Commissions, Charges and Margin Schedule
We’re fully transparent about our charges, so you’ll always know how much it costs to trade and invest with us.
The base currency of your account(s) is the currency denomination that you have selected for your main account when you opened an account with us.
You may be permitted, at our discretion, to open multiple accounts which can be denominated in the same or a different currency to that of your main account. If you have multiple accounts with us, you should consider the following:
- opposite positions of rolling spot forex in the same currency cross on the same account will effectively cancel each other out. However, opposite positions of rolling spot forex in the same currency cross across different accounts will not cancel each other and will be continuously rolled over until closed by you or us;
- if you operate multiple main accounts (as opposed to one main with one or more sub-accounts), you should note that any funds deposited on one main account will not be considered as margin collateral for another main account, unless we agreed otherwise in writing. Therefore, the margin requirements are applied severally on each main account. Consequently, a default resulting in a compulsory close-out of open margined positions in one main account could occur even though another main account has funds available for margin trading;
- Interest on your main account is calculated on the Net Free Equity and interest on your sub-accounts is calculated on the Account Value.
Net Free Equity
Net Free Equity is defined as:
- The cash balance of the main trading account
- Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main trading account
- Plus the market value of any FX Options on your main trading account
- Minus any margin required for financing open positions on your main trading account and sub-accounts
To avoid paying overdraft interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.
For the purpose of calculating Net Free Equity, the margin financing used in Net Free Equity calculations can be found in the platform.
Account Value of your sub-account is defined as:
- The cash balance of the account
- Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on the account
- Plus the market value of any FX Options on the account
Since the Net Free Equity is calculated on open positions on all your accounts, it is important to ensure you maintain sufficient cash balance in your main account. Otherwise, you risk being subject to debit interest charges on your main account exceeding the credit interest payable on your sub-account(s).
Account Interest Private Retail Clients
Your account will not be eligible for credit interest if the positive Net Free Equity and/or Account Value are equal to or less than USD 15,000 (or currency equivalent). For positive Net Free Equity and/or Account Value exceeding USD 15,000, credit interest is payable at the higher of market bid rates minus 3% and zero.
Your account will incur debit interest for negative Net Free Equity and/or Account Value at market ask rates plus 8%, however never less than 8%.
Any applicable credit or debit interest will be accrued daily and settled within seven business days following the end of each calendar month.
Account Interest Corporate Retail Clients
The following interest rates apply to funds deposited with SCML:
- For positive Net Free Equity interest will be the higher of market bid rates minus a markup and zero. Interest will be paid on the full amount for all Account Values.
- For negative Net Free Equity interest will be market ask rates plus a mark-up, however never less than the mark-up. Interest will be charged on the full amount for all Account Values
SCML will charge negative interest rates on our standard offering in relevant reference currencies. The charge will apply to balances above the threshold currently indicated in the table below.
On the main trading account, this threshold will be applied to the available Net Free Equity and, in the case of sub-accounts to the account value. The negative interest will be calculated daily for the account credit balance exceeding the threshold and debited to the main trading accounts or sub-accounts at the end of each month for the interest period of the previous month.
The rates charged are subject to change.
|NEGATIVE INTEREST RATES|
|Currency||Threshold||Negative Interest Rate (p.a.)|
Before you open a Margin Trade you are required to have sufficient funds or collateral in your account that is at least equal to the initial margin requirement as indicated on the relevant product trading rates and conditions page or displayed on the trading platform. The margin is usually a small percentage of the overall value of the contract.
Although the margin required is small in comparison to the overall value of the contract, price movement may result in the requirement to place additional funds at a short notice to maintain the position(s). You will need to satisfy the margin requirements and failure to do so may result in a compulsory close-out of the open margined position(s).
It is not just vital but also your responsibility to effectively manage and monitor your account at all times to ensure that it does not breach 100% margin utilisation. If your account breaches 100% margin utilisation, then automatic margin close-out will commence, and consequently positions will be closed and existing orders will be cancelled.
We charge GBP 25 (or currency equivalent based on base currency) per quarter if you only hold cash funds on your account. These fees will be applied during the first week of the following quarter month, as long as your account remains inactive and continues to hold funds.
The quarters are:
- Q1 – January, February, March
- Q2 – April, May, June
- Q3 – July, August, September
- Q4 – October, November, December
Please note that the platform fee cannot reduce your account balance below zero.
You will not incur the platform fee if you are being charged a custody fee.
A fee of 0.12% p.a. (classic/platinum accounts) or 0.08% (VIP accounts) is charged on accounts with open Bond, Stock and/or ETF/ETC positions, with a minimum monthly fee of EUR 10 (or account currency equivalent). Fees are calculated daily but debited on a monthly basis.
Please note that the fee can take your account’s cash balance into a negative that will be subject to the negative net free equity interest charge (please see Interest Rates clause).
Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order. Certain products which cannot be traded on the platform (such as market-made instruments on the LSE, offline bonds, and specific algorithmic orders) and must be executed with the help of the trading desk can still be done free of charge.
For transfers of Stocks to an account outside Saxo an exit fee will be charged. This fee will be EUR 50 per ISIN (max. EUR 160).
Where an instrument currency is different to the account currency, currency conversions of trading costs as well as profit/loss from trading activities are executed using the VX Spot mid-price at the time of closing the position plus or minus 1% (classic accounts), 0.5% (platinum accounts), or 0.3% (VIP accounts).
For cash products (stocks, bonds, ETFs and the premium on options) currency conversions are charged on the purchase and sale at the mid FX Spot rate, plus/minus 1%.
For derivative products excluding FX Options, currency conversions are charged on the profit and loss at the mid FX Spot rate, plus/minus 1%. For FX Options the rate is plus/minus 0.1%.
The Currency conversion fee does not apply to margin collateral. Only settlement of actual payments to or from the trading account are included, for example, buying/selling cash Stocks, paying/receiving options premium etc.
The rate used for currency conversion of amounts booked to your account is shown in the trading platforms under the “Trades Executed” report.
Positions held overnight in Listed Futures, CFD Futures, and short Listed Options will be subject to a carrying cost.
The carrying cost is calculated based on the daily margin requirement and applied when a position is held overnight. It is charged at the end of each month.
For Futures the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup at: 2.5% (classic accounts), 1.5% (platinum accounts), or 0% (VIP accounts).
For short Listed Options the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup at 1.5%.
Carrying Cost = Margin requirement * Days held * (Relevant Interbank rate + Markup) / (365 or 360 days)
Please note that relevant benchmark rates are floored at 0%.
Bought positions held overnight in long options positions (all maturities) will be subject to a holding fee. Holding fees will not be applied for the first 30 days. Holding fees will only apply after 30 days of holding a position.
The fee will be calculated daily based on the below schedule and charged monthly.
|Category||Interest rates||Foreign-exchange rates and Gold||Equities||Precious metals, except gold||Commodities, except precious metals|
|> 30 days holding the position||0.10||0.70||1.10||1.00||1.60|
Holding Fee per day = Nominal Value / 1,000,000 * Underlying Category Fee
You are able to access extensive account reporting tools from the trading platforms, including Account and Financial Statements, Portfolio Reports, and Trades Executed.
For Classic clients there is a fee of USD 50 when requesting online reports to be delivered by standard mail or email.
This fee will also apply for third-party requests for reports from, for example, auditors.
Small trade sizes will incur a minimum ticket fee of 10 USD. A small trade size is any trade below the commission threshold which for most currency pairs is 50,000 units of base currency, however variations occur. Full details on minimum commission thresholds can be found here.
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 EURUSD 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 +/- 0.75% (classic clients) or +/-0.45% (platinum/VIP clients) 3 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 +/-2.50% (classic clients) or +/- 2.00% (platinum/VIP clients). The final rate is used to adjust the opening price of the position3.
When you hold an Index or Single Stock (Single Stock and ETFs/ETCs) CFD position overnight your position will be subject to the following credit or debit:
- Long positions incur a financing markup of +3% (classic/platinum accounts) or +2% (VIP accounts).
- Short positions incur a financing markdown of -3% (classic/platinum accounts) or -2% (VIP accounts).
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