On the whole, the quality of the services of Interactive Brokers (IBKR) is similar to Saxo Bank's, but when putting it all together, IBKR has a slightly better overall score. Both excel in some categories: BrokerChooser named Interactive Brokers as the Best online broker in 2022, while Saxo Bank won the Best forex broker category in the same year.
You can see a summary of the two brokers here:
|Interactive Brokers||Saxo Bank|
|Overall score||4.9 stars||4.8 stars|
|Recommended for||Traders looking for broad market access and a professional trading environment||Investors and traders looking for a great trading platform and solid research|
|Fees score||4.5 stars||3.0 stars|
|Account opening score||3.2 stars||3.8 stars|
|Deposit and withdrawal score||3.0 stars||4.8 stars|
|Markets and products score||5.0 stars||5.0 stars|
Fees and funding
IBKR's fees are lower overall than those of Saxo Bank. Interactive Brokers has low trading fees for nearly all asset classes, including free stock and ETF trading for US customers. Saxo Bank charges low forex fees, but otherwise its trading fees are quite avarage; and unlike IBKR, it also charges an inactivity fee.
For more details, check out our analysis of Interactive Brokers fees and Saxo Bank fees.
Deposit and withdrawal
Deposit and withdrawal options are better at Saxo Bank. You can use bank transfer to deposit or withdraw money at both brokers, but Saxo Bank offers credit and debit card options as well. Also, we found deposit and withdrawal processes to be slightly more convenient at Saxo Bank.
Platforms and products
Account opening takes place fully online at both brokers. In one big difference, Saxo Bank requires a minimum deposit of up to $2,000, while there's no minimum deposit for most account types at IBKR. On the other hand, the account opening process is cumbersome and takes up to 3 days at Intercative Brokers; whereas at Saxo Bank you're all set in just 1 day. So all in all, Saxo Bank gets a higher score in this category.
Both brokers offer web, mobile and desktop trading platforms. Saxo Bank's trading platforms are slightly better overall than those of IBKR, as they are well designed and more user-friendly for traders of all experience levels. IBKR's web platform is also easy to use, but it's otherwise great mobile trading app could use a better user interface; while its desktop trading platform may be too complicated for less experienced traders.
Markets and products
Regarding markets and products, the two brokers are almost the same, as you can trade almost all asset types, across dozens of international markets. Among minor differences, you cannot trade fractional shares at Saxo Bank.
Research, education and support
Research and education
Saxo Bank provides somewhat more user-friendly research and education than Interactive Brokers, including well-developed tools for both fundamental and technical analysis, recommendations and so on. However, it's just a slight difference, as IBKR also has vast research possibilities. Among others, both brokers provide a demo account to test the platforms and your trading skills; and both offer high-quality charting tools as well.
Customer service quaility is similar at the two brokers. Both offer multilingual customer service, but neither is available 24/7. You can reach Interactive Brokers via phone, live chat and email, with various hours of operations across the globe. You can contact Saxo Bank's customer service via phone and email.