Saxo Bank implements new OpenAPI onboarding rules for introducing brokers
Saxo Bank, one of the world’s leading providers of online trading and investment solutions, has introduced major updates to its OpenAPI that will directly affect introducing brokers (IBs) using client onboarding endpoints.
- Chosen by 0+ local traders in the last 3 months.
- Traders earn on average 12% more per month vs other brokers.
According to Shares Brokers Reviews, these changes are part of the bank’s broader strategy to strengthen its risk management framework, improve data quality, and enhance compliance in the client acquisition process.
Key change: Expanded “Nature of Business” classification
The primary update concerns the “Nature of Business” (NOB) field. Saxo has expanded the list of available values and implemented a categorization system, assigning each NOB value to a specific category. From now on, both the NOB value and its category must be displayed to users during registration. This aims to increase transparency and improve the accuracy of client activity classification.
Changes to OpenAPI endpoints
The updates impact the following endpoints:
• POST cm/v1/signups
• GET cm/v1/signups/options (to be removed)
• GET cm/v2/signups/options (updated)
As of today, new logic and functionality are available, including:
• A NatureOfBusinessWithCategory property in the cm/v1/signups endpoint.
• Updated mapping logic in the cm/v2/signups/options endpoint.
Saxo Bank advises IBs to transition to the new structure as soon as possible to ensure a smooth changeover. Mandatory adoption begins December 1, 2025, after which the legacy cm/v1/signups/options endpoint will be removed.
Regulatory and operational benefits
These updates reflect Saxo’s commitment to improving operational risk control and meeting evolving regulatory standards. Clearer business classification in onboarding data will help IBs maintain efficient workflows and remain compliant.
The bank urges partners to implement the updates early to avoid disruptions and take advantage of a more transparent and secure onboarding process.
Read also: Saxo Bank introduces loyalty program with reward points
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