CFD Margins

Trading With Leverage

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. Please also note that it is possible that a loss may exceed the required margin when trading on leverage.

Margin requirements vary from instrument to instrument and can be changed at any time to reflect market conditions. Clients will be notified in advance where possible for larger re-ratings or changing of margin requirements for very popular instruments.

Margin requirements by CFD type and instrument are always listed under the CFD Trading Conditions on the trading platforms but can also be seen below.

Please note that Saxo Capital Markets reserves the right to increase margin requirements for large position sizes, including client portfolios which are considered to be of very high risk or where market conditions require such increases.

It is your responsibility to ensure that the required margin collateral, as listed in the Account Summary on the trading platforms, is maintained at all times. If the funds in your account fall below this margin, you will be subject to a margin call where you must either:

  • Reduce the size of the open margin positions and/or
  • Provide more funds (margin collateral) to the trading account.

When the required margin exceeds your margin collateral, you are at risk of a stop-out. In such a circumstance, Saxo Capital Markets is entitled to close ALL your margin positions on your behalf.

Index Tracker CFDs

Index-tracking CFD contract details (continuous)

Index Tracker Standard Margin
NORTH AMERICA
US 30 Wall Street
5%
US 500
5%
US Tech 100 NAS
5%
EUROPE, MIDDLE EAST & AFRICA
Belgium 20
5%
Denmark 20
20%
EU Stocks 50
5%
France 40
5%
Germany 30
5%
Germany Mid-Cap 50
5%
Germany Tech 30
5%
Italy 40
5%
Netherlands 25
5%
Norway 25
20%
Portugal 20
20%
South Africa 40
20%
Spain 35
5%
Sweden 30
5%
Switzerland 20
20%
UK 100
5%
UK Mid 250
5%
ASIA / PACIFIC
Australia 200
5%
Japan 225
5%
Hong Kong
5%

 Index-tracking CFD contract details (expiring)

Index Tracker Standard Margin
China 50
20%
India 50
20%
Singapore
20%
Taiwan
20%
US2000
20%

Single Stock CFDs

We have sorted our more than 8,800 online tradable CFDs in 8 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 only 10% margin.

Rating Margin requirement
1* 10%
2 20%
3 40%
4 80%
5 100%

*Leverage of 5:1 which is equivalent to 20% margin requirement and 10:1 (10% margin requirement) could also apply to some of the Stock Index Trackers and Single Stock CFD/ETF CFD. 

View individual Single Stock CFD margins

Commodity CFDs

Instrument Name Symbol Margin Requirement Leverage
METALS
Gold GOLD 20% 5:1
Silver SILVER 20% 5:1
Platinum PLATINUM 20% 5:1
Palladium PALLADIUM 20% 5:1
US Copper COPPERUS 20% 5:1
ENERGY
US Crude OILUS 20% 5:1
UK Crude OILUK 20% 5:1
Heating Oil HEATINGOIL 20% 5:1
Gasoline US GASOLINEUS 20% 5:1
Gas Oil GASOILUK 20% 5:1
US Natural Gas NATGAS 20% 5:1
CO2 Emissions EMISSIONS 20% 5:1
AGRICULTURE
Corn CORN 20% 5:1
Wheat WHEAT 20% 5:1
Soybeans SOYBEANS 20% 5:1
SOFTS
NY Sugar No. 11 SUGARNY 20% 5:1
NY Coffee COFFEE 20% 5:1
NY Cocoa COCOA 20% 5:1
MEATS
Live Cattle LIVECATTLE 20% 5:1

Forex CFDs

The leverage available for Forex CFDs is 5:1 which equals to 20% in margin.

Instrument Name Symbol Margin Requirement Leverage
CURRENCIES
Euro /
US Dollar
EURUSDEC 20% 5:1
Euro /
Japanese Yen
EURJPYRY 20% 5:1
Euro /
Swiss Franc
EURCHFRF 20% 5:1
Euro /
British Pound
EURGBPRP 20% 5:1
British Pound /
US Dollar
GBPUSDBP 20% 5:1
Australian Dollar /
US Dollar
AUDUSDAD 20% 5:1
USD Index USDINDEX 20% 5:1

ETF / ETC CFDs

See under 'Single Stock CFDs'.

Risk Warning

Trading risks are magnified by leverage – losses can exceed your deposits. Trade only after you have acknowledged and accepted the risks. You should carefully consider whether trading in leveraged products is appropriate for you based on your financial circumstances. Please consider our Risk Warning and General Business Terms before trading with us.

Intraday Margin

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.

Bond CFDs

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

CFDs Risk Warning

A CFD is categorised as a red product as it is considered an investment product with a high complexity and a high risk.


Saxo Capital Markets is required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red. Please refer to our "Product Risk Categorisation".

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