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Swiss Financial Market Supervisory Authority (FINMA) Brokers 2024

Written By

James Barra

Written By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Edited By

William Berg

Edited By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Updated

Jul 3, 2024

The Financial Market Supervisory Authority (FINMA) oversees the backbone of the Swiss economy, its financial services, with online brokers falling under its remit.

Despite criticism that it didn’t do enough to prevent the collapse of Credit Suisse and no powers to issue fines, FINMA remains a ‘green-tier’ regulator in line with our Regulation & Trust Rating, ensuring strong safeguards for traders and maintaining a warning list of over 1,575 unlicensed providers.

FINMA has also been ramping up its responses to concerned investors. In 2023, it replied to over 7,000 enquiries (up from 6,000 in 2022), with 1,600 complaints relating to “unauthorized financial market participants, who had frequently misled their investors about being located in Switzerland or about possessing a FINMA licence.”

Delve into our selection of the best brokers regulated by Swiss FINMA. We’ve verified that every platform is authorized on FINMA’s database of Banks and Securities Firms.

Top FINMA Brokers

After our tests, these 2 FINMA-regulated trading platforms came out on top:

Click a broker for details

1. 1

   
   IG
   Go To IG

   IG Review

   Forex trading involves risk. Losses can exceed deposits.

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   Ratings

   Regulation & Trust 4.9 / 5

   Accounts & Banking 4 / 5

   Assets & Markets 4.5 / 5

   Fees & Costs 3.5 / 5

   Platforms & Tools 4.8 / 5

   Customer Support 4.5 / 5

   Research 4.9 / 5

   Education 5 / 5

   iOS App 4.6 / 5

   Android App 4 / 5

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   Minimum Deposit $0

   Minimum Trade 0.01 Lots

   Leverage 1:30 (Retail), 1:250 (Pro)

   Regulator FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB

   Instruments CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting

   Platforms Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral

   Payment Methods PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card

   Account Currencies USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

   Go To IG
2. 2

   
   Interactive Brokers
   Go To Interactive Brokers

   Interactive Brokers Review

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   Ratings

   Regulation & Trust 4.5 / 5

   Accounts & Banking 3.5 / 5

   Assets & Markets 4.5 / 5

   Fees & Costs 4.3 / 5

   Platforms & Tools 3.3 / 5

   Customer Support 3 / 5

   Research 4.4 / 5

   Education 4.3 / 5

   iOS App 4.3 / 5

   Android App 4.5 / 5

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   Minimum Deposit $0

   Minimum Trade $100

   Leverage 1:50

   Regulator FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA

   Instruments Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies

   Platforms Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral

   Payment Methods Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card

   Account Currencies USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

   Go To Interactive Brokers

Here is a short overview of each broker's pros and cons

1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
2. Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

FINMA Brokers Comparison

FINMA Brokers Comparison

Broker	Regulated by FINMA	CHF Account	Minimum Deposit	Markets
Visit	✔	✔	$0	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
Visit	✔	✔	$0	Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
Regulator	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
Platforms	Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit	$0
Minimum Trade	0.01 Lots
Leverage	1:30 (Retail), 1:250 (Pro)
Account Currencies	USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

• IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
• The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
• The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading

Cons

• Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
• IG has discontinued its swap-free account, reducing its appeal to Islamic traders
• Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests

Visit IG

IG Review

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

Demo Account	Yes
Instruments	Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Regulator	FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
Platforms	Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit	$0
Minimum Trade	$100
Leverage	1:50
Account Currencies	USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

• With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
• IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
• The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.

Cons

• Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
• IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
• You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.

Visit Interactive Brokers

Interactive Brokers Review

Methodology

To list the top brokers regulated in Switzerland, we:

How Can I Check A Broker Is Regulated By FINMA?

You can check whether a broker is regulated by the Swiss FINMA in three simple steps:

1. Open FINMA’s directory of authorized institutions
2. Input the broker’s name in the search bar
3. Look for ‘Authorised…’ under ‘Details’

You can see this in action below, where I checked that Dukascopy is licensed by FINMA.

This Geneva-headquartered broker offers terrific trading tools. Notably, I love its mobile app which makes short-term trading on the move intuitive with over 50 indicators, price notifications, trading signals, and integrated chat support.

James Barra

Author

What Rules Must FINMA-Regulated Brokers Follow?

Brokers regulated by FINMA must adhere to a range of rules to safeguard the Swiss financial sector and its participants, including active traders.

FINMA brokers also normally have to be registered as banks, requiring higher levels of financial transparency and capital requirements than alternative trading jurisdictions.

Notable rules include:

• Brokers must provide compensation through esisuisse, insuring traders against losses of up to CHF 100,000 should a broker face insolvency issues.
• Brokers must evaluate the suitability of financial products before executing orders, i.e. taking into account day traders’ risk tolerance.
• Brokers must clearly communicate the risks of financial products, key for short-term traders where the risk of losses is high.
• Brokers cannot use client funds for operating purposes like most heavily regulated jurisdictions.
• Brokers must routinely submit financial statements, risk assessments and other info to FINMA.
• Brokers must demonstrate they have sufficient starting capital, at least CHF 1,500,000.
• Brokers must be based in Switzerland to secure a license from FINMA.

What Powers Does FINMA Have?

The array of financial services laws empower FINMA to act against non-compliant financial services providers and online brokers with the Administrative Procedure Act (APA) laying out the respective process.

Chief tools at its disposal include its warning list, with FINMA regularly adding unauthorized trading platforms, for example, MarginsTrade and Pocket Measure.

It can also take precautionary measures, where it can appoint investigating agents to clarify facts, implement measures and even act in place of management.

Alternatively, FINMA can mandate internal processes be followed, restrict certain trading activities and require management changes. Additionally, FINMA can ban unauthorized firms from continuing to deal in financial securities.

Yet unlike prominent regulators such as the FCA and ASIC, FINMA cannot issue fines.

Bottom Line

If you’re a Swiss trader, in particular, signing up with a FINMA-regulated broker should provide peace of mind that the trading firm is held to a high level of financial transparency.

That said, very few brokers are regulated by FINMA (less than 5% we’ve evaluated), reducing your choice.

Also, Swiss-regulated brokers cannot protect against the risk that you could lose the money you deposit, especially with fast-paced strategies like day trading. Only risk what you can afford to lose.