Interactive Brokers vs Saxo Bank: Costs, Platforms and Protection

Interactive Brokers and Saxo both aim at investors who want shares, ETFs, bonds, options and futures from many countries in one account. Both give direct ownership of listed assets, not just bets on their price, and run professional-grade platforms. On our published scores they tie on Platform & Tools, Regulation & Trust and Asset Range, at 5 out of 5 each. The gap is cost and service: Interactive Brokers scores 5 on Costs & Fees and 4 on Account Access & Support, Saxo 2 and 3, for averages of 4.8 and 4.0. Interactive Brokers is usually cheaper, above all on currency conversion; Saxo offers similar breadth inside a Danish bank, with pricing that improves for larger accounts.

How do their markets and platforms compare?

Interactive Brokers’ fact sheet, with figures as of the second quarter of 2026, claims more than 170 markets in 29 currencies. Saxo says it offers over 23,000 stocks on more than 50 exchanges. The firms count differently, so the figures are not directly comparable. Platforms differ more. Interactive Brokers runs a ladder from the simplified GlobalTrader app through IBKR Mobile, the browser-based Client Portal and IBKR Desktop to Trader Workstation, which is powerful and dense. Saxo has two: SaxoInvestor, a simpler app for buying and holding, and SaxoTrader for web, mobile and desktop, the name Saxo’s main sites now use for what were SaxoTraderGO and SaxoTraderPRO. Saxo publishes in-house market commentary and gives Platinum and VIP clients priority support; Interactive Brokers leans on self-service, chat and its free IBKR Campus education site.

What does each broker charge?

Prices vary by entity. At Interactive Brokers Ireland, which serves EU clients, the Pro plan offers fixed or tiered pricing as of September 2026. Fixed pricing on US shares is USD 0.005 a share, with a USD 1 minimum, a cap of 1% of the trade value and exchange fees included. Tiered starts at USD 0.0035 a share with a USD 0.35 minimum, falls with monthly volume, and adds exchange and clearing fees on top. European shares cost 0.05% with a EUR 3 minimum on fixed pricing. Converting currency costs 0.002% of the amount, minimum USD 2. There is no account minimum and no maintenance fee. One trap: in a margin account, buying a foreign share without converting first means borrowing that currency, and paying interest on it.

Saxo Bank A/S, the Danish parent, publishes prices it calls indicative and varying by country of residence. As of September 2026, on the standard Classic tier, US shares cost 0.08% with a USD 1 minimum, falling to 0.05% on Platinum (from EUR 200,000 or equivalent trading volume) and 0.03% on VIP (from EUR 1 million); Euronext shares start at 0.08% with a EUR 2 minimum. Currency conversion is 0.25% either side of the mid-market rate. Saxo’s UK entity is dearer to convert: 0.60% on Classic, 0.40% on Platinum and 0.20% on VIP. It also charges yearly custody of 0.12% on shares, ETFs and bonds, or 0.08% for VIP. Saxo lists no custody fee for residents of Belgium, Denmark, France, Italy, the Netherlands or Switzerland. There is no inactivity fee and, in most countries, no minimum deposit.

A hypothetical example shows where the money goes. An investor holding euros buys 100 shares of a US company at USD 100 each, a USD 10,000 order. At Interactive Brokers Ireland on fixed pricing, the conversion costs the USD 2 minimum and the commission the USD 1 minimum: about USD 3, plus the market’s own buy-sell spread. At Saxo on the parent-company Classic schedule, the commission is USD 8 and the conversion USD 25: USD 33. A Classic client of Saxo UK funding from sterling would pay USD 60 for conversion alone. Selling and converting back repeats most of these costs, and a 0.12% custody fee, where it applies, adds about USD 12 a year. On small European trades the order can flip: Saxo’s EUR 2 Euronext minimum is below Interactive Brokers’ EUR 3 fixed minimum.

How safe is your money, and what about leverage?

Interactive Brokers Group is listed on Nasdaq and joined the S&P 500 in August 2025. Its entities include Interactive Brokers LLC in the US (SEC and FINRA), Interactive Brokers (U.K.) Ltd (FCA) and Interactive Brokers Ireland (Central Bank of Ireland), plus others under regulators such as ASIC and CIRO. Saxo Bank A/S is supervised by the Danish FSA, which designates it systemically important; sister entities answer to the FCA, Switzerland’s FINMA and Singapore’s MAS. Switzerland’s J. Safra Sarasin Group has owned about 71% of Saxo since March 2026 and in July agreed to buy the rest, subject to regulatory approval. Protection differs: Interactive Brokers LLC clients have SIPC cover up to USD 500,000, including USD 250,000 of cash; Interactive Brokers Ireland clients get 90% of losses up to EUR 20,000; Saxo Bank A/S clients have the Danish Guarantee Fund, covering deposits to EUR 100,000 and securities to EUR 20,000. None covers market falls.

Both pay some interest on idle cash and charge for borrowing, linked to benchmark rates. As of September 2026, Interactive Brokers pays its benchmark minus 0.5 percentage points on balances above the first 10,000 dollars or euros, at the full rate only for accounts above USD 100,000, and its smaller margin loans cost benchmark plus 1.5 points. Saxo’s rates depend on tier and country; its UK entity pays only on GBP, USD and EUR balances above 5,000. Leverage changes the risk entirely. Margin magnifies losses as well as gains and can force a sale at the worst moment; bought options can expire worthless. Both firms also offer CFDs in many countries: these are derivatives, not ownership, and most retail accounts trading them lose money. With margin, futures or sold options, losses can exceed the money you put in.

Who each broker suits, and who it does not

• Interactive Brokers suits cost-conscious investors who convert currency often, active traders, and anyone who wants the widest range of markets and tools and is comfortable finding answers alone.
• It suits less well a first-time investor who wants a guided start; even with GlobalTrader, the settings and choice of platforms can confuse.
• Saxo suits investors who value a bank-licensed counterparty, a clear split between a simple investing app and a full trading platform, and larger clients who reach Platinum or VIP pricing.
• It suits less well smaller accounts that convert currency regularly, residents of countries where its custody fee applies, and US persons, whom Saxo does not accept.

Fees change and differ by entity, so check the pricing page of the entity that would hold your account before opening one. This article is general education, not personal financial or tax advice; if you are unsure what suits your circumstances, speak to a licensed financial adviser.

This article is educational and general in nature. It isn’t personalized investment, tax, or legal advice — always weigh your own circumstances, or talk to a licensed professional, before making financial decisions.

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