CFD Margins (Clients, who are not EU Resident Retail Investors)
CFDs are traded on margin. This means that you are able to leverage your investment by opening positions of larger size than the funds you have to place as margin collateral. The margin is the amount reserved on your trading account to cover any potential losses from an open CFD position. It is possible that a loss may exceed the required margin. Margin requirements vary from instrument to instrument and can be changed at any time to reflect market conditions. For larger re-ratings or changing of margin requirements for very popular instruments clients will be notified in advance where possible.
Please note that Saxo Bank reserves the right to increase margin requirements for large position sizes, including client portfolios considered to be of very high risk.
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.
- 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.
- 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 an automatic close out of your margin positions may be commenced, also cancelling any open orders on margin products.
Read more about Initial and Maintenance margin here.
Index-tracking CFD margins (normal market conditions)
| Index Tracker | Initial Margin | Maintenance Margin |
|---|---|---|
NORTH AMERICA | ||
 US 30 Wall Street | 2.50% | 2.00% |
| US 500 | 2.50% | 2.00% |
| US Tech 100 NAS | 2.50% | 2.00% |
EUROPE, MIDDLE EAST & AFRICA | ||
 Belgium 20 | 5.00% | 4.50% |
 Denmark 20 | 5.00% | 4.50% |
 EU Stocks 50 | 3.00% | 2.50% |
 France 40 | 3.00% | 2.50% |
 Germany 30 | 3.00% | 2.50% |
| Germany Mid-Cap 50 | 5.00% | 4.50% |
| Germany Tech 30 | 5.00% | 4.50% |
 Italy 40 | 5.00% | 4.50% |
 Netherlands 25 | 5.00% | 4.50% |
 Norway 25 | 5.00% | 4.50% |
 Portugal 20 | 10.00% | 9.50% |
 South Africa 40 | 10.00% | 9.50% |
 Spain 35 | 5.00% | 4.50% |
 Sweden 30 | 5.00% | 4.50% |
 Switzerland 20 | 5.00% | 4.50% |
 UK 100 | 3.00% | 2.50% |
| UK Mid 250 | 5.00% | 4.50% |
ASIA / PACIFIC | ||
 Australia 200 | 3.00% | 2.50% |
 Japan 225 | 3.00% | 2.50% |
 Hong Kong | 5.00% | 4.50% |
Index-tracking CFD contract details (expiring)
| Index Tracker | Initial Margin | Maintenance Margin |
|---|---|---|
 China 50 | 10.00% | 9.00% |
 India 50 | 10.00% | 9.00% |
 Singapore | 10.00% | 9.00% |
 Taiwan | 10.00% | 9.00% |
| US2000 | 5.00% | 4.50%. |
We have sorted our more than 8,800 online tradable CFDs in 6 different margin groups. Which margin group a CFD falls into depends on the market capitalisation, liquidity and volatility of the underlying asset. The leverage available on Single Stock CFDs begin at 10:1 which corresponds to only 10% margin.
| Rating | Initial Margin | Maintenance Margin |
|---|---|---|
| 1 | 10.00% | 9.00% |
| 2 | 15.00% | 12.50% |
| 3 | 20.00% | 17.50% |
| 4 | 30.00% | 25.00% |
| 5 | 50.00% | 45.00% |
| 6 | 110.00% | 100.00% |
Find your local stock in the link below and see what Margin Rating it has.
| Instrument Name | Symbol | Initial Margin | Maintenance Margin |
|---|
METALS
| Gold | GOLD | 4.00% | 3.50% |
| Silver | SILVER | 5.00% | 4.50% |
| Platinum | PLATINUM | 8.00% | 7.50% |
| Palladium | PALLADIUM | 8.00% | 7.50% |
| US Copper | COPPERUS | 4.00% | 3.50% |
ENERGY
| US Crude | OILUS | 5.00% | 4.50% |
| UK Crude | OILUK | 5.00% | 4.50% |
| Heating Oil | HEATINGOIL | 5.00% | 4.50% |
| Gasoline US | GASOLINEUS | 5.00% | 4.50% |
| Gas Oil | GASOILUK | 5.00% | 4.50% |
| US Natural Gas | NATGAS | 10.00% | 9.00% |
| CO2 Emissions | EMISSIONS | 10.00% | 9.00% |
AGRICULTURE
| Corn | CORN | 5.00% | 4.50% |
| Wheat | WHEAT | 5.00% | 4.50% |
| Soybeans | SOYBEANS | 5.00% | 4.50% |
SOFTS
| NY Sugar No. 11 | SUGARNY | 8.00% | 7.50% |
| NY Coffee | COFFEE | 8.00% | 7.50% |
| NY Cocoa | COCOA | 8.00% | 7.50% |
MEATS
| Live Cattle | LIVECATTLE | 5.00% | 4.50% |
| Product/Instrument | Initial Margin | Maintenance Margin |
|---|---|---|
| German Government 5 year Bobl German Government 2 year Schatz | 1.50% | 1.00% |
| German Government 2 year Schatz | 1.50% | 1.00% |
| German Government 10 year Bund | 1.50% | 1.00% |
| French Government 10 year OAT | 1.50% | 1.00% |
| Italian Government 10 year BTP | 2.00% | 1.50% |
The leverage available for Forex CFDs is either 50:1 or 25:1 equal to 2% or 4% in margin.
| Instrument Name | Symbol | Initial Margin | Maintenance Margin |
|---|---|---|---|
| CURRENCIES | |||
| Euro / US Dollar | EURUSDEC | 2.00% | 1.50% |
| Euro / Japanese Yen | EURJPYRY | 4.00% | 3.50% |
| Euro / Swiss Franc | EURCHFRF | 4.00% | 3.50% |
| Euro / British Pound | EURGBPRP | 5.00% | 4.50% |
| British Pound / US Dollar | GBPUSDBP | 5.00% | 4.50% |
| Australian Dollar / US Dollar | AUDUSDAD | 4.00% | 3.50% |
| USD Index | USDINDEX | 1.50% | 1.00% |
See under 'Single Stock CFDs'.
Margin Trading carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.