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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 | |
| 72% 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 | 7400 |
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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 |
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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 |
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Virtual Trading (Demo) |
Yes | Yes |
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Alerts - Basic Fields |
Yes | Yes |
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Watchlists - Total Fields |
12 | 494 |
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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 | 70 |
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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 compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed 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.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Interactive Brokers alongside Saxo Bank are regulated in a major hub. Interactive Brokers is a publicly traded company, while Saxo Bank is not. As far as how many currency pairs are available for trading, here's the answer. Saxo Bank offers its clients access to 182 different currency pairs while Interactive Brokers has 105 available pairs, a difference of 77.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Neither Interactive Brokers and Saxo Bank offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails Saxo Bank by 10 total charting tools, with Saxo Bank offering 19 and Interactive Brokers offering 9. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while Saxo Bank has 55 available indicators, a difference of 66.
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.
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