Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs Saxo, 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.
Interactive Brokers and Saxo are two reputable online brokers with strong regulatory standings, but there are some key differences. Founded in 1977, Interactive Brokers is a publicly traded company, while Saxo, established in 1992, also operates as a bank. Both brokers hold the highest Trust Score of 99 from ForexBrokers.com, indicating a high level of trust. In terms of licensing, Interactive Brokers holds 9 Tier-1 licenses and 2 Tier-2 licenses, while Saxo has 7 Tier-1 licenses and 1 Tier-2 license, reflecting their strong standing within the financial industry.
Overall, both Interactive Brokers and Saxo offer secure and well-regulated platforms for trading, with a slight edge in regulatory licenses in favor of Interactive Brokers. Their differences in company structure and trading status might appeal to different types of investors, with Interactive Brokers being ideal for those seeking a publicly traded entity, and Saxo being a suitable choice for those interested in a brokerage with banking capabilities.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Year Founded | 1977 | 1992 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | Yes |
| Tier-1 Licenses | 9 | 7 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Interactive Brokers and Saxo for their commissions and fees, both brokers deliver exceptional value with a 5-star rating. Interactive Brokers is ranked #2 out of 62 brokers by ForexBrokers.com, while Saxo holds the #9 position. Interactive Brokers offers competitive pricing but does not publish its average spreads for forex. However, in Q3 2024, the EUR/USD average spread was 0.59 pips after commission. Their forex trading commissions start at 0.00002% of the U.S. dollar trade value, with a minimum of $2 per order. This fee structure is favorable for large-volume trading, as reduced charges are available for traders handling high monthly volumes.
Saxo provides a highly satisfactory pricing model, especially beneficial for those maintaining large account balances. As of November 2023, the average spreads for the EUR/USD currency pair are 1.1, 1.0, and 0.9 pips for Saxo's Classic, Platinum, and VIP accounts, respectively. Saxo's pricing model is largely commission-free for forex trading, earning through spreads instead, though a $3 fee is charged per side for trading less than 50,000 units. Saxo's accounts come with tiered minimum deposit requirements, and their VIP account has been recognized for offering the #1 VIP Client Experience in 2024.
Interactive Brokers aggregates prices from leading interbank forex dealers and eliminates spread markup through commission charges, ranging from $16 to $40 per million round turns. These rates are comparable to other commission-based brokers with agency execution. In contrast, Saxo's commission-free structure, with varying spreads based on account levels, provides an alternative appealing to those seeking simpler spread-based fees. Both platforms are attractive to diverse trading needs, balancing competitive pricing with distinct advantages tailored to active traders.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 0.59 | 1.1 |
| All-in Cost EUR/USD - Active | 0.59 | 0.9 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Interactive Brokers and Saxo, both online trading platforms offer a diverse range of investments catering to various investor preferences. Interactive Brokers gives clients access to forex trading as both CFDs and spot contracts, with 90 tradeable forex pairs available. Despite this, Saxo offers a slightly broader selection in forex trading, featuring 190 tradeable pairs. In terms of overall tradeable symbols, Saxo provides an impressive 70,000 compared to Interactive Brokers' 8,500. Regarding standard exchange-traded securities, both platforms allow trading on U.S. exchanges like NASDAQ and international exchanges such as the London Stock Exchange.
Unique differences arise in cryptocurrency offerings and trading features. Interactive Brokers permits the acquisition of actual cryptocurrencies, a service that Saxo does not provide, although both platforms offer trading in crypto derivatives. An intriguing distinction is that Saxo supports copy trading while Interactive Brokers does not. Both brokers receive a five-star rating for their range of investments; however, Interactive Brokers holds the number one rank from ForexBrokers.com, whereas Saxo is ranked third out of 62 brokers. Despite these differences, both platforms serve as excellent options for investors seeking a comprehensive suite of investment opportunities.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 70000 |
| Forex Pairs (Total) | 90 | 190 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | 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.
Interactive Brokers and Saxo both provide excellent trading platforms with numerous features for traders. Both brokers offer simulated trading through a free virtual demo account and have developed their own proprietary platforms. For those who prefer different platforms, both brokers provide Windows-based desktop downloads and web-based (browser) platforms, making it easy to trade from various devices. While Saxo includes copy trading, Interactive Brokers does not offer this feature. Neither broker supports popular platforms like MetaTrader 4 or 5, DupliTrade, or ZuluTrade.
When it comes to charting tools, Interactive Brokers shines with 85 drawing tools, compared to Saxo’s 20, allowing for more flexibility in analyzing market trends. Both brokers enable trading directly from stock charts, catering to traders who appreciate integrated trading capabilities. In terms of customizing watch lists, Interactive Brokers offers a staggering 659 columns, vastly surpassing Saxo's 60 options. Despite both earning five-star ratings for their platforms, Saxo ranks as the top choice according to ForexBrokers.com, followed closely by Interactive Brokers, ranked third out of 62 brokers.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 64 |
| Charting - Drawing Tools (Total) | 85 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 60 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Interactive Brokers and Saxo, both platforms offer apps for iPhone and Android, making mobile trading accessible regardless of your device preference. You can receive stock or forex price alerts from both apps, keeping you in touch with the markets. Additionally, both apps provide seamless watchlist syncing, allowing your lists to update automatically between the mobile app and online account for real-time management. Interactive Brokers stands out with 97 technical studies available for charting, compared to Saxo's 64. Both apps allow the drawing of trendlines and viewing of various time frames on charts, providing flexibility in analysis. However, only Saxo automatically saves chart drawings, offering a slight edge in convenience.
Each app lets you create a watchlist with real-time quotes, ensuring you stay informed about critical price movements. User ratings for mobile trading apps are high for both brokers, with each receiving 5 stars. Despite this, Saxo ranks slightly higher at #2 compared to Interactive Brokers at #4 among 62 brokers for mobile trading apps as per ForexBrokers.com. Whether you prioritize Saxo's higher ranking or prefer Interactive Brokers' extensive charting options, both apps deliver a robust and versatile trading experience on the go.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, both Interactive Brokers and Saxo provide a solid foundation with their daily market commentary and forex news from esteemed sources like Bloomberg and Reuters. They both include sentiment-based trading tools and comprehensive economic calendars to help users stay informed about global events. However, they differ in their technical analysis tools. While Saxo integrates Autochartist tools into its offerings, Interactive Brokers opts for Trading Central products. Additionally, Interactive Brokers enhances its research capabilities with market insights from TipRanks and Acuity Trading, advantages Saxo does not provide.
In terms of ratings, both platforms boast a perfect five-star record for research, though they have different standings on ForexBrokers.com. Saxo takes the top spot, being ranked #1 out of 62 brokers, whereas Interactive Brokers is a little further down the list at #3. With these insights, traders can gauge which platform might better suit their needs based on the specific market research tools and rankings each offers.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Interactive Brokers and Saxo provide a comprehensive selection. Each platform offers over ten articles, videos, and archived webinars focusing on forex and CFDs, ensuring users have ample material to understand these areas. Both brokers also host online educational webinars for their clients on a monthly basis and provide a searchable archive of past webinars, allowing users to revisit topics at their own pace. Interactive Brokers and Saxo each offer more than ten beginner-friendly videos to help new traders get started, alongside more advanced content for experienced users.
Both brokers include an investor dictionary, containing definitions for over 50 investing terms, which can be particularly beneficial for novices trying to learn the basics. Interactive Brokers and Saxo receive a perfect five-star rating for education. However, Interactive Brokers holds a slight edge in industry recognition, ranking 3rd in education out of 62 brokers on ForexBrokers.com, while Saxo is ranked 13th. This minor distinction highlights Interactive Brokers' slightly higher standing in educational offerings, despite both platforms providing extensive learning opportunities for traders.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| 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 Interactive Brokers is better than Saxo. Interactive Brokers finished with an overall rank of #2, while Saxo finished with an overall rank of #3.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
|
Saxo
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Interactive Brokers provides both actual delivered cryptocurrency and cryptocurrency derivatives, whereas Saxo only offers cryptocurrency derivatives.
Interactive Brokers and Saxo differ in their options for depositing or withdrawing funds, with Interactive Brokers supporting ACH or SEPA transfers and bank wires, but not Visa, Mastercard, PayPal, or Skrill, while Saxo supports bank wires and Visa or Mastercard, but not ACH or SEPA transfers, PayPal, or Skrill.
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 | Interactive Brokers | Saxo | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Saxo Review |
| Broker Screenshots | Interactive Brokers | Saxo | |
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| Regulation | Interactive Brokers | Saxo | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1977 | 1992 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 7 | |
| Tier-2 Licenses | 2 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | Saxo | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | Yes | |
| Japan (SFC Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | Yes | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | Saxo | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | Saxo | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 70000 | |
| Forex Pairs (Total) | 90 | 190 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | Saxo | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.9 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | Saxo | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | Saxo | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | Saxo | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 60 | |
| Charting - Indicators / Studies (Total) | 155 | 64 | |
| Charting - Drawing Tools (Total) | 85 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | Saxo | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 97 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | Saxo | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | Saxo | |
|---|---|---|---|
| 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 | Interactive Brokers | Saxo | |
|---|---|---|---|
| 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 | Interactive Brokers Review | Saxo Review |
| Overall | Interactive Brokers | Saxo | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Saxo Review |
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