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Security Guidelines

Saxo Markets has a strong commitment to information security. In order to meet our own high level of security standards as well as those of the legal bodies regulating our business sector, Saxo Markets places strong emphasis on securing the trading platforms that our clients use. Even with the this diligent effort in place, it is important that you are aware of what you can do to maintain as well as increase the security of your own personal trading platform – your PC. 

2FA Risk Awareness Statement

What is 2FA?

2FA (also known as 2-factor authentication) is the verification of a user’s online identity using two distinct factors.

The current practice used by financial institutions in Singapore is to require clients to go through a 2-factor authentication process – (1) a Personal Identification Number (PIN), which is issued by the financial institution and (2) a One-Time Password (OTP), which is generated by a hardware token device or software token application, or sent via a Short Message Service (SMS) to the client. 

This is also the same practice adopted by Saxo Markets. When a Saxo Markets client who has elected to participate in 2FA wishes to access an online service provided by Saxo Markets, the client is required to enter the PIN and the OTP for authentication.

Saxo Markets has deployed Symantec’s 2FA soft token solution known as VeriSign® Identity Protection (VIP) Access. This software security token may be obtained free-of-charge via your preferred web store. Please note that, by electing the soft token solution, you are deemed to acknowledge that you may encounter occasional service downtime resulting in the delay or inability to log into your trading account. In such event, Saxo Markets shall be indemnified from any direct or indirect losses or liabilities resulting from your inability to access the third party-provided 2FA function.

Alternatively, a hardware token is also available. Please note that the cost of the hard token is to be fully borne by the client. If you would like to purchase a hard token, please contact your Account Manager for more information.

Clients who register for 2FA enjoy the added security layer when accessing their trading accounts online. The client’s unique security device (soft token), generates a one-time password (OTP) which will be requested upon each trading platform login. 

What is the purpose of 2FA?

The key objectives of 2FA are to protect the client’s online trading account and information from unauthorized access, and enhance the overall security of online trading systems. 

Saxo Markets takes a proactive role in protecting our clients. We have risk mitigating measures in place to protect your online trading account and information from unauthorized access. Should you require assistance, please contact Saxo Markets for more details. 

 Is 2FA compulsory for trading through Saxo Markets?

2FA is not compulsory for trading via Saxo Markets. Nonetheless, clients are strongly encouraged to use 2FA on their online trading accounts. Clients that elect to use 2FA for login will be required to provide both password and OTP to access the online trading services. Clients should exercise due care to safeguard their password and OTP, and not disclose them to other parties. 

For users of hardware tokens, any loss or theft of the token shall be reported to Saxo Markets immediately. The lost/stolen token will be disabled and the user will not be able to access his online trading account until such time when he completes the de-registration process and a new token is received. There is a fee for the token. Please contact Saxo Markets for more details. 

What if I choose not to use 2FA for trading through Saxo Markets?

In general, single-factor password authentication is more susceptible to password-based attacks and malware that could result in the compromise and hijacking of online trading accounts by unauthorized parties. This could in turn lead to unauthorized disclosure of your personal and trading information that may be available on the online trading account, or the carrying out of fraudulent trades through your online trading account. Choosing not to use 2FA for the online trading account would increase your exposure to these risks. 

How can I protect myself if I choose not to use 2FA for online trading through Saxo Markets?

You should observe the following practices to secure the confidentiality and integrity of your password and PIN (for funds transfer), security tokens, personal details and other confidential data as far as possible. These will help to prevent unauthorised transactions and fraudulent use of your accounts and make sure that no one else would be able to observe or steal your access credentials or other security information to impersonate them or obtain unauthorised access to your online accounts:

You should:

  1. Take the following precautions as regards your PIN and password (“credentials”); ◦ Credentials should be at least 8 characters of alphanumeric mix;
    • Credentials should be at least 8 characters of alphanumeric mix;
    • Credentials should not be based on guessable information such as user-id, personal telephone number, birthday or other personal information;
    • Credentials should be kept confidential and not be divulged to anyone;
    • Credentials should be memorised and not be recorded anywhere;
    • Credentials should be changed regularly or when there is any suspicion that it has been compromised or impaired; and
    • The same PIN should not be used for different websites, applications or services, particularly when they related to different entities,
  2. Not select the browser option for storing or retaining user name and password
  3. Check the authenticity of our website by comparing the URL and our name in its digital certificate or by observing the indicators provided by an extended validation certificate;
  4. Check that the website address changes from ‘http://’ to ‘https://’ and a security icon that looks like a lock or key appears when authentication and encryption is expected;
  5. Check your account information, balance and transactions frequently and report any discrepancy;
  6. Install anti-virus, anti-spyware and firewall software in your personal computers and mobile devices;
  7. Update operation system, virus and firewall products with security patches or newer versions on a regular basis;
  8. Remove file and printer sharing in computers, especially when they are connected to the internet;
  9. Make regular backup of critical data;
  10. Consider the use of encryption technology to protect highly sensitive or confidential information;
  11. Log off each and every online session;
  12. Clear browser cache after each and every online session;
  13. Not install software or run programs of unknown origin;
  14. Delete junk or chain emails;
  15. Not open email attachments from strangers;
  16. Not disclose personal, financial or credit card information to little-known or suspect websites;
  17. Not use a computer or a device which cannot be trusted; and
  18. Not use public or internet café computers to access online services or perform financial transactions.

How do I opt-in for 2FA?

To opt-in for 2FA, please contact your Account Manager. You will be notified via email upon activation of the service. The email will contain instructions on how to obtain the required 2FA token. 

Clients that elect to use 2FA for login will thereafter be required to provide both password and OTP (from the token) to access online trading services. Clients should exercise due care to safeguard their PIN and OTP, and not disclose them to other parties. 

Any loss or theft of tokens (software or hardware) should be reported to Saxo Markets immediately. 

Read more about Security Guidelines

Do you know who is calling?

Appearances are not always what they seem to be. You should always be somewhat skeptical if you are contacted by phone, mail or otherwise with unusual requests or offers that are too good to be true. Who can it be?

Unknowingly passing on confidential information to the wrong person can have dire consequences. Imagine giving your Saxo account details directly to a thief while believing that you are talking to a Saxo Markets employee. 

Social engineering is the act of manipulating a person to unknowingly divulge confidential information, e.g. by imposing as a trusted professional wanting to assist with a specific issue. A person performing social engineering will collect information about you leading you to believe they are to be trusted. 

By following the guidelines below, you will minimize the risk of being the victim of a social engineering attack: 

  • Never divulge confidential account details or similar information to anyone, neither verbally or in writing. You will never be asked to do so by a Saxo Markets employee.
  • Be skeptical of unusual calls by persons posing as Saxo Markets support staff or as a substitute for your regular advisor at Saxo Markets.

 Is your computer vulnerable to attack? 


The majority of attacks, whether these are by viruses or hackers, take advantage of software that has not been updated appropriately. Learn how you with a few clicks can make sure that you are not among the first to be hit.

A computer that is not updated with current software can provide easy access for a targeted attacker or virus outbreak. An attacker with full access to your computer can potentially perform transactions on your behalf. 

Hackers and creators of viruses exploit known vulnerabilities in software that is not up-to-date. Typically, an attacker will scan the Internet to detect systems displaying known vulnerabilities, drilling down on these subsequently. 

By following the guidelines below, you will have a system with a minimal level of vulnerability: 

  • Ensure that all software on your computer is up-to-date by using the computer’s update functionality. In particular your operating system and your browsers should be prioritized (MS Windows Update or Software Update on Mac OS).
  • Use antivirus software to protect against malware. Make certain to have the update functionality enabled. 
  • Enable the personal firewall on your computer

Is someone else trading in your name? 

It is a common human tendency to re-use passwords across different accounts (e.g. webmail, social networking site, as well as the Saxo Markets account). Learn why this is poses a serious threat and how you can make unique and secure passwords… If someone has access to your user account details, they will be able to perform transactions in your name. 

A common tendency is to reuse passwords on different sites in order to minimize the number of passwords that we have to remember. If you are reusing your Saxo password on less secure sites that are compromised by an attacker, the attacker will be able to gain access to your account and perform transactions in your name. 

By following the guidelines below, you minimize the risk of your password being stolen: 

  • Use different passwords on different sites. 
    • There exists a number of different password management tools to handle your passwords.
    • If you must reuse passwords, then create them in different complexity levels: complex passwords for net-banking and trading applications; less complex passwords for sites where the consequences of a compromise are lower. 
  • Make complex passwords consisting of a minimum of 8-10 alphanumeric characters as well as special characters. A simple technique for creating complex passwords is to make a sentence that you can remember and use the first letters of each word and vary the use of lower case and upper case characters. This may seem difficult at first glance but is actually relatively simple: 
    • I will make a great Profit with my Saxo Markets account: Iwm@gPwm$Cma
  • Change your complex passwords on banking sites at least every three months.

What's going on?

If you experience unusual occurrences on your computer or receive unexpected requests via phone or email relating to your Saxo Markets account, you should contact Saxo Markets immediately. Read why… 

Unusual occurrences on your computer can imply that your computer has been compromised and someone is misusing it, potentially for personal gain. 

Unusual or suspicious requests from persons claiming to be Saxo Markets staff or others can imply social engineering or fraudulent activity. 

Should you suspect any irregularities, please contact us immediately.

Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

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