Saxo Bank is a leading provider of premium trading services, and it has licenses from the ASIC, MAS, FSA, SFC, FCA, and FINMA. Choosing a trustworthy online broker contributes to an excellent online trading experience.
|Saxo Bank||Swissquote||TradeStation Global|
|Broker listed on stock exchange||No||Yes||No|
|Annual financial statements on website||Yes||Yes||Yes|
|Mobile two-step authentication||Yes||Yes||Yes|
|Broker ownership transparency||Yes||Yes||Yes|
|Broker management transparency||Yes||Yes||Yes|
|Broker is audited by the Big Four||Yes||Yes||Yes|
Each online broker has advantages and disadvantages. This article answers the question, “Is Saxo Bank legit?”
Regulation & Investor Protection
The most important characteristic of a trustworthy online broker is its top-tier licenses and investor protection programs. Saxo Bank is regulated in Denmark, UK, France, Switzerland, Singapore, Japan, South Africa, and Australia. It has licenses from the ASIC, MAS, FSA, SFC, FCA, and FINMA.
The FCA in the UK offers the Financial Services Compensation Scheme (FSCS) with protection for £85,000 for each covered account. The investor protection amount for non-UK residents is €20,000.
Other aspects that add to a broker’s reliability include its banking background, stock exchange presence, fee structure, two-step authentication, ownership transparency, and auditors.
|Country of regulation:||Denmark, UK, France, Switzerland, Singapore, Japan, South Africa, Australia|
|Investor protection amount:||€100,000 for cash deposits and €20,000 for securities for most European clients,|
£85,000 for UK clients,
€100,000 for French clients,
CHF 100,000 for Swiss clients,
HKD 500,000 at Hong Kong entity,
No protection for clients from Singapore, Japan, and Australia
A banking history adds to the safety of a brokerage firm. Saxo Bank has a banking background, which contributes to its trustworthiness.
Stock Exchange Presence
An online broker present on a stock exchange is secure and reliable. This tells traders that a broker follows strict reporting requirements. Saxo Bank is not listed on a stock exchange.
Transparent Financial Statements
Financial statements reveal valuable insights about an online broker’s practices. Saxo Bank publishes annual financial reports.
Ownership & Management Transparency
Online brokerage accounts must have access to the best safety measures. Saxo Bank provides two-step authentication on all its platforms.
Big Four Auditors
The Big Four verify trustworthy online brokers. These auditors are KPMG, Deloitte, WC, and EY. Saxo Bank is audited by one of the Big Four auditors.
Sax Bank is a leading brokerage firm with premium platforms and services. It is a secure broker with top-tier licenses. Read our in-depth reviews to learn more about brokerage firms and safety criteria.
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.