Interactive Brokers vs Saxo Bank 2026: Global investing platforms compared
Updated 19 May 202610 min read
Interactive Brokers and Saxo Bank are two of Europe's most powerful investing platforms. Interactive Brokers excels with the lowest commissions in the industry, near-interbank FX rates, and zero account minimums. Saxo Bank offers broader global market access and integrated research tools but charges higher trading fees. Both provide institutional-grade platforms with API access, mobile apps, and extensive regulatory oversight across multiple jurisdictions.
| Feature | Interactive Brokers | Saxo Bank |
|---|---|---|
| US stocks (per share) | $0.0035 (min $0.35) | From €1 per trade |
| EU stocks/ETFs | 0.05% (min €1.25) | 0.05% per trade |
| FX conversion | 0.002% (near-interbank) | Tiered, higher spreads |
| Account minimum | €0 | €0 |
| Annual fee | None | None |
| Markets | 150+ across 33 countries | 36,000+ instruments across 60+ exchanges |
| Primary regulator | SEC (US), FCA (UK), CBI (IE) | DFSA (Denmark), FCA (UK), FINMA (Switzerland) |
| Best for | Cost-conscious global investors | Passive investing & research-driven traders |
Interactive Brokers is a Connecticut-based broker founded in 1993, now serving over 500,000 active traders globally. It's renowned for catering to professional and semi-professional investors who demand rock-bottom commissions, advanced order types, and access to virtually any asset class. The platform famously caters to active traders and quants, but has become increasingly accessible to long-term European investors seeking cost efficiency.
Saxo Bank, headquartered in Copenhagen, is a fully licensed bank (not just a broker) that has operated since 2001. It's owned by the Japanese conglomerate Saxo Bank Group and serves over 200,000 clients across 25 countries. Saxo Bank positions itself as a sophisticated, research-driven platform, combining investment trading with wealth management services.
Both are regulated across multiple European jurisdictions and offer deposit protection up to EUR 20,000, making them among the safest platforms available in Europe.
Interactive Brokers is obsessed with execution quality and cost. The company's business model is built on volume: they make money on large client flows rather than individual trades. This translates directly to near-interbank forex spreads (0.002%) and US stock commissions starting at just $0.0035 per share.
The platform shines for active traders managing diversified portfolios. You get access to 150+ markets, including individual stocks, bonds, options, futures, forex, and structured products. You can trade during extended hours, set sophisticated conditional orders, and even build automated trading algorithms via the Interactive Brokers API. The mobile app and web platform are both robust, though the UI isn't beginner-friendly.
What makes Interactive Brokers special is the account minimum: zero. You can open a full account and start with as little as EUR 100 without penalties. There's no inactivity fee and no annual charge. You only pay when you trade. Cash balances earn EURIBOR minus 0.5%, tiered by balance size, which is one of the best rates in Europe.
The platform does require some comfort with complexity. The order entry screen has dozens of fields; there's no guided onboarding; and customer service, while responsive, expects you to know what you're doing. If you're buying and holding index ETFs, Interactive Brokers works perfectly but may feel over-engineered.
Saxo Bank is the opposite of stripped-down efficiency: it's a full-service wealth platform. The interface is polished and modern, with excellent research tools, news feeds, and market analysis built into every screen. If you're exploring which stocks to buy rather than executing a predetermined strategy, Saxo Bank's integrated research is genuinely valuable.
The market access is genuinely impressive. You get 36,000+ instruments across 60+ exchanges, spanning stocks, ETFs, bonds, options, futures, forex, and mutual funds. The breadth exceeds Interactive Brokers in many asset classes. You also get fractional shares and savings plans (automatic investment), which are features absent from IBKR.
Pricing is transparent but not the cheapest. EU stocks and ETFs charge 0.05% per trade, with a EUR 1 minimum. US stocks start from EUR 1 per trade (not per share, so smaller than IBKR for large orders). Forex spreads are wider than IBKR and vary by currency pair and time of day. There's no account minimum and no annual fee.
Saxo Bank is regulated in Denmark, UK, and Switzerland, providing strong deposit protection. The platform appeals to long-term investors who value education, research, and ease of use over absolute cost minimization. Customer service is responsive and helpful, available in multiple languages.
| Asset class | Interactive Brokers | Saxo Bank | Winner |
|---|---|---|---|
| US stocks (e.g., 100 shares at $150) | $0.0035 x 100 = $0.35 (minimum $0.35) | EUR 1 flat (~$1.08) | IBKR (3x cheaper) |
| EU stocks (e.g., €1,000 trade) | 0.05% = €0.50 (min €1.25, so €1.25) | 0.05% = €0.50 (min €1, so €1) | Saxo (lower minimum) |
| ETF (e.g., iShares MSCI World) | 0.05% (min €1.25) | 0.05% (min €1) | Saxo (lower minimum) |
| EUR/USD conversion (€10,000) | 0.002% = €0.20 | ~0.15% = €15 (typical spread) | IBKR (75x cheaper) |
| Account minimum | €0 | €0 | Tie |
| Annual/inactivity fees | None | None | Tie |
Fee verdict: For frequent traders and currency converters, Interactive Brokers' ultra-low commissions and interbank FX rates create massive savings over time. For buy-and-hold investors trading a few times per year, fees are negligible at both platforms; Saxo's ease of use becomes the deciding factor.
Trading instruments: Interactive Brokers offers more traditional assets (stocks, bonds, options, futures, forex, CFDs, warrants, structured products). Saxo Bank expands further with 36,000+ instruments and includes mutual funds alongside everything else. For vanilla stock and ETF investors, both are equivalent; for derivatives traders, IBKR has an edge in options and futures liquidity.
Research and education: Saxo Bank integrates professional-grade research tools, economic calendars, and algorithmic analysis directly into the platform. Interactive Brokers requires external research tools, though the platform supports third-party integrations. If you want research built in, Saxo wins.
API and automation: Both offer API access. IBKR's API is legendary among quants and institutional traders. Saxo's API is newer but fully functional. For algorithmic traders, IBKR is the established choice.
Mobile trading: Both have solid iOS and Android apps. Saxo's feels more polished; IBKR's feels more powerful. Feature parity at the high level, different philosophies.
Savings plans: Saxo Bank offers automatic investment plans for recurring purchases (e.g., EUR 500/month into a global ETF). Interactive Brokers does not. This favors Saxo for passive, goal-based investors.
Both platforms are heavily regulated. Interactive Brokers is licensed by the SEC in the US, FCA in the UK, and CBI in Ireland, among others. Saxo Bank holds licenses from the DFSA in Denmark, FCA in the UK, and FINMA in Switzerland. Each holds strong capital requirements and audit standards.
Deposit protection: Both offer EUR 20,000 per platform per customer under European guarantee schemes (IBKR via Ireland's ICF, Saxo via Denmark's guarantee fund). This covers your cash balance if the platform becomes insolvent; your securities are held in segregated accounts and remain yours regardless.
Operational security: Both use industry-standard encryption, two-factor authentication, and cybersecurity measures. Neither has experienced major breaches. Both are transparent about operational status and incident reporting.
Safety verdict: Tie. Both are top-tier in regulatory oversight and financial security. Pick based on which regulator you trust most (US SEC vs. Nordic regulators).
Yes. It's regulated by the SEC, FCA, and other major authorities, holds significant capital reserves, and segregates client assets. Your deposits are protected up to EUR 20,000 under the Irish guarantee scheme.
Saxo Bank operates in 25+ countries across Europe, Asia, and Australia, including all major EU markets. Check their country list to confirm. Interactive Brokers is also widely available but may have some geographic restrictions.
Not directly. You'll need to withdraw from one and deposit into the other via bank transfer. Both support EUR bank transfers, which take 1-3 business days. Most brokers also support SWIFT transfers for international moves.
For pure cost, Interactive Brokers wins (lower ETF minimums and commissions). For ease and automation, Saxo Bank wins (savings plans, intuitive design). If fees aren't your top concern, Saxo is more beginner-friendly.
Yes. Interactive Brokers is known for low options commissions and advanced order types. Saxo Bank also offers options but with fewer exotic strategies. For serious options traders, IBKR is the preference.
Neither offers fully automated robo-advisory (like Vanguard Digital Advisor or Wealthfront). Both are self-directed platforms. Saxo Bank has wealth management services for high-net-worth clients; Interactive Brokers does not.
Both allow multi-currency accounts. Interactive Brokers offers superior FX execution and conversion rates. Saxo Bank also supports multiple currencies but at wider spreads.
Interactive Brokers is the clear winner for cost-conscious investors who execute trades regularly or need frequent currency conversions. The combination of zero account minimums, penny commissions, and interbank FX rates is unmatched. It requires more sophistication but rewards active management.
Saxo Bank is the choice for beginners and passive investors who value a modern interface, integrated research, and customer service. Fees are fair (not the cheapest) and the platform is genuinely pleasant to use. Automated savings plans make goal-based investing simple.
Neither is objectively better: they optimize for different investor profiles. Interactive Brokers suits those who prioritize cost and control; Saxo Bank suits those who prioritize ease and research. Both are regulated, safe, and legitimate choices for European investors.
This article is educational and does not constitute investment advice or a recommendation to buy, sell, or hold any financial instrument. Past performance does not guarantee future results. Trading and investing involve risk, including the potential loss of capital. Do not invest money you cannot afford to lose. This comparison is accurate as of the publication date; fees and features may change. Always verify current rates directly on each platform before trading. If you have questions about tax implications of using these platforms, consult a qualified tax advisor for your jurisdiction.
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Compare Interactive Brokers (IBKR) and Saxo BankWritten by Claude · Independent financial guides for expats in Europe.