Best forex brokers in Denmark

• 27 forex brokers with a verified licence serve residents of Denmark: 1 holds a local licence (Danish FSA) and 26 serve under an EU passport.
• Top pick by Coinish Score: Saxo (77/100, Editor Rating 4.4/5).
• Lowest advertised EUR/USD all-in cost: 0.1 pips (Deriv), across 14 brokers that publish one.
• No minimum deposit: Deriv.

Ranked by Coinish Score: half the Editor Rating for the entity that serves residents of Denmark, half Market Signal. Brokers without enough verified data for a rating are placed by Market Signal and labelled; brokers with neither are listed last. How we rate

Of the 27 forex brokers on this list, 21 serve Denmark from a CySEC licence in Cyprus (FxPro, Capital.com, FOREX.com and 18 more), 2 serve Denmark from a CBI licence in Ireland (Interactive Brokers and AvaTrade), 1 holds a licence from the Danish FSA (Saxo) and 1 serves Denmark from a Bank of Latvia licence (Dukascopy); 2 more are licensed by MFSA and CMVM.

ESMA's product intervention measures cap retail CFD leverage at 30:1 on major currency pairs, down to 2:1 on cryptocurrencies. In Denmark, Danish FSA applies them through its own product-intervention rules. The 4 that publish the regulator-required loss figure report that 55% (Swissquote) to 75% (XM) of retail CFD accounts lose money; the median is 73%.

Advertised all-in EUR/USD costs on this list run from 0.1 pips (Deriv) to 1.5 pips (Orbex) across the 14 that publish one.

• Search the company name on the Danish FSA register (finanstilsynet.dk); for a firm licensed elsewhere, on its home regulator's register too (CySEC, CBI and Bank of Latvia for most of this list).
• Check which company your contract is with. Saxo, for example, onboards residents of Denmark through Saxo Bank A/S (Danish FSA), and the name on the account-opening documents should match the list.
• Look for the percentage-of-accounts-that-lose-money warning on the broker's site. A firm marketing CFDs to residents of Denmark without it is probably not using its regulated entity.

Yes, with a licensed provider. Brokers need MiFID II authorisation from an EEA regulator; firms authorised elsewhere in the EEA may serve residents under the European passport. In Denmark retail forex is traded as CFDs. Since August 2019 Finanstilsynet has limited how CFDs are sold to retail clients in or from Denmark, with leverage caps and protection against a negative balance.

Sources: cdn.finanstilsynet.dk, cdn.finanstilsynet.dk

By Coinish Score, Saxo (77/100, Editor Rating 4.4/5), through Saxo Bank A/S (Danish FSA). FxPro (71) and Capital.com (69) follow. The score rates the company that would serve you in Denmark, so the same brand can rank differently in another country.

Look it up on Finanstilsynet's website, which lists every firm allowed to operate in Denmark. A firm licensed elsewhere in the EU or EEA gets on that list once its home regulator has notified Finanstilsynet. A firm from outside the EU and EEA needs its own Danish permit.

Saxo is licensed in Denmark itself. The other 26 serve Danish clients from elsewhere in the EU.

Source: finanstilsynet.dk

Yes. A firm authorised under MiFID II in one EEA country can serve residents of the others once its home regulator has notified them. 26 of the 27 on this list reach Denmark that way, most from Cyprus (21), Ireland (2) and Latvia (1).

The home regulator supervises the firm and its compensation scheme applies, while Danish FSA can still set conduct rules for clients in Denmark.

If a broker fails, the compensation scheme of the regulator that licenses it applies, not one chosen by where you live. For this list: Garantiformuen (Finansiel Stabilitet): up to €20,000 per investor for securities for clients of Danish FSA-licensed investment firms (1 on this list); Investor Compensation Fund (Cyprus): 90% of covered claims, up to €20,000 for clients of CySEC-licensed investment firms (21 on this list); Investor Compensation Company (ICCL): 90% of the loss, up to €20,000 per investor for clients of CBI-licensed investment firms (2 on this list); Latvian investor protection (Latvijas Banka): up to €20,000 per investor for clients of Bank of Latvia-licensed investment firms (1 on this list). Compensation covers missing client money and assets after a firm's failure, never trading losses.

Sources: fs.dk, cysec.gov.cy, investorcompensation.ie, bank.lv