Forex Trading Conditions

FX Spot Trading Conditions

Trade Ticket colours

For FX Spot and FX Forwards the trade tiles in Saxo Bank’s trading platform 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.

For FX Options the trade tiles are colour-coded accordingly, to indicate the availability of the price quoted to you:

Green - live streaming prices are available for auto execution

Yellow - prices are available on an RFQ (request for quote) basis. A dealer will manually quote the client, which makes the prices green and therefore tradable

Purple - the market is closed (trading and RFQ not available) 

Order Driven Execution

Saxo Bank executes client trade requests on an Order Driven basis. This applies to all of Saxo Bank's extensive range of instruments, except for FX Options which trade on a Quote Driven Model (green pricing).

An Order Driven Model 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. Clients are provided with greater control over the way that their order is traded through user defined Price Tolerance, with the potential for benefiting from price improvement. An Order Driven Model may result in partial fills in the event that there is not enough liquidity available at the price and/or at the size requested. 

Price Tolerance defines the minimum price (when selling) or the maximum price (when buying) that the client is comfortable accepting. Tolerance can be specified either as a fixed price increment or as a percentage of the current market price. The default is set to 0.01% of the current market price for all currency pairs, but is configurable on an individual currency pair level.

Various order types can be can be used to enter or exit a position. See Order Execution.

Tom/Next Rollover

All open FX positions held overnight are subject to a debit or credit interest rate revaluation to reflect the position being rolled over to a new Value Date. The operation known as the Tom/Next Rollover is applied to spot positions held at 17:00 Eastern Standard Time (New York time) on any given trading day.
The ‘rollover’ is made up of two components, namely the tom/next swap points and financing of unrealised profits or losses. The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position. Read more about Tom/Next Rollover.

Minimum trade size

Below the threshold amount a minimum ticket fee of $10 is charged on the trade to cover administration costs. For most currency pairs the threshold amount is 5,000 units of the base currency, however variations occur. Precious metals can be traded as low as 1 ounce.

Trades cannot be executed below the Minimum Trade Sizes (except for closing an open position below the minimum trade size).

Forex Trading hours

Saxo Bank is open for Forex Trading from Monday morning 5:00 local Sydney time to Friday afternoon 17:00 Eastern Standard Time (New York time). Some currency crosses, however, have special trading hours as seen in the table below.

Currency cross Trading Hours
RON 08:15 to 17:00 CET
ILS 07:00 to 17:00 CET
SAR, AED 07:00 to 15:00 CET
HRK 07:00 to 15:00 GMT
RUB 07:00 GMT to 19:00 GMT*
Precious metals (XAU, XAG, XPD, XPT**) 18:00 to 17:00 EST

* In case no liquidity can be obtained in the market, these opening hours might be further reduced on a day-to-day basis.

** For all Metal crosses special opening hours apply on US national holidays to reflect the trading hours of the underlying futures market:

Special Dates and Times for FX Metals

Holiday Date Special Trading Hours
Martin Luther King Holiday 2016 18 January 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
President's Day 2016 15 February 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Good Friday 2016 25 March 2016 Closed
Memorial Day 2016 30 May 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Independence Day 2016 04 July 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Labor Day 2016 05 September 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Thanksgiving Day 2016 24 November 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Thanksgiving Day 2016 25 November 2016 Early close at 13:45 US ET
Christmas 2016 26 December 2016 Closed
New Year 2017 02 January 2017 Closed

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

Value Dates

Most FX spot positions have a value date of T+2. This means they settle two business days after the day of execution. There are some exceptions to this; USDTRY, USDRUB and USDCAD, which all have a value date of T+1. At Saxo Bank, FX spot positions do not settle. Instead, open positions held at the end of a trading day are rolled over to the new spot value date as described under 'Tom/Next rollover'.


When netting open FX positions, Saxo Bank uses FIFO rules, which means the first position you open is the first position to be closed.
Example: You are trading EURUSD opening the following positions:

1) Buy 1M EURUSD
2) Buy 1M EURUSD
3) Sell 1M EURUSD
4) Sell 2M EURUSD
Total Sell 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 day.

FX NOP Value

The FX NOP Value (Net Open Position Value) is the sum of all the short individual exposures for all currencies converted into the base currency of the account.

If your FX NOP value exceeds the FX NOP limit, you will only be able to place FX trades that close positions or reduce the FX NOP value. If you are in a breached status and attempt to trade over that limit an error message will inform you that the NOP limit has been breached.

The breakdown in single currency exposures used to calculate the FX NOP value, can be found under "Account"- "Account Exposure" in SaxoTrader.

Updated 15th November, 2016

FX Forward Outrights Trading Conditions

Customised Liquidity

With over 123 FX Forwards outrights traded at Saxo Bank, you benefit from liquidity available on all major currency pairs.

Choose your own value date

FX Forward Outrights are traded with a predefined future value date. You can select any value date (odd-date), not just standard tenors.


Closed Forward Outright position 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 to a spot.

When the value date on an open Forward Outright position equals the current spot value date, it will be subject to tom/next rollovers and will be treated as a normal spot position from that point onwards.

Updated 15th November, 2016

Forex Risk Warning

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

Danish banks are required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red.

Trade responsibly

Losses can exceed deposits on margin products. Please ensure you understand the risks.

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

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