Saxo Bank and IC Markets are top-tier online brokers. Saxo Bank offers reliable trading platforms with powerful tools and educational data. It has a transparent fee structure, and it offers active trading discounts. Saxo Bank is highly regulated, with licenses from the SFC, ASIC, FSA, FINMA, MAS, and FCA. It is an excellent choice for traders of all levels of experience.
| Broker Name | Saxo Bank | IC Markets |
| Year Founded | 1992 | 2007 |
| Regulation | FCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan) | FSA, ASIC & CySec |
| Tradable Assets | 40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone) | Cryptocurrency, CFD, Forex & Futures |
| Min Deposit | $10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts | $200 |
| Min Trade | $0 | 0.01 Lots |
| Platforms | SaxoTraderGO | MT4, MT5 |
| Deposit | Free of charge | Free of charge |
| Withdrawals | Free of charge | Free of charge |
IC Markets is a leading forex broker with a comprehensive portfolio. It offers access to the full MetaTrader suite and auto-trading. IC Markets has top-tier licenses from the FSA, CySEC, and ASIC. It is a top choice for traders of all levels of experience.
This article discusses the advantages and disadvantages of Saxo Bank and IC Markets.
Top findings from the Saxo Bank vs. IC Markets review:
- Saxo Bank offers premium trading platforms with social trading and educational tools.
- IC Markets offers excellent learning tools for new traders.
- Both brokers offer an active trader discount and a demo account.
We recommend Saxo Bank for traders of all levels of experience because of its social trading tools. IC Markets is a top choice for new traders, as it offers useful learning and research tools.
Overall Rating
Level of experience
Saxo Bank offers premium services for professional traders. It has some reliable educational and research tools. These include training videos, webinars, and forex education. Saxo Bank is a good fit for experienced traders, as it offers advanced trading videos.
IC Markets is an online broker with valuable research and educational materials. It offers webinars, investor dictionaries, and forex education. IC Markets has trading ideas, analytics, and sentiment indicators. It is a good choice for traders of all levels of experience.
Fees
Saxo Bank has a high initial deposit fee of US$10,000, while IC Markets has an initial deposit of $200. The average EUR/USD spread for both brokers is 0.8.
Assets
Saxo Bank has 170 forex currency pairs, while IC Markets offers 61 available pairs. Saxo Bank has 9000 CFDs, while IC Markets has 230 available CFDs.
Trading platform
Saxo Bank has desktop, web, and mobile trading platforms. These include a virtual trading account, professional research tools, and educational materials. Saxo Bank offers social trading and access to MT4. We recommend it for professional traders.
IC Markets has access to the MetaTrader suite as its web and mobile platforms. Both are powerful-yet-complex platforms. IC Markets offers excellent customizability and clear fee reports. We recommend it for new traders, as it has a dedicated learning center.
Banking services
Banking services contribute to an excellent online trading experience. Saxo Bank offers bank transfers and credit/debit card funding options. IC Markets has access to bank transfers, credit/debit cards, PayPal, and Skrill.
Final verdict
Saxo Bank and IC Markets are the top online brokers. Both have strengths and weaknesses depending on your trading experience. Saxo Bank is a top choice for active professional traders as it offers premium services. We recommend IC Markets to new traders because of its straightforward platforms and learning tools.
Saxo Bank compared to other brokers:
Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.
Disclosure
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
