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.

 

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.

See Live Historical Volume-based Discount Plan Spreads

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 of  USD 3 charged for the service of carrying out a transaction.

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 0.5%.

Saxo is open for trading 24 hours a day, 6 days a week, opening on a Monday morning in Australia (05.00 Local Sydney Time) and closing on a Friday evening (17.00 Eastern Standard Time). However, some currencies have special trading hours as shown in the table below:

Currency crossTrading Hours
RON08:15 to 17:00 CET
ILS07:00 to 17:00 CET
SAR, AED07:00 to 15:00 CET
RUB07:00 GMT to 19:00 GMT*
Precious metals (XAU, XAG, XPD, XPT**)18:00 to 17:00 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.15-Jan-18Trading halt at 13:00 EST
Trading open at 18:00 EST
Presidents Day19-Feb-18Trading halt at 13:00 EST
Trading open at 18:00 EST
Good Friday30-Mar-18Closed
Memorial Day28-May-18Trading halt at 13:00 EST
Trading open at 18:00 EST
Independence Day04-Jul-18Trading halt at 13:00 EST
Trading open at 18:00 EST
Labor Day03-Sep-18Trading halt at 13:00 US EST
Trading open at 18:00 EST
Thanksgiving22-Nov-18

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

risk-icon--red

Forex 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".