This website can be accessed worldwide however the information on the website is related to Saxo Capital Markets South Africa (“SCMSA”) and is not specific to any other country. All clients will directly engage with SCMSA and all client agreements will be entered into with SCMSA and thus governed by South African Law.
Any fact, assessment, analysis, forecasts, opinion and other information (collectively “Information”) released by:
  • SCMSA; or
  • any director, officer, employee or representative hereof
whether provided on SCMSA’s websites, on third party websites, in marketing materials, newsletters, in individual e-mails and letters, in lectures, individual conversations or in any other form of written or verbal communication (collectively “Publications”) are provided for informational and/or marketing purposes only.
Unless specifically stated, no Publication of SCMSA should be construed as an offer (or solicitation of an offer) to:
  • buy or sell any currency, product or financial instrument;
  • make any investment; or
  • participate in any particular trading strategy;
(collectively “Offers”).
Notwithstanding anything to the contrary (not even if specifically stated), no Publication of SCMSA should be construed as an Offer in any jurisdiction in which such Offer would be illegal. Any such perceived Offer will not be honored by SCMSA.

No Representation, No Warranty


SCMSA uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an "as is" basis without representation or warranty of any kind (neither express nor implied) and SCMSA disclaims liability for any Publication not being complete, accurate, suitable and relevant for the recipient. Specifically, SCMSA disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for:
  • the accuracy of any market quotations;
  • any delay, inaccuracy, error, interruption or omission in providing market quotations; and
  • any discontinuance of market quotations.
The Publications of SCMSA are not updated after their release and may due to changing circumstances become inaccurate and possibly misleading after a period of time which may vary from seconds and minutes to days, weeks and months depending on the Information. SCMSA gives no guarantee against, and assumes no liability towards any recipient for, a Publication being outdated.
If a Publication becomes outdated SCMSA shall be under no obligation to;
  • update the Publication;
  • inform the recipients of a Publication; or
  • perform any other action.
Any Publication may be personal to the author and may not reflect the opinion of SCMSA. SCMSA reserves the right at its sole discretion to withdraw or amend any Publication or Information provided at any time without notice (prior or subsequent).

No recommendations


SCMSA does not in any of its Publications take into account any particular recipient’s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of SCMSA are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as:
  • business, financial, investment, hedging, legal, regulatory, tax or accounting advice;
  • a recommendation or trading idea; or
  • any other type of encouragement to act, invest or divest in a particular manner;
(collectively “Recommendations”).
SCMSA shall not be responsible for any loss arising from any investment based on a perceived Recommendation.
Notwithstanding anything to the contrary (not even if specifically stated), no Publication (including possible Recommendations) shall be construed as a representation or warranty (neither express nor implied) that the recipient will profit from trading in accordance with a trading strategy set forth in a Publication or that the recipient will not sustain losses from trading in accordance with a trading strategy set forth in a Publication. SCMSA shall only be liable (in accordance with the “Limitation of Liability” section below) if a possible Recommendation is not of a good professional standard.

Risk Warning


Trading in the products and services of SCMSA may, even if made in accordance with a Recommendation, result in losses as well as profits. In particular trading in leveraged products, such as but not limited to, foreign exchange, derivatives and commodities can be very speculative and losses and profits may fluctuate both violently and rapidly.

Speculative trading is not suitable for all investors.


Any mentioning, if any, in a Publication of the risks pertaining to a particular product or service may not and should neither be construed as a comprehensive disclosure nor full description of all risks pertaining to such product or service and SCMSA strongly encourages any recipient considering trading in its products and services to employ and continuously consult suitable financial advisors prior to the conclusion of any investment or transaction.

Local regulatory restrictions


SCMSA’s Publications may be accessed worldwide. The Information provided in such Publications is however only intended for use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. None of the products and services referred to in the Publications of SCMSA are available to recipients residing in countries where the provision of such products and services would constitute a violation of mandatory applicable legislation or regulations.
It is the sole responsibility of any recipient employing or requesting a product or service of SCMSA to comply with all applicable legislation or regulation.

Use of the website


Any use of SCMSA’s website is subject to SCMSA’s “Terms of Use”, as amended from time to time, available here at Terms of Use, and the “Copyright” provisions, as amended from time to time, available here at Copyright, both of which shall be construed as constituting an integrated part of this disclaimer.
SCMSA shall not be liable for any damage or injury arising out of any person’s or entity’s access to, or inability to access, the website of SCMSA. This limitation includes, but is not limited to, any damage to computer equipment and computer systems caused by virus, malware and any other harmful computer coding.
Consulting the website of SCMSA does not constitute a customer relationship and SCMSA shall not have any duty or incur any liability or responsibility towards any person or entity as a result of such person or entity consulting the website of SCMSA.

Client relationship


When applying for an account with SCMSA, each applicant will be subject to the relevant set of business terms. All applicants and clients are deemed to have read and understood the business terms and related policies applicable to them and their relationship with SCMSA.
Consulting a website or receiving a Publication of SCMSA does not constitute a customer relationship and SCMSA shall not have any duty or incur any liability or responsibility towards any person or entity as a result thereof.

Third party services


Persons or entities not belonging to SCMSA may advertise on the SCMSA website, through links, banners or otherwise. SCMSA shall not be held responsible or liable for the offerings, information or acts of any such third party. If a user of SCMSA’s website decides to act upon any such advertising, such user does so entirely at its own risk.

Limitation of Liability


If SCMSA at any time and for any reason, should become liable for the loss of any person and/or entity, including without limitation, if any provision of this disclaimer is, or at any time becomes to any extent or in any circumstances invalid, illegal or unenforceable for any reason, the liability of SCMSA shall be limited to such person’s and/or entity’s duly documented direct loss, which for the avoidance of doubt, and without limitation, shall not include damages for any incidental and consequential losses, damages for lost opportunity, damages for lost profit, statutory damages, nominal damages, punitive damages, restitutionary or disgorgement damages, damages for costs, including legal costs, and damages for any other indirect loss.

Conflict of interest


SCMSA may act as market maker in all products and services not traded on an exchange (i.e. OTC products such as foreign exchange and CFDs) and may therefore be the counterparty in any trade conducted by customers in these products.

Privacy and Use of Personal Data


When signing up for a demo or live account, SCMSA may, for administrative, commercial and/or legal purposes, require and store information about the user, including, but not limited to, name and address. Furthermore, SCMSA may require some financial information for credit assessment purposes, as well as users’ e-mail address to be able to mail the login information. Users’ e-mail addresses will not be passed on to third parties, but may be used by any entity of the Saxo Bank Group for the promotion of its products and services. Any user who does not wish to receive such marketing material can click here
SCMSA will treat personal data as confidential and will not pass on or use any personal data without valid legal grounds.
All personal data benefits from this full protection and will only be disclosed to third parties such as administrative or judicial authorities if SCMSA is compelled to do so pursuant to the applicable law, or if the registered has given its written consent to such disclosure. The registered may revoke such consent or modify its extent at any time.
Without prejudice to the above, SCMSA can disclose the following information:
  • General customer data, such as name, address and personal registration number, to companies carrying out administrative tasks for SCMSA.
  • General customer data about corporate customers to financial institutions subject to professional secrecy, for the purpose of marketing and advisory services.


If the data held about a registered of SCMSA proves inaccurate or outdated, SCMSA will correct the registered data immediately upon the request of the registered. The registered may also choose to modify its data on its own initiative by contacting SCMSA directly. Questions and concerns can be directed to SCMSA by e-mail at saam@saxomarkets.co.za or by telephone at +27 10 201 6300.



SCMSA is an authorised financial services provider and is regulated by the South African Financial Services Board, with FSP number 40983.


This disclaimer and any dispute arising from or in relation thereto, including disputes regarding its legality, validity, binding effect (including adoption) and enforceability, shall be settled by the South Gauteng Division of the High Court of South Africa in accordance with and subject exclusively to the laws of South Africa. However, SCMSA reserves the right to start legal proceedings wherever it deems fit, namely, but not exclusively, in places where the defendant possesses assets.

Saxo Capital Markets South Africa is an authorized Financial Services Provider and regulated by the Financial Services Board, registration number 40983. Registered address: The Place, 1 Sandton Drive, Sandown, Johannesburg, South Africa.  

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