IC Marketsvs
Saxo BankForex Broker Comparison
Two brokers clash on price, platforms, and breadth of offerings. The tension centers on platform ecosystems versus raw pricing dynamics.
Our Verdict
Too close to call
IC Markets and Saxo Bank are closely matched overall, but Saxo Bank's proprietary platform differentiates it from IC Markets.
No commercial relationship. The verdict and scores are entirely editorial. No payment influences this comparison.
Key Differences
- 1IC Markets supports MT4/MT5; Saxo Bank does not.
- 2IC Markets offers 24/5 live chat; Saxo Bank does not.
- 3IC Markets provides raw spreads; Saxo Bank does not.
Who should choose IC Markets vs Saxo Bank?
Find out which broker best suits your trader profile.
Choose IC Markets if…
Choose IC Markets if you want MT4/MT5 and cTrader access with true ECN pricing.
Choose Saxo Bank if…
Choose Saxo Bank if you prefer a proprietary platform and access to about 71,000 instruments.
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 0.00 pips vs 0.60 pips for Saxo Bank, reducing trading costs.
Best for safety & regulation
It’s a tie
Both equally suited
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▲ |
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
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. One concrete differentiator: Saxo Bank requires a lower minimum deposit.
IC Markets starts from 0 pips, tighter than Saxo Bank's 0.6 pips. Tighter spreads lower the cost per trade, which matters most for high-frequency and scalping strategies.
Saxo Bank has no minimum deposit, 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. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners, two factors stand out: Saxo Bank has no minimum deposit, removing the capital barrier entirely, and both brokers provide negative balance protection. Also compare demo account availability and educational resources before deciding.
IC Markets lists maximum leverage of 500:1, while Saxo Bank lists up to 30:1. Available leverage depends on your jurisdiction. EU retail clients under ESMA rules are capped at 1:30 on major forex pairs.
IC Markets charges $7 per lot on commission-based accounts. Commission details for Saxo Bank are not currently available. Check their website for up-to-date pricing.
IC Markets supports cTrader, MetaTrader 5, TradingView, MetaTrader 4, while Saxo Bank supports SaxoTraderGO, Proprietary Web/Mobile. IC Markets has exclusive access to cTrader and MetaTrader 5 and TradingView and MetaTrader 4. Saxo Bank has exclusive access to SaxoTraderGO and Proprietary Web/Mobile.
