Title: NDFs available for Asian and Latin currencies
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​​​​​​Saxo now offers 11 NDFs (non-Deliverable Forwards) on Asian and Latin currencies, used to trade currencies with restrictive capital controls that are not accessible to spot markets from offshore traders.

NDFs are available for the following currencies:

USDCNYChinese Renminbi (Onshore Yuan)
USDIDRIndonesian Rupiah
USDINRIndian Rupee
USDKRWSouth Korean Won
USDPHPPhilippines Peso
USDTWDTaiwan Dollar
USDBRLBrazilian Real
USDCLPChilean Peso
USDCOPColombian Peso
USDPENPeruvian Nuevo Sol


Trade execution

NDFs are traded over the phone on an RFQ basis through Saxo's Trading Desks.

Requirements for trading NDFs

The minimum trade size for NDFs is USD 500,000 with a maximum open net position per currency capped at USD 5 - 50m.

NDFs are available to Premium Clients who are also required to sign an addendum to Saxo’s General Business Terms - contact your Account Manager if you are interested in trading NDFs.

Margin requirements

An initial 8% margin requirement for all currency pairs is required.​


An NDF may be suitable if you have a good understanding​ of Foreign Exchange markets and have a genuine commerical need to manage currency risk associated with a particular currency pair. It should not be used for trading or speculative purposes. This product is available for wholesale clients only.