IC Markets vs Saxo Bank
Can't decide between IC Markets and Saxo Bank? We've put both brokers head-to-head. Compare their spreads, regulation, platforms, and fees below.
Last updated: May 27, 2026
Executive Summary
IC Markets and Saxo Bank are both well-established forex brokers, but they serve different types of traders. IC Markets scores 97/100 in our TrustMetrics™ system, edging ahead of Saxo Bank's 96/100.
On pricing, IC Markets offers tighter EUR/USD spreads (0.02 pips vs 0.6 pips). IC Markets supports MT4, MT5, cTrader while Saxo Bank offers SaxoTraderGO, SaxoTraderPRO, SaxoInvestor.
For regulation, IC Markets holds licenses from ASIC, CySEC, FSA while Saxo Bank is regulated by DFSA, FCA, ASIC, MAS, JFSA. Both brokers offer segregated client funds and are considered safe for retail trading.
The Verdicts
Most Trusted
IC Markets scores higher in our TrustMetrics system (97/100) compared to Saxo Bank (96/100), making it the safer choice.
Lowest Spreads
IC Markets offers better pricing with an average EUR/USD spread of 0.02 pips, beating the 0.6 pip average of its competitor.
Best for Beginners
With a lower minimum deposit requirement of $0, Saxo Bank is the more accessible option for new traders.
Detailed Comparison
| Feature | IC Markets | Saxo Bank |
|---|---|---|
Trust Score Our proprietary safety rating based on regulation and track record. | 97/100 ✓ | 96/100 |
Spreads From The lowest possible spread available on their premium accounts. | 0.0 pips | 0.4 pips |
Avg EUR/USD Spread The typical spread experienced during normal market hours. | 0.02 pips ✓ | 0.6 pips |
| Commission | $7.00/lot | From $3/lot |
Execution Speed The average time it takes for an order to be filled. | 18ms | < 30ms |
| Max Leverage | 1:500 | 1:200 |
| Minimum Deposit | $200 | $0 ✓ |
| Instruments | 2,250+ | 71,000+ |
| Account Types | Standard, Raw Spread, cTrader Raw | Classic, Platinum, VIP |
| Platforms | MT4, MT5, cTrader | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor |
| Top Regulators | ASIC, CySEC, FSA | DFSA, FCA, ASIC, MAS, JFSA |
Withdrawal Speed The average processing time before funds hit your account. | 1-2 business days | 1-3 business days |
Inactivity Fee Fees charged if you do not place any trades for a specific period. | $0 (No inactivity fee) | $0 (No inactivity fee) |
| Customer Support | 24/7 Live Chat, Email, Phone | 24/5 Live Chat, Email, Phone |
Which Broker Should You Choose?
Choose IC Markets if...
- ✓You need the tightest possible spreads for scalping
- ✓You prefer cTrader's advanced order management
- ✓You are a scalper or algorithmic trader
Choose Saxo Bank if...
- ✓You want to start with a very low minimum deposit
- ✓You need access to a massive range of instruments
- ✓Maximum regulatory protection is your top priority
IC Markets Overview
Advantages
- ✓ True 0.0 pip spreads during London and NY sessions
- ✓ Industry-leading 18ms execution speed
- ✓ Free Equinix NY4 VPS for active traders
- ✓ No trading restrictions (perfect for EAs)
- ✓ Transparent $6/lot commission on cTrader
Drawbacks
- × No proprietary trading platform or TradingView integration
- × Education section is basic compared to competitors
- × No deposit bonus or welcome offers
Saxo Bank Overview
Advantages
- ✓ 71,000+ instruments — one of the widest product ranges globally
- ✓ Regulated by 15+ Tier-1 authorities including FCA, ASIC, MAS, JFSA
- ✓ Award-winning SaxoTraderGO and SaxoTraderPRO platforms
- ✓ Exceptional research and analysis tools with integrated third-party content
- ✓ Listed on Nasdaq Copenhagen — fully transparent financials
Drawbacks
- × Higher spreads on Classic account compared to ECN brokers
- × No MetaTrader 4 or MetaTrader 5 support
- × Limited payment options — no e-wallets like Skrill or Neteller
- × Customer support can be slow during off-peak hours
Algorithmic Deep Dive
Data Updated: Sep 2026🛡️ Safety & Regulation
Tier-1 Licenses
💸 Pricing Economics
⚡ Technical Capabilities & Execution
Platform Support
- MT4✓✗
- MT5✓✗
- cTrader✓✗
- TradingView✗✗
IC Markets Execution
You get the standard suite: MT4, MT5, and cTrader. Our recommendation? Skip MetaTrader and use cTrader. The Level 2 pricing depth and advanced order management are vastly superior for scalping. We ran automated EAs 24/5 on MT5 without a single dropped connection or rejected order.
Saxo Bank Execution
SaxoTraderGO is a modern, browser-based platform that handles everything from forex to bonds beautifully. The charting engine is excellent, with 60+ technical indicators, multiple timeframes, and a clean layout that never feels cluttered despite the complexity underneath. SaxoTraderPRO is the desktop powerhouse for active traders — offering multi-monitor support, advanced algorithmic order types, full options chains with Greeks, and Level 2 market depth. We tested both extensively and experienced zero downtime, with order fills averaging under 30ms across all asset classes.
The Bottom Line: IC Markets vs Saxo Bank
- ✓ Scalping
- ✓ Algorithmic Trading
- ✓ Low Spreads
- ✓ ECN Trading
- ✓ Tighter EUR/USD spreads (0.02 pips)
- ✓ Multi-Asset Investing
- ✓ Institutional Research
- ✓ Premium Platform
- ✓ Global Market Access
- ✓ Stock & ETF Ownership
- ✓ No minimum deposit
Both brokers are featured in our top broker rankings. Your choice should depend on your specific trading style, preferred platform, and geographical location.
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