Saxo Bank, a Danish bank specialized in providing online trading services, said on Thursday it will no longer accept deposits via credit cards issued from Belgian banks, starting 1 October, 2016. The broker did not explain its move.
The broker requested from Belgian clients to use wire transfers instead for funding their accounts.
The news comes after last month, the Financial Services and Markets Authority (FSMA) of Belgium banned the online distribution of over-the-counter forex, contracts for difference (CFDs), and binary options among Belgian retail clients. The regulator said at the time that these types of trading instruments are extremely risky, often involving transactions over a very short period and without any connection to the real economy.
Saxo Bank accepts international debit Visa, Visa Electron, and MasterCard bank cards, as well as Maestro debit cards issued in the UK, Denmark-issued Visa Dankort cards, and France-issued Carte Bleue/CB bank. It also accepts bank cards issued in a number of other countries in Europe, Asia, Africa, the Americas, New Zealand and Australia. Saxo Bank supports cards issued in the following countries:
Saxo Bank holds a banking license from Denmark’s Financial Supervisory Authority (FSA) and acts as a brokerage firm and a market maker, offering trading in more than 30,000 instruments, including forex, binary options, contracts for difference (CFDs), stocks, futures, and bonds. It also offers traditional banking services through its unit Saxo Privatbank. The group works with retail and institutional clients alike via 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.