Frege, The depositor and investor insurance protection Saxo Bank advertised at the time I had a forex account with it, and which was spelled out in my customer agreement, is created and run by the Danish government, not the EU. It applies, according to Saxo, to cash deposits. My educated guess is that it would not cover customer balances pledged for existing forex positions or to unrealized profits in existing positions. Thus, a customer with a gross account balance of, say, USD 15,000 would have only a piece, perhaps tiny, of his assets protected. That is certainly true if he trades actively. It also bears noting that a customer's cash deposit never is protected above the statutory protection limit, which is 300,000 DKK. And even that amount assumes the statutory Guarantee Fund which provides the protection is fully funded against (or otherwise fully able to meet) all contingent liabilities. Of course, too, as pointed out by others, protection for cash deposits doesn't mean very much when Saxo jobs the customer's account, which is what happened in my case. That raises another question of honesty, as follows, that you might want to address. When I encountered what I reasonably considered to be a serious problem with Saxo's handling of my forex orders, I contacted the Danish regulator that Saxo held out then, and still holds out now, as its regulator. That is the Danish Financial Supervisory Authority -- Finanstilsynet (in Danish) -- also referred to as the Danish FSA. My immediate interest was in finding out if any other Saxo customers had suffered the same trouble and, if so, what if any redress they had sought. The Danish FSA replied to me (in English and in the clearest possible way) that it could not provide me with any information about Saxo due to the confidentiality protection Saxo enjoys even against inquiries to Finanstilsynet from Saxo's own customers. How is that honest? How is it that Saxo holds itself out as regulated when in truth the so-called regulator is totally non-existent for all purposes for any Saxo customer? These serious questions imply a gross lack of integrity and call into question everything else Saxo touts about itself.
Now that's interesting - and I will follow that up. Thank you. Happy New Year everyone. Made it safely over the Atlantic and now busy catching up with the forum from my birth country. Prefer my adopted country's weather though Brrr...