Written by ForexBrokers.com
In this head to head comparison of Saxo vs iFOREX, 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.
Founded in 1992, Saxo is an online broker that operates as a bank and boasts a strong reputation for trust, as reflected by its ForexBrokers.com Trust Score of 99 out of 99. Despite not being publicly traded, Saxo’s credentials as a reliable broker are underscored by its acquisition of seven Tier-1 licenses, known for high trust, and one Tier-2 license, considered trusted. These credentials position Saxo as a highly regarded choice for online trading, backed by stringent regulatory oversight.
In contrast, iFOREX, established in 1996, does not enjoy the same level of regulatory backing or trust as Saxo, with a Trust Score of 75, indicating average risk. While not a bank or publicly traded, iFOREX holds just one Tier-1 license, and lacks any Tier-2 licenses, which affects its perceived risk profile. For traders evaluating their options between these brokers, the difference in trust scores and regulatory licensing can serve as an essential factor in decision-making.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Year Founded | 1992 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing online brokers Saxo and iFOREX in terms of commissions and fees, Saxo stands out with its comprehensive and competitive pricing. Particularly favorable for active and high-volume traders, Saxo offers some of the lowest pricing in the industry. For instance, the average spread for the EUR/USD in Saxo's Classic, Platinum, and VIP accounts is 1.1, 1.0, and 0.9 pips respectively, with minimum spreads being slightly lower for each. Notably, Saxo offers commission-free forex trading, although a small fee applies to those trading less than 50,000 units monthly. Saxo is rated 5 stars for its commissions and fees and ranks #9 out of 62 brokers on ForexBrokers.com.
Saxo also provides flexibility in account deposits, with the Classic account requiring no minimum deposit, while the Platinum account comes with a $200,000 minimum. The VIP account, offering the greatest savings and exclusive benefits, requires a minimum of $1,000,000. Additionally, clients can upgrade to higher account tiers through Saxo's Loyalty Program by achieving specific trading volumes. For example, upgrading from Classic to Platinum requires trading over $40 million worth of forex to earn sufficient Loyalty points.
In contrast, iFOREX lacks publicly available average spread data, making direct cost comparisons challenging. This broker is rated 3 stars for its commissions and fees, and ranks near the bottom at #60 among 62 brokers in the Commissions and Fees category according to ForexBrokers.com. These ratings suggest higher costs relative to competitors like Saxo, which may impact the overall trading experience for clients opting for iFOREX.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| 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.
Saxo and iFOREX both provide opportunities for forex trading, allowing users to engage in CFD or spot contract trading. However, Saxo excels in the diversity of investment options with an impressive offering of 70,000 tradeable symbols, compared to just 750 available with iFOREX. When it comes to forex pairs, Saxo again takes the lead by offering 190 pairs, while iFOREX has 88. Additionally, Saxo allows clients to invest in exchange-traded securities on U.S. and international exchanges, making it possible to purchase shares like Apple and Vodafone. Unfortunately, iFOREX does not provide the ability to invest in actual exchange-traded securities on these exchanges.
In terms of modern trading features, Saxo supports copy trading, which is not available with iFOREX. Although neither broker offers the purchase of actual cryptocurrencies, both do provide options to invest in cryptocurrency derivatives. Based on ratings for the range of investments, Saxo achieves a perfect 5 stars, placing it third among 62 brokers reviewed by ForexBrokers.com. In contrast, iFOREX receives a rating of 3.5 stars and ranks 41st. These differences highlight Saxo's superior range of investment offerings, making it a more comprehensive choice for investors seeking varied opportunities.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 750 |
| Forex Pairs (Total) | 190 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | No |
| 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.
Saxo and iFOREX are both known for their proprietary trading platforms, developed in-house to cater to various trading needs. Saxo boasts a comprehensive suite of platforms, including a Windows-based desktop download option, web-based trading, and a feature for simulated trading through its free virtual demo account. In contrast, iFOREX offers a user-friendly web-based platform but lacks a desktop download and demo account, which may limit new traders' ability to practice. Both brokers do not support popular platforms like MetaTrader 4 or MetaTrader 5, nor do they offer platforms for social trading such as DupliTrade or ZuluTrade.
When it comes to charting and trading tools, both brokers enable direct trading from stock charts, though Saxo excels with 60 available columns for watchlists compared to iFOREX's 9. iFOREX offers a slight edge in drawing tools with 25 options, whereas Saxo provides 20. Saxo takes the lead with the highest rating of 5 stars for its trading platforms and tools, topping the ForexBrokers.com ranking at #1 out of 62 brokers. Meanwhile, iFOREX earns a respectable 4-star rating in this category, placing it at #54 in the same ranking, denoting its competitive yet lesser range of platform features and functionalities.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 57 |
| Charting - Drawing Tools (Total) | 20 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and iFOREX provide mobile trading apps for iPhone and Android users, catering to those who prefer trading on the go. However, Saxo outshines iFOREX with its comprehensive features, earning a 5-star rating and a #2 rank in the Mobile Trading Apps category by ForexBrokers.com, compared to iFOREX's 4-star rating and #55 ranking. One significant advantage of the Saxo app is its ability to send price alerts for stocks and forex, a feature not available with iFOREX.
Saxo also offers watchlist symbol syncing between the mobile app and online accounts, ensuring seamless transitions between devices, while iFOREX does not. Additionally, Saxo provides 64 technical studies for charting, allowing users to draw trendlines, view multiple time frames, and automatically save drawings, features that are absent in the iFOREX app. With real-time quote watchlists and an array of charting tools, Saxo delivers a superior mobile trading experience for its users.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research capabilities of Saxo and iFOREX, both offer daily market commentary to keep traders informed. Saxo takes an edge by providing forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones, whereas iFOREX does not match this level of information. Additionally, Saxo includes tools from Autochartist for technical and fundamental analysis, which iFOREX lacks. On the other hand, iFOREX provides tools from Trading Central for technical analysis, which is absent in Saxo's offerings.
Both platforms support sentiment-based trading tools, allowing traders to see the ratio of long and short positions across various currencies. They also cater to traders with comprehensive economic calendars showing global news events. However, neither Saxo nor iFOREX offers research tools from TipRanks or Acuity Trading. With a perfect research rating of 5 stars, Saxo ranks #1 out of 62 brokers as per ForexBrokers.com, reflecting its superior research offerings. Meanwhile, iFOREX holds a 3.5-star rating and ranks #48, showcasing a more moderate level of research capabilities.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| 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 comparing the educational resources available for beginners between Saxo and iFOREX, Saxo clearly stands out. It provides a wide range of learning materials tailored to new traders, including more than ten forex and CFD-focused educational pieces. Additionally, Saxo offers monthly client webinars online and a searchable archive of past webinars, making it easier for beginners to learn at their own pace. Its extensive collection of both beginner and advanced educational videos ensures that traders at any stage of their learning journey have the tools they need. Furthermore, Saxo includes an investor dictionary that explains over 50 trading terms, adding another layer of support for those new to trading.
In contrast, iFOREX falls short in several areas. While it does offer more than ten beginner-friendly educational videos, it lacks depth in other educational support. The absence of regular educational webinars and a searchable archive for past webinars could limit the learning opportunities for newcomers. Additionally, the lack of advanced-level videos and a comprehensive investor dictionary could make it challenging for traders to progress beyond the basics. These differences are reflected in their education ratings, with Saxo earning 5 stars and ranking 13th out of 62 brokers, while iFOREX garners 3.5 stars, ranking 53rd. Overall, for beginners seeking a comprehensive educational experience, Saxo is the more robust choice.
| Feature |
Saxo
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. Saxo finished with an overall rank of #3, while iFOREX finished with an overall rank of #52.
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
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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When comparing online brokers Saxo and iFOREX, neither platform offers the ability to buy actual delivered cryptocurrency, but both provide the option to trade cryptocurrency derivatives.
While both Saxo and iFOREX facilitate deposits and withdrawals via Visa, Mastercard, and bank wires, iFOREX distinguishes itself by offering additional options like PayPal and Skrill, which Saxo does not provide.
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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Saxo Review |
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| Regulation | Saxo | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1992 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | Yes | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 750 | |
| Forex Pairs (Total) | 190 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 60 | 9 | |
| Charting - Indicators / Studies (Total) | 64 | 57 | |
| Charting - Drawing Tools (Total) | 20 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Saxo | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Saxo | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Saxo | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | Saxo | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Saxo Review |
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