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Forex license in Switzerland: FINMA banking or securities-firm licence.
A forex license in Switzerland is a bank or securities-firm licence from the Swiss Financial Market Supervisory Authority (FINMA): Swiss law has no forex category. FINMA requires FX dealers domiciled in Switzerland to hold a banking licence, and a bank needs CHF 10 million of capital; a securities firm needs CHF 1.5 million. FinIA sets no decision deadline. We prepare the FINMA pre-filing from our Zug office.
Updated · Reviewed by the Prifinance team
Forex license in Switzerland: FINMA's line between a bank and a securities firm.
Switzerland has no licence for forex or CFD brokerage as such. A dealer that takes the other side of client trades is either a securities firm (Wertpapierhaus) under the Financial Institutions Act of 15 June 2018 (FinIA, Finanzinstitutsgesetz FINIG, SR 954.1), in force since 1 January 2020, or a bank under the Banking Act of 8 November 1934 (BankG). FinIA Art. 41 covers client dealers, who trade securities in their own name for clients, and market makers, who quote prices for individual securities publicly, continuously or on request. The capital floor sits in the Financial Institutions Ordinance (FINIV): CHF 1.5 million, fully paid in and kept at all times (Art. 69(1)). A bank needs CHF 10 million (Banking Ordinance, BankV Art. 15(1)). FINMA puts the currency point in one sentence: foreign exchange dealers domiciled in Switzerland must hold a banking licence. Because that threshold is high, FINMA adds, many FX dealers have ceased operating in Switzerland.
The securities-firm route is cheaper and narrower. FinIA Art. 44(1)(a) lets a securities firm keep client accounts for settling trades in securities (Effekten), and BankV Art. 5(3)(c) does not count those non-interest-bearing settlement balances as deposits. In 2017 FINMA said that exemption does not apply to forex-type dealing. Which licence a given CFD and FX book needs is therefore the first question we put to FINMA in the pre-filing, before any application is written. Retail rules are thin by EU standards: Swiss law has no leverage cap, close-out or negative balance protection, and FINMA Circular 2025/2 relies on disclosure instead, with CFD providers giving retail clients their loss and negative-balance ratios since 1 January 2025. The fee is a range. Under the FINMA Fees and Levies Ordinance (FINMA-GebV) a bank or securities-firm licence costs CHF 10,000-100,000, and a securities firm then pays a basic levy of CHF 10,000 a year plus a variable part.
FINMA licenses a CFD or FX dealer as a bank (CHF 10 million) or a securities firm (CHF 1.5 million), and it says FX dealers domiciled in Switzerland need a banking licence. No deadline in FinIA, no passport.
A securities firm may keep client accounts only to settle securities trades. Swiss law sets no leverage cap; Circular 2025/2 asks for disclosed loss ratios. Tax in Zug: around 12%.
CHF 10 million as a bank, or CHF 1.5 million as a securities firm.
FINMA grants both licences, under different statutes, and the FX side of the model decides between them. We put that question to FINMA in the pre-filing rather than guess: a securities firm may hold client accounts only to settle trades in securities, and FINMA has said the settlement-account exemption does not cover dealers whose activity is comparable to a forex trader's.
A bank at CHF 10 million, or a securities firm at CHF 1.5 million.
The bank: FX dealing with client accounts
FINMA expects a foreign exchange dealer domiciled in Switzerland to hold a banking licence. The bank needs CHF 10 million of fully paid-in capital under BankV Art. 15(1) and pays a basic levy of CHF 15,000 a year. Its licence also covers securities-firm business (FinIA Art. 6).
FINMA expects a foreign exchange dealer domiciled in Switzerland to hold a banking licence. The bank needs CHF 10 million of fully paid-in capital under BankV Art. 15(1) and pays a basic levy of CHF 15,000 a year. Its licence also covers securities-firm business (FinIA Art. 6).
- ✓CHF 10 million paid in - BankV Art. 15(1)
- ✓FX dealing with client balances
- ✓Covers securities-firm business - FinIA Art. 6
- ✓Licence fee CHF 10,000-100,000
- ✓Basic levy CHF 15,000 a year
- ✓No passport into the EU or EEA
The securities firm and its limits
A securities firm under FinIA Art. 41 deals for clients or makes markets, with CHF 1.5 million paid in (FINIV Art. 69(1)). It may keep client accounts only to settle trades in securities (Art. 44(1)(a)). FINMA has said the settlement-account exemption does not reach forex-type dealing, so the FX share of the book decides whether this route holds.
Client dealer or market maker at CHF 1.5 million; client accounts only for securities settlement, so FX balances may need a bank.
- ✓Client dealer or market maker - Art. 41
- ✓CHF 1.5 million - FINIV Art. 69(1)
- ✓Client accounts for securities settlement only
- ✓No client accounts: own funds a quarter of fixed costs
- ✓Basic levy CHF 10,000 a year
- ✓Route tested in the FINMA pre-filing
Costs and timelines are confirmed for your case before any work begins. FINMA sets its licence fee inside the CHF 10,000-100,000 range by the average time such a file takes and its importance (FINMA-GebV Art. 8(2)), bills the pre-filing assessment too, and ties the variable levy to balance-sheet total and securities turnover; we confirm the current figures with FINMA before quoting.
No leverage cap in Swiss law, and a regulator that reads the risk warnings.
Switzerland leaves CFD margin terms to the firm and checks what the firm tells its clients instead.
FINMA itself notes that the Financial Services Act (FinSA, FIDLEG) sets no initial-margin, margin close-out or negative balance protection for CFD providers, unlike EU law. Margin terms are the firm's own, and FINMA reads how they are disclosed when it reviews the application.Margin terms are the firm's own.
Under Circular 2025/2, in force since 1 January 2025, a CFD provider gives retail clients its current loss and additional-payment ratios, and may use the ESMA method: quarterly figures over a 12-month window. A firm without a track record may state that between 74% and 89% of retail accounts lose money on CFDs.Disclosed to retail clients since 2025.
FINMA charges CHF 10,000-100,000 for a bank or securities-firm licence and CHF 5,000-30,000 for a representative office. Its hourly rate runs CHF 100-500, and urgent work costs up to 50% more (FINMA-GebV Art. 8-9).CHF 10,000-100,000, levy from CHF 10,000.
FinSA splits clients into retail, professional and institutional (Art. 4). A retail client with CHF 500,000 and the knowledge, or with CHF 2 million, may opt out (Art. 5(2)) by a declaration in text form (Art. 5(8)), and the key information document is owed only to retail clients (Art. 58(1)).Opt-out from CHF 500,000 or CHF 2 million.
Zug's tax administration put the overall burden for Confederation, canton and commune at around 12% in its overview of December 2024. For 2026 the canton lowered its multiplier to 78%.Confederation, canton and commune together.
FINMA keeps illegal foreign FX dealers on its warning list and states that FX dealers domiciled in Switzerland need a banking licence. We price a plan that depends on FX client balances at bank level, CHF 10 million, until the pre-filing answer says otherwise.Swiss-domiciled FX dealers need a bank licence.
How Switzerland differs from other routes.
Liechtenstein, Luxembourg and the UK ask €750,000 or £750,000 of a dealer and cap retail CFDs at 30:1 on major currency pairs; Switzerland asks CHF 1.5 million of a securities firm or CHF 10 million of a bank, and sets no cap. Like the UK, it has no EU passport. Liechtenstein, which uses the Swiss franc, has one.
| Feature | Switzerland | Other jurisdictions |
|---|---|---|
| Dealer's capital | CHF 1.5M securities firm · CHF 10M bank | €750,000 Liechtenstein, Luxembourg · £750,000 UK |
| Licence fee | CHF 10,000-100,000 range | CHF 35,000 Liechtenstein · €50,000 Luxembourg |
| Retail leverage | No statutory cap · loss ratios disclosed | 30:1 on major pairs · UK, Liechtenstein, Luxembourg |
| Market access | No passport · FinIA Art. 15 notice for units abroad | EEA passport Liechtenstein, Luxembourg, Cyprus · none UK |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Switzerland | FINMA bank or securities firm | 8.5% federal · around 12% in Zug | CHF 1.5M or CHF 10M, no passport |
Liechtenstein | FMA Liechtenstein - WPFG Wertpapierfirma | 12.5% · minimum CHF 1,800 | €750k dealing, CHF 35,000 fee, EEA passport |
Luxembourg | CSSF investment firm - Art. 24-3 | 23.87% aggregate (city) | IFD tiers, €50,000 fee, 2 resident managers |
United Kingdom | FCA investment firm | 25% CIT · 19% small | MIFIDPRU tiers, CASS, PS19/18 |
Switzerland
Liechtenstein
Luxembourg
United KingdomForex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Forex license requirements in Switzerland: what FINMA checks.Switzerland forex license requirements.
FINMA wants to see the project before it sees an application, then reads the file against FinIA, FINIV and, for a bank, the BankG. The list follows the order in which FINMA meets the project.
Reflects FinIA, FinSA, the BankG and the GwG as in force on 1 October 2026, FINIV and BankV as amended to 1 January 2025, and FINMA's guideline on audit-firm confirmations updated 17 January 2025, as of October 2026.FinIA, FINIV, BankG and BankV, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawFinancial Institutions Act (FINIG, SR 954.1) - fedlexfedlex.admin.ch
- RegulatorFINMA - Authorisation requirements for securities firmsfinma.ch
- RegulatorFINMA - You have a problem with your online foreign exchange dealerfinma.ch
- FeesFINMA Fees and Levies Ordinance (FINMA-GebV, SR 956.122) - fedlexfedlex.admin.ch
- GuidanceFINMA - Circular 2025/2 conduct duties, explanatory report (CFD risk disclosure)finma.ch
From the FINMA pre-filing to the commercial register.
The FX and CFD book mapped against FinIA Art. 41 and 44 and BankV Art. 5, so the pre-filing puts the bank-or-securities-firm question to FINMA in writing.The FX question framed first.
The project presentation goes to FINMA, which decides whether to meet. Its initial regulatory assessment shows the obstacles on route, capital and file before drafting starts, and the assessment is charged.FINMA's first view on the route.
The AG is prepared but not yet registered, capital is paid in, and the managers, the board, the audit firms and the ombudsman office are lined up.Capital, managers, board, auditors.
The application goes in on FINMA's EHP platform. The review runs as a dialogue whose length FINMA ties to the quality and complexity of the file.EHP filing, then dialogue.
FINMA's ruling, then the commercial-register entry, the client documents and the first levy invoice, pro rata from the date of grant.Register entry, levy from the grant.
FINMA publishes no average processing time; in its words the duration depends on the quality and complexity of the application and on how quickly foreign supervisors reply. We plan for 12-18 months from the first pre-filing draft to the licence.
Run from our Zug office.

Business model, bodies and owners, origin of funds, organisation, group chart and timetable, written for FINMA in English or an official language and sent before any application.Project presentation for FINMA.
A Swiss company limited by shares, capital paid in at the level the route needs, two managers who actually run it from Switzerland and a separate board for a client dealer or market maker.Capital, managers, board.
Templates on FINMA's survey and application platform (EHP), filled in and taken through FINMA's questions, with the audit firm's confirmations prepared under FINMA's guideline as updated on 17 January 2025.Templates, audit confirmations.
Client documents carrying the loss and negative-balance ratios Circular 2025/2 expects, the ombudsman membership, the commercial-register entry after the grant and a levy budget from day one.Disclosure, ombudsman, register.






Taxation of forex brokers in Switzerland.
A broker in the city of Zug pays federal profit tax of 8.5% and, for 2026, cantonal and communal tax of 4.759% of net profit; taxes paid are deductible.
The Confederation taxes company profit at a proportional 8.5% under Art. 68 of the Federal Act on Direct Federal Tax (DBG). Losses carry forward for seven years, and dividends from participations get the participation deduction.DBG Art. 68.
In the city of Zug the cantonal and communal profit tax for 2026 is 4.759% of net profit, down from 4.943% in 2025. The simple rate of 3.5% has applied since 1 January 2020; the multipliers do the rest.Canton and commune, 2026.
The Zug tax administration's overview of 6 December 2024 gives around 12% as the effective burden of Confederation, canton and commune together. We model the exact figure on the broker's own profit.All levels, Zug figure.
Companies in Zug also pay the church communities' multipliers, 4.563% and 1.399% of the simple tax in the city of Zug, so the 2026 total is 135.962% of it. Capital tax comes out at 0.680 per mille.Part of the 135.962% total.
Dividends carry 35% withholding tax (Verrechnungssteuer). A Swiss company that books the income gets it back from the Federal Tax Administration (ESTV); for a parent abroad it is in principle a final charge unless a double tax treaty refunds part or all of it, claimed within three years after the end of the year in which the dividend fell due.Treaty refunds abroad.
Spot and forward turnover in securities and derivatives, brokerage included, is exempt under Art. 21(2) No. 19(e) of the VAT Act (MWSTG), as is turnover in foreign currencies under No. 19(d), with no option to tax. Custody work stays taxable at 8.1%.Dealing exempt, custody 8.1%.
*As of 2026 per the DBG, the ESTV, the Zug tax administration's 2026 multiplier table and the MWSTG. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Swiss company limited by shares (AG), AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Active across our channels.
Get your forex license in Switzerland with expert support.
Full-service assistance - from the bank-or-securities-firm question and the FINMA pre-filing to the AG, the EHP application and the ombudsman membership - run through our Zug office.
Get a consultation →Is Switzerland the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Founders' questions on FINMA, banks and CFDs.
Does a forex broker need a bank licence in Switzerland?+
For FX dealing, yes: FINMA states that foreign exchange dealers domiciled in Switzerland must hold a banking licence, and a bank needs CHF 10 million of capital (BankV Art. 15(1)). A CFD model may fit a securities firm at CHF 1.5 million instead; we put that question to FINMA in the pre-filing or as a preliminary enquiry.
What is a Swiss securities firm (Wertpapierhaus)?+
A FINMA-licensed firm under FinIA Art. 41 that trades securities in its own name for clients, trades short-term for its own account where that could endanger the market, or makes markets by quoting prices. It needs CHF 1.5 million of capital, and only a licensed firm may use the name Wertpapierhaus (Art. 13(2)).
Why does the FX side of a CFD book matter to FINMA?+
Because of client accounts. A securities firm may keep them only to settle trades in securities (FinIA Art. 44(1)(a)), and FINMA has said the settlement-account exemption does not cover forex-type dealing. Balances outside an exemption count as deposits, and taking more than 20 permanently, or advertising for them, needs a bank licence (BankV Art. 6(1)).
How long does a forex license in Switzerland take?+
FinIA sets no deadline, and FINMA publishes no average: it says the duration depends on the quality and complexity of the application and on replies from foreign supervisors. With the pre-filing first, we plan for 12-18 months end to end.
What does a forex license in Switzerland cost?+
FINMA's fee for a bank or securities-firm licence is CHF 10,000-100,000, plus a charge for the pre-filing assessment. Capital is CHF 1.5 million for a securities firm or CHF 10 million for a bank, and the basic levy CHF 10,000 or CHF 15,000 a year. The variable levy and our fees are confirmed in the quote.
Are there retail leverage limits for CFDs in Switzerland?+
No. Swiss law has no leverage cap and no initial-margin, close-out or negative balance protection, as FINMA itself notes. Since 1 January 2025 Circular 2025/2 has required CFD providers to give retail clients their loss and negative-balance ratios, and FINMA has found CFD risk disclosure often insufficient, licence applications included.
Can a Swiss licence passport into the EU?+
No. A FINMA licence carries no passport into the EU or the EEA. A Swiss firm notifies FINMA before it sets up a subsidiary, branch or representative office abroad (FinIA Art. 15), and access to clients there is a question for each host state.
Who has to run a Swiss securities firm?+
Managers working from Switzerland. FinIA Art. 10 requires the firm to be actually managed from Switzerland, by managers living where they can do so; FINIV Art. 66 adds a Swiss-domiciled representative on the board or management, at least two managers, and a separate board for client dealers and market makers.
Switzerland or Liechtenstein for a CFD broker?+
Liechtenstein, if EU clients matter: its WPFG licence is valid across the EEA, a dealer holds €750,000, the FMA charges CHF 35,000, and profit tax is 12.5%, but its 30:1 retail cap follows business from Liechtenstein. Switzerland gives no passport and sets no statutory cap, and a securities firm starts at CHF 1.5 million.
Why Prifinance for Switzerland?+
We put the bank-or-securities-firm question to FINMA in a pre-filing built around your FX and CFD book, then form the AG, find the two managers and the board, and file on EHP. The work runs through our Zug office, with the Zug tax model built alongside.
Bank licence?+
Yes for FX dealers, CHF 10 million.
Securities firm?+
FinIA Art. 41, CHF 1.5 million.
Why FX matters?+
Client accounts serve securities settlement only.
How long?+
No deadline; 12-18 months planned.
Cost?+
CHF 10,000-100,000 fee; levy from CHF 10,000.
Leverage cap?+
None; loss ratios disclosed.
Passport?+
None into the EU or EEA.
Management?+
From Switzerland, two managers.
Or Liechtenstein?+
Passport there; no statutory cap here.
Why you?+
Zug office, pre-filing first.
Founders who wanted it done right.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: whether your model is bank or securities-firm business in Switzerland, and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Swiss Financial Market Supervisory Authority (FINMA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.