Is Saxo Bank Legit?

Regal Wallet Banner

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
Banking backgroundYesYesNo
Broker listed on stock exchangeNoYesNo
Annual financial statements on websiteYesYesYes
Mobile two-step authenticationYesYesYes
Broker ownership transparencyYesYesYes
Broker management transparencyYesYesYes
Broker is audited by the Big FourYesYesYes

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. 

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:


The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.


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.

Previous articleIs Interactive Brokers a Legitimate Broker?
Next articleSaxo Bank vs. FXCM
Braden Chase is an investor, trading specialist, and former research specialist for who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.


Please enter your comment!
Please enter your name here