IG Reviewed
United Kingdom
Forex / CFD
Since 1974
EU/EEA licence
90
Switzerland · European regulator
FINMA Swiss Financial Market Supervisory Authority
Swiss supervisor. Forex dealers in Switzerland must hold a banking licence, which is why Swiss FX brokers such as Swissquote and Dukascopy are banks.
Switzerland's financial supervisor
FINMA supervises banks, securities firms, insurers, fund managers and financial market infrastructure. Switzerland is outside the EU and EEA, so Swiss licences are not passportable and ESMA's CFD rules do not apply directly.
Forex dealers are banks
Since the late 2000s, providers of retail forex trading in Switzerland must hold a banking licence. That raises capital requirements and brings deposit protection (CHF 100,000 via esisuisse) and segregated custody – which is why Swiss FX providers such as Swissquote and Dukascopy are banks.
Warning list
FINMA's warning list names companies and individuals that may be carrying out unauthorised activities, and it is updated frequently. FINMA also opened bankruptcy proceedings against the online bank FlowBank in 2024, a reminder that even banks can fail – and that segregated custody assets are returned in that case.
Protection for clients of FINMA-licensed firms
52 firms in our register with a FINMA licence
United Kingdom
Forex / CFD
Since 1974
EU/EEA licence
Swissquote Reviewed
Switzerland
Multi-asset
Since 1996
EU/EEA licence
90
Saxo Reviewed
Denmark
Multi-asset
Since 1992
EU/EEA licence
82
78
75
75
75
75
75
75
75
75
75
75
75
Liechtenstein
74
67
67
67
67
67
67
67
67
67
60
60
60
60
60
60
60
60
60
60
60
60
60
60
60
60
60
60
60
60
59
59
56
56
56
56
0