Comparing two brokers is seldom an easy task. In this article, we will compare IG vs Saxo Bank two forex brokers in terms of security, fees, investment options, and platforms. IG and Saxo Bank are frequently compared against one another to see which is the superior option. What so many traders don’t always realize is that the ideal option can differ for each of them, and this is perfectly OK. Here’s a clear comparison between Saxo Bank and IG to help investors determine which is the better option.
IG vs Saxo Bank – Security
Contents
IG and Saxo Bank each have six Tier-1 licenses worldwide. IG now owns three worldwide Tier-2 licenses, whereas Saxo Bank only has one.
Saxo Bank is regulated by:
- ASIC (Australian Securities & Investment Commission)
- SFC (Securities Futures Commission)
- JFSA (Japanese Financial Services Authority)
- MAS (Monetary Authority of Singapore)
- FINMA (Swiss Financial Market Supervisory Authority)
- FCA (Financial Conduct Authority)
IG is regulated by:
- ASIC (Australian Securities & Investment Commission)
- JFSA (Japanese Financial Services Authority)
- MAS (Monetary Authority of Singapore)
- FINMA (Swiss Financial Market Supervisory Authority)
- FCA (Financial Conduct Authority)
- CFTC (Commodity Futures Trading Commission)
Investment Options
Saxo Bank
Saxo Bank is a multi-asset broker that provides over 40,000 tradeable symbols to clients and investors. The broker provides spot FX, FX options, NDFs (non-deliverable forwards), CFDs (Contracts for Difference) stocks, stock options, ETFs (Exchange Traded Funds), ETNs (Exchange Traded Notes), futures, and 33,000 bonds, adding to electronically-traded markets that encompass practically every asset category (accessible solely via phone).
- Forex Trading
- CFD Trading
- 40000 Tradeable Symbols in total
- 182 Forex Pairs in total
- US Stock Trading (Non CFD)
- Int’l Stock Trading (Non CFD)
- Cryptocurrency (CFD)
- Social Trading / Copy-Trading
IG
In addition to approximately 20,000 CFDs, IG provides access to foreign stock markets through non-CFDs (exchange-traded securities) for individuals in the United Kingdom, Germany, and Australia. IG provides exchange-traded Turbo warrants as an aspect of Spectrum, its MTF (Multilateral Trading Facility) in EU, also listed derivatives in the United States through tastytrade, in addition to FX options.
- Forex Trading
- CFD Trading
- 19537 Tradeable Symbols in total
- 100 Forex Pairs in total
- US Stock Trading (Non-CFD)
- Int’l Stock Trading (Non-CFD)
- Cryptocurrency (CFD)
- Social Trading / Copy-Trading
IG vs Saxo Bank – Pricing
Saxo Bank
Generally, Saxo Bank offers competitive pricing across the board. Saxo Bank has the lowest price in the business for active traders and users with substantial account balances.
For August 2020, the typical EUR/USD spreads regarding the Classic, Platinum, and VIP accounts have all been 0.8, 0.7, and 0.6 pips, correspondingly. Overall, the Platinum & VIP accounts have some of the finest forex broker rates, whereas the Classic account is similar to the market average.
- Minimum Deposit $2,000.00
- Average Spread EUR/USD – Standard 0.8
- All-in Cost EUR/USD – Active 0.6
- Active Trader or VIP Discounts
- Execution: Agency Broker
- Execution: Market Maker
IG
Because of its scale, IG can offer scalable executions across the board, whatever the asset is. Although IG isn’t a cheap broker, it stands out for its active trader rates and capacity to finalize big orders via its Forex Direct accounts. For September 2021, spreads on its primary account option were similar to the industry norm, with spreads averaging 0.828 for nearly the entire time (23 hours per day).
- Minimum Deposit £250.00
- Average Spread EUR/USD – Standard 0.828
- All-in Cost EUR/USD – Active 0.365
- Active Trader or VIP Discounts
- Execution: Agency Broker
- Execution: Market Maker
IG vs Saxo Bank – Platforms
Saxo Bank
Saxo Bank’s own trading platforms, with their simplified looks and extensive trading capabilities, are without a doubt excellent. The broker sets a high bar that is difficult to match.
Summary of the broker’s trading platforms: SaxoTraderGO (web) and SaxoTraderPRO (desktop), as well as 3rd party platforms like TradingView, MT (MetaTrader), MultiCharts, and additional trading connections through API, make up the broker’s flagship trading suite. Throughout 2021, the broker’s own platform suite gained additional capabilities such as cryptocurrency trading, an additional Hot Topics page, and linked webinars, among other minor enhancements.
- Virtual Trading (Demo)
- Proprietary Platform
- Desktop Platform (Windows)
- Web Platform
- Social Trading / Copy-Trading
- MetaTrader 4 (MT4)
- 62 Charting – Indicators / Studies
- 20 Charting – Drawing Tools in total
- Charting – Trade From Chart
- 62 Watchlists – Total Fields
- Order Type – Market
IG
IG offers a diverse range of trade platforms as well as instruments, with features that cater to users of all skill levels.
IG offers the renowned MT4 (MetaTrader 4) platform, as well as the L2 Dealer DMA platform along with the ProRealTime charting software platform. The usefulness of IG’s unique web-based platform, that is jam-packed with functions, is at the center of the service. Graphs Char, for instance, may be seen from almost any angle and display real market prices, as well as live bid/ask rates. There are an almost infinite number of research & trading instruments available, along with integrated risk-mitigation modules. One small issue is that setting up the layout takes a couple of minutes because the default view is basically empty.
- Virtual Trading (Demo)
- Proprietary Platform
- Desktop Platform (Windows)
- Web Platform
- Social Trading / Copy-Trading
- MetaTrader 4 (MT4)
- 32 Charting – Indicators / Studies in total
- 20 Charting – Drawing Tools in total
- Charting – Trade From Chart
- 14 Watchlists – Total Fields
- Order Type – Market
Market Research and Analysis
Saxo Bank
The broker seems to be fixated on assisting its customers in making money. That’s the feeling it gives, whether a user is reading Saxo Bank’s proprietary research, reviewing the comprehensive trading ideas that are accessible on its webpage and platforms, or engaging with material from the broker’s several top-tier third-party sources. In 2022, Saxo Bank will continue to be a top pick for FX research.
Saxo Bank provides a wide range of research in a number of shapes throughout its sites and platforms. It offers both in-house information, like regular reports from the broker’s specialists in the Market Analysis area, and third-party material, like news updates obtained from various sources.
IG
IG offers a wide range of high-quality market data from both its own as well as third-party sources. Only TD Ameritrade and Interactive Brokers can equal the volume of material on the broker’s platform, which includes in-house programming via IGTV.
The broker’s research instruments feature Reuters live streaming updates and TV, trading indicators, in-house broadcasting through IGTV, an economic calendar as well as a weekly prediction in video & text style, plus various daily blog posts containing market analysis.
Final Thoughts
IG provides the most thorough trading package available, including superior trading & research capabilities, market-leading education, and a wide choice of tradable assets. Saxo Bank is a professional multi-asset broker with cutting-edge research and an amazing trading platform – not to mention a fantastic variety of over 40,000 securities.
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