Quick answer
No. If you are a retail client in the UK, you cannot trade crypto derivatives—such as Contracts for Difference (CFDs), futures or options—through a UK‑regulated broker. Financial Conduct Authority (FCA) banned the sale, marketing and distribution of these products to retail consumers with effect from 6 January 2021.
Why the ban exists:
The FCA considers crypto derivatives inappropriate for most retail investors because of:
- Extreme volatility: Crypto asset prices can move rapidly and unpredictably, leading to sudden and significant losses.
- Valuation difficulty: Many crypto assets lack a reliable basis for valuation, making “fair value” difficult to assess.
- Market abuse and crime risk: The secondary market has a high incidence of market abuse and financial crime (for example, cyber theft and manipulation).
- Inadequate understanding: Many retail investors do not fully understand crypto assets or the additional risks of leveraged derivatives.
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Lack of protection: Losses on these products are not covered by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).
While crypto derivatives are off-limits to UK retail clients, you still have some options for investing in the crypto market:
- Buy the underlying asset: You can buy certain cryptocurrencies (for example, Bitcoin or Ethereum) through an FCA‑registered crypto asset exchange or custodian. These remain high risk and highly volatile. Saxo does not offer this service.
- Professional client status: The ban targets retail clients. If you meet strict criteria to be categorised as a professional client—typically including portfolio size, trading frequency and relevant experience—you may be able to access products not available to retail clients. Note that professional categorisation reduces regulatory protections and involves additional risks. Saxo can offer these accounts, Click on the link in the title
- Crypto exchange‑traded notes (cETNs): As of 8 October 2025, the FCA permits retail access to certain cryptoasset‑backed ETNs listed on UK‑recognised investment exchanges (for example, the London Stock Exchange). These products provide price exposure without directly holding the asset. They remain high risk and are classified as Restricted Mass Market Investments (RMMIs), which means you will see prominent risk warnings and may be subject to appropriateness and eligibility checks. Consider fees, tracking error and issuer credit risk before investing, and review the issuer’s documentation and risk factors carefully. Saxo offers these ETN's, Click on the link in the title.
Staying safe
- Check authorisation: Verify any firm’s permissions and registration on the FCA Register before opening an account or transferring funds.
- Be wary of promotions: Treat unsolicited offers and “too‑good‑to‑be‑true” claims with caution. Scams are common in the crypto space.
- Understand the risks: Only invest money you can afford to lose. Crypto markets are highly volatile and past performance is not a reliable indicator of future results.
Important information
- This article provides general information only and is not investment, legal or tax advice.
- Rules and regulatory guidance can change. Always refer to the FCA’s website for the latest position and product eligibility.
- FSCS and FOS protections do not apply to investment losses from market movements in crypto assets, derivatives or cETNs. Even in cases of firm failure, protections may be limited.