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Risk Warning

Client Risk Warning

Saxo Markets provides access to a range of trading products, including complex derivative products that are traded on margin. Trading derivative products carries a high level of risk and is not suitable for all investors, as, due to leverage, there is the possibility of losing money rapidly and incurring losses that greatly exceed your investments.

Before trading complex derivative products such as CFDs and FX, you should consider whether you fully understand how they work and the risks involved, and seek independent advice if necessary.

Leverage Trading

When trading derivative products, the amount of initial margin required to open a position may be small, relative to the value of the derivative contract. Typically, the initial margin required is dependent upon the product but effectively this means that you trade the products using leverage.

With leverage trading of derivative products, a relatively small price movement in the underlying asset may result in proportionately larger profits or losses. If the market moves against your position(s) and/or the margin requirements are increased, you may be required to deposit additional funds at short notice in order to maintain your open margined position(s). If you do not provide additional funds or other acceptable collateral to satisfy the margin requirements, we are entitled to close your open margined position(s). Consequently, you shall be liable for any losses or deficit on the account as the result of the close-out. It is important to note that it is your responsibility to ensure that you continuously monitor your account at all times and that Saxo Markets is not obliged to provide you with any alert regarding failure to maintain margin in your account.

Market Risks

It is important that you understand that trading financial instruments on different markets has its own inherent risk. Some of such risks include:

Currency: If you transact in an instrument denominated in a currency other than your account currency, you will be subjected to currency fluctuation which may ultimately impact the profit and loss of the transaction.

Volatility: Movements in the price of the instruments can be volatile and unpredictable. 'Gapping' (a sudden shift in the price of the instrument up or down from one level to next, without trading at the prices in between) can occur and result in a significant loss.

Liquidity: Market conditions can change significantly in a very short time and this will impact the price, spreads and sizes that your order is executed.


Our insolvency or default, or that of any other brokers involved with your transaction, may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets which you lodged as collateral and you may have to accept any available payments in cash. On request, we must provide an explanation of the extent to which we will accept liability for any insolvency of, or default by, other firms involved with your transactions.

Non-readily realisable investments

We may arrange or enter into transactions in non-readily realisable investments. These are investments in which the market is limited or could become so. You may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be difficult to sell it at any price. Do not invest in such investments unless you have carefully thought about whether you can afford it and whether it is right for you.

Suspensions of trading

Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a stop-loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price.

Internet Trading Risks

There are risks associated with trading on an electronic internet-based deal execution trading system. If you undertake transactions electronically over the internet you will be exposed to risks associated with internet trading including, but not limited to, the failure of hardware, software and internet connection.

Extended Hours Trading

You should consider the following points before engaging in Extended Hours Trading in the US (United States) securities market. "Extended Hours Trading" means trading in (a) "Pre-Market Trading Hours" of between 7:00 a.m. and 9:30 a.m. Eastern Time; and (b) "After-Hours Trading Hours" of between 4:00 p.m. and 5:00 p.m. Eastern Time respectively. "Regular Hours Trading" means trading from 9:30 a.m. to 4:00 p.m. Eastern Time.

1. General Risks
  1. Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity during Extended Hours Trading compared to Regular Hours Trading. As a result, your order in Extended Hours Trading may only be partially executed, not executed at all, or may receive inferior pricing.
  2. Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility during Extended Hours Trading. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in Extended Hours Trading than you would during Regular Hours Trading.
  3. Risk of Changing Prices. The prices of securities traded during Extended Hours Trading may not reflect the prices in Regular Hours Trading. As a result, you may receive an inferior price when engaging in Extended Hours Trading than you would during Regular Hours Trading. Additionally, securities underlying the indexes or portfolios will not be regularly trading as they are during Regular Hours Trading or may not be trading at all. This may cause prices during Extended Hours Trading not reflecting the prices of those securities when they open for trading.
  4. Risk of Unlinked Markets. Depending on the Extended Hours Trading system or the time of day, the prices displayed on a particular Extended Hours Trading system may not reflect the prices in other concurrently operating Extended Hours Trading systems dealing in the same securities. Accordingly, you may receive a price in one Extended Hours Trading system that is inferior to the price you would receive in another Extended Hours Trading system.
  5. Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after Regular Hours Trading. Similarly, important financial information is frequently announced outside of Regular Hours Trading. In Extended Hours Trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
  6. Risk of Wider Spreads. The spread refers to the difference between the price at which a security can be purchased and the price at which it can be sold. Lower liquidity and higher volatility in Extended Hours Trading may result in wider than normal spreads for a particular security.
2. Order Handling
  1. Limit Orders. All existing limit orders placed with respect to eligible Instruments which have the ‘Extended Hours’ option enabled on the respective trade tickets will continue to be executed during Pre-Market Trading Hours or After-Hours Trading Hours sessions. Any residual unfilled limit orders existing after the session close of (1) Pre-Market Trading Hours will be rolled into the continuous session of Regular Hours Trading; (2) Regular Hours Trading will be rolled into the continuous session of After-Hours Trading; and (3) After-Hours Trading Hours will be rolled into the continuous session of Pre-Market Trading Hours, provided such limit order is not cancelled, expired, or as otherwise indicated by you.
  2. Stop Orders and Conditional Orders. Stop orders and Conditional orders will not be triggered by price updates received for Instruments available for and during Extended Hours Trading, and will only be triggered by price updates for such Instruments during Regular Hours Trading
  3. Corporate Actions. Certain Instruments affected by a corporate action event may not be allowed to trade during the Extended Hours Trading at our discretion unless all relevant orders and positions can be correctly handled.
3. Margin Requirement

Price updates received for Instruments available for and during Extended Hours Trading will impact the initial margin available but will not impact the maintenance margin available in your Account(s). However, your margin utilisation may still change during Extended Hours Trading due to trading activity in the Extended Hours Trading session, including trading in other Instruments or currency fluctuation. If your Margin Requirement is reached or breached during Extended Hours Trading, Saxo may not close any and all Contracts and Margin Positions for such Instruments until Regular Hours Trading but may close any other Instruments immediately that are in the regular trading session.

4. Account shield

Your Account shield will not be triggered by price updates received for Instruments available for and during Extended Hours Trading, and will only be triggered by price updates for such Instruments during Regular Hours Trading.

By participating in Extended Hours Trading, you expressly acknowledge and agree to the unique risks and rules of investing during Extended Hours Trading sessions. Saxo Markets may not be able to predict and describe all of the special trading risks that could arise in Extended Hours Trading. Therefore, you agree not to hold Saxo Markets responsible for any risks you undertake, whether described above or not, by participating in Extended Hours Trading sessions.

In the event of any inconsistency between this Risk Warning and Saxo Markets’ General Business Terms, the General Business Terms shall prevail.

Saxo Markets may notify you or make known on the Trading Platform of Instruments in respect of Extended Hours Trading to which we will not quote, the restrictions on the amount for which we will quote, or other conditions that may apply to our quote, but any such notification will not be binding on us.

You expressly acknowledge and agree that regardless of whether you engage in Extended Hours Trading, the price updates received for Instruments available for and during Extended Hours Trading will affect the initial margin available in your Account(s) and this may affect or reduce your ability to open new position(s) on any Instruments or withdraw funds. Further, you understand that Extended Hours Trading may not be appropriate for every investor and that you are solely responsible for implementing or adopting any investment decision or trading strategy.


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40 Bank Street, 26th floor
E14 5DA
United Kingdom

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Trade Responsibly
All trading carries risk. 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. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

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It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

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