IC Markets vs Saxo Bank Forex Broker Comparison
A head-to-head comparison of IC Markets and Saxo Bank across regulation, trading costs, platforms, and editorial scoring.
Score 4.7 / 5
4 bonusesTrue ECN routing with raw 0.0 pip spreads on majors plus commission, deep liquidity, and the cleanest MT4 / MT5 / cTrader stack we test.
VS
Danish-licensed bank with the deepest multi-asset coverage we cover, premium SaxoTraderGO/PRO platforms, and tiered pricing for active traders.
Our Verdict
Too close to call
IC Markets and Saxo Bank are extremely closely matched with scores of 4.7/5 and 4.7/5. The right choice depends on your individual trading priorities.
Verdict by Trader Profile
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Best for low cost trading
Recommended
IC Markets offers tighter spreads from 0 pips vs 0.6 pips for Saxo Bank, reducing trading costs.
Best for safety & regulation
It's a tie
Both equally suited
Both brokers show an equally strong safety profile across regulation, fund protection, and client safeguards.
Best for active traders
Recommended
IC Markets has a cost edge: raw/ECN spreads, tighter spreads from 0 pips.
Best for platform choice
Recommended
IC Markets offers more exclusive platform options: MetaTrader 4, TradingView, MetaTrader 5, cTrader.
Best for beginners
Recommended
Both brokers share the same editorial score of 4.7/5, but Saxo Bank requires a lower minimum deposit ($0 vs $200 for IC Markets), making it more accessible for new traders.
IC Markets vs Saxo Bank: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.7/ 5 | 4.7/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.6 / 5 | 4.9 / 5▲ |
Fees & Spreads 30% weight | 5.0 / 5▲ | 4.4 / 5 |
Platforms & Tools 20% weight | 4.6 / 5 | 4.8 / 5▲ |
Customer Support 10% weight | 4.5 / 5 | 4.6 / 5▲ |
| Founded | 2007 | 1992 |
| Headquarters | Sydney, Australia | Copenhagen, Denmark |
| Min deposit | $200 | No minimum |
| Spreads from | 0 pips | 0.6 pips |
| Commission / lot | $7/lot | N/A |
| Max leverage | 500:1 | 30:1 |
| Withdrawal fee | Free | Free |
| Regulators | FSCA ASIC CySEC | FCA ASIC DFSA FINMA Finansinspektionen Finanstilsynet CMA CBI FSC Finanstilsynet KNF MFSA |
| Platforms | MetaTrader 4 TradingView MetaTrader 5 cTrader | Proprietary Web/Mobile |
| Active bonuses | ||
| Visit broker | Visit IC Markets | Visit Saxo Bank |
IC Markets vs Saxo Bank Forex Broker Pros & Cons
Pros
True ECN routing with raw 0.0 pip spreads
All three major platforms (MT4, MT5, cTrader)
Deep liquidity from 25+ tier-1 sources
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
No inactivity fee
MetaTrader 4 and MetaTrader 5 supported
Mobile trading app available
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Multilingual customer support
Pros
Licensed bank (Denmark)
Best-in-class multi-asset platform
Tiered active-trader pricing
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
Mobile trading app available
Proprietary trading platform available
Advanced charting tools included
Transparent pricing with clear cost disclosure
Phone support available
Multilingual customer support
Cons
Not available to US residents
Higher minimum deposit than IG/OANDA
No proprietary platform
Cons
Higher minimums on classic accounts than ECN brokers
No MT4 / MT5
No raw spread account option
Inactivity fee applies
No MetaTrader support
No 24/5 live chat
IC Markets vs Saxo Bank: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
4
IC Markets
criteria wins
1
Saxo Bank
criteria win
Highlighted rows show where the two brokers differ
| Criteria | IC Markets | Saxo Bank |
|---|---|---|
| Trust & Regulation | ||
| Top-tier regulator (FCA, ASIC, CFTC, etc.) | Pass | Pass |
| Segregated client funds | Pass | Pass |
| Negative balance protection | Pass | Pass |
| Compensation scheme (e.g. FSCS) | Pass | Pass |
| Fees & Spreads | ||
| Raw/ECN spreads available | Pass | Fail |
| No deposit fee | Pass | Pass |
| No inactivity fee | Pass | Fail |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Pass | Fail |
| Proprietary platform | Fail | Pass |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Pass | Fail |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
IC Markets vs Saxo Bank: Frequently Asked Questions
IC Markets and Saxo Bank share the same editorial score of 4.7/5. The right choice depends on your priorities: trading costs, platform preference, or regulatory coverage.
IC Markets offers tighter spreads starting from 0 pips, compared to Saxo Bank's spreads from 0.6 pips. Tighter spreads lower the cost per trade, particularly valuable for high-frequency and scalping strategies.
Saxo Bank has a lower minimum deposit of no minimum required, while IC Markets requires at least $200. This makes Saxo Bank more accessible for traders with limited starting capital.
Both IC Markets and Saxo Bank hold licences from top-tier regulators, indicating a high standard of regulatory oversight. Both are considered safe. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners: Saxo Bank has a lower minimum deposit (no minimum), lowering the barrier to entry; both brokers offer negative balance protection. Also weigh up educational resources and customer support quality before deciding.
IC Markets offers maximum leverage of 500:1, while Saxo Bank offers up to 30:1. Available leverage varies by account type, instrument, and jurisdiction. Higher leverage amplifies both potential profits and losses. Always use appropriate risk management.
IC Markets charges $7 per lot on commission-based accounts. Commission details for the other broker are not currently available. Check their website for up-to-date pricing.
IC Markets supports MetaTrader 4, TradingView, MetaTrader 5, cTrader and Saxo Bank offers Proprietary Web/Mobile; IC Markets exclusively offers MetaTrader 4, TradingView, MetaTrader 5, cTrader; Saxo Bank exclusively offers Proprietary Web/Mobile.
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Score 4.7 / 5
Score 4.7 / 5
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