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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.

  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 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 TrackerInitial MarginMaintenance Margin

US 30 Wall Street2.50%2.00%
US 5002.50%2.00%
US Tech 100 NAS2.50%2.00%

Belgium 205.00%4.50%
Denmark 205.00%4.50%
EU Stocks 503.00%2.50%
France 403.00%2.50%
Germany 303.00%2.50%
Germany Mid-Cap 505.00%4.50%
Germany Tech 305.00%4.50%
Italy 405.00%4.50%
Netherlands 255.00%4.50%
Norway 255.00%4.50%
Portugal 2010.00%9.50%
South Africa 4010.00%9.50%
Spain 355.00%4.50%
Sweden 305.00%4.50%
Switzerland 205.00%4.50%
UK 1003.00%2.50%
UK Mid 2505.00%4.50%

Australia 2003.00%2.50%
Japan 2253.00%2.50%
Hong Kong5.00%4.50%

 Index-tracking CFD contract details (expiring)

Index TrackerInitial MarginMaintenance Margin
China 5010.00%9.00%
India 5010.00%9.00%

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.

RatingInitial MarginMaintenance Margin

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

View individual Single Stock CFD margins

Instrument NameSymbolInitial MarginMaintenance Margin


US CopperCOPPERUS4.00%3.50%


US CrudeOILUS5.00%4.50%
UK CrudeOILUK5.00%4.50%
Heating OilHEATINGOIL5.00%4.50%
Gasoline USGASOLINEUS5.00%4.50%
Gas OilGASOILUK5.00%4.50%
US Natural GasNATGAS10.00%9.00%
CO2 EmissionsEMISSIONS10.00%9.00%




NY Sugar No. 11SUGARNY8.00%7.50%
NY CoffeeCOFFEE8.00%7.50%
NY CocoaCOCOA8.00%7.50%


Live CattleLIVECATTLE5.00%4.50%
Product/InstrumentInitial MarginMaintenance Margin
German Government 5 year Bobl
German Government 2 year Schatz
German Government 2 year Schatz1.50%1.00%
German Government 10 year Bund1.50%1.00%
French Government 10 year OAT1.50%1.00%
Italian Government 10 year BTP2.00%1.50%

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

Instrument NameSymbolInitial MarginMaintenance Margin
Euro /
US Dollar
Euro /
Japanese Yen
Euro /
Swiss Franc
Euro /
British Pound
British Pound /
US Dollar
Australian Dollar /
US Dollar
USD IndexUSDINDEX1.50%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. 

Updated 30 July, 2018

Saxo Bank (Schweiz) AG
Beethovenstrasse 33


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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