CFD Margins
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.
Intraday margin on selected Index Tracker CFDs is available to clients on request. The intraday margin requirement is reduced compared to the normal margin requirement and is applied during intraday trading hours. For more details on intraday margin and intraday trading hours, see the section below. Margin requirements by CFD type and instrument are always listed under the CFD Trading Conditions on the trading platforms but can also be seen below.
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.
Intraday margin which is available on selected CFD Index Trackers increases flexibility during the trading day. The Intraday margin is phased out in the minutes following expiry of the intraday trading hours applicable to the respective instrument.
Example of Intraday Margin for Germany 30 (GER30.I)
The intraday trading hours can be found in the trading conditions section in the trading platforms. Please note that the intraday trading hours are subject to change and may be affected by early close of the underlying market due to holidays etc.
Intraday Margin is available upon request. Please contact your Account Manager or Service Center.
Index-tracking CFD margins (normal market conditions)
| Index Tracker | Standard Margin | Intraday Margin 1) | Intraday Session 2) |
|---|---|---|---|
| NORTH AMERICA | |||
| US 30 Wall Street | 2.5% | 1.25% | 09:00 - 15:53 |
| US 500 | 2.5% | 1.25% | 09:00 - 15:53 |
| US Tech 100 NAS | 2.5% | 1.25% | 09:00 - 15:53 |
| EUROPE, MIDDLE EAST & AFRICA | |||
| Belgium 20 | 5.0% | n.a. | |
| Denmark 20 | 5.0% | n.a. | |
| EU Stocks 50 | 3.0% | 1.5% | 09:00 - 17:28 |
| France 40 | 3.0% | 1.5% | 09:00 - 17:28 |
| Germany 30 | 3.0% | 1.5% | 09:00 - 17:28 |
| Germany Mid-Cap 50 | 5.0% | n.a. | |
| Germany Tech 30 | 5.0% | n.a. | |
| Italy 40 | 5.0% | n.a. | |
| Netherlands 25 | 3.0% | n.a. | |
| Norway 25 | 5.0% | n.a. | |
| Portugal 20 | 10.0% | n.a. | |
| South Africa 40 | 10.0% | n.a. | |
| Spain 35 | 5.0% | 2.5% | 09:00 - 17:28 |
| Sweden 30 | 5.0% | n.a. | |
| Switzerland 20 | 3.0% | 1.5% | 09:00 - 17:18 |
| UK 100 | 3.0% | 1.5% | 08:00 - 16:28 |
| UK Mid 250 | 5.0% | n.a. | |
| ASIA / PACIFIC | |||
| Australia 200 | 3.0% | n.a. | |
| Japan 225 | 3.0% | n.a. | |
| Hong Kong | 5.0% | n.a. | |
Index-tracking CFD contract details (expiring)
| Index Tracker | Standard Margin | Intraday Margin 1) | Intraday Session 2) |
|---|---|---|---|
| China 50 | 10.0% | n.a. | |
| India 50 | 10.0% | n.a. | |
| Singapore | 10.0% | n.a. | |
| Taiwan | 10.0% | n.a. | |
| US2000 | 5.0% | n.a. |
We have sorted our more than 8,800 online tradable CFDs in 5 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 | Margin requirement |
|---|---|
| 1 | 10% |
| 2 | 20% |
| 3 | 40% |
| 4 | 80% |
| 5 | 100% |
Find your local stock in the link below and see what Margin Rating it has.
| Instrument Name | Symbol | Margin Requirement | Leverage |
|---|---|---|---|
| METALS | |||
| Gold | GOLD | 4% | 25:1 |
| Silver | SILVER | 8% | 12.5:1 |
| Platinum | PLATINUM | 8% | 12.5:1 |
| Palladium | PALLADIUM | 8% | 12.5:1 |
| US Copper | COPPERUS | 4% | 25:1 |
| ENERGY | |||
| US Crude | OILUS | 5% | 20:1 |
| UK Crude | OILUK | 5% | 25:1 |
| Heating Oil | HEATINGOIL | 4% | 25:1 |
| Gasoline US | GASOLINEUS | 8% | 12.5:1 |
| Gas Oil | GASOILUK | 8% | 12.5:1 |
| US Natural Gas | NATGAS | 8% | 12.5:1 |
| CO2 Emissions | EMISSIONS | 8% | 12.5:1 |
| AGRICULTURE | |||
| Corn | CORN | 5% | 20:1 |
| Wheat | WHEAT | 5% | 20:1 |
| Soybeans | SOYBEANS | 5% | 20:1 |
| SOFTS | |||
| NY Sugar No. 11 | SUGARNY | 5% | 20:1 |
| NY Coffee | COFFEE | 5% | 20:1 |
| NY Cocoa | COCOA | 5% | 20:1 |
| MEATS | |||
| Live Cattle | LIVECATTLE | 5% | 20:1 |
| Leverage | Margin Requirement | Product/Instrument |
|---|---|---|
| 100:1 | 1% | German Government 5 year Bobl German Government 2 year Schatz |
| 100:1 | 1% | German Government 10 year Bund |
| 100:1 | 1% | French Government 10 year OAT |
| 50:1 | 2% | Italian Government 10 year BTP |
The leverage available for Forex CFDs is either 50:1 or 25:1 equal to 2% or 4% in margin.
| Instrument Name | Symbol | Margin Requirement | Leverage |
|---|---|---|---|
| CURRENCIES | |||
| Euro / US Dollar | EURUSDEC | 2% | 50:1 |
| Euro / Japanese Yen | EURJPYRY | 4% | 25:1 |
| Euro / Swiss Franc | EURCHFRF | 4% | 25:1 |
| Euro / British Pound | EURGBPRP | 2% | 50:1 |
| British Pound / US Dollar | GBPUSDBP | 2% | 50:1 |
| Australian Dollar / US Dollar | AUDUSDAD | 4% | 25:1 |
| USD Index | USDINDEX | 2% | 50:1 |
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.
