FX pricing

Find details of our industry-leading FX spreads and low financing costs.

Execution prices

We have three pricing tiers. Pay less as you trade more.
Learn more about our account tiers

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InstrumentClassicPlatinumVIP
EUR USD2.11.81.6
GBP USD2.42.21.9
EUR JPY2.42.21.9
USD JPY2.01.81.6
AUD USD1.31.21.0
XAU USD33.030.027.0

Financing details

The FX Spot market is used for immediate currency trades. The term “Spot” refers to the standard settlement convention of two business days after the trade date (known as T+2) 1. For example, a EUR-USD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties to satisfy the trade’s obligations. At Saxo, FX Spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day2.

The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the Financing of unrealised profit/loss (Financing Interest).

1. Tom/Next swap points (Forward Price)
The swap points used are calculated using market swap prices from Tier-1 banks, plus/minus a mark-up corresponding to +/- 0.65%3 for classic clients, +/- 0.55%3 for platinum clients and +/- 0.45%3 for VIP clients of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position4.

2. Financing of unrealised profit/loss (Financing Interest)
Any unrealised profit/loss on positions that are rolled from one day to the next are subject to an interest credit or debit. The unrealised profit/loss is calculated as the difference between the opening price of a position (possibly corrected for previous Tom/Next rollovers) and the Spot price at the time that the rollover is performed.

The rate is calculated based on the daily market overnight interest rates plus/minus a mark-up corresponding to +/- 2.00%. The final rate is used to adjust the opening price of the position4.

Example: Buy 100,000 EURUSD Spot on Monday, Sell 100,000 EURUSD Spot on Tuesday.

DayValue DatePositionDescription
MonToday (“T”)+100,000» Trade to buy 100,000 EURUSD T+2 at 12.00 GMT

 

TueT+1-100,000» Trade to sell 100,000 EURUSD T+2 at 03.30 GMT
» Opening (buy) position rolled from T+2 to T+3 at 10.00 GMT5
» Unrealised profit/loss available in MyAccount from 10.00 GMT 6
» End-of-day files available from 10.00 GMT
WedT+2» Realised profit/loss available in MyAccount from 00.00 GMT
» Forex Rollover report available from 04.00 GMT

1 The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).

2 The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZD, which rolls forward at 07.00 New Zealand Daylight Time.

3 An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.

4 Applicable to the default rollover methodology.

5 From a Best Execution perspective, the market price for each currency is observed in the trading session with the best liquidity on average. This means that market prices in all currencies, except SGD, HKD, CNH, THB, are observed in the European session between 08.00 and 10.00 GMT. For SGD, HKD, CNH and THB, market prices are observed at 14.00 Hong Kong Time.

6 The opening price of the position is adjusted by the Forward Price and Financing Interest, at which time unrealised profit/loss is available to view in MyAccount.

Find more information about our general charges here.

In order to provide full transparency to clients, we publish the swap points used for the Tom/Next rollover once a day.

To review the historic swap points click here.

See all our prices

Get ultra-competitive spreads and commissions across all asset classes, and receive even better rates as your volume increases. 

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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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