Saxo Bank vs IC Markets: Honest 2026 Comparison
Affiliate disclosure: this article contains partner links. KenMacro may earn a commission when you open an account through these links, at no additional cost to you. The desk only partners with brokers that pass our regulatory and execution-quality screen.
Saxo Bank and IC Markets both target the institutional multi-asset vs raw-spread Tier-1 archetype but with different trade-offs. Saxo Bank carries DFSA Denmark, FCA, ASIC, MAS, FINMA, JFSA, SFC, FSA Japan oversight, founded 1992, with full danish banking licence plus 70,000-plus instruments across fx, stocks, bonds, etfs, options, futures. IC Markets runs ASIC, CySEC, FSA Seychelles, founded 2007, with tight raw spreads and ctrader native. For the institutional multi-asset vs raw-spread Tier-1 archetype, both qualify and the choice splits on platform fit and account-tier accessibility.
By Ken Chigbo, Founder, KenMacro, 18-plus years in markets, London trading floor and institutional FX. The framework runs daily inside the MACRO MASTERY desk.
Quick verdict
- For Danish bank licence vs ASIC plus CySEC, both deliver. Saxo Bank runs DFSA Denmark, FCA, ASIC, MAS, FINMA, JFSA, SFC, FSA Japan, IC Markets runs ASIC, CySEC, FSA Seychelles.
- For spread-only on FX vs raw plus commission. Saxo Bank EUR/USD 0.6 pips typical (classic), 0.5 pips (platinum), 0.4 pips (vip), commission spread-only on fx. stock and etf trades carry per-trade commissions per market.. IC Markets EUR/USD 0.0 to 0.1 pips raw (raw spread), commission $7 round-turn (raw spread).
- For SaxoTraderPRO vs cTrader. Saxo Bank runs saxotradergo (proprietary web and mobile), saxotraderpro (proprietary desktop), tradingview (charting), api access (fix, openapi, excel). IC Markets runs mt4, mt5, ctrader.
- For minimum deposit. Saxo Bank: $0 (Classic), $200,000 (Platinum), $1,000,000 (VIP). IC Markets: $200.
- For Trustpilot 2026. Saxo Bank: 3.5 / 5. IC Markets: 4.8 / 5.
- For the partner-stack alternative. Vantage Markets is the partner alternative the desk routes to. FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
At a glance
| Variable | Saxo Bank | IC Markets |
|---|---|---|
| Founded | 1992 | 2007 |
| Regulation | DFSA Denmark, FCA, ASIC, MAS, FINMA, JFSA, SFC, FSA Japan | ASIC, CySEC, FSA Seychelles |
| Min deposit / fee | $0 (Classic), $200,000 (Platinum), $1,000,000 (VIP) | $200 |
| EUR/USD spread | 0.6 pips typical (Classic), 0.5 pips (Platinum), 0.4 pips (VIP) | 0.0 to 0.1 pips raw (Raw Spread) |
| Commission | Spread-only on FX. Stock and ETF trades carry per-trade commissions per market. | $7 round-turn (Raw Spread) |
| Max leverage | 1:30 retail (FCA, ASIC, ESMA), professional tiers available subject to qualification | 1:30 ASIC retail, up to 1:500 FSA offshore |
| Platforms | SaxoTraderGO (proprietary web and mobile), SaxoTraderPRO (proprietary desktop), TradingView (charting), API access (FIX, OpenAPI, Excel) | MT4, MT5, cTrader |
| Payment / payouts | Bank wire, debit cards (selected jurisdictions). No e-wallets. Account funding minimums apply per jurisdiction. | Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. |
| Trustpilot 2026 | 3.5 / 5 | 4.8 / 5 |
| Key strength | Full Danish banking licence plus 70,000-plus instruments across FX, stocks, bonds, ETFs, options, futures | Tight raw spreads and cTrader native |
Regulation and trust
Saxo Bank carries Saxo Bank A/S is a fully licensed Danish bank regulated by the Danish FSA (Finanstilsynet). Saxo Capital Markets UK Ltd is FCA-authorised under firm reference 551422. Saxo Capital Markets (Australia) Pty Ltd holds ASIC AFSL 280372. Saxo Capital Markets Pte Ltd is licensed by MAS Singapore. Saxo Bank (Switzerland) Ltd is regulated by FINMA. Saxo Bank Securities Ltd is regulated by JFSA. Saxo Capital Markets HK Ltd is regulated by SFC Hong Kong. Founded 1992 in Copenhagen. The only retail-accessible broker on this list with a full bank licence, which means client cash is held under the Danish bank deposit guarantee scheme up to 100,000 euros per depositor. IC Markets runs ASIC Australia licence 335692, CySEC Cyprus licence 362/18, and FSA Seychelles licence SD018. One of the largest retail forex brokers globally by reported trading volume. Regulator depth is one of the cleanest filters when picking a broker, the deeper the audited stack the better the recourse if anything goes wrong. Neither broker is in the partner stack the desk runs daily. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Saxo Bank, the regulator footprint runs Saxo Bank A/S is a fully licensed Danish bank regulated by the Danish FSA (Finanstilsynet). Saxo Capital Markets UK Ltd is FCA-authorised under firm reference 551422. Saxo Capital Markets (Australia) Pty Ltd holds ASIC AFSL 280372. Saxo Capital Markets Pte Ltd is licensed by MAS Singapore. Saxo Bank (Switzerland) Ltd is regulated by FINMA. Saxo Bank Securities Ltd is regulated by JFSA. Saxo Capital Markets HK Ltd is regulated by SFC Hong Kong. Founded 1992 in Copenhagen. The only retail-accessible broker on this list with a full bank licence, which means client cash is held under the Danish bank deposit guarantee scheme up to 100,000 euros per depositor.
IC Markets, by contrast, operates under ASIC Australia licence 335692, CySEC Cyprus licence 362/18, and FSA Seychelles licence SD018. One of the largest retail forex brokers globally by reported trading volume.
Spreads and commission
On the headline raw account tier, Saxo Bank posts 0.6 pips typical (classic), 0.5 pips (platinum), 0.4 pips (vip) on EUR/USD with spread-only on fx. stock and etf trades carry per-trade commissions per market.. IC Markets posts 0.0 to 0.1 pips raw (raw spread) with $7 round-turn (raw spread). All-in cost is the relevant comparison rather than the headline raw spread on its own, the commission rate per round-turn lot can flip the verdict for high-frequency traders. Cost differential is marginal across both, the platform and regulator fit decides the verdict.
On the headline raw account tier, Saxo Bank posts 0.6 pips typical (classic), 0.5 pips (platinum), 0.4 pips (vip) on EUR/USD with spread-only on fx. stock and etf trades carry per-trade commissions per market.. IC Markets posts 0.0 to 0.1 pips raw (raw spread) with $7 round-turn (raw spread). Both numbers are sourced from the brokers’ published spread sheets and cross-referenced against live execution windows during NFP and FOMC.
Platforms
Saxo Bank’s platform stack runs saxotradergo (proprietary web and mobile), saxotraderpro (proprietary desktop), tradingview (charting), api access (fix, openapi, excel). IC Markets covers mt4, mt5, ctrader. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, both brokers cover the standard set, the differentiator lives in any proprietary platform extension on each side.
Saxo Bank’s platform stack covers saxotradergo (proprietary web and mobile), saxotraderpro (proprietary desktop), tradingview (charting), api access (fix, openapi, excel), while IC Markets runs mt4, mt5, ctrader. Platform fit is rarely the differentiator on its own, the differentiator is how the platform set lines up with the trader’s existing chartwork and automation set.
Payments and withdrawals
Saxo Bank: Bank wire, debit cards (selected jurisdictions). No e-wallets. Account funding minimums apply per jurisdiction. IC Markets: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. Withdrawal infrastructure is a quiet but high-impact layer. The cleanest brokers process broker-side withdrawals same-day on most methods with zero broker-side fees, intermediary-bank delays are the variable element on bank-wire withdrawals.
Saxo Bank: Bank wire, debit cards (selected jurisdictions). No e-wallets. Account funding minimums apply per jurisdiction.
IC Markets: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods.
Who should pick Saxo Bank
Pick Saxo Bank if you are
Pick Saxo Bank if you fit the institutional multi-asset vs raw-spread Tier-1 archetype that prioritises full danish banking licence plus 70,000-plus instruments across fx, stocks, bonds, etfs, options, futures. The headline differentiator is DFSA Denmark, FCA, ASIC, MAS, FINMA, JFSA, SFC, FSA Japan regulator coverage with 0.6 pips typical (classic), 0.5 pips (platinum), 0.4 pips (vip) on EUR/USD. Saxo Bank is not in the partner stack the desk runs, see the pivot CTA below.
Who should pick IC Markets
Pick IC Markets if you are
Pick IC Markets if you fit the institutional multi-asset vs raw-spread Tier-1 archetype that prioritises tight raw spreads and ctrader native. The headline differentiator is ASIC, CySEC, FSA Seychelles regulator coverage with 0.0 to 0.1 pips raw (raw spread) on EUR/USD. IC Markets is not in the partner stack the desk runs, see the pivot CTA below.
The desk’s verdict
Desk verdict
Saxo Bank and IC Markets are both credible options inside the institutional multi-asset vs raw-spread Tier-1 archetype. IC Markets wins on the institutional-volume execution depth, cTrader native, lower minimum deposit, and the tighter raw-spread cost stack. Saxo Bank wins on the full Danish banking licence, 70,000-plus instruments, and the SaxoTraderPRO institutional platform. Neither broker is in the partner stack. The desk’s preferred alternative is Vantage Markets: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
The MACRO MASTERY angle
Broker selection is one piece of the framework. Macro positioning is what compounds across cycles, irrespective of the execution venue. The MACRO MASTERY desk runs daily macro pulses, NFP and FOMC and CPI live coverage, BTC whale-flow signals, weekly performance scorecard, and the live MT5 signal bridge.
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Frequently asked questions
Which is better, Saxo Bank or IC Markets?
For the institutional multi-asset vs raw-spread Tier-1 archetype: both qualify, the choice splits on platform and account-tier fit. Both are credible options inside their respective regulator stacks.
Is Saxo Bank safer than IC Markets?
Saxo Bank runs DFSA Denmark, FCA, ASIC, MAS, FINMA, JFSA, SFC, FSA Japan. IC Markets runs ASIC, CySEC, FSA Seychelles. Both segregate client funds per regulator rules. The deeper the audited stack the cleaner the recourse if anything goes wrong, Danish bank licence vs ASIC plus CySEC is the differentiator on this pair.
Are Saxo Bank spreads tighter than IC Markets?
Saxo Bank posts 0.6 pips typical (classic), 0.5 pips (platinum), 0.4 pips (vip) with spread-only on fx. stock and etf trades carry per-trade commissions per market.. IC Markets posts 0.0 to 0.1 pips raw (raw spread) with $7 round-turn (raw spread). All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.
Which has lower minimum deposit, Saxo Bank or IC Markets?
Saxo Bank: $0 (Classic), $200,000 (Platinum), $1,000,000 (VIP). IC Markets: $200. The lower minimum is the cleaner door-opener for early-stage traders, but capital should match the trader’s risk-management plan rather than the broker’s floor.
Which has the bundled MACRO MASTERY desk overlay?
Neither broker is in the partner stack the desk runs. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Can I run both Saxo Bank and IC Markets accounts?
Yes. Many traders run more than one broker account in parallel, eg one for ECN raw execution and one for spread-only proprietary platforms. Both brokers segregate client funds per their respective regulator rules, so capital is protected on each entity’s terms even if one entity fails.
Related reading
- Best forex brokers 2026, the institutional verdict
- How to choose a forex broker, the desk’s framework
- Vantage vs Blueberry vs Star Trader, three-way verdict
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. CFD and margin trading carry significant risk of loss. Verify current Saxo Bank and IC Markets terms against each official documentation before opening an account.
Sources cross-referenced for this Saxo Bank vs IC Markets comparison: https://www.home.saxo/about-us/regulations, https://register.fca.org.uk/, https://www.virk.dk/, https://uk.trustpilot.com/review/home.saxo, https://www.icmarkets.com/global/en/about-us/regulation, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/icmarkets.com, Trustpilot aggregations 2026.
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