Interactive Brokers (IBKR) vs Saxo: 2026 Comparison

Are you trying to decide between Interactive Brokers and Saxo for your investing needs?

In this side-by-side comparison, we analyse Interactive Brokers (IBKR) vs Saxo on the features that matter most: fees, products, platforms, interest on cash, safety and more, so you can make a better-informed decision.

Below, you’ll find a quick verdict, a comparison table, worked fee examples and the pros and cons of each broker. Keep reading!

IBKR vs Saxo: quick take

1. Interactive Brokers is our recommended choice overall, thanks to its very low fees, 0.002% currency conversion and no custody fees
2. Saxo is best for investors who value a bank-grade, highly rated counterparty and a polished platform

IBKR vs Saxo in a nutshell

1. Overview

About Interactive Brokers

Founded in 1978 and listed on Nasdaq (ticker: IBKR), Interactive Brokers is one of the largest online brokers in the world, with more than 5.5 million client accounts. It joined the S&P 500 in August 2025 and has come through several market crises with a rigorous risk management process.

It gives access to stocks, options, futures, bonds, ETFs, funds and currencies across 170 markets in 40 countries. The learning curve is steep for beginners, which is why IBKR also offers IBKR GlobalTrader, a simpler mobile app for stocks, ETFs and options.

About Saxo

Founded in Copenhagen in 1992, Saxo (formerly Saxo Bank) is a Danish bank with an online trading and investment platform, serving more than 1.5 million clients. The Swiss private banking group J. Safra Sarasin became its majority owner in March 2026 and sole owner in July 2026, and Saxo holds an A- credit rating from S&P.

Saxo offers stocks, ETFs, bonds, funds, options, futures, forex and CFDs (contracts for difference) through its own platforms, SaxoInvestor, SaxoTraderGO and SaxoTraderPRO. It does not accept US residents.

2. Products and market access

Both brokers advertise impressive breadth, but in different ways. Here is what that means in practice.

Interactive Brokers is stronger on:

• Geographic breadth: 170 markets in 40 countries, including smaller Asian, Latin American and Eastern European exchanges that most retail brokers don’t reach.
• Futures and options: deeper coverage across global exchanges, with advanced multi-leg tools.
• Fractional shares: available on US and European stocks, which makes regular small contributions easier.
• Securities lending: the Stock Yield Enhancement Program lets you earn income by lending your fully paid shares.

Saxo is stronger on:

• Bonds: an accessible corporate and government bond offering, suited to income-focused portfolios.
• Mutual funds: broad fund coverage, useful in countries where funds have tax advantages over ETFs.
• Managed portfolios: Saxo offers managed portfolios built with partners such as BlackRock and Morningstar in several countries.
• Product presentation: research and instrument data are well integrated into the trading workflow.

Saxo does not offer direct cryptocurrency trading, only crypto exchange-traded products (ETPs). Both brokers are subject to the EU’s PRIIPs (Packaged Retail and Insurance-based Investment Products) rules, so European retail clients cannot buy US-domiciled ETFs on either platform. UCITS equivalents are available on both.

3. Trading platforms

Interactive Brokers offers several platforms for different profiles: Trader Workstation (TWS), its powerful desktop platform for active traders, the newer IBKR Desktop, the web-based Client Portal, the IBKR Mobile app and IBKR GlobalTrader for newer investors. The range is impressive, but the main platforms take time to learn.

Saxo has three platforms: SaxoInvestor, a simple interface for buy-and-hold investors, SaxoTraderGO, available on web and mobile for most users, and SaxoTraderPRO, a desktop platform for advanced traders. Saxo’s platforms are widely seen as more polished and intuitive than IBKR’s.

4. Interest on uninvested cash

Interactive Brokers pays interest at its benchmark rate minus 0.5% on IBKR Pro accounts. As of 9 October 2026, that is 1.979% on EUR, 3.380% on USD and 3.196% on GBP. There is no interest on the first 10,000 (£8,000 for GBP), and the full rate only applies to accounts with a net asset value above $100,000. Smaller accounts get a proportionally lower rate.

Saxo also pays interest on uninvested cash, calculated daily and settled monthly. The rate depends on your account tier, your net free equity and your country of residence. In the UK, for example, no interest is paid on the first £4,999.

5. Account types

Interactive Brokers offers individual, joint, trust, retirement (in the US) and business accounts, each available as a cash or margin account. IBKR Lite, with $0 commissions on US stocks and ETFs, is only available to US clients, so international investors use IBKR Pro.

Saxo offers individual, joint and corporate accounts, with three service tiers: Classic, Platinum and VIP. Higher tiers unlock lower prices (up to 30% lower on Platinum) and priority support, based on your funding or trading activity.

6. Account opening

Both brokers have a fully digital account opening process. You will need a valid ID, proof of address and your tax identification number, and you will answer questions about your experience and finances. Approval usually takes a few business days at both brokers.

7. Pricing

Headline commission rates only tell part of the story, so below you’ll find the trading and non-trading fees side by side, followed by three worked examples.

Buying $5,000 of US stocks

On Interactive Brokers, buying 50 shares of a $100 stock costs $0.35 under the tiered plan, since $0.0035 per share falls below the minimum. On Saxo, at 0.08% on the Classic tier, the same trade costs $4.00, falling on higher tiers.

Buying €10,000 of a European ETF

On Interactive Brokers, 0.05% of €10,000 is €5.00 (tiered plan, within the €1.25 minimum and €29 maximum). On Saxo, 0.08% at Classic is €8.00.

Converting €10,000 to USD

This is where the gap becomes material. Interactive Brokers charges 0.002%, which on €10,000 is about €0.20, so the $2 minimum applies. Saxo charges 0.25%, or €25.00. For a European investor buying US-listed assets, this single line item outweighs the commission differences above. Converting €10,000 four times a year costs roughly €7 at IBKR versus €100 at Saxo.

The custody fee

Interactive Brokers charges no custody fee. Saxo charges none in Belgium, Denmark, France, Italy, the Netherlands, Poland and Switzerland. In most other countries, you avoid it by enabling securities lending. Otherwise, it costs up to 0.15% a year on the Classic tier, or €150 a year on a €100,000 portfolio, whether or not you trade.

8. Safety and regulation

Both brokers are established, heavily regulated institutions, but their safety rests on different foundations.

Interactive Brokers is a listed company that files quarterly reports with the SEC, part of the S&P 500 and well capitalised above regulatory minimums. It operates through regulated entities in the US (SEC, FINRA, CFTC), Ireland (Central Bank of Ireland, for EU clients), the UK (FCA), Canada (CIRO), Australia (ASIC), Hong Kong (SFC), India (SEBI), Singapore (MAS) and Hungary (MNB).

Saxo holds a full Danish banking licence and is supervised by the Danish Financial Supervisory Authority (Danish FSA), with other entities regulated by the FCA (UK), FINMA (Switzerland), MAS (Singapore), SFC (Hong Kong) and ASIC (Australia), among others. Its A- rating from S&P and ownership by J. Safra Sarasin are the strongest arguments for Saxo on safety.

Investor protection

Coverage depends on which entity holds your account:

• Interactive Brokers: US clients are covered by the Securities Investor Protection Corporation (SIPC) up to $500,000, including a $250,000 cash sub-limit. UK clients are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. EU clients of Interactive Brokers Ireland fall under the Irish Investor Compensation Scheme, which covers 90% of losses up to €20,000.
• Saxo: clients of Saxo Bank A/S are covered by the Danish Guarantee Fund, which protects cash deposits up to €100,000 and securities up to €20,000 per client. Clients of other Saxo entities fall under local schemes.

Saxo’s €100,000 cash protection is an advantage over the €20,000 investor compensation available to IBKR’s EU clients, a direct result of its banking licence. These schemes protect against the failure of the firm, not investment losses, and both brokers keep client assets segregated from their own.

9. Customer support

Both brokers offer support by phone, chat and online ticket. Saxo provides 24/5 technical and account support, with priority support on Platinum and dedicated relationship managers for VIP clients. Interactive Brokers has extensive self-service resources and the IBKR Campus education platform, but users often find its support slower and harder to navigate.

10. Interactive Brokers pros and cons

11. Saxo pros and cons

Saxo vs IBKR: our verdict

For most European investors, Interactive Brokers is the cheaper option: lower commissions, a 0.002% currency conversion fee against Saxo’s 0.25%, no custody fees and interest on cash above the first 10,000. It also gives access to far more markets.

Saxo makes sense if you value a polished, easy-to-use platform, bond and fund access, and the security of a bank with an A- rating and €100,000 cash protection, and if you live in a country where Saxo charges no custody fee.

Ultimately, the best online broker for you will depend on your profile, preferences and objectives. Want to know more? Explore our in-depth broker reviews, comparison table and BrokerMatch tool.