Interactive Brokers vs Saxo Bank vs Plus500 - Fees Review included
| Feature | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Overall |
4.9 |
4.5 |
3.7 |
5 |
4.8 |
4.9 |
|
4.9 |
4.6 |
4.4 |
|
5 |
5 |
4.4 |
|
Investment Instruments |
4.2 |
4.2 |
1 |
Platforms and Charting Tools |
5 |
4.6 |
3.3 |
Deposit and Withdrawal |
4.1 |
4.0 |
4.8 |
Research |
4.7 |
5 |
2.9 |
Education |
4.5 |
3.6 |
2.3 |
Support |
4.2 |
4.4 |
2.4 |
Bonuses |
3.1 |
3.6 |
2.1 |
|
|
|
Interactive Brokers vs Saxo Bank vs Plus500: Pros and Cons
The biggest international broker
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
Plus500 broker is owned by Plus500 Ltd, the headquarters company, is based in Israel. Plus500.com has been an active trading platform since 2008, where traders can trade more than two thousand financial assets. The broker provides its services in Asia and Europe, being also one of the fastest-growing companies that make it possible to trade CFD (contract for differences) contracts.
| Interactive Brokers | Saxo Bank | Plus500 | |
|---|---|---|---|
| Overall Pros | Access to 135 markets in 33 countries | favorable trading terms for professional traders with at least 1 year of experience | Over 2000 trading CFD instruments |
| 30.000+ trading instruments | over 71 thousand instruments for trading | Advanced screeners and analysis tools | |
| Regulated in the US, UK and 8 other countries | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Free alert service | |
| Advanced trading platform | Well regulated CFD broker | ||
| Free stocks for registration | |||
| Low fees | |||
| Low margin rates | |||
| Nasdaq Listed company | |||
| 25 supported account currencies | |||
| Overall Cons | long and complex registration procedure | Cent accounts are not available | Plus500 does not provide the possibility of passive earnings |
| a ban on algorithmic trading for traders from abroad | A ban on scalping, order hedging, and automated trading | ||
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). | the broker does not cooperate with traders from Ukraine, the USA, and several other countries | ||
| Broker don't offer ECN account | |||
| MT4/MT5 trading platforms are not supported |
Interactive Brokers vs Saxo Bank vs Plus500: Safety and Regulation
| Regulated By: | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Tier-1 |
Investor protection |
$500,000 £85,000 |
£85,000 €20,000 CHF 100,000 |
£85,000 €20,000 CHF 100,000 |
FCA UK Regulation |
Yes |
Yes |
Yes |
FINRA (U.S) |
Yes |
No |
No |
BaFin (Germany) |
No |
No |
No |
ASIC (Australia) |
Yes |
Yes |
Yes |
CFTC (U.S) |
Yes |
No |
No |
MAS |
Yes |
Yes |
Yes |
FSCA SA |
No |
No |
No |
BVI FSC |
No |
No |
No |
VFSC |
No |
No |
No |
FSA (Seychelles) |
No |
No |
No |
Interactive Brokers vs Saxo Bank vs Plus500: Trading Conditions
| Trading Conditions | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Minimum Deposit |
$0 |
$0 |
$100 |
Trading Platforms |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
SaxoTraderGo, SaxoTraderPro |
WebTrader, Plus500 |
Max Leverage (Futures) |
1-50 |
1-30 |
variable |
Supported Markets |
Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Robo-portfolios, hedge funds |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
CFDs on Forex, Stocks, Commodities, Metals, Cryptocurrencies, options and ETFs |
Trading assets |
30000+ |
71000+ |
2000+ |
Trading Accounts |
Cash account, margin account |
Classic, Platinum, VIP, Professional |
Real, Demo |
Base Account Currencies |
USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH |
USD, EUR |
USD |
Interactive Brokers vs Saxo Bank vs Plus500: Fees
| Fee | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
0,2 |
0,2 |
Standard acc. spread EUR/USD, max pips |
0,8 |
0,9 |
0,9 |
ECN Commission |
2 |
||
ECN Spread EUR/USD |
0,2 |
||
Deposit fee, % |
No |
No |
No |
Withdrawal fee, % |
Yes |
No |
No |
Withdrawal fee, USD |
Yes |
No |
No |
Inactivity fee, $ |
No |
No |
No |
Interactive Brokers vs Saxo Bank vs Plus500: Trading Assets
| Asset Name | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Overall |
30000+ |
71000+ |
1000+ |
Forex |
Yes |
Yes |
Yes (CFDs) |
Stocks |
Yes |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes |
Yes (Futures) |
Cryptocurrencies |
Yes |
Yes |
Yes (CFDs and Futures) |
Energy |
Yes |
Yes |
Yes (Futures) |
Indices |
Yes |
Yes |
Yes (CFD) |
ETFs |
Yes |
Yes |
Yes (CFD) |
Bonds |
Yes |
Yes |
No |
Mutual funds |
Yes |
Yes |
No |
Stock options |
Yes |
Yes |
Yes (CFD) |
Futures Trading |
Yes |
Yes |
Yes |
Binary Options |
No |
No |
No |
The Plus500 Futures platform is available to US clients only
Interactive Brokers or Saxo Bank or Plus500: Investment Programs
| Asset Name | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Copy Trading |
No |
No |
No |
MAM/PAMM |
No |
No |
No |
Managed Accounts |
No |
Yes |
No |
Other |
Robo-portfolios, hedge funds, Bonds |
No |
No |
Trading Platforms: Interactive Brokers or Saxo Bank or Plus500
| Interactive Brokers | Saxo Bank | Plus500 | |
|---|---|---|---|
MT4 |
No |
No |
No |
MT5 |
No |
No |
No |
cTrader |
No |
No |
No |
Appropriate platform |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
SaxoTraderGo, SaxoTrader Pro |
Plus500 |
Others |
No |
No |
No |
|
|
|
Interactive Brokers vs Saxo Bank vs Plus500: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Bank Wire |
Yes |
Yes |
Yes |
Bank Card |
No |
Yes |
Yes |
Neteller |
No |
No |
No |
BTC |
No |
No |
No |
Wise |
Yes |
No |
No |
Payoneer |
No |
No |
No |
USDT |
No |
No |
No |
Interactive Brokers vs Saxo Bank vs Plus500: Research
| Research Type | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
News Feed |
Yes |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
No |
Trading Ideas |
No |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
No |
Interactive Brokers vs Saxo Bank vs Plus500: Education
| Education Type | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Yes |
Webinars |
Yes |
Yes |
No |
Articles |
Yes |
No |
Yes |
Videos |
Yes |
No |
Yes |
Cent account |
No |
No |
No |
Interactive Brokers vs Saxo Bank vs Plus500: Support
| Support Features | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Working Days |
24/5 |
24/5 |
24/7 |
Yes |
No |
No |
|
Phone |
Yes |
Yes |
No |
Online chat |
Yes |
Yes |
Yes |
Other |
Community forum, Software bug reports |
No |
No |
Interactive Brokers vs Saxo Bank vs Plus500: Forex Bonuses and Promo
| Promo | Interactive Brokers | Saxo Bank | Plus500 |
|---|---|---|---|
Forex Bonus |
No |
No |
No |
Affiliate Program |
As Referrer you can earn up to USD 1000 of IBKR stock. The Refer a Friend program allows eligible IBKR clients to refer people to IBKR for a flat fee payment. Residents of Japan, Spain and Israel are not eligible to participate in the program. |
“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 |
An affiliate partner earns from $200 to $800 for a referred client who opened a trading account and started trading. The amount of remuneration varies depending on the partner's country of residence |
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. |
||
|
|
|
Top 5 Reviews on Interactive Brokers
-
Comment
What stands out for me with Interactive Brokers is their mobile app. I use the IBKR Mobile app a lot when I’m not at my desk, and it offers pretty much the same experience as the desktop version. The ability to trade everything from stocks to options while on the go is a huge plus. It also has features for international trading, which makes it easy for me to handle trades across multiple markets. The app’s interface is straightforward and user-friendly, allowing me to monitor my portfolio, execute trades, and even access research tools seamlessly. While it might lack some advanced charting features, it’s still one of the most versatile apps I’ve used, especially for global traders like me
-
Comment
I am a client of interactivebrokers and I have never faced any problems during the whole time. I am completely satisfied with the service: the staff is always friendly, responsive and ready to help, which really leaves a good impression. Special thanks to the operators - their attentive attitude to people creates a feeling of care and support. It is a pleasure to work with a company that values its customers and does everything for comfortable service!
-
Comment
As far as my experience is concerned with Interactive Brokers, the thing I love most is the sheer variety of markets available. The GlobalTrader app lets me trade in over 90 different markets, which is super convenient for someone like me who likes to diversify. The interface might feel overwhelming at first, especially on Trader Workstation, but once you get the hang of it, it’s extremely powerful. I also appreciate the competitive pricing and order options that help keep my trading costs low.
-
Comment
Interactive brokers offer a huge variety of trading instruments, which is certainly pleasing. The opportunities for trading and diversification here are excellent. However, there is one minus - the website interface is only partially translated into other languages, and it is a bit disappointing. It would be more convenient if the whole platform was available in different languages, especially for traders who do not speak English.
-
Comment
Interactive Brokers provides access to 135 markets from 33 countries, which is a huge advantage. This allows traders to easily diversify their portfolios and find opportunities around the world. I am very pleased with this broad coverage and the ability to trade in a multitude of international markets.
Top 5 Reviews on Saxo Bank
-
Comment
For a passive investor, Saxo Bank can be attractive due to the absence of a lock-in period in its SaxoSelect portfolios—funds can be withdrawn at any time. Investors can choose from portfolios with varying risk levels, from moderate to aggressive. However, the minimum entry threshold is $10,000 or the equivalent in euros. The broker operates in 170 countries, offers support in 20 languages, and emphasizes high liquidity, which is especially important for traders making multi-million dollar transactions.
-
Comment
Saxo Bank is regulated by several reputable authorities, including the FCA and the Danish FSA, and it partners with over 50 major liquidity providers — among them HSBC, JP Morgan, and NASDAQ OMX. The minimum lot size is 0.05, and the trading conditions are clearly tailored for high-net-worth individuals. One standout feature is the SaxoSelect portfolio management service, which offers clients access to ready-made investment strategies starting from €10,000, with a transparent fee structure — 0.5% management fee and up to 20% performance fee.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo's customer service is pretty solid. I had an issue with verifying my account during the sign-up process, but the support team was quick to respond through live chat, and everything was resolved in less than a day. The two-step login feature makes me feel more secure, especially since I trade with higher volumes. Plus, having access to their news feed and analysis directly on the platform helps me stay up to date without needing external sources.
Top 5 Reviews on Plus500
-
Comment
Plus500 is not a bad broker. At first glance, nothing supernatural, but trading with them is really pleasant. Order execution is clear, without delays, and withdrawal of funds goes smoothly and without problems. In general, the broker leaves a positive impression, and I am satisfied with my choice.
-
Comment
I work with Plus500 and I can point out both pros and cons. I like that the company is multi-regulated and licensed in 10 countries, which inspires confidence. However, the lack of Micro or Cent accounts is a bit disappointing as they would allow trading with minimal risks and investments.
-
Comment
I took a risk and opened a trading account with Plus500. I'm trading in the black. I can say that I’m testing the company, checking it. I asked the support to make a report about a trade, whether they would do it or not. But they sent the report quickly, well done! We'll see what happens with withdrawals. I hope they won’t disappoint me here either)
-
Comment
Plus500 is a good broker. My money was withdrawn in 2 days. I don't communicate with the support team much — I have my own strategy and trading goes as it should. There are a lot of services to choose from. The analytics are good. The only disadvantage is that there were a few failures during a couple of months, but they did not affect my trading critically.
-
Comment
I have been working with Plus500 for a long time. If we evaluate it comprehensively, it’s not bad. There are little things that are not 100% satisfying, but overall, compared to other companies, it’s probably ok. I mean the quotes flow and precision of trades. The rest is fine. I get enough profit from regular trading.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
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.
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.