Interactive Brokers vs Saxo Bank Forex Broker Comparison
A head-to-head comparison of Interactive Brokers and Saxo Bank across regulation, trading costs, platforms, and editorial scoring.
Score 4.6 / 5
2 bonusesListed broker with global market access, lowest financing rates we benchmark, and the powerful TWS workstation.
VS
Danish-licensed bank with the deepest multi-asset coverage we cover, premium SaxoTraderGO/PRO platforms, and tiered pricing for active traders.
Our Verdict
Saxo Bank winsby 0.1 pts
Saxo Bank edges ahead with a score of 4.7/5 vs Interactive Brokers's 4.6/5. A narrow margin, so review the breakdown below to see where each broker has a clear advantage.
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
Interactive Brokers offers tighter spreads from 0.2 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
Interactive Brokers has a cost edge: raw/ECN spreads, tighter spreads from 0.2 pips.
Best for platform choice
It's a tie
Both equally suited
Both brokers offer an equivalent platform selection with similar exclusive and proprietary options.
Best for beginners
Recommended
Saxo Bank edges out Interactive Brokers with a higher editorial score (4.7/5 vs 4.6/5), indicating a stronger overall experience for new traders.
Interactive Brokers vs Saxo Bank: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.6/ 5 | 4.7/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.8 / 5 | 4.9 / 5▲ |
Fees & Spreads 30% weight | 4.6 / 5▲ | 4.4 / 5 |
Platforms & Tools 20% weight | 4.6 / 5 | 4.8 / 5▲ |
Customer Support 10% weight | 4.0 / 5 | 4.6 / 5▲ |
| Founded | 1978 | 1992 |
| Headquarters | Greenwich, United States | Copenhagen, Denmark |
| Min deposit | No minimum | No minimum |
| Spreads from | 0.2 pips | 0.6 pips |
| Commission / lot | $2/lot | N/A |
| Max leverage | 50:1 | 30:1 |
| Withdrawal fee | First withdrawal/month free | Free |
| Regulators | FCA CMF SEC FINRA ASIC JFSA SEBI AMF SFC DFSA CMVM NFA IIROC CNV FSC CBI CNB MFSA | FCA ASIC JFSA MAS SFC DFSA ACPR CNMV FINMA Finansinspektionen Finanstilsynet CMA FSC CBI KNF Finanstilsynet MFSA |
| Platforms | Proprietary Web/Mobile Trader Workstation (TWS) | Proprietary Web/Mobile SaxoTraderGO |
| Active bonuses | ||
| Visit broker | Visit Interactive Brokers | Visit Saxo Bank |
Interactive Brokers vs Saxo Bank Forex Broker Pros & Cons
Pros
Available to US residents
Lowest margin rates in industry
150+ global markets
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
Raw spread account available
No deposit fees
No inactivity fee
Mobile trading app available
Proprietary trading platform available
Advanced charting tools included
Transparent pricing with clear cost disclosure
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
Steeper learning curve on TWS
No MT4 / MT5
No MetaTrader support
No 24/5 live chat
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
Interactive Brokers vs Saxo Bank: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
2
Interactive Brokers
criteria wins
0
Saxo Bank
criteria wins
Highlighted rows show where the two brokers differ
| Criteria | Interactive Brokers | 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 | Fail | Fail |
| Proprietary platform | Pass | Pass |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Fail | Fail |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
Interactive Brokers vs Saxo Bank: Frequently Asked Questions
Based on our independent editorial scoring, Saxo Bank ranks higher with a score of 4.7/5 vs 4.6/5 for Interactive Brokers. The best choice still depends on your individual trading needs; Interactive Brokers and Saxo Bank may each suit different trader profiles.
Interactive Brokers offers tighter spreads starting from 0.2 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.
Neither Interactive Brokers nor Saxo Bank requires a minimum deposit, making both accessible regardless of starting capital.
Both Interactive Brokers 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: both brokers offer negative balance protection. Also weigh up educational resources and customer support quality before deciding.
Interactive Brokers offers maximum leverage of 50:1, 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.
Interactive Brokers charges $2 per lot on commission-based accounts. Commission details for the other broker are not currently available. Check their website for up-to-date pricing.
Interactive Brokers supports Proprietary Web/Mobile, Trader Workstation (TWS) and Saxo Bank offers Proprietary Web/Mobile, SaxoTraderGO; both support Proprietary Web/Mobile; Interactive Brokers exclusively offers Trader Workstation (TWS); Saxo Bank exclusively offers SaxoTraderGO.
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Score 4.6 / 5
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