Saxo Bank vs Interactive Brokers - Fees Review included
Which broker is better Saxo Bank or Interactive Brokers? 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. Interactive Brokers is one of the top brokers in the financial market with the TU Overall Score of 7.45 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Interactive Brokers |
|---|---|---|
Overall |
4.5 |
4.9 |
4.8 |
5 |
|
4.6 |
4.9 |
|
5 |
5 |
|
Investment Instruments |
4.2 |
4.2 |
Platforms and Charting Tools |
4.6 |
5 |
Deposit and Withdrawal |
4.0 |
4.1 |
Research |
5 |
4.7 |
Education |
3.6 |
4.5 |
Support |
4.4 |
4.2 |
Bonuses |
3.6 |
3.1 |
|
|
Saxo Bank vs Interactive Brokers: 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 biggest international broker
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | Access to 135 markets in 33 countries |
| over 71 thousand instruments for trading | 30.000+ trading instruments | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Regulated in the US, UK and 8 other countries | |
| Advanced trading platform | ||
| Free stocks for registration | ||
| Low fees | ||
| Low margin rates | ||
| Nasdaq Listed company | ||
| 25 supported account currencies | ||
| Overall Cons | Cent accounts are not available | long and complex registration procedure |
| a ban on algorithmic trading for traders from abroad | ||
| 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). |
Saxo Bank vs Interactive Brokers: Safety and Regulation
| Regulated By: | Saxo Bank | Interactive Brokers |
|---|---|---|
US Regulation |
No |
Yes |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
Investment Industry Regulatory Organization of Canada (IIROC), Central Bank of Ireland (CBI, reference number C423427), Central Bank of Hungary (Magyar Nemzeti Bank), Australian Securities and Investments Commission (AFSL: 453554) and is a participant of ASX, ASX 24 and Cboe Australia, Hong Kong Securities and Futures Commission, and is a member of the SEHK and the HKFE, India SEBI Registration No. INZ000217730, Japan - Kanto Local Finance Bureau (Registration No.187) and is a member of Japan Securities Dealers Association and The Commodity Futures Association of Japan, Monetary Authority of Singapore (Licence No. CMS100917) |
Saxo Bank vs Interactive Brokers: Trading Conditions
| Trading Conditions | Saxo Bank | Interactive Brokers |
|---|---|---|
Minimum Deposit |
$0 |
$0 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
Max Leverage (Futures) |
1-30 |
1-50 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Robo-portfolios, hedge funds |
Trading assets |
71000+ |
30000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Cash account, margin account |
Base Account Currencies |
USD, EUR |
USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH |
Saxo Bank vs Interactive Brokers: Fees
Forex Trading Fees
| Fee | Saxo Bank | Interactive Brokers |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
0.1 pips |
Standard Account Fee |
$0 |
0.08 to 0.20 bps times trade size |
ECN/STP Account Fee |
Not supported |
0.08 to 0.20 bps times trade size |
ECN Account EUR Average Spread |
Not supported |
0.1 pips |
CFD Trading Fees
| Fee | Saxo Bank | Interactive Brokers |
|---|---|---|
CFD Trading Fee |
Floating spread |
0.05% on all share CFDs |
Non-Trading Fees
| Fee | Saxo Bank | Interactive Brokers |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
$10 per wire transfer, $1 per BACS/GIRO/ACH/EFT/SEPA |
Inactivity Fee |
No |
No |
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 Interactive Brokers: Trading Assets
| Asset Name | Saxo Bank | Interactive Brokers |
|---|---|---|
Overall |
71000+ |
30000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes |
Indices |
Yes |
Yes |
ETFs |
Yes |
Yes |
Bonds |
Yes |
Yes |
Mutual funds |
Yes |
Yes |
Stock options |
Yes |
Yes |
Futures Trading |
Yes |
Yes |
Binary Options |
No |
No |
Saxo Bank or Interactive Brokers: Investment Programs
| Asset Name | Saxo Bank | Interactive Brokers |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
Robo-portfolios, hedge funds, Bonds |
Trading Platforms: Interactive Brokers or Saxo Bank
| Saxo Bank | Interactive Brokers | |
|---|---|---|
MT4 |
No |
No |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
Others |
No |
No |
|
|
Saxo Bank vs Interactive Brokers: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | Interactive Brokers |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
No |
Electronic Wallets |
No |
No |
Crypto |
No |
No |
Saxo Bank vs Interactive Brokers: Research
| Research Type | Saxo Bank | Interactive Brokers |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs Interactive Brokers: Education
| Education Type | Saxo Bank | Interactive Brokers |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
Interactive Brokers vs Saxo Bank: Support
| Support Features | Saxo Bank | Interactive Brokers |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Community forum, Software bug reports |
Saxo Bank vs Interactive Brokers: Forex Bonuses and Promo
| Promo | Saxo Bank | Interactive Brokers |
|---|---|---|
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 |
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. |
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
I am very glad that I found Interactive Brokers, because it is convenient to work with — the service is well made and streamlined, the user account is convenient, and you can trade on different platforms and use robots. There are a lot of tools for traders. In general, their approach to work is serious.
-
Comment
I recently started trading with interactive brokers, but I am already trading on a live account. There is no delay in withdrawing money, the execution is excellent, and they make life easier for traders, as they allow you to trade with different strategies. You can try whatever you want and the choice of platforms is amazing, so there is a space for experiments.
-
Comment
There are no problems with Interactive Brokers. All trading operations are carried out as needed. There is a license and regulators, and that definitely says a lot.
-
Comment
Attempts to successfully invest funds haven’t always brought me the positive results that were promised to me by the brokers with whom I worked. I had to start searching, and those who search always find. I found interactive brokers. As a result, in six months, I doubled the money invested. I hope that I will stay here for a long time.
-
Comment
No worries with Interactive Brokers. I know for sure that the company will not let you down. How many years here and only a positive opinion about Interactive Brokers. Always, on all thematic resources, I advise this company.
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.