IC Markets vs Saxo Bank
Two brokers compared on spreads, platforms, regulation, and execution.
Last updated: March 21, 2026
Quick Verdict
IC Markets wins this comparison — 2 out of 6 categories.
Our analysts reviewed both options across pricing, reputation, and trading conditions. IC Markets came out ahead based on our scoring criteria. Read each category below for the full breakdown.
Side-by-Side Comparison
Customer Support & Reputation
IC Markets winsIC Markets has a slight edge in customer support and overall reputation. It holds an EntryLab rating of 4.70/10. Saxo Bank scores 4.60/10 on our platform, which is respectable but trails behind.
IC Markets4.70
Saxo Bank4.60Leverage & Instruments
IC Markets winsIC Markets offers greater trading power with maximum leverage of 1:500 offshore / 1:30 EU & AU. This gives active traders more flexibility to size positions. Saxo Bank caps leverage at 1:200 professional / 1:30 EU retail, which may limit scalability for experienced traders looking for higher exposure.
IC Markets1:500 offshore / 1:30 EU & AUSaxo Bank1:200 professional / 1:30 EU retailDeposit & Withdrawal
Saxo Bank winsIC Markets supports a wider range of deposit and withdrawal options. It accepts Bank Transfer, Visa/Mastercard, Skrill, Neteller, PayPal, Crypto, including cryptocurrency, giving traders more flexibility. Saxo Bank offers Bank Transfer, Visa/Mastercard, Wire Transfer, which may not suit all traders.
IC Markets$200Saxo Bank$0 (varies by region, typically $2,000 recommended)Platforms & Tools
Both brokers offer a similar platform suite, so neither has a clear advantage here. Traders using MT4 or MT5 will be equally well-served by either.
IC MarketsSaxo BankRegulation & Safety
Saxo Bank winsWhen it comes to regulation, Saxo Bank holds the edge. Saxo Bank is regulated by Danish FSA (bank licence), FCA 551422, ASIC 280372, MAS Singapore, FSA Japan, SFC Hong Kong, a top-tier authority, while IC Markets operates under ASIC AFSL 335692, CySEC 362/18, FSA Seychelles SD018. For traders who prioritise safety and fund protection, Saxo Bank is the stronger choice in this category.
IC MarketsSaxo BankTrading Costs
Saxo Bank winsSaxo Bank offers more competitive trading costs overall. With EUR/USD spreads from 0.4 pips (Classic) / 0.1 pips (Platinum/VIP) and commissions of commission-free, it undercuts IC Markets, which charges spreads of 0.0 pips (Raw) / 0.6 pips (Standard) with commission-free commission. Cost-conscious traders will find Saxo Bank more attractive.
IC Markets0.0 pips (Raw) / 0.6 pips (Standard)Saxo Bank0.4 pips (Classic) / 0.1 pips (Platinum/VIP)Account Types & Min Deposit
Saxo Bank winsIC Markets is the more accessible choice for traders getting started. With a minimum deposit of $200, it requires less capital to open an account than Saxo Bank, which requires $0 (varies by region, typically $2,000 recommended). Lower barriers to entry make IC Markets the winner in this category.
IC Markets$200Saxo Bank$0 (varies by region, typically $2,000 recommended)Our Pick
IC Markets Wins This Round
Based on our side-by-side analysis, IC Markets edges ahead in this matchup. Get started today.
Visit IC MarketsReady to Choose?
Frequently Asked Questions
Is IC Markets better than Saxo Bank?
Based on our analysis across 7 key categories, IC Markets wins with a score of 4–2. However, the best broker for you depends on your specific trading style and priorities.
Which has lower spreads, IC Markets or Saxo Bank?
Saxo Bank offers lower trading costs. IC Markets spreads start from 0.0 pips (Raw) / 0.6 pips (Standard) while Saxo Bank starts from 0.4 pips (Classic) / 0.1 pips (Platinum/VIP).
Is IC Markets safer than Saxo Bank?
Saxo Bank is regulated by a higher-tier authority. IC Markets is regulated by ASIC AFSL 335692, CySEC 362/18, FSA Seychelles SD018, while Saxo Bank is regulated by Danish FSA (bank licence), FCA 551422, ASIC 280372, MAS Singapore, FSA Japan, SFC Hong Kong.
Can I use MT5 with both IC Markets and Saxo Bank?
IC Markets supports MT4, MT5, cTrader and Saxo Bank supports SaxoTraderGO, SaxoTraderPRO, SaxoInvestor. Check each broker's platform page for the latest availability.
Which has a lower minimum deposit, IC Markets or Saxo Bank?
IC Markets has the lower minimum deposit requirement. IC Markets requires $200 while Saxo Bank requires $0 (varies by region, typically $2,000 recommended).
Is IC Markets regulated?
Yes, IC Markets is regulated by ASIC AFSL 335692, CySEC 362/18, FSA Seychelles SD018. Regulation provides traders with a level of protection including segregated funds and dispute resolution mechanisms.
Which broker is better for beginners, IC Markets or Saxo Bank?
For beginners, IC Markets is generally the stronger choice due to its lower minimum deposit. However, both brokers offer standard tools suitable for newer traders.