Written by ForexBrokers.com
In this head to head comparison of Saxo vs IC Markets, 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 selecting an online broker, it's crucial to consider their trustworthiness and regulatory standing. Saxo, established in 1992, offers a significant edge in trust with a ForexBrokers.com Trust Score of 99 out of 99. With no listing on the stock exchange but operating as a bank, Saxo commands high trust backed by seven Tier-1 licenses and one Tier-2 license, demonstrating a robust regulatory framework.
In comparison, IC Markets was founded in 2007 and holds a solid ForexBrokers.com Trust Score of 84, placing it in the trusted category. However, it does not hold any Tier-2 licenses and is not a bank, operating with two Tier-1 licenses. While not publicly traded, IC Markets maintains a good level of trust but does not reach the towering regulatory stature of Saxo.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Year Founded | 1992 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
When comparing Saxo and IC Markets for commissions and fees, both brokers deliver competitive pricing structures tailored for different trading styles and volumes. Saxo stands out for offering excellent all-around pricing, especially for active traders and high-volume investors. With a variety of account types, Saxo provides average EUR/USD spreads of 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts, respectively. Saxo's pricing is most attractive for its Platinum and VIP accounts, which align closer to the industry averages. It's noteworthy that Saxo waives custody fees for traders who opt into securities lending, and it offers a commission-free structure for forex, although a ticket fee applies for lower-volume trades. Saxo boasts a 5-star rating for commissions and fees and ranks #9 out of 62 brokers according to ForexBrokers.com.
IC Markets also shines in the commissions and fees department, earning a 5-star rating and securing the #5 spot in the Commissions & Fees ranking by ForexBrokers.com. The broker features three account options, including a commission-free Standard account and two commission-based accounts: Raw Spread and cTrader Raw Spread. With IC Markets, spreads can vary based on the chosen platform and account type; for instance, the cTrader Raw Spread account offers a lower commission by a tenth of a pip compared to MetaTrader options. IC Markets' effective spreads are highly competitive, with the cTrader account achieving an all-in cost of 0.62 pips and the MetaTrader Raw Spread account at 0.72 pips for EUR/USD. Additionally, the Standard account offers an attractive average spread of 0.62 pips, commission-free, adding to the broker's appeal for cost-sensitive traders.
Both Saxo and IC Markets cater to a range of traders with their distinct pricing strategies. Saxo targets high-volume and active traders with its loyalty-based upgrades and exclusive services, making its higher-tier accounts particularly attractive. Meanwhile, IC Markets appeals to those seeking lower entry costs and diverse account setups, with added discounts for high monthly trading volumes. Whether prioritizing loyalty rewards and exclusive access or more flexible account conditions with tight spreads, traders have two strong options in Saxo and IC Markets to consider for their trading needs.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.1 | 0.62 |
| All-in Cost EUR/USD - Active | 0.9 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and IC Markets, both online brokers offer a platform for trading forex as a contract for difference (CFD) or spot contract. Saxo shines with an expansive array of 70,000 tradeable symbols, including 190 forex pairs, which significantly outshines IC Markets' offering of 3,583 symbols and 61 forex pairs. One major advantage Saxo holds is the ability for clients to invest directly in U.S. and international exchange-traded securities, enabling the purchase of companies like Apple and Vodafone. In contrast, IC Markets only extends this to international markets. Both brokers cater to investors interested in copy trading and cryptocurrency derivatives, but neither facilitates the purchase of actual cryptocurrencies.
With these offerings, Saxo secures an impressive 5-star rating for its range of investments, while IC Markets is rated 4.5 stars. According to ForexBrokers.com, Saxo ranks prominently at #3 out of 62 brokers for its investment range, whereas IC Markets comes in at #25. This distinction highlights Saxo's wider variety and versatile investment opportunities, catering to traders seeking access to a plethora of financial instruments across global markets.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 3583 |
| Forex Pairs (Total) | 190 | 61 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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.
When comparing the trading platforms and tools offered by Saxo and IC Markets, both brokers provide a range of features appealing to investors of various experience levels. Saxo has developed its own proprietary platform, which allows for a tailored and unique trading experience not found elsewhere. IC Markets, on the other hand, leans on trusted industry favorites, providing traders with MetaTrader 4 and 5, widely popular for their comprehensive features and user-friendly interfaces. Both Saxo and IC Markets offer web-based and Windows desktop platforms, making trading accessible from multiple devices. For those interested in simulated trading, both brokers offer free virtual demo accounts, providing a risk-free environment to hone skills before diving into live markets.
In terms of trading tools, Saxo stands out with a rich array of charting features including 20 drawing tools and an impressive 60 columns for watch lists, offering deep customization to cater to traders' specific needs. IC Markets, though slightly limited in this aspect with 15 drawing tools and 7 columns for watch lists, compensates by integrating the popular ZuluTrade for social trading. Additionally, both brokers support trading directly from stock charts, providing a seamless trading experience. Ranked #1 for Trading Platforms and Tools by ForexBrokers.com, Saxo takes the lead with a perfect five-star rating, whereas IC Markets holds a respectable four-star position, ranked at #17. Both brokers excel in copy trading options, allowing users to mirror the strategies of successful traders.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| 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 | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| 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.
When it comes to mobile trading apps, both Saxo and IC Markets have developed applications for iPhone and Android devices, providing a convenient way to stay connected to the markets. Both brokers offer useful features like real-time price alerts and the ability to create and manage watchlists with up-to-date quotes. However, one key difference lies in Saxo's ability to sync watchlist symbols between the mobile app and the online account, which IC Markets does not offer. This sync feature allows Saxo users to keep their lists consistent across platforms effortlessly.
Saxo stands out further with its charting capabilities, offering 64 technical studies compared to IC Markets' 30. Both apps allow drawing trendlines and viewing various timeframes, with auto-saving for chart drawings, enhancing the user experience. Notably, Saxo's mobile app receives higher acclaim, with a 5-star rating compared to IC Markets' 4-star rating in the mobile trading apps category. Saxo's app is ranked #2 among 62 brokers by ForexBrokers.com, while IC Markets comes in at #22, highlighting Saxo's superior mobile offering.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| 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.
Both Saxo and IC Markets provide daily market commentary and access to premium forex news from top-tier sources such as Bloomberg, Reuters, and Dow Jones. Additionally, both brokers offer tools from Autochartist, helping traders with technical and fundamental analysis. However, IC Markets has an edge by incorporating Trading Central tools, providing enhanced technical analytics which Saxo does not offer. Each platform delivers sentiment-based trading tools, revealing the ratio of long or short positions across various instruments to benefit traders' strategies. Both brokers also include an economic calendar to track global news events, but neither offers research tools from TipRanks or Acuity Trading's Signal Centre.
In terms of overall research quality, Saxo receives a top-tier rating of 5 stars, while IC Markets garners a respectable 4 stars. Saxo's comprehensive offerings put it at the pinnacle of the industry, earning the #1 spot for research among 62 brokers according to ForexBrokers.com. Comparing this to IC Markets, which holds the #22 rank, it's evident that Saxo provides a richer palette of research opportunities for its traders.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources, both Saxo and IC Markets provide a range of helpful materials for beginners interested in forex and CFDs trading. Each platform offers more than 10 educational pieces, including articles, videos, and archived webinars, specifically focused on forex or CFD topics. For those who prefer interactive learning, both brokers also host online client webinars at least once per month and maintain an accessible archive of past sessions. These features ensure that beginners, as well as more seasoned traders, have abundant opportunities to expand their knowledge.
In terms of video content, Saxo and IC Markets both deliver video tutorials tailored for beginners, with a collection of at least 10 videos designed to cover fundamental trading topics. They also cater to more experienced traders by offering an additional suite of advanced videos. Complementing these video resources, each broker provides an investor dictionary with clear definitions for over 50 investing terms, which can be incredibly useful for those new to the world of trading. When comparing their overall educational offerings, Saxo earns a higher education rating of five stars compared to IC Markets' four stars, according to ForexBrokers.com, where Saxo ranks 13th and IC Markets ranks 16th out of 62 brokers in the education category.
| Feature |
Saxo
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Saxo is better than IC Markets. Saxo finished with an overall rank of #3, while IC Markets finished with an overall rank of #20.
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
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IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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Both Saxo and IC Markets do not offer the ability to buy actual delivered cryptocurrency, but they both provide options to trade cryptocurrency derivatives.
When comparing online brokers, Saxo and IC Markets both support Visa or Mastercard and bank wire transfers for depositing or withdrawing account funds, yet differ in e-payment methods, with IC Markets offering additional flexibility through PayPal and Skrill, options not available with Saxo.
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 | IC Markets | |
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| Trust Score | 99 | 84 | |
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| Review | Saxo Review | IC Markets Review |
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| Regulation | Saxo | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1992 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Saxo | IC Markets | |
|---|---|---|---|
| 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 | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| 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 | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 3583 | |
| Forex Pairs (Total) | 190 | 61 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| 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 | IC Markets | |
|---|---|---|---|
| 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 | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Saxo | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | IC Markets | |
|---|---|---|---|
| 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 | IC Markets Review |
| Overall | Saxo | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Saxo Review | IC Markets Review |
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