Margin information

Review our margin requirements and other information related to margin trading with Saxo

The margin requirement applicable to opening and maintaining a margin position consists of two elements:

  1. Initial margin: the amount of margin required to open a new position.
  2. Maintenance margin: the amount of margin required to maintain an open position.

A complete list of the margin requirement by currency pair can be viewed here as well as in the SaxoTraderGO and SaxoTraderPRO platforms, under Trading Conditions.

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

The initial and maintenance margin of a single stock CFD is based on the stock rating. Saxo defines 6 different stock ratings. This rating is derived from the market capitalization, liquidity and volatility of the underlying asset.

A stock with rating 1 has an initial margin of 20%. This means that this stock can be traded at 5:1 leverage.

Saxo RatingInitial MarginMaintenance Margin
120%10%
220%15%
325%20%
435%30%
555%50%
6110%100%

Find your local stock in the link below and see what Margin Rating it has.

View individual Stock CFD margins.

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

An Index CFD with an initial margin of 5% can be traded at 20:1 leverage.


Index CFDs margins (normal market conditions)

 Index TrackerInitial MarginMaintenance Margin
US 30 Wall Street5%2.5%
US 5005%2.5%
US Tech 100 NAS5%2.5%
Belgium 2010%5%
Denmark 2510%5%
EU Stocks 508%4%
France 408%4%
Germany 308%4%
Germany Mid-Cap 5010%5%
Germany Tech 3010%5%
Italy 4010%5%
Netherlands 2510%5%
Norway 2510%5%
Portugal 2010%5%
South Africa 4020%10%
Spain 3510%5%
Sweden 3010%5%
Switzerland 2010%5%
UK 1005%2.5%
UK Mid 25010%5%
Australia 2005%2.5%
Japan 2255%2.5%
Hong Kong10%5%

Index CFDs contract details (expiring)

Index TrackerInitial MarginMaintenance Margin
China 5010%5%
India 5010%5%
Singapore10%5%
Taiwan10%5%
US200010%5%

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

A Forex CFD with an initial margin of 3.3% can be traded at 25:1 leverage.

The leverage available for Forex CFDs is either 50:1 or 25:1 equal to 2% or 4% in margin.

Instrument NameSymbolInitial MarginMaintenance Margin
CURRENCIES
Euro / US DollarEURUSDEC3.33%1.66%
Euro / Japanese YenEURJPYRY3.33%1.66%
Euro / Swiss FrancEURCHFRF3.33%1.66%
Euro / British PoundEURGBPRP3.33%1.66%
British Pound / US DollarGBPUSDBP3.33%1.66%
Australian Dollar / US DollarAUDUSDAD5,00%2,50%
USD IndexUSDINDEX20%10%

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

A Commodity CFD with an initial margin of 10% can be traded at 10:1 leverage.

Instrument NameSymbolInitial MarginMaintenance Margin

METALS
GoldGOLD5%2.5%
SilverSILVER10%5%
PlatinumPLATINUM10%5%
PalladiumPALLADIUM10%5%
US CopperCOPPERUS10%5%


ENERGY
US CrudeOILUS10%5%
UK CrudeOILUK10%5%
Heating OilHEATINGOIL10%5%
Gasoline USGASOLINEUS10%5%
Gas OilGASOILUK10%5%
US Natural GasNATGAS10%5%
CO2 EmissionsEMISSIONS10%5%


AGRICULTURE
CornCORN10%5%
WheatWHEAT10%5%
SoybeansSOYBEANS10%5%


SOFTS
NY Sugar No. 11SUGARNY10%5%
NY CoffeeCOFFEE10%5%
NY CocoaCOCOA10%5%


MEATS
Live CattleLIVECATTLE10%5%

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

A Bond CFD with an initial margin of 10% can be traded at 10:1 leverage.

Initial MarginMaintenance MarginProduct/Instrument
20%10%German Government 5 year Bobl
German Government 2 year Schatz
20%10%German Government 10 year Bund
20%10%French Government 10 year OAT
20%10%Italian Government 10 year BTP

Collateral rates for margin trading

(EU residents: professional clients only. Outside EU: available for all clients including CH residents).

Saxo Bank Switzerland allows a percentage of the investment in certain Stocks and ETFs to be used as collateral for margin trading activities. The collateral value of a stock or ETF position depends on the rating of the individual stocks or ETFs – please see conversion table below.

Rating
1
2
3
4
5
6
Collateral value of position
75%
50%
50%
25%
0%
0%

Example: 75% of the value of a position in a Stock or ETF with Rating 1 can be used as collateral (instead of cash) to trade margin products such as Forex, CFDs, Futures and Options. Please note that Saxo Bank Switzerland reserves the right to decrease or remove the use of Stock or ETF investment as collateral for large position sizes, or stock portfolios considered to be of very high risk.

For a complete list of available stocks, ratings and collateral values, please click here.

For a complete list of available ETFs, ratings and collateral values, please click here.

Saxo Bank Switzerland allows a percentage of the investment in certain bonds to be used as collateral for margin trading activities.

The collateral value of a bond position depends on the rating of the individual bond, as outlined below:

Rating definition*Collateral percentage
Highest Rating (AAA)95%
Very High Quality (AA)90%
High Quality (A)80%

 

* as rated internally by Saxo Bank

Example: 80% of the market value of a bond position with an A rating can be used as collateral (instead of cash) to trade margin products such as Forex, CFDs or Futures and Options.

Please note that Saxo Bank reserves the right to decrease or remove the use of bond positions as collateral.

For further guidance or to request the rating and collateral treatment of a specific or potential bond position, please send an email to fixedincome@saxobank.com or contact your account executive.

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All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed here or within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

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