CFD Margins

The value of your investments can go down as well as up.
Losses can exceed deposits on margin products. Please ensure you understand the risks.

Margin requirements by CFD type and individual instrument are listed under Trading Conditions on the trading platforms

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 margins are available on request on selected Index tracker CFDs (for example UK 100, France 40 and US 30 Wall Street). The intraday margin requirement allows you to trade on half the normal requirement for that market, and is applied during main trading hours. ​It’s important to manage open positions in advance of market cut-off times to avoid utilization above 100% - which would trigger an automated liquidation of all positions. For more details on intraday margin please contact us.

Please note that Saxo 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)


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


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.


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.

(1) Intraday Margin is available upon request. Please contact your Account Manager or Service Center.

(2) Trading hours are stated in the local hours of the underlying exchange. Please note that Intraday Margin will move to Standard Margin during a rolling window of 2 minutes after the close of the Intraday Session(s).

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 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. 

View individual Single Stock CFD margins

Instrument Name Symbol Margin Requirement Leverage

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

US Crude OILUS 5% 20:1
UK Crude OILUK 4% 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

Corn CORN 5% 20:1
Wheat WHEAT 5% 20:1
Soybeans SOYBEANS 5% 20:1

NY Sugar No. 11 SUGARNY 5% 20:1
NY Coffee COFFEE 5% 20:1
NY Cocoa COCOA 5% 20:1

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
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 deposits and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary. 

See our Risk Warning.

Trade Responsibly

Key Information Documents

All trading carries risk. To help you understanding 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.