Commissions, Charges and Margin Schedule

General charges and fees which could influence the overall cost to trade. We’re fully transparent about our charges, so you’ll always know how much it costs you in advance.

Interest on your main account is calculated on the Net Free Equity. Interest on sub-accounts is calculated on the Account Value.

Net Free Equity definition

Your Net Free Equity is:

  • The value dated cash balance of your main trading account, plus or minus cash balances on your sub-accounts in the same currency
  • Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main trading account and sub-accounts in the same currency
  • Plus the market value of any FX Options on your main trading account and sub-accounts in the same currency
  • Minus any margin required for financing open positions on your main trading account and sub-accounts regardless of sub-account currency

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.

Net Free Equity margin financing

The margin financing requirement may differ from the trading margin requirement. See the full list of cash collateral for margin financing used for Net Free Equity calculation under our General Business Terms.

As the Net Free Equity is calculated based on open trade positions across all your accounts, please ensure you have sufficient cash available on your main account currency. If you do not, you risk being subject to a debit interest in your main account currency.

Account Value definition

Account Value of your sub-account is:

  • The value dated cash balance of accounts in the same currency
  • Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on accounts in the same currency
  • Plus the market value of any FX Options on accounts in the same currency

Interest on accounts

Negative interest rates apply to clients holding cash in EUR, CHF or DKK balances above the thresholds listed below.

The threshold and interest will be applied to the available Net Free Equity in your main trading account, as well as the account value on subaccounts.

The following interest rates apply to funds deposited with Saxo

  • For positive Net Free Equity/Account Value, the interest rate will be the highest of either: the Saxo Bid interest rates minus the markdown or zero. Interest will be paid on the full amount if the Net Free Equity/Account Value is above the threshold.
  • For negative Net Free Equity/Account Value, the interest rate will be the Saxo Offer interest rate plus a markup, but never less than the markup. Interest will be charged on the full amount for all Account Values/Net Free Equity.

For deposits in currencies with negative interest rates:

Saxo charges negative interest based on relevant central bank rates. This charge applies to balances above the thresholds stated in the table below. The interest rates applied by central banks are continuously monitored by Saxo. If a rate is changed, Saxo will adjust its negative interest rates accordingly with effect from the start of the next month.

The thresholds, markdown and markup are*:

Positive Net Free Equity/Account value
(currencies with negative rates)
Threshold EUR 1,000,000100,00050,000
Threshold CHF 1,000,000100,00050,000
Threshold DKK7,500,000750,000375,000
Markdown to central bank rate0.00%–0.25%–0.50%

 Positive Net Free Equity / Account Value
(currencies with positive rates)
Net Free Equity / Account value above USD (or equivalent)50,000100,000250,000
Markdown to prevailing Saxo bid interest rate–1%–3%–3%

Negative Net Free Equity / Account ValueVIPPlatinumClassic
 Markup to prevailing market rate however never less that the markup6%7%8%

On your main trading account, this threshold will apply to the available Net Free Equity. For sub-accounts it will apply to the account value. Thresholds apply across accounts in the same currency. Negative interest will be calculated daily for the credit balances exceeding the threshold. This will be debited to the main trading account or sub-accounts at the end of each month, for the interest period of the previous month (value date is the last day of the previous month).

*Markdown and markup varies based on the country of client residence.

Interest Calculation and Settlement

Interest will be calculated daily and settled monthly – within seven business days of the end of each calendar month. Interest is calculated according to the day count conventions and market standard set out in the table under Benchmarks Rates.

In supporting your financial aspirations and trading objectives, we provide both funding and liquidity for your trading activities in margin products. Our financing rates apply when you hold an open position in a margin product overnight e.g., a Contract for Difference (CFD) on a single stock.

Your financing rates consist of two components: 1) Saxo Bid/Offer financing rates and 2) commercial product markup/down.

The financing rates are set as:

  • Bid = Saxo Bid financing rate - commercial product markdown
  • Offer = Saxo Offer financing rate + commercial product markup

Saxo Bid/Offer financing rates

Saxo Bid/Offer financing rates refers to our pricing on financing i.e., we are charging floating interest rates. We use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Offer financing rates. For currencies without a designated ARR, a money market rate, monetary policy rate or other relevant financial benchmark will apply as an input. 
Saxo Bid/Offer Financing Rates have a floor of zero percent, i.e. the interest rates can not be negative rates.

When you buy CFDs on single stocks e.g., in Hong Kong Dollars, we will convert our funding base into Hong Kong Dollars to finance the underlying purchase of the stocks. Conversely, if you are selling CFDs on a single stock e.g., in South African Rand, we will convert the proceeds from sale of the underlying stocks into our funding base currencies. These operations require active trading in various financial products in the interbank market to manage the liquidity cash flows generated by your trading activities.

ARRs have been developed by working groups consisting of national and international industry associations, market participants, as well as central and reserve banks. They are publicly available and are recognised by National Competent Authorities (NCAs), market participants, and national and international financial industry associations. For more information on the relevant financial benchmarks listed below, please consult the financial benchmark administrator, central or reserve bank.

The Saxo Bid/Offer financing rates are proprietary to Saxo Markets and subject to the provisions in our General Business Terms. One provision could be pass-through of cost related to external factors, such as changes in domestic and/or foreign monetary or credit policies that affect the general interest level or changes in cost structures with liquidity providers and brokers.

As a reference, see applicable Benchmark Rates in the section below.

Commercial product markups/downs

For more information on our general pricing, please consult the page Pricing Overview 

Interest calculation and settlement

Interest will be calculated daily and settled monthly – within seven business days of the end of each calendar month.

The benchmarks used when setting interest rates on deposits and financing rates on margin products are listed in the table below. Saxo reserves the right to apply a business lag to the publication of financial benchmarks when calculating and booking unrealised and realised interest.

Swipe left or right for more
CurrencyDay count conventionBenchmark rates
AEDACT/360Central Bank of United Arab Emirates (CBUAE) repo rate
AUDACT/365Australian Overnight Index Average (AONIA)
CADACT/365Canadian Overnight Repo Rate Average (CORRA)
CHFACT/360Swiss Average Rate Overnight (SARON) *)
CNHACT/360Chinese Offshore Yuan Hong Kong Interbank Offered Rate (CNH HIBOR)
CZKACT/360Czech Overnight Index Average (CZEONIA)
DKKACT/360Danmarks Nationalbank current-account rate
EURACT/360Euro Short-Term Rate (ESTR) **)
GBPACT/365Sterling Overnight Index Average (SONIA)
HKDACT/365Hong Kong Overnight Index Average (HONIA)
HUFACT/360Hungarian Overnight Index Average (HUFONIA)
ILSACT/360Bank of Israel (BoI) rate
JPYACT/360Tokyo Overnight Average Rate (TONAR)
MXNACT/360Overnight TIIE funding rate
NOKACT/360Norwegian Overnight Weighted Average (NOWA)
NZDACT/365Reserve Bank of New Zealand (RBNZ) Official Cash Rate (OCR)
PLNACT/360Poland Overnight Index Average (POLONIA)
RONACT/360National Bank of Romania deposit rate
RUBACT/360Ruble Overnight Index Average (RUONIA)
SARACT/360Central Bank of Saudi Arabia (SAMA) reverse repo rate
SEKACT/360Swedish Short-Term Rate (SWESTR)
SGDACT/365Singapore Overnight Rate Average (SORA)
THBACT/365Thai Overnight Rate (THOR)
TRYACT/360Turkish Lira Reference Rate (TLREF)
USDACT/360Secured Overnight Financing Rate (SOFR)
ZARACT/365South Africa Benchmark Overnight Rate (SABOR)

* For positive Net Free Equity or Account Value in Swiss Franc the applicable benchmark is Swiss National Bank (SNB) policy rate.

** For positive Net Free Equity or Account Value in Euros the applicable benchmark is European Central Bank (ECB) deposit facility rate.

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:

  1. 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;

  2. 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;

  3. Interest on your main account is calculated on the Net Free Equity and interest on your sub-accounts is calculated on the Account Value.

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 open Bond and Stock / 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 (or account currency equivalent) 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 of Saxo and exit fee will be charge. This fee will be EUR 50 per line of stock with max. EUR 160 fee or the currency account equivalent.

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 FX 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 * (Saxo Offer Financing Rate + Markup) / (365 or 360 days)

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 (or account currency equivalent) 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 (or account currency equivalent). 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 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 +/- 0.75% (classic clients) or +/- 0.45% (platinum clients)3 or +/- 0.45% (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 +/- 2.00%. 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 Positions module from 10.00 GMT 6
» End-of-day files available from 10.00 GMT
WedT+2» Realised profit/loss available in Positions module 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 Positions module.

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 up to +4.5%
  • Short positions incur a financing markdown of up to -5%.

The exact markup/down is dictated by the type of CFD traded (Index Tracker or Single Stock), and the stock market the underlying instrument is listed on. More information can be found on the CFD pricing page.

A proxy voting service fee will be charged to clients who subscribe to Saxo Markets’ meeting services, which enables voting in the event of corporate actions. In addition, a fee will be charged for every vote (including changes to a vote).

Description Cost
Service subscription
 EUR 30 p.a. plus VAT
Vote/Changing a vote
 EUR 5 per vote plus VAT

The Service subscription fee will be charged on a quarterly basis at the end of the quarter. Clients opting in and out within the same quarter will be charged the full amount. Note that the service subscription fee will first be charged at the end of Q4 2020; no service subscription fee will be charged for Q3 2020.

The per vote fee will be incurred from September 3rd, and initially debited from your account as a single collected amount at the end of Q4 2020. From 2021 the per vote fee will be charged in real-time at the time of voting.

When applicable, both fees will be converted to the relevant local currency and subject to a currency conversion charge.

Where a client fails to withdraw all assets and/or cash on an account after their termination date (specified by Saxo), an administration fee of GBP 40 (or account currency equivalent) may be charged per month for the continued servicing of the account.

This will be charged for as long as assets/cash continue to be held on the account. 

If the account’s cash balance is reduced to zero but positions remain open, under the General Business Terms, we may close open positions at the prevailing market rate to cover the fee.

We will notify clients if this fee is charged to their account.

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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.

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