Written by ForexBrokers.com
In this head to head comparison of Saxo vs IronFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing online brokers Saxo and IronFX, it’s clear that both have carved their niches in the financial world since their inception in 1992 and 2010, respectively. Saxo is unique in its dual identity as a bank and an online broker, providing a strong sense of security. Despite both not being publicly traded, Saxo's extensive regulatory coverage with 7 Tier-1 licenses and a Trust Score rating of 99 by ForexBrokers.com speaks volumes about its commitment to client trust. This score places Saxo in the highly trusted category.
IronFX, on the other hand, operates solely as an online broker without the added layer of being a bank. It holds 3 Tier-1 licenses, positioning it as a trusted broker, albeit with a slightly lower Trust Score rating of 83. While IronFX's regulatory framework is solid, it does not match Saxo's extensive coverage. This reflects Saxo’s strong emphasis on regulatory compliance and customer trustworthiness, making it a preferred choice for those prioritizing these aspects in online trading.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Saxo and IronFX in terms of commissions and fees, Saxo clearly stands out, especially for active and high-volume traders. Saxo offers a competitive pricing structure, with average EUR/USD spreads starting at 1.1 pips for Classic accounts and going down to 0.9 pips for its VIP accounts. Notably, Saxo waives custody fees for share trading if traders participate in securities lending, adding to the savings. New clients can open a Classic account without a minimum deposit, while the Platinum and VIP accounts require $200,000 and $1,000,000 respectively. Saxo offers a commission-free model for forex trading, although a ticket-fee of $3 per side applies if trading less than 50,000 units per month. With a 5-star rating and a #9 ranking out of 63 brokers by ForexBrokers.com, Saxo provides exceptional value.
In contrast, IronFX's commissions and fees structure leaves room for improvement, with spreads generally higher than industry averages. While the Standard variable spread account typically shows a spread of 1.8 pips, details on specific date ranges are not provided and fees can vary. The zero fixed-spread account starts at zero but incurs an $18 per lot commission; moreover, spreads increase to 3 pips overnight in some cases. This less competitive pricing strategy translates into a 4-star rating for IronFX, with a #46 ranking in the commissions and fees category by ForexBrokers.com.
Overall, Saxo is an excellent option for traders seeking lower fees and more benefits, especially with its robust loyalty program and waiver of certain fees for engaged account holders. However, traders who prefer IronFX should be prepared for potentially higher costs unless they meet the criteria for their zero spread account. With IronFX's current pricing model, the greater costs involved may be a significant consideration for prospective clients.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.1 | 1.2 |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and IronFX for their range of investment options, Saxo stands out with a significantly larger offering. Saxo boasts an impressive catalog, featuring 70,000 tradable symbols, including 190 forex pairs. Additionally, Saxo provides access to exchange-traded securities on both U.S. and international exchanges, allowing clients to invest in companies like Apple and Vodafone. This broad access is reflected in Saxo's high rating of 5 stars for its range of investments, earning it the #3 spot out of 63 brokers in the category, according to ForexBrokers.com.
On the other hand, IronFX presents a more limited selection with 340 tradable symbols and 83 forex pairs. Unlike Saxo, IronFX does not offer exchange-traded securities on U.S. or international markets, which may restrict investors seeking direct stock ownership. However, both Saxo and IronFX offer forex trading as CFDs or spot contracts, copy trading, and the ability to trade cryptocurrency derivatives. Despite these shared features, IronFX receives a lower 3.5-star rating for its range of investments and ranks #51 out of 63 brokers, showcasing a more modest variety in comparison to Saxo.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 340 |
| Forex Pairs (Total) | 190 | 83 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing Saxo and IronFX based on their trading platforms and tools, both brokers provide a range of options for traders. Saxo offers a proprietary trading platform developed in-house, alongside a Windows-based desktop platform and a web-based option, providing seamless trading access through various interfaces. They score highly on customization, offering 20 drawing tools for charting and 60 columns for watch lists. Additionally, Saxo supports copy trading and allows users to practice with a free virtual demo account. However, Saxo does not support the popular MetaTrader platforms such as MT4 or MT5.
IronFX, on the other hand, provides users with both a Windows-based platform and a web-based trading experience but does not offer a proprietary platform. They do support the widely-used MetaTrader 4 platform, appealing to traders familiar with its features. Like Saxo, IronFX also offers copy trading and a demo account. Despite these options, IronFX offers fewer customization tools with 15 drawing tools for charts and only 7 columns for watch lists. Overall, Saxo is ranked as the top choice for trading platforms and tools by ForexBrokers.com, earning a full 5-star rating, whereas IronFX falls short with a 3.5-star rating and is ranked much lower at 61 out of 63 brokers.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both Saxo and IronFX offer options for iPhone and Android users. They include features like stock and forex price alerts, as well as the ability to draw trendlines and view different time frames on charts. However, Saxo takes the lead with its advanced functionalities, such as watchlist symbol syncing with the client's online account, which IronFX lacks. Additionally, Saxo provides a more comprehensive suite of technical studies, offering 64 compared to IronFX's 30.
Saxo also excels in user ratings, receiving 5 stars for its mobile trading app, significantly outpacing IronFX, which is rated at 3.5 stars. This difference is reflected in their rankings on ForexBrokers.com, where Saxo holds the impressive position of 2nd out of 63 brokers, whereas IronFX is placed at 62nd. These factors make Saxo a more attractive option for traders seeking a feature-rich and highly regarded mobile trading experience.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and IronFX both offer a range of features designed to support their clients' market research. Both brokers provide daily market commentary and have access to forex news from top-tier sources such as Bloomberg and Reuters. Additionally, they each offer an economic calendar that highlights important global news events. However, Saxo shines with its inclusion of technical analysis tools from Autochartist and a sentiment-based trading tool that displays the ratio of long or short positions across different currency pairs, features that IronFX doesn't provide.
While IronFX does leverage Trading Central to offer technical analysis tools, it falls short: it lacks the sentiment tools available with Saxo. Neither broker provides research services from TipRanks or Acuity Trading. Ultimately, Saxo outpaces IronFX considerably in market research offerings, earning a 5-star rating from ForexBrokers.com compared to IronFX's 4-star rating. Saxo also holds the top spot in the research category among 63 brokers, whereas IronFX is positioned at #28.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| 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 | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for new traders, both Saxo and IronFX offer a variety of tools to help beginners learn about forex and CFDs. Both brokers provide a minimum of ten educational pieces like articles and videos tailored to trading these financial instruments. For those who enjoy learning through video, each platform offers more than ten beginner-focused educational videos. Additionally, both Saxo and IronFX provide searchable archives of past client webinars, offering users the chance to catch up on previous educational sessions. Moreover, both platforms include an investor dictionary featuring definitions of at least fifty investment terms, aiding in the jargon-filled world of trading.
However, Saxo distinguishes itself by hosting monthly educational webinars for its clients, a feature IronFX lacks. This regular, live learning opportunity helps traders stay updated on the market's nuances. Furthermore, Saxo also caters to more advanced traders with a collection of at least ten specialized educational videos, a competitive edge not offered by IronFX. These additional educational resources are reflected in Saxo's superior educational rating and ranking. Saxo boasts a five-star education rating and is ranked 13th out of 63 brokers by ForexBrokers.com, whereas IronFX is rated with four stars and holds the 44th position. This makes Saxo a more appealing choice for beginners who value a comprehensive array of learning resources.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than IronFX. Saxo finished with an overall rank of #3, while IronFX finished with an overall rank of #48.
Saxo 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.
| Feature |
Saxo
|
IronFX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 83 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both Saxo and IronFX do not allow the purchase of actual cryptocurrencies, but they do provide the option to trade in cryptocurrency derivatives.
When comparing Saxo and IronFX for online trading, both brokerages offer Visa or Mastercard and bank wires as options for depositing or withdrawing funds, but neither provides ACH, SEPA, or PayPal services, with IronFX having the additional advantage of accepting Skrill for transactions.
Please 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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Saxo | IronFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review |
| Broker Screenshots | Saxo | IronFX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
| ||
| Mobile Trading Gallery (click to expand) |
| ||
| Research Gallery (click to expand) |
| ||
| Education Gallery (click to expand) |
|
| Regulation | Saxo | IronFX | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1992 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | IronFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | IronFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | IronFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 340 | |
| Forex Pairs (Total) | 190 | 83 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| 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). |
| Cost | Saxo | IronFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | IronFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | IronFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | IronFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | IronFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | IronFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | IronFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | IronFX | |
|---|---|---|---|
| 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 Review |
| Overall | Saxo | IronFX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill