Is Saxo Bank Legit?

Page Summary

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.

Broker Comparison

Saxo Bank Swissquote TradeStation Global
Banking background Yes Yes No
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. 

Regulation & Investor

Saxo Bank
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

Banking Background

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. 

Final Verdict

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.

Saxo Bank compared to other brokers:


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