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 Street
5%2.5%
US 500
5%2.5%
US Tech 100 NAS
5%2.5%
EUROPE, MIDDLE EAST & AFRICA
Belgium 20
10%5%
Denmark 20
10%5%
EU Stocks 50
8%4%
France 40
8%4%
Germany 30
8%4%
Germany Mid-Cap 50
10%5%
Germany Tech 30
10%5%
Italy 40
10%5%
Netherlands 25
10%5%
Norway 25
10%5%
Portugal 20
10%5%
South Africa 40
20%10%
Spain 35
10%5%
Sweden 30
10%5%
Switzerland 20
10%5%
UK 100
5%2.5%
UK Mid 250
10%5%
ASIA / PACIFIC
Australia 200
5%2.5%
Japan 225
5%2.5%
Hong Kong
10%5%

 Index-tracking CFD contract details (expiring)

Index TrackerInitial MarginMaintenance Margin
China 50
10%5%
India 50
10%5%
Singapore
10%5%
Taiwan
10%5%
US2000
10%5%

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.

Saxo RatingInitial MarginMaintenance Margin
120%10%
240%20%
360%30%
4100%80%
5110%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