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Head to head

IC Markets vs Saxo

IC Markets is licensed by ASIC in Australia, CySEC in the European Union and SCB in The Bahamas, and also has an offshore registration. Saxo is licensed by Danish FSA (Finanstilsynet) in Denmark / European Union, FCA in the United Kingdom, FINMA in Switzerland, MAS in Singapore, CONSOB in Italy and JFSA in Japan. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $0 at IC Markets and $0 at Saxo. Only Saxo offers negative balance protection. Both offer segregated client money.

Facts last checked: IC Markets on 20 October 2026, Saxo on 20 October 2026.

IC Markets profileSaxo profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
IC MarketsStrictly regulatedRead the profile
SaxoStrictly regulatedRead the profile
Comparing
IC MarketsRaw Spread (MetaTrader) account · Australia
SaxoDenmark / European Union

Overview

Founded
Not yet checked
Not yet checked
Headquarters
Sydney, Australia
Hellerup, Denmark
Official websites
  • icmarkets.com
  • icmarkets.sc
  • icmarkets.eu
  • icmarkets.com.au
  • icmarkets.bs
  • ic.com
  • home.saxo
  • www.home.saxo
  • bgsaxo.it
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
International Capital Markets Pty Ltd
Saxo Bank A/S
Regulator
ASIC
Australia
Danish FSA (Finanstilsynet)
Denmark / European Union
Regulation level
Strictly regulated
Strictly regulated
Licence number
AFSL 335692
Check the register
Bank licence 1149
Check the register
Clients this company serves
Australian residents
Clients in Denmark and other countries not served by a local Saxo subsidiary, including those served through its French, Dutch, Belgian and Czech branches
All licences held
  • ASIC (Australia)
  • CySEC (European Union)
  • SCB (The Bahamas)
  • FSA Seychelles (Seychelles)
  • Danish FSA (Finanstilsynet) (Denmark / European Union)
  • FCA (United Kingdom)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • CONSOB (Italy)
  • JFSA (Japan)
Segregated client money
Yes
Yes
Negative balance protection
No
Yes
Compensation scheme
ICF up to €20,000 (IC Markets EU only); none for the Seychelles or Bahamas companies
Danish Guarantee Fund: cash deposits up to €100,000 and investor cover up to €20,000 (Saxo Bank A/S); FSCS up to £85,000 (UK); local schemes for other subsidiaries

Costs

Your monthly cost
$80$8 per lot × 10 lots
No accounts listed
Cost per lot (EUR/USD)
$8
No accounts listed
Spread from
0.0 pips
No accounts listed
Typical EUR/USD spread
0.1 pips
No accounts listed
Commission per lot (round turn)
$7
No accounts listed
Typical GBP/USD spread
Not yet checked
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Yes
Not yet checked

Leverage and margin

Maximum retail leverage
1:30 (EU, Australia); up to 1:5000 at the Seychelles company
1:30 on major pairs (UK, EU)
Retail leverage by asset class
  • Major currency pairs (EU and Australian retail): 1:30
  • All account types (Seychelles company): Up to 1:5000
  • EUR/USD (3.33% initial margin, UK): 1:30
  • GBP/USD and USD/JPY (4% initial margin, UK): 1:25
Margin call level
Not yet checked
Not yet checked
Stop-out level
50%
50% (UK and EU retail close-out rule)

Account

Minimum deposit (this account)
$0
No accounts listed
Base currencies
AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, CAD, HKD
No accounts listed
Execution
Raw spread plus $3.50 per lot per side
No accounts listed

Platforms and features

Platforms
  • MetaTrader 4
  • MetaTrader 5
  • cTrader
  • TradingView
  • Web platform
  • SaxoTraderGO
  • SaxoTraderPRO
  • SaxoInvestor
  • Mobile app
  • TradingView
Markets
Forex, commodities, indices, metals, bonds, share CFDs and crypto CFDs (2,250 instruments on MetaTrader)
185+ FX pairs, FX options, CFDs, 23,000+ stocks, 7,400+ ETFs, bonds, futures and listed options
Demo account
Yes
Yes
Copy trading
Not yet checked
Not yet checked
Expert advisors (automated trading)
Yes
Not yet checked
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
  • Credit card
  • Debit card
  • PayPal
  • Neteller
  • Skrill
  • Bank transfer
  • Cryptocurrency
  • UnionPay
  • Broker to broker transfer
  • Bank transfer
Withdrawal fee
Not yet checked
Not yet checked
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
24 hours a day, Monday to Sunday
24-hour support while markets are open; relationship managers for larger clients

Our notes

Strengths
  • Australian and EU companies licensed by strict regulators (ASIC and CySEC)
  • Published average EUR/USD spread of 0.1 pips on the Raw Spread account, with commission set out per currency
  • Client money held in segregated accounts, according to each IC company
  • Wide platform choice, including cTrader and TradingView
  • Parent company is a Danish bank classed as systemically important, with bank licences in Denmark and Switzerland
  • Every listed company is authorised by a strict regulator
  • No minimum funding in the UK, and negative balance protection for retail clients
  • Forex, stocks, bonds, futures and options in one account
Watch out for
  • International clients join Raw Trading Ltd, regulated only in Seychelles (offshore), where leverage goes up to 1:5000
  • The Seychelles company's risk warning says losses may exceed the amount you deposit
  • The Standard account's typical spread is not published (it quotes "from 0.8 pips")
  • Brand changing from IC Markets to IC, with several regional domains; check you are on one listed here
  • Saxo publishes minimum spreads, not typical spreads, and prices vary by account tier and country
  • No MetaTrader; trading runs on Saxo's own platforms or TradingView
  • BG SAXO SIM was checked on CONSOB's published list of registered SIMs (February 2025 edition); the live CONSOB register blocked our access on 2026-10-20

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • IC Markets: Risk Warning: Trading in securities involves significant risk. Prices may fluctuate and securities can become entirely valueless. You may incur losses that exceed your potential profits, and in some cases, losses may exceed the amount you have deposited. Securities, futures, options, and contracts for differences are complex financial instruments and are not suitable for all investors. Engaging in such transactions requires a sound understanding of the associated risks. Please read and ensure you fully understand our Risk Disclosure.
  • Saxo: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Open this comparison in the full tool to share a link with your own accounts and companies chosen.

Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

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