Saxo vs InteractiveBrokers

Saxo
Interactive Brokers

Compare Saxo vs InteractiveBrokers Side by Side

It is always difficult to choose among brokers that are big players on the market, especially when it’s Saxo vs InteractiveBrokers. For this reason, we made a detailed comparison between Saxo Review and Interactive Brokers Review, compared safety and licenses, trading conditions with fees, trading platforms, instruments, deposit & withdrawal conditions, and all the essential details compared side by side.

Summary

FeatureSaxoInteractive Brokers
Website//www.home.saxo//www.interactivebrokers.co.uk
Founded year19921977
HeadquarterDenmarkUSA
LicensesDenmark, Australia, UK, Singapore, UAE, Japan, Hong Kong, TurkeyUSA, Canada, Australia, UK, Hong Kong, Japan
Minimum Deposit2000 US$2000 US$
Trading PlatformsSaxoTraderGO, SaxoTraderPRO, MT4TWS, IB WebTrader
Eurusd avg Spread0.8 pips0.3 pips

Licenses

FeatureSaxoInteractive Brokers
Licenses Countries Info (short)
  • ASIC
  • Danish FSA
  • JFSA
  • MAS
  • CMB
  • CBUAE
  • FCA
  • ASIC
  • IIROC
  • JFSA
  • FCA
  • CFTC

Saxo vs InteractiveBrokers both holding UK and Australia licenses, along with Japan license. Interactive Brokers can stand out here with its USA and Canada licenses, while Saxo has just more licenses in general, meaning it has a bigger outreach trader-wise.

Broker Types

FeatureSaxoInteractive Brokers
Broker types
  • Market Making
  • ECN
  • NDD

Saxo is a Market Maker which is a great opportunity for beginning traders and some strategies due to its stability of a preset fee or spread. While Interactive Brokers is an NDD Broker is better for price transparency.

Trading Conditions

FeatureSaxoInteractive Brokers
Trading Conditions
  • beginners
  • commission
  • tight spread
  • copy trade
  • expert advisor
  • hedging
  • scalping
  • social trading
  • beginners
  • commission
  • fixed spread
  • floating spread
  • tight spread
  • expert advisor

There are certain similarities in trading conditions of Saxo vs Interactive Brokers, as they are both suitable for beginners offer their traders tight spreads and even offer the services of the Expert advisors. At the same time Saxo provides a wider range of possibilities, including scalping, hedging and social trading, which is quite an advantage. 

Fees & Commissions

FeatureSaxoInteractive Brokers
Inactivity Feemonthup to 150 $0$
Deposit fee0 $0$
Withdrawal fee0 $0$
Rollover fee eurusd buy 1 lot-0.60%-1.5%
Rollover fee eurusd sell 1 lot+0.60%+1.5%
Avg Eurusd standard acc0.8 pips0.3 pips
Gold271.5 bps
Brent oil50.05%
Bitcoin1150.12-0.18%

Both Saxo vs Interactive Brokers offer relatively low trading fees, but there are brokers’ pricing models to consider. Interactive Brokers trading fees are based on charge of the commission per trade also ranging on a product you trade, hence the prices are quite competitive since does not include spreads and allows you easy calculation. At the same time Saxo Bank traders can benefit from the tight-spreads and low commissions.

Account Types

FeatureSaxoInteractive Brokers
Account types
  • Standard Account
  • Standard Account

While both Saxo vs Interactive Brokers offer Standard accounts, Interactive Brokers have a slight advantage here for offering more than 10 account types based on traders needs and peculiarities, such as Family Accounts, Small Business Accounts, Proprietary Trading Group Accounts, etc.

Markets & Instruments

FeatureSaxoInteractive Brokers
Forex180+100+
Indices29✔️
Commodities19✔️
Cryptocurrencies24
Shares9,000+70+
Bonds40,000+✔️
Options✔️
Binary options
Spread betting
Treasuries
Futures✔️
Etfs3,000+13000

Interactive Brokers products range is more advanced compared to Saxo and offers Options and Futures that Saxo does not have listed. But if we look at the numbers of each product type, then Saxo is an obvious leader here. 

Trading Platforms

FeatureSaxoInteractive Brokers
Platforms
  • own platform
  • MetaTrader 4
  • own platform
  • WebTrader

Both Brokers offer proprietary Trading Platforms, and both offer additional platforms like MetaTrader4 for Saxo and WebTrader for InteractiveBrokers. However, Saxo has an advantage here by providing access to the third-party software with the concept of social trading, which offers clients to connect to trading communities and successful investors.

Deposit & Withdrawal Methods

FeatureSaxoInteractive Brokers
Payment methods
  • credit card
  • debit card
  • credit card
  • debit card
  • BPay

The range of Saxo payment methods is quite limited, as the broker does not accept Third Party Payments and only accepts funds originating from a bank account. Meanwhile, Interactive Brokers traders can perform deposits or withdraw funds through various options, including bank wire transfers, BPay, ACH Initiated, Canadian Bill and many more. 

Others

FeatureSaxoInteractive Brokers
Others
  • Webinar
  • Video Tutorial
  • telephone
  • live chat
  • 24/5 availability
  • Webinar
  • Video Tutorial
  • telephone
  • live chat

Both Saxo vs Interactive Brokers provide professional and well-established customer support centers. As to the educational materials, Saxo lacks of education courses, while a big advantage of the Interactive Brokers is its Trading Academy as well as numerous Apps, widgets or progressive software.

Conclusion on Saxo vs InteractiveBrokers

Concluding Saxo vs Interactive Brokers comparison we found both brokers are trustable, provide good standing, internationally presented and well-regulated. Both brokers provide good trading conditions, a large number of trading instruments and low trading fees. However, the advantage goes to Saxo for offering a wider range of trading possibilities and trading instruments. Here is our final recommendation:

  • Saxo – 🥇Best Broker for Retail Traders providing the same access and features as an institution or organization.
  • Interactive Brokers – 🥇 Best for Professional trading giving the advanced proposal and technological solutions for experienced and demanding traders.