Are you confused about whether to choose Interactive Brokers vs Saxo Bank as a broker for your investing needs?
In this side-by-side comparison, we analyse Interactive Brokers vs Saxo Bank to help you understand how these apps compare on some of the most common features and make a better-informed decision about the best broker for you.
Below, you’ll find the pros and cons of each broker, as well as a comparison table that features the different fees charged, the financial instruments supported, the regulation, and more. Keep reading!
IBKR vs Saxo Bank
- Interactive Brokers is our recommended choice overall
- Saxo Bank is best for advanced traders looking for security and reliability
Side-by-side comparison
| Category | Interactive Brokers | Saxo Bank |
| Demo account | Yes | No |
| Account minimum | $0 | $0 to $10,000, depending on the country |
| Interest on uninvested cash (annually) | EUR: 3.382%; USD: 4.83%; GBP: 4.72% (as of may 2024) | USD: Up to 4.059%; EUR: Up to 2.65%; GBP: Up to 3.93% (as of April 2024) |
| US stocks fees | Tiered plan: $0.0035 per shareMin. $0.35; Max. 1% of trade value. | From 0.03% (min. $1)Depending on account type |
| EU stock fees | Tiered plan: 0.05% of trade valueMin. €1.25; Max. €29. | From 0.03% (min. €2)Depending on account type |
| ETFs | Tiered plan: 0.05% of trade valueMin. €1.25; Max. €99. | From 0.03% (min. €3)Depending on account type |
| Currency conversion fee | 0.0020% | 0.25% |
| Regulators | FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS and MNB. | ASIC, FSA, FCA, SFC, MAS, FINMA, DFSA. |
About Interactive Brokers
Interactive Brokers is a global online broker and publicly listed company which surpassed major financial crises, showing resilience and a rigorous risk management process.
It offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from 150 markets.
Beginners and intermediate investors have educational tools to explore, but the learning curve will be steep. Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs.
Interactive Brokers pros and cons
Pros
- Low commissions on US stock trading
- No monthly inactivity fee
- The broadest product and markets range in the brokerage industry
- Demo account
- Excellent reputation (founded in 1978)
- Extensive research and Education tools
- Has a modern mobile trading app to trade Stocks, Options and ETFs, ideal for novice investors, IBKR GlobalTrader.
- Offers interest on uninvested cash balances
Cons
- Complicated and lengthy account opening process (but fully online)
- Steeper learning curve for beginners
- Website is difficult to navigate
- Interactive Advisors (Robo-advisor feature) is only available for US customers
About Saxo Bank
Saxo Bank is a renowned online trading and investment bank that offers a wide range of financial services to individual and institutional clients.
Saxo Bank offers a range of trading platforms, including SaxoTraderGO and SaxoTraderPRO, providing clients with user-friendly and advanced options to access global markets.
Security is a paramount concern for Saxo Bank, which is evident through its strong regulatory oversight, encryption protocols, and segregated accounts.
Saxo’s pros and cons
Pros
- Excellent research materials
- Outstanding trading platforms (SaxoTraderPRO and SaxoTraderGO)
- Extensive range of investment products
- Long track record
- Supervised by worldwide top-tier regulators
Cons
- High minimum deposit (varies between countries)
- Fees higher than average
- Fee structure is complex
- Does not accept US residents
Saxo Bank vs IBKR: our veredict
Interactive Brokers
Our recommended choice overallSaxo Bank
Best for advanced traders with a focus on reliability and security
Choosing between these two online brokers isn’t always an obvious decision. The differences between Interactive Brokers vs Saxo Bank come from the trading platforms, products, fees, and security. Do you prefer a primary trading platform? Do you want to invest in ETFs only? Do you value security more?
Ultimately, the best online broker for you will depend on your profile, personal preferences, and objectives. Explore the websites above and decide for yourself!
Want to know more about Interactive Brokers vs Saxo Bank? Explore our in-depth broker reviews, comparison table, and BrokerMatch tool.
