Swiss Financial Market Supervisory Authority (FINMA) Brokers 2024

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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.
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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.
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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.
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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
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
  2. 2
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

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
IG logo
$0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
Interactive Brokers logo
$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 AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • 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
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis

Cons

  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • 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

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 AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
  • While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
  • 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

  • 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.
  • 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.

Methodology

To list the top brokers regulated in Switzerland, we:

  • Used our library comprising 500 brokers to identify those professing to be regulated by FINMA
  • Ran their details through FINMA’s online register to check they were authorized
  • Ranked them by their rating, blending 100+ data points with the direct experiences of our experts

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.

author image
James Barra
Author

Checking Dukascopy is regulated on Swiss FINMA database

💡
You can also download a complete list of the around 280 banks and securities firms authorized by FINMA in XLS or PDF.

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:

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.

💡
You can report unauthorized trading platforms and scam brokers directly to FINMA.

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.

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