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Saxo Bank is no longer available in Canada: alternatives in 2024

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Author
Pedro Braz
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Fact checked by
Franklin Silva
Updated
Jul 9, 2024

Saxo Bank, a renowned European online broker, recently announced significant changes to its global operations.

Since July 1, 2024, Saxo Bank has ceased onboarding new clients in several countries, including Canada, as part of a strategic shift.

This article explores the implications of this decision for current and potential clients in Canada and provides alternative investment platforms for those affected.

Is Saxo Bank available in Canada?

No, since July 1, 2024, Saxo Bank stopped accepting Canadian clients.

You can check Saxo’s full list of accepted and restricted countries here.

If you try to open a Saxo Bank account from Canada, you won’t be able to find “Canada” in the country selector:

Saxo Bank available countries

Impact on current clients

Existing clients in Canada will not face immediate offboarding. However, Saxo Bank plans to offboard all clients from Canada by the end of the year 2024. Clients will be notified directly by Saxo Bank about the offboarding process and timelines.

Alternatives for Canadian investors

For affected investors, there are several reputable alternatives to consider:

  1. Interactive Brokers: Best alternative platform overall. IBKR is Saxo’s equivalent. It also offers a wide range of financial products, and low commissions.
  2. XTB: Best broker for forex and commission-free ETFs
  3. Wealthsimple: Best for beginners
Broker
Min deposit
US stock fees
€/$/£0
Tiered plan: Up to $0.0035 per shareMin. $0.35; Max. 1% of trade value.
€/$/£1
€0Up to €100.000 in monthly volume transactions - Only applicable in some countries.
$0
$0

Why is Saxo Bank leaving Canada?

Saxo Bank’s decision to withdraw from Canada is influenced by several key factors:

  1. Regulatory Compliance: The bank aims to better align with regulatory requirements. Different countries have varied and complex regulatory environments, and maintaining compliance in numerous jurisdictions can be challenging and resource-intensive.
  2. Operational Efficiency: By reducing its presence in multiple countries, Saxo Bank can streamline its operations. This focus allows the bank to concentrate resources and efforts on markets that align more closely with its strategic goals and operational capabilities.
  3. Risk Management: Exiting certain markets helps Saxo Bank manage and mitigate risks more effectively. This includes financial, legal, and operational risks that may arise from operating in regions with volatile economic conditions or unstable regulatory frameworks.
  4. Resource Optimization: By concentrating on fewer markets, Saxo Bank can optimize the use of its resources, ensuring that it provides exceptional services and innovative solutions in its core markets.
  5. Strategic Focus: This decision is part of Saxo Bank’s broader strategy to enhance its service quality and innovation in markets that offer more significant business potential and stability.

Conclusion

Saxo Bank’s strategic exit from the Canadian market is a significant shift that will impact many clients.

By understanding the reasons behind this decision and exploring alternative investment platforms, affected investors can navigate this transition smoothly and continue to meet their investment goals.

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About the author
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Pedro Braz
Co-Founder & Growth Manager

Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.

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