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IC Markets Global vs Saxo Bank: Which Forex Affiliate & IB Program is Better?

Scale your partner business with precision. A data-backed breakdown of IC Markets Global and Saxo Bank, analyzing commission structures, regulatory safeguards, and the trading conditions that keep your clients active for the long term.

Compare Variables
IC Markets Global
Trustpilot 4.8 55,385 reviews
Saxo Bank
Trustpilot 3.7 8,660 reviews
Partnership analysis
Key Advantages
  • Flexible Commission StructuresPartners can choose between CPA payouts up to $650 or a Revenue Share model offering up to $2 per standard lot on Raw Spread accounts.
  • Multi-Tiered Volume IncentivesThe program rewards high-performing IBs with additional fixed commissions per lot when specific trading volume thresholds are met over consecutive months.
  • Comprehensive Platform SupportReferrals have access to industry-standard trading platforms including MetaTrader 4, MetaTrader 5, and cTrader, enhancing client acquisition and retention.
  • Extensive Regulatory FrameworkSaxo Bank holds licenses from multiple Tier-1 regulators, including the Danish FSA, FCA, and MAS, providing a highly secure environment for client funds.
  • Comprehensive Multi-Asset OfferingPartners can market over 71,000 instruments across forex, stocks, bonds, ETFs, and commodities, catering to a diverse and sophisticated client base.
  • Advanced API IntegrationThe broker provides robust OpenAPI technology, allowing partners to create bespoke, fully integrated user experiences and seamless front-to-back operations.
Considerations
  • Strict CPA Qualification CriteriaTo trigger a CPA payout, referred clients must deposit a minimum of $200 and trade at least 5 lots within a 90-day period.
  • Geographical CPA TieringCPA payouts are heavily dependent on the client's country of residence, with lower-tier regions yielding significantly reduced referral fees.
  • Regional RestrictionsThe broker explicitly prohibits the solicitation of residents from the United States and other banned jurisdictions, limiting the addressable market for some partners.
  • Proprietary Platform FocusThe broker relies heavily on its proprietary SaxoTrader and SaxoInvestor platforms, which may require a learning curve for clients accustomed to standard third-party software.
  • Institutional Target AudienceThe extensive product range and sophisticated tools are primarily tailored toward advanced traders and institutional clients, potentially limiting conversion rates among novice retail traders.
  • Stringent Onboarding RequirementsAs a highly regulated bank, Saxo enforces strict KYC and compliance protocols, which may extend the time required to fully onboard and activate referred clients.
Entity & registration
Registered entity
Seychelles
Denmark
Headquarters Not Disclosed
Denmark
Offshore entity Available Not Disclosed
Regulatory licences
Regulatory Status Offshore Licensed Highly Regulated
Regulatory licences FSA SEYCHELLES DFSA DENMARKFCAMASFINMACONSOBJFSA
Key affiliate snapshot
Payout Frequency DailyMonthlyWeekly Monthly
Tracking Method Cookie Not Disclosed
Withdrawal Methods Wire transfer Not Disclosed
Sub-IB Tiers Not Disclosed Not Disclosed
Last verified Aug 2, 2026 Aug 2, 2026
Commission Structure
Lot Rebate ($/lot) Up to $12 per lot Not Disclosed
CPA Model Up to $650 Not Disclosed
Hybrid Model Volume leg up to 4; CPA leg up to $250 Not Disclosed
Tracking & Integrations
Attribution model Not Disclosed Not Disclosed
Cross-device tracking Not Disclosed Not Disclosed
Affiliate cookie duration Not Disclosed Not Disclosed
Tech Stack Readiness Not Disclosed API
Marketing & Creatives
Landing pages Not Disclosed Not Disclosed
Banners Available Not Disclosed
Educational materials Available Not Disclosed
Promo codes Not Disclosed Not Disclosed
Widgets Available Not Disclosed
IB Support
Dedicated account manager Not Disclosed Available
Sub-IB tracking tools Not Disclosed Not Disclosed
Custom partner conditions Not Disclosed Not Disclosed
Client Trading Conditions
Trading Platforms MT4MT5cTrader Not Disclosed
Tradable markets & scope CommoditiesForex BondsCommoditiesCrypto CfdsEtfForexIndicesStocks
Min Deposit (FTD) $200 $0
Max Leverage Not Disclosed Not Disclosed
Execution model Not Disclosed ECN
Avg EURUSD Spread Not Disclosed Not Disclosed
Spread type Raw Spread Not Disclosed
ECN commission (per lot) Not Disclosed Not Disclosed
Bonus campaigns Not available Not Disclosed
Swap-Free / Islamic Accounts Not Disclosed Not Disclosed
Crypto deposits (traders) Not available Not Disclosed
Reduced-KYC onboarding Not available Not Disclosed
Investment Programs
PAMM / MAM System Available Not Disclosed
Compliance & Geo
Restricted Countries United States Not Disclosed
US Clients Acceptance Not accepted Not accepted