The Danish FSA
Updated:
Finanstilsynet supervises Danish financial firms under EU rules and has acted early on retail CFD marketing. The brokers below hold a Danish authorisation.
Brokers regulated by The Danish FSA
Saxo BankRead review- Wide range of tradable instruments
- Strong regulatory compliance and security measures
Finanstilsynet — the Danish Financial Supervisory Authority — supervises banks, investment firms, insurers and pension providers in Denmark, reporting to the Ministry of Industry, Business and Financial Affairs. Danish authorisation carries MiFID passporting rights across the European Economic Area.
What authorisation requires
Capital follows the Investment Firms Regulation, or banking rules where the firm is a bank — a relevant distinction in Denmark, where the largest retail trading provider is a licensed bank rather than a brokerage. Management is assessed for fitness and propriety, and firms must maintain compliance, risk and internal audit functions with documented procedures.
Client money is held under MiFID client asset rules. Where the provider is a bank, client balances are deposits rather than segregated client money — a materially different and generally stronger position.
Leverage and retail protections
ESMA product intervention applies in full: 30:1 on major currency pairs, 20:1 on non-majors, gold and major indices, 10:1 on other commodities and non-major indices, 5:1 on individual equities and 2:1 on cryptocurrencies. Margin close-out at 50% of required margin is mandatory and negative balance protection applies per retail account.
Denmark has been among the more active supervisors on retail CFD distribution, publishing findings on how firms market leveraged products and on the accuracy of the loss statistics they disclose.
If a provider fails
The Danish Guarantee Fund covers deposits up to the EU-harmonised €100,000 equivalent and investor claims up to €20,000 where a firm cannot return client instruments or money. Which limit applies depends on the provider's legal form, which is why establishing whether you are dealing with a bank or an investment firm matters more here than in most jurisdictions.
Verifying an authorisation
Finanstilsynet publishes a register of authorised companies showing permitted activities, alongside decisions and warnings. Confirm the exact legal entity, its category, and — for a passported firm — that the home state is the one whose compensation scheme you are relying on.