Home Brokers comparison Saxo Bank vs Interactive Brokers

Saxo Bank vs Interactive Brokers

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Saxo Bank and Interactive Brokers are leading online brokers. Saxo Bank offers reliable trading platforms with educational materials and powerful tools. It has a transparent fee policy, and it offers active trading discounts. Saxo Bank has top-tier licenses from ASIC, SFC, FSA, MAS, FINMA, and FCA. It is a good choice for both beginner and experienced traders. 

Broker NameSaxo Bank Interactive Brokers
Year Founded19921978
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)SEC (USA), FCA (UK)
Tradable Assets40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone)Stock, ETF, Forex, Fund, Bond, Options, Futures,
CFD, Crypto, Warrants, Structured Products
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts0
Min Trade$00
PlatformsSaxoTraderGOTraders Workstation (TWS)
DepositFree of chargeYou can open account without deposit
WithdrawalsFree of chargeFree of charge for the first withdrawal in calendar month

Interactive Brokers has competitive pricing with a minimum deposit fee of $0. It offers a virtual trading account, a proprietary platform, and a professional app. Interactive Brokers has top-tier licenses from IIROC, SFC, FSA, MAS, FINMA, FCA, and CFTC. It is recommended for experienced traders because of its limited research and educational tools. 

Both brokerage firms have advantages and disadvantages. This article discusses the differences between Saxo Bank and Interactive Brokers. 

Top findings from the Saxo Bank vs. Interactive Brokers review:  

  1. Saxo Bank has premium trading platforms with social trading and educational tools. 
  1. Interactive Brokers has professional trading platforms with reliable advanced trading tools and tutorials. 
  1. Both brokers offer a virtual trading account and active trader discounts. 

We recommend Saxo Bank for both beginner and experienced traders because of its social trading features. Interactive Brokers is an excellent fit for experienced traders looking for professional tools.   

Overall Rating

FeatureSaxo BankInteractive Brokers
Overall54.5
Commissions & Fees54.5
Offering of Investments55
Platforms & Tools54.5
Mobile Trading54
Research54.5
Education44
Trust Score9994
WinnerYES
66% of retail CFD accounts lose money66% of retail CFD accounts lose money

Level of experience  

Beginner traders choose Saxo Bank over Interactive Brokers. Saxo Bank has reliable educational and research data, including webinars, training videos, VIP service, and forex education. It offers advanced trading videos for professional traders. 

Interactive Brokers offer access to Trading Central, daily market commentary, and forex news. It has educational tools like webinars and investor dictionaries. Unfortunately, it doesn’t offer beginner trading videos. 

Fees  

Saxo Bank has a high minimum deposit fee of $10,000, while Interactive Brokers has a $0 initial deposit. Both brokers offer active trading or VIP discounts. 

Assets  

Saxo Bank has a versatile portfolio with forex, CFD, cryptocurrency CFD, and 170 forex pairs. Interactive Brokers offers access to forex trading with 105 forex pairs. 

Trading platform  

Saxo Bank offers desktop, web, and mobile trading platforms. These come with a virtual trading account, reliable research tools, and educational materials. Saxo Bank offers social trading and access to MetaTrader4. We recommend it for traders of all levels of experience. 

Interactive Brokers offers an impressive trading experience with web and desktop platforms. The downside is that it doesn’t have the MetaTrader suite or social trading tools. We recommend it for professional traders, but it can be a good fit for beginners. It has useful research and educational data. 

Banking services 

Banking services determine whether a broker offers an excellent trading experience. Saxo Bank offers bank transfers and credit/debit card funding. Interactive Brokers only offers bank transfers for withdrawing and depositing funds. 

Final verdict  

Saxo Bank and Interactive Brokers are the leading online brokers. Both have strengths and weaknesses, depending on your trading experience. We recommend Saxo Bank to traders of all levels of experience because of its comprehensive offer. Interactive Brokers is a better choice for professional traders looking for competitive pricing. 

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.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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