The short answer: Interactive Brokers if cost is what matters most, Saxo if you want the better platform and simpler pricing. Both are tier-1 regulated everywhere they serve our readers, and both have MAS-licensed companies in Singapore, which is rare in this region. Interactive Brokers scores 7.7 out of 10 in our model; Saxo scores 7.4.
Interactive Brokers or Saxo: quick verdict
- Choose Interactive Brokers if you trade size or often, want the lowest forex commissions and global market access, and don’t mind a steep learning curve.
- Choose Saxo if you want a polished platform, spread-only forex pricing and a bank holding your account, and you can meet its USD 5,000 minimum in the Gulf.
- Neither offers an Islamic (swap-free) account or MetaTrader.
Regulation and protection
Interactive Brokers has no offshore company. Singapore residents deal with Interactive Brokers Singapore Pte Ltd (MAS, CMS100917); elsewhere accounts sit with its US, UK or Irish companies, all tier 1. US securities accounts carry SIPC cover plus excess insurance, and the group is listed on Nasdaq.
Saxo’s Gulf clients deal with Saxo Bank A/S, a Danish bank, and Singapore residents with Saxo Capital Markets Pte Ltd (MAS). As a bank, Saxo brings the Danish deposit guarantee, which covers cash up to EUR 100,000, and a guarantee fund for securities up to EUR 20,000.
Neither offers negative balance protection: both say you can owe more than you deposited.
Regulator record
Both carry recent anti-money-laundering penalties. The Danish FSA fined Saxo DKK 313 million (about USD 50 million) in January 2026 over weak controls between 2021 and 2023. Interactive Brokers paid about USD 38 million to US regulators in 2020 for suspicious-activity reporting failures, and USD 11.8 million to OFAC in 2025 over sanctions breaches it disclosed itself.
Costs
Interactive Brokers charges a commission on forex of 0.20 basis points of trade value, minimum USD 2 per order, on top of interbank spreads from 0.1 pip. For anyone trading meaningful size it’s the cheapest forex pricing we’ve reviewed. The USD 2 minimum makes very small trades relatively expensive.
Saxo builds forex costs into the spread with no commission: major pairs from 0.7 pips on the UAE Classic tier and 0.6 pips in Singapore, tightening on Platinum and VIP. Watch Saxo’s 0.25% currency conversion charge and, on stocks, a 0.12% custody fee if you opt out of securities lending. Interactive Brokers has no minimum deposit and no inactivity fee.
Minimum deposit and access
- Singapore: both accept residents through MAS-licensed companies, with no minimum for Saxo Classic.
- UAE and Saudi Arabia: Saxo Bank A/S serves both, with a USD 5,000 minimum for Classic in the UAE. Interactive Brokers accepts Gulf clients but doesn’t publish which company serves each country.
- Kuwait: Saxo stopped accepting Kuwaiti residents in 2024. Interactive Brokers doesn’t name its Kuwait entity.
- India: Saxo no longer accepts Indian residents. Interactive Brokers India is SEBI-regulated but doesn’t allow leveraged forex or CFDs on foreign markets.
Platforms
SaxoTraderGO and SaxoTraderPRO are among the best broker-built platforms available and much easier to learn. Interactive Brokers’ Trader Workstation is more powerful but built for professionals; its simpler desktop and mobile apps and TradingView connection help.
Common questions
Is Interactive Brokers cheaper than Saxo?
For forex at any real size, yes: 0.20 basis points of commission on interbank spreads beats Saxo’s spread-only pricing. For occasional small trades, the USD 2 minimum commission can make Saxo’s spreads competitive.
Is Saxo safer than Interactive Brokers?
Both are tier-1 regulated and well capitalised. Saxo is a bank with Danish deposit-guarantee cover on cash; Interactive Brokers is a Nasdaq-listed broker with SIPC cover in the US. Both have had anti-money-laundering penalties since 2020.
Which is better in Singapore?
Both are MAS-licensed. Pick Interactive Brokers for the lowest costs and widest market access, or Saxo for the easier platform and free FAST and PayNow funding. See all MAS-licensed brokers we review.
Do Interactive Brokers or Saxo offer Islamic accounts?
We found no current Islamic (swap-free) account at either. Gulf traders who need one should look at brokers that publish swap-free terms.
Full details and sources: Interactive Brokers review and Saxo review.