IG Vs Saxo Bank

Category: Broker Guides | Author: Trading Brokers | Date: July 22, 2023

When it comes to online trading, investors have a multitude of options available. Amongst them are two prominent platforms in the industry: IG and Saxo Bank. These platforms offer a range of features and advantages that cater to traders with different preferences and objectives. In this comprehensive comparison article, we will explore some of the key features and offerings of both IG and Saxo Bank. By delving into the unique attributes of IG and Saxo Bank, we aim to assist you in determining the optimal choice that aligns with your trading needs and aspirations. So, join us as we examine the offerings of IG and Saxo Bank, comparing their key aspects to help you navigate the world of online trading effectively.

Overview of IG

IG

IG

IG is a well-established trading platform renowned for its wide range of markets and products. With two trading platforms available, the IG Trading Platform and the popular MetaTrader 4 (MT4) platform, users have versatile options to choose from. The user-friendly web-based IG Trading Platform provides a customizable interface and features advanced charting tools, order types, and layout options. Meanwhile, the MT4 platform, widely used by traders globally, offers extensive charting capabilities and automated trading features.

In terms of market access, IG shines with over 17,000 markets across various asset classes, including forex, shares, indices, commodities, and cryptocurrencies. This extensive coverage allows traders to diversify their portfolios and take advantage of numerous investment opportunities. IG also provides a comprehensive set of research tools, such as news feeds, market analysis, and trading signals. Traders can leverage these resources to stay informed about market trends and make well-informed decisions. Additionally, IG offers educational resources, including webinars, courses, and trading guides, empowering traders with the knowledge needed to navigate the complex world of online trading. For customer support, IG ensures multiple channels of communication, including phone, email, and live chat, to assist users.

Pros of IG

  • Wide range of markets and products
  • Comprehensive educational resources, including webinars and trading guides
  • Advanced charting tools and customizable interface
  • Extensive research tools, including news feeds and market analysis
  • Access to third-party research from reputable providers

Cons of IG

  • IG’s customer support can be slow to respond.
  • IG’s trading platform can be difficult to navigate for some users.
IG Logo

IG have an impressive selection of 18,000+ instruments including Forex, Stocks, Cryptos and Commodities. You can trade via easy to use platforms for desktop and mobile apps, with low trading costs and the peace of mind that you are using one of the most well-known brokers in the industry.

71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Overview of Saxo Bank

Saxo Bank

Saxo Bank

Saxo Bank, a Danish investment bank specializing in online trading and investment, offers a robust web-based trading platform with a focus on high security. The platform is available across desktop, mobile, and tablet devices, providing users with flexibility and accessibility. Like IG, Saxo Bank offers advanced charting tools, customizable layouts, and a range of order types to cater to traders’ diverse needs.

Saxo Bank boasts an extensive selection of financial instruments, providing access to over 71,000 markets. Traders can tap into various global markets, including the UK, US, Europe, and Asia, offering ample opportunities for investment across different regions. While Saxo Bank’s research tools may not be as comprehensive as some other platforms, it does offer market news and analysis to keep traders informed about the latest market developments. In terms of education, Saxo Bank provides trading guides and webinars, although its educational resources may not be as extensive as those offered by IG. When it comes to customer support, Saxo Bank maintains solid service levels, offering assistance through phone, email, and live chat.

Pros of Saxo Bank

  • High-security web-based trading platform
  • Access to a vast range of financial instruments
  • Advanced charting tools and customizable layouts
  • Reliable customer support through phone, email, and live chat

Cons of Saxo Bank

  • Research tools may not be as comprehensive as some other platforms
  • Limited educational resources compared to IG
Saxo Bank Logo

Saxo Bank is a regulated broker that offers a huge selection of over 42,000 financial instruments for trading on advanced platforms with good trading conditions including tight spreads, low fees and rapid execution speeds. They also provide daily market analysis, powerful trading tools, educational materials and managed portfolios.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Comparison Between IG and Saxo Bank

Let’s compare IG and Saxo Bank based on various considerations to help you make a more informed decision.

Regulation

IG and Saxo Bank are both renowned players in the trading industry, subject to stringent regulations from various reputable authorities. IG is authorized and regulated by ASIC, FCA, FSCA, and MAS, ensuring a secure trading environment for its clients. On the other hand, Saxo Bank adheres to regulations by FSA, FCA, FINMA, MAS, and others, further enhancing its credibility. Traders opting for either IG or Saxo Bank can have confidence in the platforms’ commitment to upholding the highest regulatory standards.

Trading platforms

IG and Saxo Bank offer robust trading platforms, each with its own unique features. IG’s platforms such as MetaTrader 4 (MT4) and ProRealTime are known for their user-friendly interface and comprehensive charting tools, providing traders with a seamless trading experience. Saxo Bank’s platform, SaxoTraderGO, offers advanced trading functionalities, including a wide range of order types and integrated news and analysis tools. Both platforms cater to different trading styles and preferences, making it essential for users to evaluate which one aligns better with their needs.

Pricing and fees

IG charges £3 to £8 per trade for UK shares and ETFs and offers no fees for funds, bonds, options, and futures. Saxo Bank charges £8 to £5 per trade for UK shares and ETFs, and offers options and futures trading with commissions. Both brokers offer crypto trading with no fees, but IG does it via CFDs and spread betting, while Saxo Bank does it via ETPs. IG has lower fees, but Saxo Bank has more products.

Broker Type

IG and Saxo Bank have distinct broker types. IG operates as a market maker broker, assuming the counterparty role in clients’ trades and potentially profiting from their losses. On the other hand, Saxo Bank is an agency broker, acting as an intermediary between clients and the market without taking positions against them. IG is an online broker, offering a self-directed trading experience to individual traders.

Saxo Bank, on the other hand, is a full-service broker that caters to a wider range of clients, including institutions and high-net-worth individuals. As a full-service broker, Saxo Bank provides additional services such as wealth management solutions and access to initial public offerings (IPOs). Also, Saxo Bank is a no-dealing desk broker that sources liquidity from multiple providers and offers direct market access to its clients The choice between the two broker types depends on the individual’s trading needs and the level of support and services required.

Leverage

In terms of leverage, both IG and Saxo Bank offer margin trading services. However, the leverage options and requirements may differ. IG offers leverage up to 1:30 for retail clients and up to 1:400 for professional clients. On the other hand, Saxo Bank offers leverage up to 1:30 for retail clients and up to 1:100 for professional clients. Traders should carefully assess their risk tolerance and understanding of leverage before utilizing it, regardless of the platform they choose.

Asset selection

IG and Saxo Bank offer diverse asset selections. IG provides access to over 17,000 financial instruments, including stocks, ETFs, forex, CFDs, options, futures, and cryptocurrencies, while Saxo Bank offers an even broader selection of over 40,000 assets, encompassing stocks, ETFs, forex, CFDs, options, futures, bonds, and funds. Additionally, IG offers fractional shares for US and UK stocks, while Saxo Bank does not provide fractional shares for any stocks. However, Saxo Bank caters to investors looking for funds and bonds as part of their portfolio, a feature not offered by IG. Both brokers allow crypto trading through ETPs.

Social Trading

IG offers social trading functionalities through its platform, allowing users to engage with other traders, share insights, and even copy the trades of successful traders. IG’s social trading platform is called IG Community. On the other hand, Saxo Bank also offers social trading which enables traders to replicate the positions of others and interact with their peers. Saxo Bank’s social trading platform is called SaxoTraderGO.

Minimum Deposit

IG and Saxo Bank have varying minimum deposit requirements. For IG, there is no minimum deposit for bank transfers, but a £250 minimum deposit for credit/debit cards and PayPal. On the other hand, Saxo Bank requires a minimum deposit of €500 for CFD trading and forex trading accounts and €2,000 for share dealing accounts. Traders should consider their available capital and investment goals when evaluating the minimum deposit obligations of each platform.

Withdrawal and Deposit methods

Both IG and Saxo Bank offer a range of convenient methods for depositing and withdrawing funds. IG offers a range of deposit and withdrawal methods including bank transfer, credit/debit card, PayPal, Skrill, and Neteller. On the other hand, Saxo Bank offers a range of deposit and withdrawal methods including bank transfer, credit/debit card, and PayPal. Traders should consider their preferred payment methods, associated fees, and processing times when evaluating the withdrawal and deposit options offered by IG and Saxo Bank.

Which is better for you?

IG might be a better option for you if you value a wide range of markets, extensive research tools, and comprehensive educational resources. With over 17,000 markets available across various asset classes, IG offers ample opportunities for diversification and investment. The platform’s research tools, including news feeds, market analysis, and access to third-party research, equip you with valuable insights to make informed trading decisions. Moreover, IG’s commitment to education through webinars, courses, and trading guides ensures that you have access to the resources necessary to enhance your trading knowledge and skills. If you prioritize market variety, robust research capabilities, and a strong educational foundation, IG could be the optimal choice for you.

On the other hand, Saxo Bank might be a better option for you if you prioritize high-security features, a wide range of financial instruments, and reliable customer support. Saxo Bank’s web-based trading platform emphasizes security, providing traders with peace of mind during their trading activities. With access to over 71,000 financial instruments across various global markets, Saxo Bank offers extensive opportunities for investment. While Saxo Bank’s research tools may not be as comprehensive as IG’s, their market news and analysis can still provide valuable insights. Additionally, Saxo Bank ensures reliable customer support through phone, email, and live chat, addressing users’ inquiries and concerns promptly. If you value security, a diverse range of financial instruments, and reliable customer support, Saxo Bank could be the ideal choice for you.

Conclusion

In conclusion, both IG and Saxo Bank offer unique features and advantages in the online trading landscape. IG stands out with its wide range of markets, comprehensive research tools, and extensive educational resources. On the other hand, Saxo Bank excels in security features, an extensive range of financial instruments, and reliable customer support. Ultimately, the better option between IG and Saxo Bank depends on your specific trading preferences, goals, and priorities. Consider the factors discussed in this comparison article to make an informed decision and choose the platform that aligns best with your individual trading needs.


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