Commissions, Charges and Margin Schedule

We’re fully transparent about our charges, so you’ll always know how much it costs to trade and invest with us.

Interest on your main account is calculated on the Net Free Equity.

Interest on sub-accounts is calculated on the Account Value.

Since the Net Free Equity is calculated on open trade positions on all your accounts, it is important to make sure that sufficient cash is available on your main account.

Otherwise, you risk being subject to a debit interest on your main account exceeding the credit interest payable on your sub-account(s).

Your Net Free Equity is:

  • The cash balance of your main trading account
  • Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main trading account
  • Plus the market value of any FX Options on your main trading account
  • Minus any margin required for financing open positions on your main trading account and sub-accounts

Net Free Equity margin financing

The margin financing requirement may differ from the trading margin requirement. See the full list of cash collateral for margin financing used for Net Free Equity calculation here.

To avoid paying overdraft interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.

Account Value of your sub-account is:

  • The value dated cash balance of the account
  • Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on the account
  • Plus the market value of any FX Options on the account

The following interest rates will be applicable on funds deposited with Saxo Markets:

Net Free Equity above USD 15,000 (or equivalent) - Interest paid at the rate shown in the table below:

CLASSIC & PLATINUMVIP
The higher of market bid rates minus 3% and zeroThe higher of market bid rates minus 0.75% and zero

Positive Net Free Equity up to USD 15,000 (or equivalent) - No account interest

Negative Net Free Equity - Interest will be charged at market ask rates plus 8%, however never less than 8%.

On the main trading account, this threshold will be applied to the available net free equity and, in the case of sub-accounts to the cash balance. The negative interest will be calculated daily for the account credit balance exceeding the threshold and debited to the main trading accounts or sub-accounts at the end of each month for the interest period of the previous month.

Saxo Markets reserves the right to charge negative interest rates on our standard offering in relevant reference currencies. Such charges will apply to balances above the threshold currently indicated in the table below. The interest rates applied by the central banks are continuously monitored and if there is a change in rate, Saxo Markets will adjust its negative interest rates accordingly with effect from the start of the next month.

The rates charged are subject to change.

 Threshold  Negative interest rate (p.a.)
EUR
100,000–0.50%
CHF
100,0000.75%
DKK
750,0000.60%

 

The following interest rates apply to funds deposited with Saxo Markets:

  • For positive Net Free Equity interest will be the higher of market bid rates minus a markdown and zero. Interest will be paid on the full amount for all Account Values.
  • For negative Net Free Equity interest will be market ask rates plus a mark-up, however never less than the mark-up. Interest will be charged on the full amount for all Account Values

As of 1 March 2017, Saxo Markets will charge negative interest rates on our standard offering in relevant reference currencies. The charge will apply to balances above the threshold currently indicated in the table below.

On the main trading account, this threshold will be applied to the available net free equity and, in the case of sub-accounts to the cash balance. The negative interest will be calculated daily for the account credit balance exceeding the threshold and debited to the main trading accounts or sub-accounts at the end of each month for the interest period of the previous month.

The rates charged are subject to change.

The reference interest rates applied by the central banks are continuously monitored by Saxo Markets. If the reference rates changes, Saxo Markets will adjust its negative interest rates accordingly with effect from the first coming month.

ThresholdNegative interest rate (p.a.)
EUR100,000–0.50%
CHF100,000–0.75%
DKK750,000–0.60%

Interest will be calculated daily and settled monthly - within seven business days after the end of each calendar month.

The rate used for currency conversion - of trading costs as well as profits and losses from trading activities - of amounts booked to your account is based on the mid FX Spot rate at the applicable time, plus/minus the rates shown below. The rate is shown in the trading platforms under the "Trades Executed" or the "Historical Cash Transactions" report.

The Currency Conversion fee does not apply to margin collateral. Only settlement of actual payments to or from the trading account are included, for example, buying/selling cash Stocks, paying/receiving options premium etc.

CLASSICPLATINUMVIP
FX Options0.10%0.10%0.10%
Cash products0.75%0.60%0.45%
Margin products0.75%0.60%0.45%
Account transfers0.75%0.60%0.45%

Custody fees for stocks, ETFs/ETCs and bonds

For accounts with international stocks, ETFs/ETCs, and bond positions, a custody fee will apply. No custody fees on ASX shares and bonds.

CLASSICPLATINUMVIP
International stocks & bonds0.12 %0.12 %0.06 %

Overnight positions in Futures are subject to a carrying cost, calculated on the basis of the daily margin requirement and applied when a position is held overnight.

The funding rates used for calculating the carrying cost is based on the relevant Interbank-rate plus a mark-up.

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days). Please note that relevant benchmark rates are floored at 0%

CLASSICPLATINUMVIP
Futures - carrying cost1.50%0.50%0.00%

For clients on the Classic service level a fee of USD 50 – or the equivalent amount in the account currency – will be charged when client requests online reports to be delivered by email. This fee will also apply for third-party requests for reports from, for example, auditors.

Transfer in fee
Saxo does not charge any fees for incoming transfers of securities from your other brokerage accounts.

Transfer out fee
For transfers of securities to your brokerage account outside Saxo Markets, an exit fee will be charged. The fees are EUR 50 per ISIN (max EUR 160 per transfer request).

FX Rollover Procedure

The FX Spot market is used for immediate currency trades. The term “Spot” refers to the standard settlement convention of two business days after the trade date (known as T+2)1. For example, a EURUSD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties to satisfy the trade’s obligations. At Saxo, FX Spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day.2

The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the Financing of unrealised profit/loss (Financing Interest). Financing Interest is not affected by the revisions on 9 December 2019.

Tom/Next swap points (Forward Price)

The swap points used are calculated using market swap prices from tier 1 banks, plus/minus a mark-up3 of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position.4

Tom/Next swap points for Classic and Platinum accounts will be revised to the levels below, from 20 January 2020.

CLASSICPLATINUMVIP
Tom/Next Swap points+/-0.60%+/-0.50%+/-0.45%

1 The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).

2 The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZD, which rolls forward at 07.00 New Zealand Daylight Time.

3 An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.

4 Applicable to the default rollover methodology.

Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order.  Certain products that cannot be traded on the platform may be exempt.

You can request Forms 1042-S, however unless one or more of the conditions listed below are met, a EUR 1,000 handling fee per income year will apply:

  • You can provide proof that the IRS has requested a Form 1042-S from you.
  • Saxo Group applied the wrong relief-at-source US tax rate to your account.

If more than 10 forms are required per income year the fee will exceed EUR 1,000 per year.

A proxy voting service fee will be charged to clients who subscribe to Saxo Markets' meeting services. In addition, a per vote fee will be levied for every vote or change to a vote.

Description Cost
Service subscription
 EUR 30 p.a. excl. VAT
Vote/Changing a vote
 EUR 5 per vote excl. VAT

The Service subscription fee will be charged on a quarterly basis at the end of the quarter and is non-refundable. Clients opting in and out within the same quarter will be charged the full amount. When relevant, the service subscription fee will be converted to the applicable local currency and subject to a currency conversion charge. Note that the service subscription fee will first be charged at the end of Q4 2020, no service subscription fee will be charged for Q3 2020.

The per vote fee will be charged at the time of voting. When relevant, the per vote fee will be converted to the applicable local currency and subject to a currency conversion charge. The per vote fee will be incurred from 3 September 2020 and will first be charged at the end of Q4 2020. 

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Saxo Capital Markets (Australia) Pty Ltd ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide and Product Disclosure Statement to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as CFDs and Margin FX products may result in your losses surpassing your initial deposits. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation.

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