Saxo Bank and Interactive Brokers are leading online brokers in 2021. 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 Name | Saxo Bank | Interactive Brokers |
| Year Founded | 1992 | 1978 |
| Regulation | FCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan) | SEC (USA), FCA (UK) |
| 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) | 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) accounts | 0 |
| Min Trade | $0 | 0 |
| Platforms | SaxoTraderGO | Traders Workstation (TWS) |
| Deposit | Free of charge | You can open account without deposit |
| Withdrawals | Free of charge | Free 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:
- Saxo Bank has premium trading platforms with social trading and educational tools.
- Interactive Brokers has professional trading platforms with reliable advanced trading tools and tutorials.
- 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.
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 in 2021. 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.
