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CFD Margins (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.

To create a buffer between your trading capacity and the margin close-out level, which ESMA has standardised, we use two different margin requirements:

  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.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of margin collateral that must be held on account to maintain an open position(s).

Maintenance margin is used to calculate the margin utilisation.

Index-tracking CFD margins (normal market conditions)

Index TrackerInitial MarginMaintenance Margin
NORTH AMERICA
US 30 Wall Street5%2.5%
US 5005%2.5%
US Tech 100 NAS5%2.5%
EUROPE, MIDDLE EAST & AFRICA
Belgium 2010%5%
Denmark 2010%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%
ASIA / PACIFIC
Australia 2005%2.5%
Japan 2255%2.5%
Hong Kong10%5%

 Index-tracking CFD contract details (expiring)

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

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.

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 Single Stock CFD margins

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 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

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 Dollar
EURUSDEC3.33%1.66%
Euro /
Japanese Yen
EURJPYRY3.33%1.66%
Euro /
Swiss Franc
EURCHFRF3.33%1.66%
Euro /
British Pound
EURGBPRP3.33%1.66%
British Pound /
US Dollar
GBPUSDBP3.33%1.66%
Australian Dollar /
US Dollar
AUDUSDAD3.33%1.66%
USD IndexUSDINDEX20%10%

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