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Saxo Bank vs Interactive Brokers 2019
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall Rating
| Feature | Saxo Bank | Interactive Brokers |
| Overall | ||
| Saxo Bank Review | Interactive Brokers Review | |
| 69% of retail CFD accounts lose money | 63.5% of retail CFD accounts lose money |
Regulation
| Feature | Saxo Bank | Interactive Brokers |
| Trust Score | 98 | 91 |
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Year Founded |
1992 | 1977 |
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Publicly Traded (Listed) |
No | Yes |
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Bank |
Yes | No |
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Tier-1 Licenses |
6 | 5 |
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Tier-2 Licenses |
1 | 0 |
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Tier-3 Licenses |
0 | 0 |
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Authorised in the European Union |
Yes | Yes |
Tier-1 Licenses
| Feature | Saxo Bank | Interactive Brokers |
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ASIC Authorised (Australia) |
Yes | No |
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IIROC Authorised (Canada) |
No | Yes |
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SFC Authorised (Hong Kong) |
Yes | Yes |
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FSA Authorised (Japan) |
Yes | Yes |
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MAS Authorised (Singapore) |
Yes | No |
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FINMA Authorised (Switzerland) |
Yes | Yes |
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FCA Authorised (UK) |
Yes | Yes |
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CFTC Registered (USA) |
No | Yes |
Investments
| Feature | Saxo Bank | Interactive Brokers |
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Forex: Spot Trading |
Yes | Yes |
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Social Trading / Copy-Trading |
Yes | No |
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Currency Pairs (Total Forex pairs) |
182 | 105 |
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CFDs - Total Offered |
35000 | 6100 |
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Cryptocurrency traded as actual |
No | No |
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Cryptocurrency traded as CFD |
No | Yes |
| Offering of Investments | ||
| Winner | check_circle |
Cost
| Feature | Saxo Bank | Interactive Brokers |
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Average Spread EUR/USD - Standard |
0.6 (as of Sep 19) | N/A |
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All-in Cost EUR/USD - Active |
0.6 (as of Sep 19) | N/A |
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Active Trader or VIP Discounts |
Yes | Yes |
| Commissions & Fees | ||
| Winner | check_circle |
Funding
| Feature | Saxo Bank | Interactive Brokers |
|
Minimum Initial Deposit |
$10,000.00 | $0 |
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Bank Wire (Deposit/Withdraw) |
Yes | Yes |
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Visa/Mastercard (Credit/Debit) |
Yes | No |
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PayPal (Deposit/Withdraw) |
No | No |
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Skrill (Deposit/Withdraw) |
No | No |
Trading Platforms
| Feature | Saxo Bank | Interactive Brokers |
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Proprietary Platform |
Yes | Yes |
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Desktop Platform (Windows) |
Yes | Yes |
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Web Platform |
Yes | Yes |
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Social Trading / Copy-Trading |
Yes | No |
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MetaTrader 4 (MT4) |
No | No |
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MetaTrader 5 (MT5) |
No | No |
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cTrader |
No | No |
Trading Tools
| Feature | Saxo Bank | Interactive Brokers |
|
Virtual Trading (Demo) |
Yes | Yes |
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Alerts - Basic Fields |
Yes | Yes |
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Watchlists - Total Fields |
12 | 300 |
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Charting - Indicators / Studies (Total) |
55 | 121 |
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Charting - Drawing Tools (Total) |
19 | 9 |
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Charting - Trade From Chart |
Yes | Yes |
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Charting - Drawings Autosave |
Yes | Yes |
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Order Type - Trailing Stop |
Yes | Yes |
| Platform & Tools | ||
| Winner | check_circle |
Mobile Trading
| Feature | Saxo Bank | Interactive Brokers |
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Android App |
Yes | Yes |
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Apple iOS App |
Yes | Yes |
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Trading - Forex |
Yes | Yes |
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Trading - CFDs |
Yes | Yes |
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Alerts - Basic Fields |
Yes | Yes |
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Watch List |
Yes | Yes |
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Watch List Syncing |
Yes | Yes |
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Charting - Indicators / Studies |
41 | 68 |
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Charting - Draw Trend Lines |
Yes | No |
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Charting - Trend Lines Moveable |
Yes | No |
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Charting - Multiple Time Frames |
Yes | Yes |
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Charting - Drawings Autosave |
Yes | Yes |
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Forex Calendar |
Yes | No |
| Mobile Trading | ||
| Winner | check_circle |
Research
| Feature | Saxo Bank | Interactive Brokers |
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Daily Market Commentary |
Yes | Yes |
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Forex News (Top-Tier Sources) |
Yes | Yes |
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Weekly Webinars |
Yes | No |
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AutoChartist |
Yes | No |
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Trading Central (Recognia) |
No | Yes |
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Delkos Research |
No | No |
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Social Sentiment - Currency Pairs |
Yes | No |
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Economic Calendar |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Education
| Feature | Saxo Bank | Interactive Brokers |
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Has Education - Forex |
Yes | Yes |
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Has Education - CFDs |
Yes | Yes |
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Client Webinars |
Yes | Yes |
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Client Webinars (Archived) |
Yes | Yes |
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Videos - Beginner Trading Videos |
Yes | No |
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Videos - Advanced Trading Videos |
Yes | Yes |
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Investor Dictionary (Glossary) |
Yes | Yes |
| Education | ||
| Winner | check_circle |
Major Forex Pairs
| Feature | Saxo Bank | Interactive Brokers |
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GBP/USD |
Yes | Yes |
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USD/JPY |
Yes | Yes |
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EUR/USD |
Yes | Yes |
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USD/CHF |
Yes | Yes |
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USD/CAD |
Yes | Yes |
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NZD/USD |
Yes | Yes |
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AUD/USD |
Yes | Yes |
Overall
| Feature | Saxo Bank | Interactive Brokers |
| Saxo Bank Review | Interactive Brokers Review | |
| Overall | ||
| Winner | check_circle |
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 is a better option with a 4.50 star rating over Interactive Brokers's 4.00 star rating.
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. Interactive Brokers nor Saxo Bank offers 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 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 74 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and Saxo Bank offering 47.
Interactive Brokers Review
Saxo Bank Review
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
