IFX Brokers vs Saxo Bank

trading

Overall Comparison

FEATURE

IFX Brokers

SAXO BANK

General comparison

4/5

4/5

Regulation

5/5

4/5

Spreads and fees

4/5

4/5

Trading Platforms

4/5

3/5

Trading Apps

4/5

4/5

Analytical Tools

4/5

4/5

Educational Resources

5/5

4/5

Trust Score

93

85

Best in class

x

 

Regulation Comparison

FEATURE

IFX Brokers

SAXO BANK

Trust score

93

85

Year Founded

2018

1992

Publically Traded

No

No

Licensed in South Africa

Yes

No

Assets Comparison

FEATURE

IFX Brokers

SAXO BANK

Forex

Yes

Yes

CFDs

Yes

Yes

Number of Forex pairs

60

190

US Stock Trading

No

Yes

International Stock Trading

No

Yes

Cryptocurrency CFDs

Yes

Yes

Fees Comparison

FEATURE

IFX Brokers

SAXO BANK

Average Spread for EUR/USD

0.2 pips

0.9

Commissions Charged

Yes

Yes

ECN Execution

Yes

Yes

Market Maker Execution

No

Yes

Deposit Options Comparison

FEATURE

IFX Brokers

SAXO BANK

Deposit fees

No

No

Bank wire

Yes

Yes

MasterCard

Yes

Yes

PayPal

No

No

Skrill

Yes

Yes

Minimum Deposit

$100

EUR2000

Trading Platforms Comparison

FEATURE

IFX Brokers

SAXO BANK

Desktop Platform

Yes

Yes

Mobile App

Yes

Yes

Social Trading

Yes

Yes

MetaTrader 4

Yes

No

MetaTrader 5

Yes

No

cTrader

No

No

DupliTrade

No

No

ZuluTrade

No

No

Proprietary Platform

No

Yes

Analytical Tools Comparison

FEATURE

IFX Brokers

SAXO BANK

Economic Calendar

Yes

Yes

Social Sentiment

Yes

Yes

Trading Central

No

No

AutoChartist

No

Yes

Forex News Sources

Yes

Yes

Daily Market Commentary

Yes

Yes

Educational Resources Comparison

FEATURE

IFX Brokers

SAXO BANK

Offers education

Yes

Yes

Webinars

Yes

Yes

Beginner training videos

Yes

Yes

Advanced training videos

Yes

Yes

Glossary

No

Yes

Majors Offered

FEATURE

IFX Brokers

SAXO BANK

GBP/USD

Yes

Yes

USD/JPY

Yes

Yes

EUR/USD

Yes

Yes

USD/CHF

Yes

Yes

USD/CAD

Yes

Yes

NZD/USD

Yes

Yes

AUD/USD

Yes

Yes

IFX Brokers vs. Saxo Bank

We spent many hours thoroughly examining the best-in-class Forex brokers for 2022. Here, we take a closer look at IFX Brokers vs. Saxo Bank.

 

Which offers better pricing – IFX Brokers or Saxo Bank?

IFX Brokers and Saxo Bank both offer tight, competitive spreads. IFX Brokers provides spreads of 0.2 pips on the EUR/USD currency pair, while Saxo Bank offers a similar spread of 0.9 pips for the same currency pairs.

 

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a regulated and authorised foreign exchange broker situated in South Africa. Because of this, IFX Brokers is governed by the Financial Sector Conduct Authority (FSCA), the country’s major financial markets regulator.

Saxo Bank is a broker that is regulated in over a dozen different countries, giving its traders the best possible protection. That said, the broker is not regulated by the FSCA, of which South African traders should take note.

 

Which broker offers the superior trading platform?

IFX Brokers provides access to the industry-leading trading platforms MetaTrader 4 and MetaTrader 5, which are both highly regarded by traders. This means that traders will have instantaneous access to numerous trading markets and a comprehensive set of instruments with which to conduct their business.

Saxo Bank offers two proprietary platforms which can both be accessed from a single account. These consist of the SaxoTraderGo and the SaxoTraderPro. While advanced traders may appreciate this software offering, beginner to intermediate traders will find it hard to adapt to this trading software.

 

Do these brokers both offer MetaTrader?

No, only IFX Brokers offers MetaTrader 4 and MetaTrader 5. Saxo Bank only offers access to its own proprietary trading platforms.

 

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while Saxo Bank offers access to 190 currency pairs.

 

Is it safe to trade with IFX Brokers?

IFX Brokers is the ideal choice if you need a Forex broker based in South Africa that is also fully licenced by the Financial Sector Conduct Authority (FSCA). There are thousands of banks and other financial institutions in this country, and they are all under the watchful eye of the Financial Sector Conduct Authority.

The Financial Sector Conduct Authority (FSCA) was set up to safeguard investors by encouraging honest dealings in the financial sector, publishing relevant industry data, and working to improve and safeguard the financial markets.

 

Is it safe to trade with Saxo Bank?

Yes, the risk associated with Saxo Bank is minimal because it is a reputable and trustworthy broker. Saxo Bank is a broker that has regulatory oversight in more than a dozen countries, providing the highest level of safety for its customers. However, South African investors should be aware that the broker is not supervised by the FSCA.

 

Who is IFX Brokers?

IFX Brokers is a prominent South African broker that has only been around since 2018. They offer several types of ZAR accounts, the MetaTrader 4 and 5 trading platforms, and numerous currency pairs to trade.

Traders of differing skill levels can find an account that suits their needs among IFX’s five live accounts, which need different minimum deposits. Spreads of 1 pip or greater (EUR/USD) apply to deposits between $10 and $1,000.

IFX Brokers’ 70 available currency pairs include more major, minor, and exotic options than most competitors.

At IFX Brokers, the minimum deposit required to open an account is also the amount at which account features and trading costs are upgraded.

The Standard Account’s minimum spread on the EUR/USD is 1.3 pips and it charges no commission, whereas the Raw Account’s minimum spread is 0.5 pips and it costs $6 USD to open.

Multiple deposit and withdrawal methods are offered by IFX Brokers. IFX Brokers follows the norms of the business by not dealing with or accepting funds from anyone who is not a client. Withdrawals from a trading account must be made to a bank or financial institution in the trader’s name.

It’s great news that IFX Brokers now accepts ZAR, EUR, USD, and GBP for trading accounts from South African traders.

Due to the inability to open numerous accounts, a single trader must incur additional costs when dealing with assets denominated in different currencies, such as the Euro and the US Dollar.

 

Who is Saxo Bank?

Saxo Bank is an industry leader in financial technology and regulatory technology, providing clients with access to over 35,000 instruments in all asset classes through a single trading platform.

Having been around since 1992 and holding licences in six tier-1 jurisdictions, Saxo Bank is a reputable broker (low risk) for trading FX and CFDs.

The company stands out from the competition because it develops digital platforms to ease access to several asset markets, and it serves businesses of all sizes with cutting-edge technology, competitive pricing, and unparalleled support.

Traders can access over 35,000 instruments (CFDs, equities, currencies, ETFs, and more) across asset classes from a single, cross-collateralized account offered by the company.

The firm’s open banking solutions fuel the operations of over 120 banks and brokers and 300 financial intermediaries by means of multi-asset execution, prime brokerage services, and trading technology.

Trading accounts with Saxo Bank require a minimum deposit of $2000 to open. If you are new to forex trading, Saxo Bank offers have a free demo trading account so you may get some experience without any risk to your own money. After 20 days, the Saxo Bank demo account becomes inactive.

Saxo Bank’s leverage ratio is about par for the course. The maximum debt-to-equity ratio is 1:2,000. This is probably because the business must adhere to the rules set forth by a number of different regulatory agencies.

While traders can increase their potential earnings with the help of leverage, individuals looking to invest enormous quantities of money are taking a huge risk.

It’s for this reason that many governments, including those with jurisdiction over the EU and the UK, have opted to limit the amount of leverage that brokers can provide to their clients.

Saxo Bank’s product offering is comprehensive, spanning not only foreign exchange but also equities and CFDs.

Saxo Bank also offers a competitive selection of products across more conventional asset categories, such as stocks, ETFs, and bonds. When it comes to the price of trades made on its trading platforms, Saxo Bank aims to be as competitive as possible as a specialised and well-established FX and CFDs broker.

Under normal market conditions, Saxo Bank’s variable spread is quite low. In the case of EUR/USD, for instance, the spread does not fluctuate very often (1%).

A typical spread for a major currency pair, such as the Euro to US Dollar, is 2 pips. Smaller trades are subject to a $10 “ticket fee” to support the company’s administrative expenditures.

Saxo Bank offers over 160 currency pairs, competitive spreads, and superior liquidity in today’s market. Specifically, Saxo provides access to 41 different binary and vanilla touch options.

 Saxo Bank offers competitive mutual fund fees. While Saxo Bank does not charge a commission for trading mutual funds, investors in those funds will be subject to annual maintenance fees set by the fund’s issuer rather than the broker.

Saxo Bank’s trading accounts can be funded via bank transfer, credit/debit card transfer, or stock transfer, but those are the only three options.