Baruch said:
Wrong. All EU forex brokers are protected. Up to 40.000 euro. And Saxo Bank also has a Danish insurance protection for banks, so your money are safe.
The insurance protection Saxo Bank advertised at the time I had an account with it, and which was spelled out in my customer agreement, is created and run by the Danish government, not the EU. The protection applies, according to Saxo, to cash deposits. My educated guess is that it would not cover unrealized profits in existing forex positions, and it might not cover that part of a customer’s current balance used to margin existing forex positions. Thus, a customer with a gross account balance of, say, 15,000 USD 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.
Most importantly, insurance protection for cash deposits doesn't mean anything when Saxo jobs the customer's account, which is what happened in my case, and which is what I refer to in the post of mine that you quote. The insurance (limited as it may be) protects the customer only in the event of a Saxo bankruptcy. It has nothing to do with, and cannot prevent, dishonest dealing by Saxo against a customer's forex positions. You might want to address that matter and, if you can, comment on what I found out when I looked into myself, as follows:
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 writing and in the clearest 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 lack of integrity. They call into question everything else Saxo touts about itself.
amazing the things you turn up when you ask!......be good to monitor any progress if you'd be so kind to update (provided you crack on with them of course) 
