Score.

Which trading platform is better: Saxo Bank or Interactive Brokers?

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

What about MetaTrader and copy trading?

For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. Neither broker offers Meta Trader.Copy trading is not offered by either broker.

How many forex pairs and CFDs are available to trade?

Saxo Bank provides traders 190 currency pairs (e.g., EUR/USD) compared to Interactive Brokers's 90 available pairs. Forex pairs aside, Saxo Bank offers traders access to 60000 CFDs while Interactive Brokers has 8500 available CFDs, a difference of 51500.

Can I trust Saxo Bank?

Saxo Bank is not publicly traded, does operate a bank, and is authorised by six tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Saxo Bank 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) and the Financial Conduct Authority (FCA).

Can I trust Interactive Brokers?

Interactive Brokers is publicly traded, does not operate a bank, and is authorised by nine tier-1 regulators (high trust), one tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Interactive Brokers is authorised by the following tier-1 regulators: Investment Industry Regulatory Organization of Canada (IIROC), Central Bank of Ireland (CBI), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), Monetary Authority of Singapore (MAS), and the Commodity Futures Trading Commission (CFTC).

Is Saxo Bank good?

Saxo Bank 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.

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.

Overall winner: Saxo Bank

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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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