IC Markets vs Saxo Bank - Fees Review Included
IC Markets offers lower trading fees with ECN spreads starting at 0.1 pips and a $3.5 commission per lot. Saxo Bank has slightly higher costs, with spreads starting at 0.8 pips and no fixed commission. Both brokers have no deposit or withdrawal fees, but Saxo Bank applies a conversion fee for non-USD transactions. IC Markets is better suited for cost-conscious Forex traders, while Saxo Bank offers premium features for advanced investors.
When deciding between Saxo Bank and IC Markets, many traders check expert reviews to make an informed choice. Both brokers have a solid reputation, with IC Markets achieving a high TU Overall Score of 8.27 out of 10, while Saxo Bank scored 7.12 out of 10. Reading Saxo Bank and IC Markets reviews offers insights to compare their services and features.
IC Markets vs Saxo Bank - which is better
If you’re exploring their platforms, a look at Saxo Bank and IC Markets trading shows how their offerings differ. IC Markets is known for its low spreads, fast execution, and ECN account support, making it ideal for traders focused on cost-effective trading. Meanwhile, Saxo Bank is a strong choice for those interested in a broader range of assets like Forex, stocks, and commodities, paired with advanced charting tools.
Choosing the best broker between Saxo Bank and IC Markets comes down to what you’re looking for as a trader. If you value affordability and fast execution, IC Markets is a top pick. However, if you want access to diverse assets and premium tools, Saxo Bank could be a better fit for you.
IC Markets vs Saxo Bank - overall ranking
| Feature | IC Markets | Saxo Bank |
|---|---|---|
Overall | 4.7 | 4.5 |
Regulation | 5 | 4.8 |
Fees | 4.9 | 4.6 |
Trading assets | 4.6 | 5 |
Investment instruments | 4.9 | 4.2 |
Platforms and charting tools | 4.4 | 4.6 |
Deposit and withdrawal | 4.6 | 4.0 |
Research | 4.3 | 5 |
Education | 4.4 | 3.6 |
Support | 4.6 | 4.4 |
Bonuses | 2.5 | 3.6 |
Open an account |
IC Markets vs Saxo Bank: pros and cons
When looking at the pros and cons of IC Markets and Saxo Bank, both brokers offer features that appeal to different kinds of traders. IC Markets is known for its fast execution speeds, competitive ECN trading conditions, and free VPS for active Forex traders, making it a solid option for frequent traders. Meanwhile, Saxo Bank is a good fit for traders focusing on diversification, with access to over 71,000 instruments and professional portfolio management options. A detailed IC Markets and Saxo Bank comparison shows how the two brokers differ.
IC Markets
IC Markets, founded in 2007 in Sydney, Australia, operates under the Australian Financial Services License (AFSL) and is regulated by ASIC. It is also a member of the Australian Financial Complaint Authority (AFCA), providing strong customer support and protection.
Saxo Bank
Saxo Bank, established in 1992 under the name Midas, is licensed by the Danish Financial Supervisory Authority (FSA) and other regulators like FCA (UK) and ASIC (Australia). Serving clients in over 170 countries, Saxo Bank provides access to numerous financial markets and tools for sophisticated trading strategies.
Your choice between these brokers depends on your priorities. If you value fast execution and cost-effective trading, IC Markets is worth considering. For those seeking a wide range of instruments and portfolio management tools, Saxo Bank may be the better option.
IC Markets vs Saxo Bank: pros and cons
| Pros and cons | IC Markets | Saxo Bank |
|---|---|---|
Overall pros |
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Overall cons |
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IC Markets vs Saxo Bank: safety and regulation
Both Saxo Bank and IC Markets are regulated brokers, ensuring a safe trading experience for their clients. IC Markets is regulated by the Australian Securities and Investment Commission (ASIC) and follows strict regulatory requirements. Meanwhile, Saxo Bank operates under the Danish Financial Supervisory Authority (FSA) and also holds licenses from respected authorities like the FCA (UK) and ASIC (Australia).
For traders comparing Saxo Bank and IC Markets, understanding how these brokers are regulated can assist in choosing the right broker. IC Markets provides investor protection up to €20,000 under its regulatory framework, while Saxo Bank offers the same level of coverage. Both brokers ensure top-notch safety measures, making them great choices for trading worldwide.
IC Markets vs Saxo Bank: safety and regulation
| Regulated By: | IC Markets | Saxo Bank |
|---|---|---|
Max. regulation level | Tier-1 | Tier-1 |
Investor protection | €20,000 | €20,000 |
FCA UK Regulation | ||
FINRA (U.S) | ||
BaFin (Germany) | ||
ASIC (Australia) | ||
CFTC (U.S) | ||
MAS | ||
FSCA SA | ||
BVI FSC | ||
VFSC | ||
FSA (Seychelles) |
IC Markets vs Saxo Bank: trading conditions
When looking at the Saxo Bank and IC Markets minimum deposit, both brokers serve different trader needs:
IC Markets offers competitive spreads and requires a minimum deposit of $200, while in contrast.
Saxo Bank offers flexibility by not requiring a minimum deposit, making it a convenient choice for traders starting without upfront deposits.
For platform options, the Saxo Bank and IC Markets platform offerings cater to different trading styles. IC Markets provides MT4, MT5, and cTrader, which are ideal for Forex traders who need advanced tools and fast execution. On the other hand, Saxo Bank features its proprietary platforms, SaxoTraderGo and SaxoTraderPro, designed for experienced investors, offering research tools and portfolio management features.
To choose the best broker you need you need to analyze the trading conditions at Saxo Bank and IC Markets. If affordability and advanced Forex tools matter most, IC Markets is a strong choice. Meanwhile, Saxo Bank shines for its diverse asset options and powerful platforms built for professional investors.
IC Markets vs Saxo Bank: trading conditions
| Trading conditions | IC Markets | Saxo Bank |
|---|---|---|
Minimum deposit | $200 | $0 |
Trading platforms | MT4, MT5, cTrader | SaxoTraderGo, SaxoTraderPro |
Max leverage (Futures) | 1-500 | 1-30 |
Supported markets | Forex, futures, CFDs on indices, commodities, metals, stocks and bonds | Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets | 2000+ | 71000+ |
Trading accounts | cTrader, Raw Spread, Standard | Classic, Platinum, VIP, Professional |
Base account currencies | USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC | USD, EUR |
IC Markets vs Saxo Bank: fees
When comparing IC Markets and Saxo Bank fees, the two brokers serve the needs of various traders. IC Markets stands out with its low-cost ECN trading environment, offering spreads as low as 0.1 pips and a $3.5 commission per lot. On the other hand, Saxo Bank is a good fit for traders who value simplicity, with spreads starting at 0.8 pips and no fixed commissions.
For those evaluating spreads, a comparison of IC Markets and Saxo Bank spreads highlights key differences. IC Markets provides some of the tightest spreads available, making it an excellent choice for active Forex traders focused on minimizing costs. Saxo Bank, however, offers slightly higher spreads aimed at traders looking for premium services and access to a broader range of financial instruments.
Deciding between an IC Markets or Saxo Bank account depends on what you’re looking for. IC Markets is ideal for frequent Forex traders who want an affordable structure, while Saxo Bank is better suited for those seeking a premium trading experience with access to a diverse range of assets.
IC Markets vs Saxo Bank: fees
| Fees | IC Markets | Saxo Bank |
|---|---|---|
Standard acc. spread EUR/USD, min pips | 0,8 | 0,8 |
Standard acc. spread EUR/USD, max pips | 1,0 | 1,0 |
ECN commission | 3,5 | 3,5 |
ECN іpread EUR/USD | 0,1 | 0,1 |
Deposit fee, % | ||
Withdrawal fee, % | ||
Withdrawal fee, USD | ||
Inactivity fee, $ |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
IC Markets vs Saxo Bank: trading assets
Both Saxo Bank and IC Markets provide traders with many asset options, but they meet different trading needs. IC Markets offers over 2,000 assets, including Forex, CFDs on stocks, indices, metals, and cryptocurrencies, making it a good fit for traders who prioritize diversification and affordability. In contrast, Saxo Bank boasts an impressive portfolio of over 71,000 instruments, including Forex, stocks, ETFs, bonds, and mutual funds, which is great for long-term investors and professionals.
When it comes to Saxo Bank and IC Markets trading, both brokers have their strengths. IC Markets is a good choice for active traders due to its tight spreads and fast execution, while Saxo Bank stands out for its broader range of investments, making it great for traders combining Forex with other opportunities.
If you want to trade on Forex, Saxo Bank and IC Markets offer good coverage of currency pairs. However, IC Markets appeals to active Forex traders with its low spreads and execution speeds, whereas Saxo Bank is ideal for traders looking to include Forex as part of a larger, diversified portfolio.
IC Markets vs Saxo Bank: trading assets
| Asset name | IC Markets | Saxo Bank |
|---|---|---|
Overall | 2000+ trading assets | 71000+ |
Forex | ||
Stocks | (CFD) | |
Metals | (CFD) | |
Cryptocurrencies | (CFD) | |
Energy | (CFD) | |
Indices | (CFD) | |
ETFs | (CFD) | |
Bonds | (CFD) | |
Mutual funds | ||
Stock options | ||
Futures Trading | (CFD) | |
Binary Options |
IC Markets or Saxo Bank: investment programs
When comparing the investment programs from IC Markets and Saxo Bank, both brokers serve the needs of different types of traders. IC Markets offers active trading solutions, such as copy trading and MAM/PAMM accounts, making it a great option for traders who want to replicate strategies or efficiently manage multiple accounts.
In contrast, Saxo Bank emphasizes professional-grade investments programs, featuring managed portfolios designed by experienced professionals. These options are a great choice for long-term investors who want hands-off and diversified solutions. While IC Markets excels in tools for active trading, Saxo Bank is ideal for those who value professionally managed portfolios.
Choosing between IC Markets and Saxo Bank investments programs comes down to what you're looking for. If you prefer active trading tools and flexible account management, IC Markets might suit your style. However, if you're after sophisticated, hands-off portfolio management, Saxo Bank could be the better fit.
IC Markets or Saxo Bank: investment programs
| Investments programs | IC Markets | Saxo Bank |
|---|---|---|
Copy trading | ||
MAM/PAMM | ||
Managed accounts | ||
Other |
Trading platforms: Saxo Bank or IC Markets
When evaluating the Saxo Bank and IC Markets platform offerings, both brokers meet different trading preferences. IC Markets provides popular platforms like MT4, MT5, and cTrader, designed for Forex and CFD traders. These platforms are valued for their advanced charting capabilities, algorithmic trading support, and fast execution speeds.
On the other hand, Saxo Bank offers its proprietary platforms, SaxoTraderGo and SaxoTraderPro, tailored for professionals. These platforms include in-depth research tools, portfolio management features, and access to a broad range of trading instruments, making them suitable for investors managing a variety of assets.
For those comparing Saxo Bank and IC Markets trading, what you prioritize will determine the better option. IC Markets works well for active Forex traders seeking advanced tools and cost-efficient trading, while Saxo Bank is ideal for professionals focused on research and managing diverse investments.
Trading platforms: Saxo Bank or IC Markets
| Trading platforms | IC Markets | Saxo Bank |
|---|---|---|
MT4 | ||
MT5 | ||
cTrader | ||
Appropriate platform | IC Markets terminal | SaxoTrader Go, SaxoTrader Pro |
Others |
IC Markets vs Saxo Bank: deposit and withdrawal methods
Both Saxo Bank and IC Markets offer convenient ways to deposit funds. When looking at the Saxo Bank and IC Markets minimum deposit, IC Markets requires $200 as the starting amount, giving traders access to payment methods like bank transfers, cards, Neteller, and cryptocurrencies such as BTC and USDT. On the other hand, Saxo Bank has no minimum deposit requirement, making it easier for traders with smaller budgets to get started.
For those comparing the Saxo Bank and IC Markets withdrawal processes, both brokers process withdrawals securely without extra charges. However, Saxo Bank applies a currency conversion fee for non-USD withdrawals, while IC Markets is a good choice for cryptocurrency traders due to its crypto-friendly options. Saxo Bank, meanwhile, is better suited for traders using fiat currencies, thanks to its wider fiat support.
IC Markets vs Saxo Bank: deposit and withdrawal methods
| Deposit and withdrawal methods | IC Markets | Saxo Bank |
|---|---|---|
Bank wire | ||
Bank card | ||
Neteller | ||
BTC | ||
Wise | ||
Payoneer | ||
USDT |
IC Markets vs Saxo Bank: research
Both Saxo Bank and IC Markets offer different research types tools to help traders make better decisions:
IC Markets stands out by offering insights traders can act on, including real-time news, trading ideas, fundamental data, and advanced chart analysis. These features are ideal for active traders who rely on quick and accurate updates.
Saxo Bank is designed for experienced investors focused on long-term goals. It provides detailed market insights, extensive fundamental data, and professional-grade analysis.
IC Markets vs Saxo Bank: research
| Research type | IC Markets | Saxo Bank |
|---|---|---|
News feed | ||
Fundamental data | ||
Chart analysis | ||
Trading ideas | ||
E-Mail reports |
IC Markets vs Saxo Bank: education
When comparing the Saxo Bank and IC Markets education, both brokers provide tools to help traders develop their skills, but they cater to different audiences. IC Markets offers a broad range of beginner-friendly materials, including webinars, articles, videos, and demo accounts. This makes IC Markets education a great starting point for those new to Forex and CFD trading.
On the other hand, Saxo Bank focuses more on advanced educational content like in-depth webinars and detailed market analyses. While these resources are highly valuable for experienced traders, the limited beginner-oriented content may not meet the needs of those just starting out. For this reason, Saxo Bank and IC Markets for beginners present distinct advantages, with IC Markets being the better option for newcomers and Saxo Bank catering more to seasoned professionals.
IC Markets vs Saxo Bank: education
| Education type | IC Markets | Saxo Bank |
|---|---|---|
Demo-account/Paper trading | ||
Webinars | ||
Articles | ||
Videos | ||
Cent account |
Saxo Bank vs IC Markets: support
When evaluating IC Markets and Saxo Bank support, both brokers provide help through multiple channels, including email and phone. However, IC Markets support is more accessible, focusing on immediate responses, while Saxo Bank support is tailored for registered and verified users, offering a more structured experience.
IC Markets and Saxo Bank live chat is available 24/5. Traders can access real-time assistance for account-related queries, technical support, and market insights. The support team is equipped to handle inquiries about trading platforms, deposits and withdrawals, and general trading assistance. Whether you need help troubleshooting an issue or require guidance on trading tools, their live chat service ensures prompt and professional assistance throughout the trading week.
Saxo Bank vs IC Markets: support
| Support features | IC Markets | Saxo Bank |
|---|---|---|
Working days | 24/5 | 24/5 |
Phone | ||
Online chat | ||
Other |
IC Markets vs Saxo Bank: Forex bonuses and promo
When comparing what Saxo Bank and IC Markets offer, neither broker currently offers traditional Forex bonuses like deposit matches or trading rewards. However, Saxo Bank and IC Markets offer programs designed for active traders. For example, IC Markets has an affiliate program where traders can earn a percentage of trading commissions, while Saxo Bank rewards loyal clients by upgrading account levels to improve trading conditions.
If you’re wondering about an IC Markets or Saxo Bank bonus, neither broker provides conventional bonuses. Instead, IC Markets focuses on its affiliate program, which allows traders to earn extra income, while Saxo Bank offers a loyalty-based system that enhances trading conditions for active participants.
Although these offers aren’t standard bonuses, they show how each broker rewards its users in unique ways. Traders looking for traditional deposit or trading bonuses may want to consider other brokers that provide those incentives.
IC Markets vs Saxo Bank: Forex bonuses and promo
| Promo | IC Markets | Saxo Bank |
|---|---|---|
Forex bonus | Not offered | |
Affiliate program | % of trading commissions | “Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
Other Promos | Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
Conclusion
Both IC Markets and Saxo Bank are top-tier brokers offering distinct advantages for traders with varying needs. IC Markets excels in providing low-cost Forex trading with competitive spreads, advanced platforms like MT4 and cTrader, and excellent accessibility through a low minimum deposit. On the other hand, Saxo Bank stands out for its extensive range of trading instruments, professional-grade proprietary platforms, and comprehensive research tools, making it an excellent choice for seasoned investors and those seeking diverse investment opportunities.
Ultimately, the choice between IC Markets and Saxo Bank depends on your trading goals and priorities. If you value cost-effective trading with advanced tools, IC Markets is an ideal option. For those focusing on diversification and premium investment programs, Saxo Bank offers unmatched resources. Carefully consider your needs to select the broker that aligns best with your trading strategy.
FAQs
What should I start Forex trading with?
Begin with a demo account to understand the market and platform. Study trading basics using broker resources. Start small, grow gradually, and consider copy trading for guidance.
What amount should I start trading with?
A $10 deposit is enough for cent accounts, while $200-500 is ideal for Standard/ECN accounts to trade with minimal leverage and lower risk.
What should I take into consideration when choosing a broker?
Prioritize broker reliability, trading conditions, fees, and reviews. Match the broker’s features to your trading goals and experience level.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).