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 it comes to commissions and fees, Saxo Bank stands out with its excellent trade pricing tailored for active, high-volume traders and those with large account balances. As of November 2023, Saxo's EUR/USD spread ranges from 1.1 pips on Classic accounts to as low as 0.9 pips on VIP accounts. Importantly, Saxo waives custody fees for share trading if traders opt into securities lending. Additionally, the entry-level Classic account has no minimum deposit requirement, while the Platinum and VIP accounts require $200,000 and $1,000,000, respectively, or similar trading volumes to qualify through their loyalty program. Saxo is commission-free for forex trading, except for traders who transact less than 50,000 units monthly. Saxo earns a 5-star rating for its competitive pricing and is ranked #9 out of 63 brokers by ForexBrokers.com for commissions and fees.
In comparison, IronFX’s fee structure shows room for improvement, with spreads generally exceeding the industry average. The Standard variable spread account at IronFX lists an average spread of 1.8 pips, but specific date ranges are not provided, indicating some variability across account options. The zero fixed-spread account begins at zero pips, yet incurs an $18 per lot commission and widens to 3 pips overnight. Despite its higher fee structure, IronFX still maintains a 4-star rating for commissions and fees and holds the #47 spot out of 63 brokers according to ForexBrokers.com.
Overall, Saxo's pricing model is more favorable for traders looking to minimize costs, particularly for active and high-volume traders who can benefit from lower spreads and waived fees through their loyalty program. In contrast, IronFX, while offering a diverse account range, has higher spreads that might not be as appealing for cost-conscious traders.
| 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.
Saxo and IronFX both let you trade forex as CFDs or via spot contracts, and each supports copy trading. They also both offer crypto exposure through derivatives (not actual coins). Where they differ is scale: Saxo lists about 70,000 tradeable instruments, including 190 forex pairs, while IronFX offers roughly 340 symbols with 83 forex pairs. Saxo also provides access to exchange-traded securities on U.S. and international markets—so you can buy shares like Apple on NASDAQ and Vodafone on the London Stock Exchange—whereas IronFX does not offer exchange-traded stocks.
For range of investments, Saxo earns 5 stars and ranks #3 out of 63 brokers at ForexBrokers.com, while IronFX scores 3.5 stars and ranks #52. If you want the widest product choice and access to global stock markets alongside forex, Saxo stands out; if you prefer a simpler lineup focused on CFDs, IronFX may suffice.
| 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.
Saxo vs IronFX: both brokers offer free demo (paper) accounts, plus web and Windows desktop platforms. Saxo adds an in-house platform, while IronFX relies on third-party options and supports MetaTrader 4 (MT4); neither broker offers MT5. Copy trading is available at both, but not via ZuluTrade or DupliTrade.
For charting, trading directly from charts is supported by both. Saxo lists 20 drawing tools versus 15 at IronFX; indicator counts weren’t specified. Watch lists differ widely, with Saxo offering up to 60 columns compared to 7 at IronFX. According to ForexBrokers.com, Saxo earns 5 stars and ranks #1 of 63 for Trading Platforms and Tools, while IronFX holds 3.5 stars and ranks #62.
| 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.
Saxo and IronFX both offer iPhone and Android apps with stock and forex price alerts, real-time quote watchlists, trendline drawing, multiple time frames, and auto-saved chart drawings. The key differences show up in charting depth and convenience: Saxo includes 64 technical studies versus 30 with IronFX, and Saxo’s watchlists sync with your online account, while IronFX’s do not.
In overall quality, Saxo leads. Saxo’s mobile trading apps are rated 5 stars and rank #2 out of 63 brokers at ForexBrokers.com. IronFX earns 3.5 stars and ranks #63 out of 63. If you want more advanced charting and seamless watchlist syncing across devices, Saxo is the stronger pick, while IronFX covers the basics.
| 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 cover the basics for market research: each delivers daily market commentary, premium forex news from top-tier sources (such as Bloomberg, Reuters, or Dow Jones), and a handy economic calendar. Their tool sets differ, though. Saxo includes Autochartist and a sentiment tool that shows long/short positioning, while IronFX integrates Trading Central but does not offer Autochartist or a sentiment tool.
Regarding third‑party research suites, Saxo does not offer TipRanks or Acuity Trading/Signal Centre, and IronFX’s access to these providers is not specified. For overall quality, ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63 brokers for Research, while IronFX earns 4 stars and ranks #29. If you want Autochartist insights and sentiment data, Saxo may suit you; if you prefer Trading Central analysis, IronFX is a solid pick.
| 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 | |
| Signal Centre (Acuity Trading) | 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 |
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| Trust Score | 99 | 83 |
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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.
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0 of 5| Overall Rating | Saxo | IronFX | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review |
| Broker Screenshots | Saxo | IronFX | |
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| Broker Gallery (click to expand) |
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| 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 | ||
| 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) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| 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 | ||
| 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 | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Saxo Review |
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