IC Markets
Saxo Bank
VS
Higher Rated
Saxo Bank
Capital at risk · T&Cs apply
In comparing IC Markets and Saxo Bank, traders encounter two distinct brokers catering to different needs. IC Markets, with its ultra-low spreads from 0.0 pips and fast execution times, appeals predominantly to high-frequency forex and CFD traders seeking competitive trading conditions and support for popular platforms like MT4, MT5, and TradingView. In contrast, Saxo Bank, with its professional-grade SaxoTraderGO platform and extensive offering of over 40,000 instruments, is better suited for experienced investors interested in a wide array of financial products, including real stocks and bonds, albeit with a higher minimum deposit requirement. The key difference lies in their target audience: IC Markets attracts traders prioritising low costs and leverage, while Saxo Bank appeals to those valuing comprehensive market access and robust research capabilities.
IC Markets
Saxo Bank
| IC Markets | Saxo Bank | |
|---|---|---|
| BrokerRank Score | 3.9/5 | 4.0/5 ✓ |
| Min. Deposit | $200 ✓ | $2000 |
| Spread from | 0 pips ✓ | 0.4 pips |
| Max Leverage | 1:500 ✓ | 1:200 |
| Regulation | ASIC, CySEC | FCA, MAS, ASIC ✓ |
| Platforms | MT4, MT5, TradingView | Proprietary Web, Proprietary Mobile |
Saxo Bank is the better choice overall, scoring 4.0/5 vs 3.9/5 on BrokerRank's independent rating. On fees, IC Markets offers lower spreads (0 pips).
See full side-by-side comparison belowIC Markets
Saxo Bank
WinnerIC Markets
Saxo Bank
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). These regulatory bodies provide a robust framework for client fund protection and operational standards. IC Markets offers a compensation scheme under ASIC, ensuring fund security in adverse situations.
Saxo Bank, on the other hand, is regulated by multiple top-tier authorities, including the Financial Conduct Authority (FCA) in the UK, the Monetary Authority of Singapore (MAS), and ASIC. This multi-jurisdictional oversight adds an additional layer of security. Saxo Bank also offers a compensation scheme through its FCA regulation, which provides protection for client funds up to £85,000.
IC Markets is known for its ultra-low spreads, starting from 0.0 pips for forex trades. The broker charges a commission of $3.5 per lot for forex pairs, making it a cost-effective choice for active traders. The minimum deposit required is $200, and the broker offers maximum leverage of up to 1:500. IC Markets' overnight fees are competitive, though specific rates vary by instrument.
Saxo Bank offers spreads starting from 0.4 pips, which are slightly higher compared to IC Markets. The commission structure for Saxo Bank is 0.08% per trade, which can be more expensive for smaller accounts. Saxo Bank requires a minimum deposit of $2,000, and its maximum leverage is capped at 1:200. While Saxo Bank's fees may be higher, it compensates with its wide range of over 40,000 instruments.
IC Markets supports popular trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView, which are well-suited for automated trading and advanced technical analysis. Meanwhile, Saxo Bank offers its proprietary SaxoTraderGO platform, renowned for its professional-grade features and strong research capabilities. While IC Markets provides more platform variety, Saxo Bank’s platform excels in depth and functionality.
For beginners, IC Markets is the better choice due to its lower minimum deposit and user-friendly platforms. Professionals may prefer Saxo Bank for its extensive range of instruments and advanced platform features. In terms of fees, IC Markets offers more competitive pricing with lower spreads and commissions.
IC Markets
3.9/5
Choose IC Markets if you want…
Saxo Bank
4.0/5
Choose Saxo Bank if you want…
Saxo Bank scores higher overall on our independent rating system. IC Markets holds a 3.9/5 rating vs Saxo Bank's 4.0/5. The best choice ultimately depends on your trading style — see our full verdict above for a detailed breakdown.
IC Markets offers spreads from 0 pips, while Saxo Bank starts at 0.4 pips. Check the fees section above for a full breakdown.
IC Markets requires a minimum deposit of $200. Saxo Bank requires $2000.
IC Markets is regulated by ASIC, CySEC, while Saxo Bank holds licences from FCA, MAS, ASIC.
IC Markets supports MT4, MT5, TradingView, Proprietary Mobile. Saxo Bank supports Proprietary Web, Proprietary Mobile.
Yes, you can hold accounts at multiple brokers simultaneously. Many traders diversify across platforms to access different markets and tools.
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Trading involves risk. Past performance is not indicative of future results. Capital at risk. Full risk disclosure.