Our comprehensive comparison of Saxo Markets and IC Markets evaluates 10 essential factors to assist you in making an informed broker selection.
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Our comprehensive comparison covers the 10 most important trading factors you need to consider when choosing between Saxo Markets and IC Markets.
IC Markets is a No Dealing Desk (NDD) broker so it can offer customers a choice of either a standard fixed spread inclusive of commission or an ECN-like raw spread with a flat-rate commission fee. Saxo Markets, on the other hand, is a Market Maker, and therefore only offers clients fixed pricing where trading costs are included in the spread.
To compare spreads between the two online brokers, firstly we look at the fixed no-commission spreads offered by Saxo Markets and IC Markets, followed by the ECN-type spreads offered only by IC Markets. Data for the brokers have been taken from each broker’s website.
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Saxo Markets vs IC Markets No Commission Accounts
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1.20 | 2.20 | 1.80 | 1.70 | 0.90 |
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0.62 | 1.30 | 0.83 | 0.85 | 0.77 |
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0.60 | 0.90 | 0.90 | 0.70 | 0.70 |
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1.10 | 1.40 | 1.30 | 1.40 | 1.20 |
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1.10 | 2.00 | 1.40 | 1.50 | 1.20 |
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1.32 | 1.87 | 1.70 | 1.73 | 1.95 |
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1.70 | 2.50 | 2.00 | 2.70 | 1.60 |
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1.20 | 2.30 | 1.90 | 2.30 | 1.80 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
IC Markets and Saxo Markets offer competitive all-inclusive spreads compared to other forex brokers. Saxo Markets’ only product generally offers tighter spreads than IC Markets with spreads of 0.9 pips for EUR/USD and 0.7 pips for AUD/USD, while IC Markets is more competitive with other currency pairs such as EUR/JPY, GBP/USD and USD/CAD currency pairs. Data has been taken from the broker’s websites.
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IC Markets Raw Account Spreads
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0.02 | 0.23 | 0.27 | 0.85 | 0.17 |
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0.10 | 0.30 | 0.30 | 1.40 | 0.20 |
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0.10 | 0.60 | 0.40 | 2.40 | 0.20 |
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0.20 | 0.50 | 0.40 | 1.50 | 0.20 |
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0.17 | 0.59 | 0.54 | N/A | 0.30 |
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0.20 | 0.60 | 0.50 | 10.00 | 0.40 |
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0.10 | 0.60 | 0.60 | 1.30 | 0.50 |
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n/a | 0.20 | 0.60 | 3.10 | 0.50 |
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0.44 | 0.85 | 0.40 | 1.30 | 0.42 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
For those wanting to reduce trading costs while accessing institutional grade spreads, IC Markets offers an ECN-like Raw Account. With No Dealing Desk interference and over 25 top-tier liquidity providers, the online broker can offer retail investors ultra-tight spreads from 0.1 pips for EUR/USD and 0.2 pips for AUD/USD currency pairs.
Compared to other top brokers, IC Markets’ institutional grade spreads can only be challenged by Pepperstone. Although traders pay a flat-rate, round-turn commission fee on top of the Raw spread, trading costs overall are reduced due to the ECN-like pricing. View the comparison of IC Markets Raw Spread vs Standard Accounts to learn more about the differences between the two IC Markets accounts offered.
Verdict: Although Saxo Markets clients gain access to tight commission-free spreads of 0.7 pips for currency pairs such as AUD/USD, IC Markets Raw Spread account offers clients spreads as low as 0.1 pips, which are hard to beat. IC Markets NDD interference allows for ECN-style pricing and low commission fees, meaning customers can access ultra-tight spreads only offered by the best forex brokers.
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IC Markets: MetaTrader 4, MetaTrader 5 & cTrader
MetaTrader4
Metaquotes (MT4 and MT5) and cTrader trading platforms are considered the best in the world due to the advanced charting tools and algorithmic trading features available on the 3 platforms.
MetaTrader 4 is the gold standard for forex and CFD trading. The platform is well-known for its robot trading feature known as Expert Advisors. Using the Metaquotes programming language (MQL4) traders can develop and execute algorithmic strategies or download other investors strategies from the MetaTrader library.
When trading CFDs on MT4, users gain access to 20 trading tools exclusive to IC Markets clients. The Advanced Trader Tools include apps such as a Correlation Matrix, Sentiment Trader and Tick Chart Trader, while indicators include Renko, Keltner and Pivot indicators among others.
MetaTrader 5
While MetaTrader4 can be used by IC Markets Standard and Raw account holders, MetaTrader 5 and cTrader are only available to Raw Account holders. MT5 offers similar features to its predecessor, yet traders can access a wider product range and more extensive charting tools.
Unlike MT4, Raw Account holders using MT5 can trade Shares and hedge positions as there is no FIFO (First In First Out) rule. Another improvement from MT4 is Level 2 Market Depth. This allows for transparent pricing where customers can view a range of available prices sourced directly from IC Markets liquidity providers. MT4 and MT5 are available as desktop or Webtrader platforms.
cTrader
Lastly, cTrader is an option for those wanting ECN-like pricing in a user-friendly, yet professional trading environment. The platform offers ultra-fast execution, comprehensive charting tools, multiple order types and one-click trading. With low commission fees and access to 15 equity indices and 64 currency pairs and metals, cTrader users can develop diversified trading strategies with low trading costs. cTrader is available as a Webtrader or desktop trading platform.
Saxo Markets: SaxoTrader GO & SaxoTrader PRO
As a Saxo Markets customer, a trader has the choice of the broker’s proprietary software – SaxoTraderGO and SaxoTraderPRO. Both platforms provide access to Saxo’s full product range, yet technical analysis and trading tools vary between the two platforms.
Although SaxoTraderGO is suited to all levels of experience, those new to online trading can easily find their way around the user-friendly interface.
SaxoTraderPRO, unlike SaxoTraderGO, is a multi-screen desktop platform designed for experienced traders wanting to conduct advanced analysis and place complex orders.
Mobile Trading Apps
For Saxo Markets customers wanting to trade on the go, they are restricted to the SaxoTraderGO mobile apps that are compatible with Android and iOS devices. IC Markets clients can choose from iOS or Android apps for MT4, MT5 and cTrader.
Which Online Broker Offers The Best Trading Platform?
When comparing the trading platforms available to Saxo Markets and IC Markets customers, IC Markets is the clear front-runner as the broker offers the three most popular platforms for automated trading – MT4, MT5 (EAs) and cTrader (cBots).
Verdict: While Saxo Markets’ proprietary trading platforms allow for advanced technical analysis and complex orders, IC Markets offers the three best trading platforms available to retail forex traders. Whether an IC Markets customer chooses MT4, MT5 or cTrader depends on the account type a trader signs up for, along with the assets they want to trade.
As a Market Maker, Saxo Markets offers customers three tiers of retail investor accounts where commission fees are included in the fixed spreads. Saxo Markets Classic account provides access to the broker’s entry-level prices and standard customer support, while Platinum and VIP account holders gain access to tighter spreads, personalised customer support, and VIP benefits.
On the other hand, IC Markets is a No Dealing Desk (NDD) broker that offers three different account types depending on a trader’s pricing structure and platform preferences. Similarly to Saxo’s Classic account, the IC Markets Standard account includes commission charges in the spread and may suit those new to forex trading.
IC Markets ECN-Type Accounts
Unlike Saxo Markets, IC Markets offers two ECN-style accounts for investors wanting to trade in an institutional trading environment. Traders using a Raw Spread account pay $7 round turn commission fees on MetaTrader platforms, while cTrader users pay $6 round turn.
Islamic Accounts
All of IC Markets and Saxo Markets account types are available as Islamic Accounts. For traders who follow Islamic finance practises, swap-free accounts ensure no interest is charged or received in accordance with Sharia Law. Instead, Islamic accounts incur flat-rate overnight financing fees rather than interest-based charges.
Verdict: Saxo Markets and IC Markets account types are structured very differently. Saxo Markets offers no-commission fixed spreads with high-volume traders gaining access to discounted prices, whereas clients trading with IC Markets can choose either raw, ECN-like pricing, or a Standard commission-free account.
At CompareForexBrokers, we recommend an IC Markets Raw Spread account, as the account type provides access to narrow ECN-style spreads with low commission fees which will save you on trading costs.
When it comes to trading experience, IC Markets takes the cake with its variety of platforms, each offering unique features. For instance, their MT4 platform provides 20 exclusive trading tools that enhance your trading strategies.
Saxo Markets isn’t far behind, though. Their SaxoTraderPRO platform is a haven for experienced traders, offering advanced analysis tools and a multi-screen desktop environment.
Verdict: When it comes to the best trading experience and ease, IC Markets takes the lead with its user-friendly platforms and exclusive trading tools, making it easier for traders to execute their strategies effectively.
Saxo Markets Trust Score
IC Markets Trust Score
When it comes to trust and regulation, both Saxo Markets and IC Markets have their merits, but let’s dig a bit deeper, shall we? Saxo Markets is regulated by multiple authorities including the FCA and BaFin, which gives me a lot of confidence in their operations. IC Markets, on the other hand, is regulated by ASIC and CySEC, which are also respectable but not as diversified as Saxo.
| Saxo Markets | IC Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) MAS (Singapore) FINMA (Switzerland) |
ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | SFC | |
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
Verdict: When it comes to stronger trust and regulation, Saxo Markets takes the lead for me. Their multiple top-tier regulations, including FCA and BaFin, offer a more diversified and secure trading environment.
| Broker | Forex Pairs | Indices | Commodities | Shares | Cryptocurrencies |
|---|---|---|---|---|---|
| IC Markets | 64 | 15 | Yes | No | Yes |
| Saxo Markets | 40 | 10 | Yes | Yes | No |
Both Saxo Markets and IC Markets offer impressive market access that allows traders to develop diversified trading strategies.
Cryptocurrencies
IC Markets is one of the best online brokers for traders wanting to incorporate Crypto CFD trading into their strategies. The broker offers 10 different currencies to choose from with up to 5:1 leverage and no commission fees.
IC Markets Cryptocurrency CFDs
As a Saxo Markets customer, traders are restricted to trading Bitcoin and Ethereum Cryptocurrencies as ETNs (Exchange Traded Notes). Many investors prefer to trade Crypto CFDs, as ETNs cannot be traded on leverage.
Other than Forex and Cryptocurrency CFDs, Saxo and IC Markets both provide access to a range of asset classes.
For informational purposes please be advised that Saxo Capital Markets UK Limited has stopped offering cryptocurrency trading to UK retail traders due to the FCA ban on crypto assets. Clients from other countries can still access cryptocurrency trading via Saxo Markets’ subsidiaries.
IC Markets Contracts For Difference (CFDs)
Saxo Markets CFDs And Investment Products
CFDs
Investment Products
Verdict: Both brokers offer impressive market access, providing plenty of asset classes and financial instruments to build diversified trading strategies. While Saxo Markets offers access to over 9,000 CFD markets, IC Markets allows customers to trade 10 different cryptocurrencies, much more than the market average. Both brokers offer strong product ranges, therefore this round is a tie.
IC Markets offers a robust educational platform, providing traders with a wealth of resources to up their game. From webinars to eBooks, they’ve got it all.
Verdict: Based on our score of 8 for IC Markets and 6 for Saxo Markets, IC Markets offers superior educational resources.
IC Markets excels in customer service, offering 24/7 support through various channels. Whether it’s live chat, email, or phone, they’ve got you covered.
| Broker | Live Chat | Email Support | Phone Support | FAQ | Webinars |
|---|---|---|---|---|---|
| IC Markets | Yes | Yes | Yes | Yes | Yes |
| Saxo Markets | Yes | Yes | No | Yes | No |
Saxo Markets, on the other hand, offers quality support but lacks phone support and webinars.
Verdict: With a score of 9 for IC Markets and 7 for Saxo Markets, IC Markets offers better customer service.
When it comes to funding options, both brokers offer a variety of methods, but IC Markets has a slight edge with more options available.
| Funding Option | IC Markets | Saxo Markets |
|---|---|---|
| Credit Card | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ |
| PayPal | ✓ | ✗ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
Verdict: When it comes to funding options, IC Markets takes the lead with a wider variety of methods, including e-wallets. Saxo Markets is more limited, making IC Markets the more flexible choice for traders.
IC Markets is the go-to broker for traders who are just starting out or those who prefer to trade with a lower capital. Their minimum deposit is just $200.
| Broker | Minimum Deposit |
|---|---|
| IC Markets | $200 |
| Saxo Markets | $10,000 |
Saxo Markets, however, requires a hefty minimum deposit of $10,000, which might not be suitable for everyone.
Verdict: When it comes to a lower minimum deposit, IC Markets wins hands down with just a $200 initial requirement, making it more accessible for new or budget-conscious traders compared to Saxo Markets
IC Markets is the winner because it consistently outperforms Saxo Markets across multiple categories, including trading platforms, customer service, and educational resources. The table below summarises the key information leading to this verdict.
| Criteria | IC Markets | Saxo Markets |
|---|---|---|
| Lowest Spreads And Fees | ✓ | ✗ |
| Better Trading Platform | ✓ | ✗ |
| Superior Accounts And Features | ✓ | ✗ |
| Best Trading Experience And Ease | ✓ | ✗ |
| Stronger Trust And Regulation | ✗ | ✓ |
| Top Product Range And CFD Markets | ✓ | ✓ |
| Superior Educational Resources | ✓ | ✗ |
| Superior Customer Service | ✓ | ✗ |
| Better Funding Options | ✓ | ✗ |
| Lower Minimum Deposit | ✓ | ✗ |
IC Markets is the better choice for beginner traders due to its lower minimum deposit and superior educational resources.
For experienced traders, Saxo Markets offers advanced platforms like SaxoTraderPRO, making it a more suitable option.
IC Markets has lower costs. They offer some of the lowest spreads in the industry, often starting from 0.0 pips. For more details on low-cost trading, check out our Lowest Commission Brokers.
IC Markets is the clear winner for MetaTrader 4 users. They offer a range of exclusive tools and features for MT4. For more on this, you can visit our Best MT4 Brokers.
Neither IC Markets nor Saxo Markets offer social or copy trading. However, there are other brokers that do. For more information, visit our best copy trading platforms page.
Neither IC Markets nor Saxo Markets offer spread betting. For alternatives, you can check out our best spread betting brokers in the UK.
In my opinion, IC Markets is superior for Australian Forex traders. They are ASIC-regulated and founded in Australia. For more, visit our Best Forex Brokers In Australia page.
For UK traders, I’d recommend Saxo Markets. They are FCA-regulated and offer advanced trading platforms. For more details, check out our Best Forex Brokers In UK page.
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