Where is Saxo Bank still available? Restricted countries in 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 as part of a strategic shift.

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

Restricted countries

Since July 1, 2024, Saxo Bank is no longer accept new clients from the following countries:

• Europe: Albania, Cyprus, Georgia, Guernsey, Isle of Man, Jersey, Serbia
• Americas: Argentina, Aruba, Bonaire, Sint Eustatius, and Saba, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, French Guiana, Saint Barthelemy, Saint Martin, Sint Maarten, Uruguay
• Middle East and Africa: Bahrain, Egypt, Jordan, Kuwait, Mauritius, Mayotte, Oman, Réunion Island, Seychelles, South Africa
• Asia-Pacific: China, India, Indonesia, French Polynesia, New Caledonia, New Zealand, Taiwan, Turkey

Countries still supported by Saxo Bank

Saxo Bank will continue to support clients residing in the following countries, subject to license checks and local conditions:

• Europe: Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Greece, Greenland, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
• Middle East: Israel, Qatar, Saudi Arabia, United Arab Emirates
• Asia-Pacific: Hong Kong, Japan, Malaysia, Singapore, Thailand
• Oceania: Australia

You can double-check the official list of available countries by going to Saxo’s account opening page, and checking the list of available countries:

Impact on current clients

Existing clients in the affected countries will not face immediate offboarding. However, Saxo Bank plans to offboard all clients from these regions by the end of the year 2024.

Clients will be notified directly by Saxo Bank about the offboarding process and timelines.

Saxo Bank alternatives for affected clients

For investors in the affected countries, 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. eToro: Best alternative for low stock trading commissions and social trading
3. XTB: Best broker for forex and commission-free ETFs
4. Plus500: Best for beginners and CFDs
5. Trading 212: Best broker for beginners and auto-invest

Why is Saxo Bank leaving so many countries?

Saxo Bank’s decision to withdraw from certain countries 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 numerous markets 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.

For those in supported countries, Saxo Bank remains committed to providing exceptional service and innovative solutions.