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Saxo Bank vs Interactive Brokers 2019

Is Interactive Brokers better than Saxo Bank? After grading forex brokers on nearly 100 different variables, Saxo Bank is better than Interactive Brokers. Traders seeking a large selection of instruments and asset classes across global financial markets will not be disappointed with the range of premium services Saxo Bank offers, including research, active trader pricing, and wealth management services that cater to investors’ needs. Saxo Bank was our #1 broker in multiple categories in 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.

Overall Rating

Feature Saxo Bank Interactive Brokers
Overall 4.5 4
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
Year Founded
1992 1977
Publicly Traded (Listed)
No Yes
Bank
Yes No
Tier-1 Licenses
6 5
Tier-2 Licenses
1 0
Tier-3 Licenses
0 0
Authorised in the European Union
Yes Yes

Tier-1 Licenses

Feature Saxo Bank Interactive Brokers
ASIC Authorised (Australia)
Yes No
IIROC Authorised (Canada)
No Yes
SFC Authorised (Hong Kong)
Yes Yes
FSA Authorised (Japan)
Yes Yes
MAS Authorised (Singapore)
Yes No
FINMA Authorised (Switzerland)
Yes Yes
FCA Authorised (UK)
Yes Yes
CFTC Registered (USA)
No Yes

Investments

Feature Saxo Bank Interactive Brokers
Forex: Spot Trading
Yes Yes
Social Trading / Copy-Trading
Yes No
Currency Pairs (Total Forex pairs)
182 105
CFDs - Total Offered
35000 6100
Cryptocurrency traded as actual
No No
Cryptocurrency traded as CFD
No Yes
Offering of Investments 4.5 4.5
Winner check_circle

Cost

Feature Saxo Bank Interactive Brokers
Average Spread EUR/USD - Standard
0.6 (as of Sep 19) N/A
All-in Cost EUR/USD - Active
0.6 (as of Sep 19) N/A
Active Trader or VIP Discounts
Yes Yes
Commissions & Fees 4.5 4
Winner check_circle

Funding

Feature Saxo Bank Interactive Brokers
Minimum Initial Deposit
$10,000.00 $0
Bank Wire (Deposit/Withdraw)
Yes Yes
Visa/Mastercard (Credit/Debit)
Yes No
PayPal (Deposit/Withdraw)
No No
Skrill (Deposit/Withdraw)
No No

Trading Platforms

Feature Saxo Bank Interactive 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

Trading Tools

Feature Saxo Bank Interactive Brokers
Virtual Trading (Demo)
Yes Yes
Alerts - Basic Fields
Yes Yes
Watchlists - Total Fields
12 300
Charting - Indicators / Studies (Total)
55 121
Charting - Drawing Tools (Total)
19 9
Charting - Trade From Chart
Yes Yes
Charting - Drawings Autosave
Yes Yes
Order Type - Trailing Stop
Yes Yes
Platform & Tools 4.5 4
Winner check_circle

Mobile Trading

Feature Saxo Bank Interactive Brokers
Android App
Yes Yes
Apple iOS App
Yes Yes
Trading - Forex
Yes Yes
Trading - CFDs
Yes Yes
Alerts - Basic Fields
Yes Yes
Watch List
Yes Yes
Watch List Syncing
Yes Yes
Charting - Indicators / Studies
41 68
Charting - Draw Trend Lines
Yes No
Charting - Trend Lines Moveable
Yes No
Charting - Multiple Time Frames
Yes Yes
Charting - Drawings Autosave
Yes Yes
Forex Calendar
Yes No
Mobile Trading 4.5 4
Winner check_circle

Research

Feature Saxo Bank Interactive Brokers
Daily Market Commentary
Yes Yes
Forex News (Top-Tier Sources)
Yes Yes
Weekly Webinars
Yes No
AutoChartist
Yes No
Trading Central (Recognia)
No Yes
Delkos Research
No No
Social Sentiment - Currency Pairs
Yes No
Economic Calendar
Yes Yes
Research 4.5 3.5
Winner check_circle

Education

Feature Saxo Bank Interactive Brokers
Has Education - Forex
Yes Yes
Has Education - CFDs
Yes Yes
Client Webinars
Yes Yes
Client Webinars (Archived)
Yes Yes
Videos - Beginner Trading Videos
Yes No
Videos - Advanced Trading Videos
Yes Yes
Investor Dictionary (Glossary)
Yes Yes
Education 4 4
Winner check_circle

Major Forex Pairs

Feature Saxo Bank Interactive 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

Overall

Feature Saxo Bank Interactive Brokers
Saxo Bank Review Interactive Brokers Review
Overall 4.5 4
Winner check_circle
Our ForexBrokers.com team spent several months and hundreds of hours assessing 28 different forex broker accounts for trading FX. In total, over 2,200 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 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.

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