Switzerland's financial regulation isn't built for convenience — it's built for consequence. Getting a retail forex authorisation from FINMA requires a full banking licence, CHF 10 million in paid-up capital, and ongoing compliance with the Swiss Banking Act (FINMA, 2026). While the FCA or CySEC licence hundreds of investment firms for retail forex, the Swiss route keeps the field deliberately narrow. Fewer than a dozen FINMA-regulated forex brokers hold active authorisation — because most firms simply can't meet the capital threshold, and don't try. The ones that do are banks, not just broker-dealers. Every client account at a FINMA-regulated bank carries esisuisse deposit protection up to CHF 100,000 per client (esisuisse, 2026). We searched the FINMA public register directly and verified the registry status of every broker in this database.
Last verified: 16 March 2026 | Brokers checked: 10 | Source: FINMA Authorised Institutions Register
TL;DR: Five forex brokers hold active FINMA authorisation as of March 2026: Swissquote, Dukascopy, Saxo Bank (Switzerland), IG Bank, and Cornèr Banca (CornèrTrader). All require a banking licence — the most stringent regulatory threshold in retail forex. FlowBank SA had its licence revoked by FINMA in June 2024 after persistent capital failures. Four entities on FINMA's warning list claimed Swiss authorisation they did not hold. esisuisse covers client deposits up to CHF 100,000. FINMA does not set leverage caps — Switzerland is outside the EU and ESMA rules do not apply.
What Is FINMA and Why Does It Regulate Forex Brokers?
In January 2009, Switzerland's Parliament did some consolidating. Three separate supervisory bodies — previously operating independently — were folded into a single authority: FINMA (FINMA, 2026). The mandate has stayed consistent: protect creditors, investors, and policyholders; maintain the stability of the financial system. Today it oversees roughly 30,000 institutions across banking, insurance, securities dealing, and collective investment schemes.
"FINMA's supervisory tasks — authorisation, supervision and, where necessary, enforcement — are derived from that mandate," the regulator states in its own overview documentation (FINMA, 2026).
Here's what makes Switzerland unusual for forex brokers: most global regulators treat retail forex firms as investment firms or securities dealers. FINMA treats them as banks. Any company wanting to offer OTC forex trading to Swiss retail clients must meet the requirements of the Swiss Banking Act — not just securities law. Full banking licence: CHF 10 million minimum paid-up capital. Securities dealer only: CHF 1.5 million. Most retail forex brokers operate as securities dealers everywhere else. In Switzerland, they operate as banks.
The practical outcome: far fewer brokers qualify. The FCA register lists over 1,000 authorised forex and CFD firms. FINMA's equivalent for retail forex trading has fewer than ten active entries. That's not a sign of a thin market — it's the capital bar doing exactly what it's supposed to do. Most operators can't meet it, so they don't apply.
| Detail | Value |
|---|---|
| Full Name | Swiss Financial Market Supervisory Authority (Eidgenössische Finanzmarktaufsicht) |
| Abbreviation | FINMA |
| Jurisdiction | Switzerland |
| Established | 1 January 2009 |
| Supervised Entities (all types) | ~30,000 (banks, insurers, securities dealers, funds) |
| Minimum Capital — Banking Licence | CHF 10 million (required for forex brokers) |
| Minimum Capital — Securities Dealer | CHF 1.5 million |
| Compensation / Deposit Scheme | esisuisse — up to CHF 100,000 per client per legal entity |
| Segregated Funds Required | Yes — client funds must be separated from broker assets |
| Negative Balance Protection | Not mandated by FINMA (depends on broker policy) |
| Max Retail Leverage | No regulatory cap — Switzerland is outside the EU (ESMA rules do not apply) |
| Fine Power | No — FINMA cannot impose fines. Enforcement tools: profit confiscation, activity bans, licence revocation, criminal complaints |
| Public Registry URL | FINMA Authorised Institutions Register |
| Warning List URL | FINMA Warning List |
Verified FINMA Broker Database
FINMA doesn't assign simple sequential licence numbers the way the FCA or CySEC do. Swiss institutions are identified by their UID (Unternehmens-Identifikationsnummer) — a national business identifier in the format CHE-XXX.XXX.XXX — which is how they appear in the FINMA register. We've included each broker's UID below so you can verify their status directly.
Brokers are sorted by status (active first), then by year of FINMA authorisation. Warning list entries appear at the bottom.
To verify any entry yourself, visit the FINMA Authorised Institutions Register, select "Banks and securities firms," and search by the broker's name or UID.
| Broker | UID (FINMA Reference) | Entity Name | Status | Licence Since | Protection | Verify |
|---|---|---|---|---|---|---|
| Swissquote | CHE-102.383.586 | Swissquote Bank SA | ✅ Active | 2000 | esisuisse CHF 100K | Registry → |
| Cornèr Banca | CHE-105.962.409 | Cornèr Banca SA | ✅ Active | 1952 | esisuisse CHF 100K | Registry → |
| Saxo Bank (CH) | CHE-106.787.764 | Saxo Bank (Switzerland) Ltd | ✅ Active | 2008 | esisuisse CHF 100K | Registry → |
| Dukascopy | CHE-112.086.322 | Dukascopy Bank SA | ✅ Active | 2004 | esisuisse CHF 100K | Registry → |
| IG Bank | CHE-141.784.032 | IG Bank S.A. | ✅ Active | 2014 | esisuisse CHF 100K | Registry → |
| FlowBank SA | — | FlowBank SA | ❌ Revoked | 2020 | Bankrupt — liquidation | FINMA Notice → |
| Fargo Markets | — | Fargo Markets | 🚨 Warning | — | Unauthorised | Warning List → |
| SignalPlus24 | — | SignalPlus24 | 🚨 Warning | — | Unauthorised | Warning List → |
| GlobalCIM | — | GlobalCIM | 🚨 Warning | — | Unauthorised | Warning List → |
| ig-canada | — | ig-canada | 🚨 Warning | — | Unauthorised — not related to IG Bank S.A. | Warning List → |
Swissquote Bank SA — ✅ Active (CHE-102.383.586)
Licence: FINMA Banking Licence | UID: CHE-102.383.586 | Entity: Swissquote Bank SA | Since: 2000 Verify on FINMA Register →
Twenty-six years under the same FINMA banking licence, listed on the SIX Swiss Exchange (SQN) since May 2000, and no enforcement actions in the public database. Swissquote Bank SA is the clearest example of what long-term Swiss regulatory compliance looks like in practice.
The retail-facing Swiss entity is specifically Swissquote Bank SA, headquartered in Gland, Vaud. Worth noting: Swissquote also holds FCA authorisation (UK), MFSA authorisation (Malta), and CSSF authorisation (Luxembourg) through separate group entities. If you're a Swiss-resident client, you're dealing with the SA entity — that's the one with the FINMA banking licence and the esisuisse coverage. Because Swissquote is a listed company, it publishes audited financial statements that go beyond FINMA's mandatory supervisory reporting — which gives you a transparency layer most forex brokers don't offer.
Key finding: Longest-running continuously FINMA-authorised retail forex bank. Over two decades under the same entity with no FINMA enforcement history. Client deposits covered by esisuisse up to CHF 100,000. Full safety investigation: Coming soon
Dukascopy Bank SA — ✅ Active (CHE-112.086.322)
Licence: FINMA Banking Licence + Securities Dealer Licence | UID: CHE-112.086.322 | Entity: Dukascopy Bank SA | Since: 2004 Verify on FINMA Register →
Dukascopy holds something the other four active FINMA brokers don't: a securities dealer licence on top of the banking licence. July 2013 was when Dukascopy got the nod for a securities dealer licence on top of its banking authorisation — opening up CFDs on roughly 200 underlying assets alongside the forex products already running since 2004 (Dukascopy, 2013). Indices, stocks, commodities: all now in scope. A later FINMA extension added fiduciary custody services for cryptocurrencies. That makes it one of the most comprehensively authorised retail forex entities on the FINMA register.
No offshore rebadging here. The entity on the FINMA register is Dukascopy Bank SA — the same entity you're contracting with directly. FINMA's public enforcement database shows no enforcement actions against it as of March 2026. Client cash deposits are covered by esisuisse up to CHF 100,000.
Key finding: Full banking + securities dealer authorisation. Dual FINMA licensing since 2013 expands product coverage to CFDs. No enforcement history. Verify entity name "Dukascopy Bank SA" on your contract documents. Full safety investigation: Coming soon
Saxo Bank (Switzerland) Ltd — ✅ Active (CHE-106.787.764)
Licence: FINMA Banking Licence + Securities Dealer | UID: CHE-106.787.764 | Entity: Saxo Bank (Switzerland) Ltd | Since: 2008 Verify on FINMA Register →
The parent group — Saxo Bank A/S, Danish in origin — holds tier-1 licences from FSA Denmark, FCA UK, MAS Singapore, ASIC Australia, and JFSA Japan. But none of those cover Swiss clients. The Swiss operation is its own legal entity: Saxo Bank (Switzerland) Ltd. UID: CHE-106.787.764. LEI: 529900EV6BXWNSFD7E06. Authorised as both a bank and securities dealer under FINMA (Saxo Bank Switzerland, 2026). You're dealing with the Switzerland Ltd entity — not the Danish parent — and that distinction determines which regulatory protections actually apply to your account.
The product breadth here reflects the dual authorisation: stocks, ETFs, bonds, options, futures, forex, and CFDs across 180+ currency pairs. No FINMA enforcement actions against this entity. Client deposits covered by esisuisse. One practical note worth flagging: if you're comparing offers across different Saxo regional websites, confirm your account is with Saxo Bank (Switzerland) Ltd specifically — group entities in other jurisdictions operate under different regulatory frameworks.
Key finding: Multi-jurisdictional group with a dedicated Swiss bank entity. Verify that your account is with Saxo Bank (Switzerland) Ltd (CHE-106.787.764) and not a different group entity — especially if you're comparing offers from different Saxo regional websites. Full safety investigation: Coming soon
IG Bank S.A. — ✅ Active (CHE-141.784.032)
Licence: FINMA Banking Licence | UID: CHE-141.784.032 | Entity: IG Bank S.A. | Since: 2014 Verify on FINMA Register →
IG is the newest entry on this list by quite a margin — a decade behind Swissquote, six years behind Saxo Bank. The Swiss subsidiary, IG Bank S.A. at 42 Rue du Rhône, Geneva, cleared FINMA's banking licence threshold in 2014 (LeapRate, 2014). That means meeting the CHF 10 million capital requirement and restructuring the Swiss operation as a full bank rather than a securities dealer.
The entity question matters more with IG than with most other brokers on this list. Three different legal entities share the IG name: IG Bank S.A. (FINMA), IG Markets Limited (FCA), and IG Markets Limited (ASIC). Same brand, three separate regulated entities. Which one you're actually trading with depends entirely on where you reside and which platform you signed up through. Swiss residents with IG Bank S.A. get esisuisse coverage on cash deposits and access to over 17,000 markets across forex, indices, shares, and commodities. No FINMA enforcement actions against this entity as of March 2026.
One thing worth checking separately: FINMA's warning list includes an entity called "ig-canada" — no connection whatsoever to IG Bank S.A. If anyone approaches you claiming to be "ig-canada" with FINMA credentials, that's a warning list entry, not a regulated broker.
Key finding: FINMA-licensed bank since 2014. Verify you're dealing with IG Bank S.A. (CHE-141.784.032) rather than a different group entity or the unrelated "ig-canada" warning list entry. Full safety investigation: Coming soon
Cornèr Banca SA — ✅ Active (CHE-105.962.409)
Licence: FINMA Banking Licence + Securities Dealer | UID: CHE-105.962.409 | Entity: Cornèr Banca SA | Since: 1952 Verify on FINMA Register →
Cornèr Banca SA was founded in Lugano in 1952. Retail forex didn't exist as a product category then — the bank has been operating for more than 70 years before most forex brokers were incorporated. By 2024, it held CHF 8.5 billion in total assets (Cornèr Banca, 2024) and ranked second in Switzerland for capital strength according to "The Banker TOP 1000 World Banks 2025." That context matters: Cornèr Banca isn't a forex broker that acquired a banking licence — it's a standalone private bank that expanded into trading products. The CornèrTrader brand runs on that foundation.
Its retail trading arm operates under the CornèrTrader brand, covering forex, forex options, stocks, CFDs, futures, and cryptocurrencies — more than 5,000 instruments total. The legal entity on your contract should be Cornèr Banca SA, UID CHE-105.962.409. No enforcement actions in the FINMA database as of March 2026.
Key finding: The longest-operating entity on this list. Solid capital position, esisuisse coverage, and a focused Swiss banking identity behind the CornèrTrader platform. Confirm your account contract names Cornèr Banca SA as counterparty. Full safety investigation: Coming soon
FlowBank SA — ❌ Revoked (Enforcement Case Study)
Licence: Revoked 13 June 2024 | Entity: FlowBank SA | Status: Bankrupt — under liquidation (Walder Wyss AG) FINMA Enforcement Notice →
FlowBank SA is worth examining in detail because it shows exactly how the FINMA framework functions when a bank starts failing — and how long the process actually takes.
FINMA spotted serious problems at FlowBank as early as October 2021: capital shortfalls, inadequate organisational structure, risk management failures. It ordered a remediation programme in October 2022 and installed an independent auditor. Then in June 2023, new deficiencies came to light — the capital ratio was still breached. By early 2024, the bank's financial position had deteriorated past the point of recovery. On 13 June 2024, FINMA revoked FlowBank's banking and securities dealer licences and opened bankruptcy proceedings the same day (FINMA, 2024).
Nearly three years from first red flag to licence revocation. That's not a criticism of FINMA's pace — the regulator ordered remediation and put independent oversight in place. The bank didn't comply. What the timeline shows is how multi-year enforcement proceedings work in practice, and why checking whether a broker currently holds an active licence matters more than just whether it once appeared in the register.
The outcome for depositors: esisuisse held up. The liquidator (Walder Wyss AG) confirmed that all privileged deposits — client cash balances up to CHF 100,000 per person — could be repaid in full from the bank's available liquid funds. Clients above CHF 100,000 were left as unsecured creditors.
Key finding: FlowBank is why you check registry status before depositing. A listed FINMA entry doesn't mean the entity is currently active — always verify the current status on the register, not a third-party website.
How to Verify a Broker's FINMA Registration Yourself
You don't need to rely on any broker's marketing material — or on this page — to confirm FINMA status. Here's how to check directly.
Go to the FINMA Public Register
The place to start is FINMA's own register — finma.ch/en/finma-public/authorised-institutions-individuals-and-products/. Free access, no login required, updated by FINMA directly. If you're checking more than one broker, bookmark it.
Search by Name or UID
Enter the broker's legal entity name in the search field — not its trading name. Use the name from your account agreement. If you have the CHE UID, use that instead; it's unambiguous. Common pitfall: searching for "Swissquote" returns results, but you need to confirm the entity is specifically "Swissquote Bank SA," not a related but differently scoped entity.
Verify the Authorisation Type
Look for the "Banks and securities firms" category. You want to see full authorisation as a bank or securities dealer — not just "registered" or "acknowledged." Those are different regulatory classes. Swiss forex brokers require full authorisation.
Check the Scope of Authorisation
Banking authorisation in Switzerland doesn't automatically cover every product type. Confirm the entry's scope includes securities trading and client deposit-taking — both matter for retail forex accounts. The FINMA entry will show this.
Cross-Reference the Warning List
Pull up the FINMA Warning List and search the broker name. An appearance there means the opposite of what you want. The list covers entities FINMA suspects of carrying out unauthorised activities, plus clone firms impersonating legitimate institutions.
What Does FINMA Regulation Actually Protect?
FINMA regulation doesn't protect you from losing money trading. What it does protect against is losing money because your broker turns out to be fraudulent, insolvent, or quietly mismanaging client funds. Those are different risks, and FINMA addresses the second set — not the first.
esisuisse Deposit Insurance — CHF 100,000
Every FINMA-licensed bank participates in esisuisse, Switzerland's statutory deposit insurance scheme. If your broker-bank fails, esisuisse covers your cash deposit up to CHF 100,000 per client per legal entity (esisuisse, 2026). The fund holds a minimum of CHF 6 billion — equivalent to 1.6% of total Swiss bank deposits. That's large enough to cover a single bank failure cleanly, as FlowBank's liquidation demonstrated.
This coverage is higher in absolute terms than FCA's FSCS (£85,000 / ~CHF 95,000) and much higher than CySEC's ICF (€20,000 / ~CHF 19,000). The trade-off is that esisuisse covers fewer brokers, since the FINMA banking licence requirement keeps the universe small.
Segregated Client Funds
FINMA requires licensed banks and securities dealers to segregate client assets from their own operating funds. If a broker becomes insolvent, your trading account deposits are separated from the broker's corporate assets and not available to general creditors — above and beyond the esisuisse first-claim protection.
Leverage: No Regulatory Cap
This is the key difference from EU and UK regulation. FINMA does not impose retail leverage limits. Switzerland is not an EU member state and does not follow ESMA's 2018 product intervention rules that capped retail CFD leverage at 1:30 on major forex pairs across the EU and UK. Swiss brokers set their own leverage policies — Swissquote and Dukascopy typically offer up to 1:100 on major forex pairs for standard retail accounts. Some offer professional-tier leverage up to 1:200 or higher.
Higher available leverage isn't automatically better for retail traders. It means both larger gains and larger losses from the same position. This is one area where FINMA's framework is less prescriptive than FCA's or ASIC's, and it's worth understanding before opening an account.
| Asset Class | FINMA (No regulatory cap) | ESMA/FCA Cap | ASIC Cap |
|---|---|---|---|
| Forex Majors | Broker discretion | 1:30 | 1:30 |
| Forex Minors | Broker discretion | 1:20 | 1:20 |
| Gold / Major Indices | Broker discretion | 1:20 | 1:20 |
| Minor Indices / Commodities | Broker discretion | 1:10 | 1:10 |
| Equities (CFDs) | Broker discretion | 1:5 | 1:5 |
| Crypto CFDs | Broker discretion | 1:2 | 1:2 |
FINMA Cannot Fine Brokers
This surprises people. FINMA has no power to impose monetary fines. Its enforcement toolkit covers profit confiscation, activity restrictions, organisational requirements, industry bans, licence revocations, and referrals to criminal prosecutors (FINMA, 2026). For traders, FINMA's enforcement runs toward removing bad actors from the market — not extracting money from them. The FCA and ASIC can and do impose fines. FINMA takes a different approach.
Dispute Resolution
FINMA doesn't handle individual client complaints. For disputes with FINMA-regulated brokers, clients need to work through the broker's internal complaint process first, then the Swiss Financial Services Ombudsman (FinSO) as an alternative dispute resolution pathway. FINMA can act on systemic violations — resolving individual trader disputes sits outside its direct remit.
Red Flags: When "FINMA-Regulated" Doesn't Mean Safe
"FINMA-regulated" gets misused. Here are the specific patterns to watch for.
Clone Firms
A clone firm copies the name, branding, or registration details of a legitimate broker to deceive traders. The "ig-canada" entry on FINMA's warning list is exactly this — an unauthorised entity using a name similar to IG Bank S.A. to create a false impression of Swiss regulation. The tell: check the entity's actual website domain against what FINMA lists for the legitimate broker. They won't match. If they don't, stop there.
Offshore Entities Wearing a FINMA Badge
A broker group may hold a FINMA licence for one legal entity but onboard retail clients through an offshore subsidiary — Seychelles, Vanuatu, or the Marshall Islands. The FINMA badge is real. Your account, though, is with the unregulated entity. Check which specific legal entity appears on your account opening documents and your contract. It should match the UID in the FINMA register. "Part of the XYZ Group, regulated by FINMA" isn't the same as "your account is held by the FINMA-regulated entity." Read carefully.
Entities on the Warning List
FINMA's warning list is a public database of entities suspected of carrying out unauthorised financial services. Fourteen entities made it onto FINMA's warning list in Q3–Q4 2024, all flagged for operating without authorisation while targeting Swiss residents (BrokersView, 2024). Among them: Fargo Markets, SignalPlus24, GlobalCIM, and ig-canada. None show up in the authorised institutions register. FINMA updates the list periodically rather than continuously — use it as a sanity check, not as a live fraud database.
Checking Licence Expiry Dates
FINMA doesn't use fixed-term licences with renewal dates the way some regulators do. But a broker can have its authorisation revoked — as FlowBank did — while its name still circulates in third-party broker lists and aggregator sites. Always verify the current status on finma.ch directly. Never rely on a broker comparison website, including this one, as your final check.
Recent FINMA Enforcement Actions Against Financial Firms
FINMA can't impose fines, but its enforcement actions carry serious consequences: licence revocations, profit confiscation, industry bans, and criminal referrals.
| Date | Entity | Action | Reason | Source |
|---|---|---|---|---|
| June 2024 | FlowBank SA | Licence revoked — bankruptcy proceedings opened | Persistent capital shortfalls, risk management failures, inadequate organisation | FINMA Press Release |
| July 2021 | SwissFutureFX | Added to warning list | Operating without FINMA authorisation | FINMA Warning List |
| October 2020 | Banca Credinvest | Enforcement measures ordered | AML deficiencies in Venezuelan client relationships | earnforex.com |
| September 2020 | Bank SYZ SA | Formal reprimand | Supervisory law violations | earnforex.com |
| February 2018 | PKB Privatbank SA Lugano | CHF 1.3 million disgorgement ordered | Regulatory violations | earnforex.com |
| Q3–Q4 2024 | 14 unauthorized entities (incl. Fargo Markets, SignalPlus24) | Added to warning list | Unauthorized activity targeting Swiss investors | BrokersView |
The FlowBank case is worth examining in detail. FINMA identified the capital problems in October 2021 — nearly three years before the licence was revoked. The regulator ordered remediation and appointed an independent auditor. The bank failed to comply. New violations surfaced in 2023; capital was confirmed short in early 2024; the licence went. The timeline shows how multi-year enforcement proceedings work in practice — and why checking the current status of a licence, not just whether a broker has ever held one, matters.
The Bottom Line on FINMA Regulated Forex Brokers
Five active FINMA-regulated forex brokers as of March 2026: Swissquote, Dukascopy, Saxo Bank (Switzerland), IG Bank, and Cornèr Banca. All banks. All carrying esisuisse deposit insurance to CHF 100,000. None bound by EU leverage caps — Switzerland writes its own rules on that front.
What the FINMA framework actually offers that most retail forex regulation doesn't: your broker is a bank. Not a firm that acts like one — an actual, capitalised-to-CHF-10-million, FINMA-supervised, esisuisse-covered bank. That has real consequences when things go wrong, as FlowBank's 2024 liquidation showed. Depositors below CHF 100,000 got paid out. The framework worked.
The trade-offs are real too: less broker choice, no mandatory leverage protection, and a regulatory body that can't fine anyone. FINMA's power runs toward removing bad actors, not punishing them financially.
For regulator comparisons: ASIC Regulated Forex Brokers and BaFin Regulated Forex Brokers use the same direct-from-registry approach.
Frequently Asked Questions
Is FINMA a Tier 1 regulator?
FINMA sits alongside the FCA (UK), ASIC (Australia), MAS (Singapore), and the CFTC (US) in the Tier 1 classification. The designation reflects regulatory rigour, enforcement capacity, capital requirements, and independence from political influence. FINMA's banking licence requirement for forex brokers is arguably the most stringent entry threshold of any Tier 1 regulator.
How do I check if a broker is FINMA regulated?
Go to the FINMA Authorised Institutions Register, select "Banks and securities firms," and search by the broker's legal entity name or its CHE UID. Confirm the entity status is active — not suspended or revoked. Then search the FINMA Warning List for the broker name. An appearance there means it's not legitimately authorised.
What happens if my FINMA-regulated broker goes bankrupt?
Client cash deposits up to CHF 100,000 per client per legal entity are covered by esisuisse, Switzerland's statutory deposit insurance scheme (esisuisse, 2026). The FlowBank SA bankruptcy in June 2024 demonstrated this in practice: the liquidator confirmed all privileged deposits up to CHF 100,000 could be repaid in full from the bank's available liquid funds. Balances above CHF 100,000 are at risk as unsecured creditor claims.
Does FINMA set leverage limits for forex brokers?
FINMA doesn't impose specific retail leverage caps. Switzerland is outside the European Union and doesn't follow ESMA's 2018 leverage intervention rules, which capped retail CFD accounts at 1:30 on major forex pairs across EU and UK brokers. Swiss FINMA-licensed brokers set their own leverage policies — typically between 1:30 and 1:200 depending on instrument and account type. Check your broker's specific terms before trading.
Can FINMA fine a forex broker?
FINMA doesn't have the legal power to impose monetary fines. Its enforcement tools are: profit confiscation, activity restrictions and industry bans, organisational requirement orders, licence revocations, and referrals to criminal prosecution authorities (FINMA, 2026). The FCA regularly issues fines of tens or hundreds of millions of pounds. FINMA uses a different toolkit.
What is esisuisse and how does it protect traders?
esisuisse is Switzerland's statutory bank depositor protection scheme, mandatory for all FINMA-licensed banks (esisuisse, 2026). It protects cash balances up to CHF 100,000 per client per bank in the event of insolvency. The scheme holds a minimum of CHF 6 billion (1.6% of total Swiss bank deposits). It covers cash deposits — not unrealised trading profits or open positions.
Are there fewer FINMA-regulated forex brokers than FCA-regulated ones?
Significantly fewer. The FCA register lists over a thousand authorised forex and CFD firms. FINMA's equivalent for retail forex trading has fewer than ten active entries. The reason: FINMA requires forex brokers to hold a banking licence with CHF 10 million minimum capital, whereas the FCA authorises investment firms at a lower threshold (£730,000 minimum). Higher entry standards mean fewer providers — that's the trade-off.
Can I trade with a FINMA-regulated broker from outside Switzerland?
It depends on the broker. Many FINMA-regulated brokers (Swissquote, Saxo Bank, IG Group) operate in multiple countries through locally-regulated entities. If you're outside Switzerland, you'll typically get onboarded through whichever entity holds the licence in your country — the FCA entity for UK residents, the ASIC entity for Australians, and so on. Opening an account directly with the Swiss entity is possible in some cases, but the tax and regulatory implications depend on where you actually live — worth confirming before you sign up.
What is the difference between a FINMA banking licence and a securities dealer licence?
A banking licence (Swiss Banking Act) authorises accepting public deposits and providing lending services — in addition to securities trading. A securities dealer licence (Swiss Financial Institutions Act, FinIA) covers securities trading, asset management, and market-making without the full banking scope. For retail forex brokers, FINMA typically requires the banking licence because they hold client cash deposits. Minimum capital: CHF 10 million for banking, CHF 1.5 million for securities dealer.
What is a clone firm and how do I avoid it?
A clone firm is an unauthorised entity copying the name, registration details, or branding of a legitimate FINMA-licensed broker. The "ig-canada" entry on FINMA's warning list is a live example — an entity using a name similar to "IG Bank S.A." without any authorisation. To avoid clones: verify the exact entity name and domain on the FINMA register, then cross-check the website address you were directed to against what FINMA lists for the legitimate entity. If they don't match, don't deposit.
Verification and information only — nothing here constitutes a recommendation to open an account with any specific broker. Always confirm current licence status on the FINMA register before depositing funds. Forex and CFD trading carries substantial risk of loss.