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FX Spot and FX Forward Outright Trading Conditions

 

For FX spot and FX forwards the trade tiles in Saxo’s trading platforms are colour-coded red (to sell) and blue (to buy) for all instruments where:

  • Prices are realtime

  • Market is open

Instruments are colour-coded grey where prices are not realtime, or the market is not open. Non-tradable instruments will have flat non-clickable tiles.

 

Derive the value of potential price improvements on every trade. Assume greater control of your trading, and achieve an optimal balance between fill ratio and price level through our fully customised orders.

Saxo offer a variety of orders, including Market, Limit and Stop orders. To learn more please see Orders and Execution Statistics.

To learn more about how Saxo executes orders on behalf of its clients, please refer to our Order Execution Policy.

 

Saxo provides access to a broad range of liquidity sourced from the largest financial institutions in the world. 

A price is associated with an amount (liquidity). Saxo receive a Bid amount associated with a Bid price and an Ask amount associated with an Ask price. Different prices are provided for different amounts, known as price bands, and these bands vary depending on the currency pair. Spread is tightest in the smallest band.

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 day. The rollover is made up of two components; the tom/next swap points (Forward Price) and the financing of unrealised profit/loss (Financing Interest). Read more about Financing.

There is a minimum commission (transaction fee) of 3 USD charged for the service of carrying out a transaction on small notional trade sizes.

Full details can be found here.

Trades cannot be executed below the minimum trade size. Full details can be found here.

Where the 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/minus 1% (classic accounts), 0.5% (platinum accounts) and 0.3% (VIP accounts).

Saxo is open for trading 24 hours a day, 6 days a week, opening on a Monday morning in Australia (05.04 Local Sydney Time) and closing on a Friday evening (16.59 Eastern Standard Time). However, some currencies have special trading hours as shown in the table below:

Currency crossTrading Hours
AED, SAR07:00 to 15:00 CET
ILS07:00 to 17:00 CET
RON08:15 to 17:00 CET
RUB07:00 GMT to 19:00 GMT*
THB17:04 EST to 15:30 CET
Precious metals (XAU, XAG, XPT**)18:01 to 16:59 EST

* In instances where no liquidity can be sourced in the market, these trading hours may be further reduced on a day-to-day basis

** Special dates and times for FX Metals apply on U.S. national holidays to reflect the trading hours of the underlying futures market

Please note, FX spot, forward and option prices stop streaming from 1 minute before the end of the trading day (17:00 Eastern Standard time) and remain non-tradeable (grey pricing) for 5 minutes. This is normal behavior. Saxo want you to recognise that liquidity can be thin during this brief interval and encourage you not to trade at this time. 

 

HolidayDateSpecial Trading Hours
Martin Luther King Jr.21-Jan-19Trading halt at 13:00 EST
Trading open at 18:00 EST
Presidents Day18-Feb-19Trading halt at 13:00 EST
Trading open at 18:00 EST
Good Friday19-Apr-19Closed
Memorial Day27-May-19Trading halt at 13:00 EST
Trading open at 18:00 EST
Independence Day04-Jul-19Trading halt at 13:00 EST
Trading open at 18:00 EST
Labor Day02-Sep-19Trading halt at 13:00 US EST
Trading open at 18:00 EST
Thanksgiving28-Nov-19

29-Nov-19
Trading halt at 13:00 EST
Trading open at 18:00 EST
Early close at 13:15 EST
Christmas24-Dec-19
25-Dec-19
Early close at 13:15 EST
Closed. Trading open at 18:00 EST
New Year's01-Jan-20Closed. Trading open at 18:00 EST

Please note: Saxo FX Metals Trading hours follow the CME Group holiday calendar which is available on the CME Group public website.

When netting open FX positions Saxo uses FIFO (First-In-First-Out) rules, which means that the first position that you open is the first position to be closed. This is provided that the positions are on the same account and that none of the positons have related orders attached.

Example: You are trading EURUSD and have opened the following positions:

1)Buy 1M EURUSD
2)Buy 1M EURUSD
3)Sell 1M EURUSD
4)Sell 2M EURUSD
TotalSell 1M EURUSD

The first long position 1) will net out with the first short position 3), the second long position 2) will net out with half of the second short position 4), leaving only one short position of 1M EURUSD at the end of the trading day.

The NOP Value (Net Open Position Value) is the sum of all single currency exposures converted into the base currency of the account.

If the NOP value exceeds the NOP limit, you will only be able to place orders that close positions or reduce the NOP value. The breakdown of single currency exposures and the NOP value is displayed in the SaxoTrader platforms in the ‘Account Exposure’.

FX Forward Outrights Trading Conditions


Full electronic access to trade FX forward outrights in 100+ currency pairs with maturities from 1 day to 12 months.

When the value date of an open forward outright position equals the current spot value date, it will be treated as a normal spot positon. From that point on, positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day. Read more about Financing.

Closed forward outright positions are netted out when the value date of the position equals the current spot value date i.e. the position is changing from a forward position to a spot position.

Saxo provides an executable price that is based on Saxo’s own liquidity, in addition to liquidity available on a DMA basis in the broader market.

Spreads vary depending on the currency pair and the desired trade amount.

Different spreads are provided for different trade size bands. The spread is tightest in the smallest band. Trade amounts above the largest bands prices will be routed to manual intervention. However typically, only a very small proportion of orders placed with Saxo require manual intervention. 

See a full overview of the spreads on all FX crosses.

Gold and Silver

At Saxo Capital Markets, you can trade Gold and Silver against a range of selected currencies using up to 50 times leverage with low margin requirements starting from 2% of the trade value. With Saxo Capital Markets, you can:

  • Trade Spot Gold & Silver against the US Dollar, Euro, Japanese Yen, Hong Kong Dollar and Australian Dollar on live prices via our award-winning online trading platforms
  • Trade Gold and Silver at spot or as an Option, Futures, CFDs, ETFs or ETCs
  • Leverage small price movements on the Gold & Silver Exchanges by up to 50 times both long and short

Competitive Spreads

All-inclusive spreads shown are target bid/ask spreads in normal market conditions. Under certain market conditions - such as over the release of key economic figures, during periods of volatile market conditions, and during the sometime illiquid European night time spreads may be wider and auto execution limits may be lowered or disabled. For certain categories of clients, the spreads may in general be wider by up to 2 pips. See all live and historic spreads to see the effect of these market events on FX pricing and to compare the difference between the All-inclusive and ECN style commission based pricing choices.

The spreads applicable to a client’s account will be displayed in the Saxo platforms. 

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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.

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

United Kingdom

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 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.

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