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IG vs Saxo Bank 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between IG and Saxo Bank? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, IG ranks more highly than Saxo Bank.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall RatingIGSaxo BankFOREX.com
Overall Rating9.7 / 109.5 / 108.7 / 10
Account TypeIGSaxo BankFOREX.com
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountNoNoYes
Copy TradingIGSaxo BankFOREX.com
Social Trading / Copy TradingYesYesNo
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencyIGSaxo BankFOREX.com
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)IGSaxo BankFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)IGSaxo BankFOREX.com
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsIGSaxo BankFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingYesNoNo
Social Trading / Copy TradingYesYesNo
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesYesYes
ETFYesYesYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformsIGSaxo BankFOREX.com
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesYesYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)YesNoYes
MetaTrader 5 (MT5)NoNoYes
Regulatory LicensesIGSaxo BankFOREX.com
Tier-1 Licenses764
ASIC Authorised (Australia)YesYesNo
IIROC Authorised (Canada)NoNoYes
FCA Authorised (U.K.)YesYesYes
SFC Authorised (Hong Kong)NoYesNo
MAS Authorised (Singapore)YesYesNo
FINMA Authorised (Switzerland)YesYesNo
CFTC Registered (USA)YesNoYes
Tier-2 Licenses212
Tier-3 Licenses101
Research, EducationIGSaxo BankFOREX.com
Trading Central (Recognia)NoNoYes
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesYesYes
AutochartistYesYesNo
Investor Dictionary (Glossary)YesYesYes
Videos - Beginner Trading VideosYesYesYes
Client Webinars (Archived)YesYesNo
Trading CostsIGSaxo BankFOREX.com
Minimum Initial Depositยฃ250.00โ‚ฌ2,000$100
Average Spread EUR/USD - Standard0.86 (September 2022)0.9 (September 2022)1.0 (July 2022)
All-in Cost EUR/USD - Active0.5957 (September 2022)0.7 (September 2022)1.0 (July 2022)
Active Trader or VIP DiscountsYesYesYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)YesNoYes
Trading ToolsIGSaxo BankFOREX.com
Watchlists - Total Fields146220
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)3362203
Mobile Charting - Indicators / Studies336288
Trust FactorsIGSaxo BankFOREX.com
Year Founded197419921999
Publicly Traded (Listed)YesNoYes
BankYesYesNo
Authorised in European UnionYesYesYes
Trust Score999999
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IG vs Saxo Bank Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare IG vs Saxo Bank.

Can I trust IG?

IG has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are โ€“ in most cases โ€“ operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a โ€œDo Not Trustโ€ rating.

Can I trust Saxo Bank?

Saxo Bank has a trust score of 99, giving it a "Highly Trusted" trust label.

Is IG a good broker?

We consider IG to be the best overall broker in the industry, due to its excellent pricing, oustanding educational materials, comprehensive research, vast range of markets, and its powerful trading platform suite. IG also continues to acquire more regulatory licenses, bolstering its status as a trustworthy broker..

Is Saxo Bank a good broker?

Saxo Bank is a highly-trusted broker that ranks near the top in practically every category. It provides traders and investors with an incredible platform experience (including on mobile) alongside powerful research and a vast selection of more than 40,000 symbols to trade across multiple asset classes.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. IG is ASIC Authorised (Australia), FSA Authorised (Japan), MAS Authorised (Singapore), FMA Authorised (New Zealand), FINMA Authorised (Switzerland), FCA Authorised (U.K.) and CFTC Registered (USA), while Saxo Bank is ASIC Authorised (Australia), SFC Authorised (Hong Kong), FSA Authorised (Japan), MAS Authorised (Singapore), FINMA Authorised (Switzerland) and FCA Authorised (U.K.)., neither have IIROC Authorised (Canada) and CBI Authorised (Ireland)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, IG is FSCA Authorised (South Africa) and DFSA / Central Bank Authorised (UAE), while Saxo Bank is DFSA / Central Bank Authorised (UAE)., neither have CBRC Authorised (China), CySEC Authorised (Cyprus), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia) and SEC Authorised (Thailand). When comparing tier-3 licenses IG is BMA Authorised (Bermuda), while Saxo Bank is none., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

Both IG and Saxo Bank offer a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade

Does IG offer MetaTrader? Does Saxo Bank offer MetaTrader?

For MetaTrader IG provides MetaTrader 4 (MT4), while Saxo Bank provides neither of these. If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers., neither have MetaTrader 5 (MT5)

How do IG and Saxo Bank differ in terms of minimum deposit? What about average spreads and funding options?

IG requires a minimum deposit of ยฃ250.00, while Saxo Bank requires a minimum deposit of โ‚ฌ2,000. From our testing we found IG offers spreads of 0.86 (September 2022), while Saxo Bank offers spreads of 0.9 (September 2022). IG supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit)., neither have Skrill (Deposit/Withdraw)

Which brokers offers more tradeable asset classes, IG or Saxo Bank?

IG offers a more diverse selection of investment options than Saxo Bank allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, IG has 19537, compared to 60000 from Saxo Bank.

Can I trade cryptocurrency with IG or Saxo Bank?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither IG nor Saxo Bank allow you to trade physical cryptocurrencies.

Who offers more research tools, IG or Saxo Bank?

Both IG and Saxo Bank offer a complete suite of research, providing traders with these tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading., neither have Trading Central (Recognia)

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