Saxo Bank vs IG - Fees Review included
Which broker is better Saxo Bank or IG? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. IG is one of the top brokers in the financial market with the TU Overall Score of 6.68 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | IG |
|---|---|---|
Overall |
4.5 |
4.4 |
4.8 |
4.7 |
|
4.6 |
4.7 |
|
5 |
5 |
|
Investment Instruments |
4.2 |
3.9 |
Platforms and Charting Tools |
4.6 |
4.7 |
Deposit and Withdrawal |
4.0 |
4.0 |
Research |
5 |
4.5 |
Education |
3.6 |
4.2 |
Support |
4.4 |
4.8 |
Bonuses |
3.6 |
3.4 |
|
|
Saxo Bank vs IG: Pros and Cons
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.
The Forex broker IG Markets is a structural subdivision of the IG Group corporation. Its securities are listed on the London Stock Exchange and are included in the FTSE 250 index. IG Markets is a UK registered company created in 1974, but since its inception, its representative offices have appeared in some other European countries. Since 2014, a retail line of brokerage services has been opened. The international division of the broker is registered in Bermuda and licensed by the Bermuda Monetary Authority
| Saxo Bank | IG | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | reliability. IG Markets is part of the IG Group, founded in 1974. Its subsidiaries are also licensed by the British regulator FCA, the Monetary Authority of Singapore (MAS), and the American regulators CFTC, and NFA |
| over 71 thousand instruments for trading | 16,000 trading instruments, investments in IPOs and exchange-traded funds | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | relatively good spreads, from 0.6-1 pips depending on the type of instrument | |
| customer support is 24/7 | ||
| Overall Cons | Cent accounts are not available | high threshold of entry which discourages private novice traders |
| a ban on algorithmic trading for traders from abroad | complicated and unpleasant verification procedure. There are cases of refusal to open an account due to unconfirmed or low income | |
| 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). | there are no products for passive investment, no bonus system is provided | |
| a limited set of options for depositing and withdrawing money, which is not very convenient for global Forex traders |
Saxo Bank vs IG: Safety and Regulation
| Regulated By: | Saxo Bank | IG |
|---|---|---|
US Regulation |
No |
Yes (CFTC, NFA) |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
BMA (Bermuda), MAS (Singapore) |
Saxo Bank vs IG: Trading Conditions
| Trading Conditions | Saxo Bank | IG |
|---|---|---|
Minimum Deposit |
$0 |
$450 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4, IG Trading Platform, L2 dealer |
Max Leverage (Futures) |
1-30 |
1-200 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, Crypto, commodities |
Trading assets |
71000+ |
16000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Demo, Standard |
Base Account Currencies |
USD, EUR |
USD |
Saxo Bank vs IG: Fees
Forex Trading Fees
| Fee | Saxo Bank | IG |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
0.6 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Saxo Bank | IG |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | IG |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$18 per month after 24 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs IG: Trading Assets
| Asset Name | Saxo Bank | IG |
|---|---|---|
Overall |
71000+ |
16000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
No |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
No |
ETFs |
Yes |
Yes |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or IG: Investment Programs
| Asset Name | Saxo Bank | IG |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
Investing in IPOs |
Trading Platforms: IG or Saxo Bank
| Saxo Bank | IG | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
IG Trading Platform |
Others |
No |
L2 dealer |
|
|
Saxo Bank vs IG: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | IG |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
No |
Crypto |
No |
No |
Saxo Bank vs IG: Research
| Research Type | Saxo Bank | IG |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs IG: Education
| Education Type | Saxo Bank | IG |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
IG vs Saxo Bank: Support
| Support Features | Saxo Bank | IG |
|---|---|---|
Working Days |
24/5 |
24/7 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs IG: Forex Bonuses and Promo
| Promo | Saxo Bank | IG |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate 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 |
"Invite a friend". The partner receives $100 for each attracted referral who must carry out 5 transactions of the corresponding volume (possibly, 5 lots are implied) within 6 months. |
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. |
No |
|
|
Top 5 Reviews on IG
-
Comment
It’s a decent company, I do most of my trading here, but I have an account with another company. There are no particular complaints. If you know how to trade, I can confidently recommend IG Markets.
-
Comment
Personally, what attracts me the most is the access to options with a low deposit at IG Markets broker. However, everything comes with a price: commissions and premiums are higher compared to companies with higher margin requirements. By the way, with a minimum deposit of $200 for options, you won't get much leverage. So, to feel more comfortable, you need to deposit at least 10 times more money into your account.
-
Comment
I can briefly share my experience. Overall, if you don't dwell on withdrawal issues, everything is fine. I withdraw funds to my card or in USDT almost every month. Initially, I had doubts about IG Markets, but after several consistent withdrawals to my card, I started to trust them more. Although the profit is not that great because the amount constantly circulates in the balance: I deposit, trade, withdraw profit. But I enjoy the trading process itself, so I have no complaints about IG Markets broker.
-
Comment
I have recently explored IG Markets. My first impressions are positive. I had a lot of questions and contacted the support service. I was pleasantly surprised, since all questions were explained to me promptly and in full. Working is convenient, the IG Markets website is informative, and the platform has a lot of trading tools for every taste. In general, I am satisfied. I hope everything will be just as good.
-
Comment
I've known the broker IG Markets for several years. I started trading here when I had no experience with currency pairs. Over time, I gained experience and stopped losing my money. IG Markets is not my primary broker. I maintain a smaller deposit here compared to another company where the conditions are better. However, the first broker is the first broker, and I don't want to leave it.
Top 5 Reviews on Saxo Bank
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank provides a personalized approach to client services and offers a wide range of financial services that include asset management and consulting. Moreover, it provides high-quality educational materials and market research that help me make informed investment decisions. I participated in webinars several times and also listened to podcasts with Saxo Bank experts. I use SaxoTraderGO for trading and SaxoInvestor for long-term investment.
-
Comment
Saxo Bank is a broker with favorable conditions, offering over forty thousand trading instruments, ready-made portfolios, and a professional platform. However, for novice traders, the conditions of this broker may be challenging. Saxo Bank requires a high initial deposit, floating spreads, commissions depending on trading volumes, and maximum leverage up to 1:40. I think this broker is more suitable for experienced traders.
-
Comment
Being a licensed bank and broker, Saxo Bank complies with strict security and regulation standards. These include client data protection, transaction transparency, and compliance with financial rules. Money is transferred without delays or additional expenses, except for bank fees. Support in a live chat of the trading platform is prompt, and chat operators respond within 5 minutes. Personal consultations are available. Saxo Bank provides direct access to markets, therefore orders are always executed promptly.
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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.
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.