Saxo Bank vs Interactive Brokers Review
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.
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.