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Head to head
IC Markets or Saxo? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
A Danish bank that trades like a professional platform — broad, polished, and no longer expensive.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
Four decision axes, each derived from the recorded data.
Overall Saxo takes it, 4.4 against 4.2 out of 5. The two pricing models cannot be converted like for like; the fee rows in the table carry the detail. Saxo scores 96 against 70 out of 100 on the group index. Your account's protection depends on its legal entity. Saxo covers more ground with 11 of 14 asset classes against 9. On platform and app Saxo is ahead, 4.7 against 4.1 out of 5. Which one is right depends on which of these axes matters for your trading profile.
SaxoSaxoSaxoSaxoSaxoUp to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 4.2 | 4.4 — Better |
| Group index | 70 of 100 | 96 of 100 |
| Best for | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading | Multi-asset portfoliosBond investorsOptions and futures tradersPlatform quality seekersEuropean investors wanting a bank |
| Regulation | ASICCySECFSCAFSASCBCMA | DFSAFCAFINMAMASJFSA |
| Top-tier licences | 1 | 5 — Better |
| Investor protection | €20,000 | CHF 100,000 — Better |
| Listed group | No | No |
| Banking licence | No | Yes |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | Yes | Yes |
| Audited financials | Yes | Yes |
| Disclosed regulatory actions | 1 | None |
| Founded | 2007 | 1992 |
| Headquarters | Sydney, AU | Copenhagen, DK |
| Fees | 4.7 — Better | 4.2 |
| Safety & regulation | 3.9 | 4.7 — Better |
| Trading platform | 4.5 | 4.7 — Better |
| Product range | 3.7 | 4.8 — Better |
| Mobile app | 3.6 | 4.6 — Better |
| Research | 3.6 | 4.5 — Better |
| Customer support | 4.5 — Better | 3.8 |
| Deposit & withdrawal | 4.4 — Better | 4.0 |
| Account opening | 4.3 — Better | 4.2 |
| Education | 3.3 | 4.0 — Better |
| Reference order EUR 5,000 | 0.1 % (CFD) | €4.00 |
| Minimum deposit | €200 | None — Better |
| Stocks (per order) | 0.1 % (CFD) | 0.08 % |
| US stocks | US$0.02/share (CFD) | 0.08 % |
| ETFs | Not offered | 0.08 % |
| Options | Not offered | US$2 |
| Futures | in the spread | US$3 |
| Crypto | in the spread | n/a |
| Bonds (order) | in the spread | 0.2 % |
| Funds (order) | n/a | Free |
| EUR/USD spread | 0.8 pips | 0.7 pips — Better |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | 0.25 % |
| Inactivity fee | €10 · after 6 months | None — Better |
| Custody fee | None — Better | 0.15 % p.a. |
| Withdrawal fee | free | free |
| Deposit fee | free | free |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 9 | 11 — Better |
| Exchanges | n/a | 50 |
| Stocks | Yes | Yes |
| ETFs | No | Yes |
| Options | No | Yes |
| Futures | Yes | Yes |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | No |
| Bonds | Yes | Yes |
| Funds | No | Yes |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | Yes |
| Spread betting | No | No |
| Social trading | Yes | No |
| Platforms | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API | SaxoTraderGOSaxoTraderPROSaxoInvestorSaxo mobile appSaxo OpenAPITradingView integration |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:30 · Pro 1:500 | 1:30 · Pro 1:200 |
| Account opening | Digital application, usually approved within one business day | Fully online with electronic ID in most markets; often same day, otherwise 1–3 business days |
| Account types | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free | ClassicPlatinumVIP |
| Payment methods | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto | Bank transferSEPA |
| Account currencies | EURUSDGBP | EURUSDGBPCHFDKKSEKNOKAUDCADJPY+9 |
| Deposit time | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer | SEPA same day to 2 business days; international wire 1–3 business days |
| Withdrawal time | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire | Usually 1 business day to the registered bank account |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic | EnglishDanishGermanFrenchItalianSpanishDutchPolishCzechSwedish+4 |
| Channels | PhoneEmailLive chat | PhoneEmailLive chatTicket system |
| Availability | 24/7 | Monday to Friday, local office hours across 16 service locations; trading desks cover market hours |
Editorial assessment based on the recorded data.
IC Markets
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Pros
Cons
Best for
Saxo
A Danish bank that trades like a professional platform — broad, polished, and no longer expensive.
Pros
Cons
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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