Saxo (formerly Saxo Bank, now part of J. Safra Sarasin following its March 2025 acquisition), a renowned European online broker, announced significant changes to its global operations in 2024.
From 1 July 2024, Saxo ceased onboarding new clients in several countries – including South Africa – as part of a strategic shift to consolidate its operations across core European and key international markets.
This article explores the implications of that decision for current and former clients in South Africa, and provides alternative investment platforms for those affected.
Is Saxo available in South Africa?
No – since 1 July 2024, Saxo has stopped accepting new clients from South Africa, and existing South African clients were offboarded by the end of 2024.
You can check Saxo’s full list of accepted and restricted countries here.
If you try to open a Saxo account from South Africa, you won’t find “South Africa” in the country selector:
Impact on current clients
Existing clients in South Africa did not face immediate offboarding when the decision was announced, but Saxo completed the offboarding of all South African clients by the end of 2024. Clients were notified directly by Saxo about the offboarding process and timelines.
If you were a Saxo client based in South Africa, you should have already received instructions on how to transfer your assets to another broker. If you haven’t yet completed that transition, the alternatives below offer practical options to consider for moving your investment activity.
Alternatives for South African investors
For affected investors, there are several reputable alternatives to consider:
- Interactive Brokers: best alternative platform overall. IBKR is Saxo’s closest equivalent globally – a NASDAQ-listed (S&P 500 since 2024) broker offering access to 170+ markets across 36+ countries, a wide range of financial products (stocks, ETFs, bonds, options, futures, forex, crypto), and competitive commissions;
- XTB: best broker for forex and commission-free ETFs – regulated by the FCA, KNF, and CySEC, with 0% commission on stocks and ETFs (up to €100,000 monthly volume) and competitive forex spreads;
- Plus500*: best for CFDs – LSE-listed (FTSE 250 constituent), with proprietary WebTrader platform, accounts in 16 currencies, and FCA, CySEC, ASIC, and MAS regulation.
*80% of retail CFD accounts lose money.
Why did Saxo leave South Africa?
Saxo’s decision to withdraw from South Africa was influenced by several key factors:
- Regulatory compliance: aligning with regulatory requirements across multiple jurisdictions is increasingly complex. Different countries have varied regulatory environments, and maintaining compliance across numerous markets is challenging and resource-intensive;
- Operational efficiency: by reducing its presence in selected markets, Saxo could streamline its operations and concentrate resources on countries that align more closely with its strategic goals and operational capabilities;
- Risk management: exiting certain markets helped Saxo manage and mitigate risks more effectively – including financial, legal, and operational risks arising from regions with more volatile economic conditions or evolving regulatory frameworks;
- Resource optimisation: by concentrating on fewer markets, Saxo can optimise the use of its resources, ensuring it provides high-quality services and innovative solutions in its core markets;
- Strategic focus: this decision was part of Saxo’s broader strategy to enhance service quality and innovation in markets that offer significant business potential and long-term stability – a strategy further reinforced following the firm’s acquisition by J. Safra Sarasin in March 2025.
Conclusion
Saxo’s strategic exit from the South African market was a significant shift that affected many clients – and by mid-2026, the transition is now largely complete.
By understanding the reasons behind this decision and exploring alternative investment platforms (such as Interactive Brokers, XTB, and Plus500), former Saxo clients in South Africa can navigate the transition smoothly and continue to meet their investment goals through internationally regulated, multi-asset platforms.
