Commissions, Charges and Margin Schedule​

Product trading rates & conditions

See our Forex trading rates & conditions

See our Forex Options trading rates & conditions

See our CFD trading rates & conditions

See our Stock trading rates & condition​s

See our Futures trading rates & conditions

See our Contract Options trading rates & conditions

See our ETF, ETC & Online Funds trading rates & conditions

See our Bonds trading rates & conditions

Interest on funds deposited with Saxo Bank

Interest on your main account is calculated on the Net Free Equity.

Interest on sub-accounts is calculated on the Account Value.

Since the Net Free Equity is calculated on open trade positions on all your accounts, it is important to make sure that sufficient cash is available on your main account.
 
Otherwise, you risk being subject to a debit interest on your main account exceeding the credit interest payable on your sub-account(s).

Net Free Equity definition

Net Free Equity is defined as:

  • The value dated cash balance on the main trading account
  • Plus or minus the value of any unrealised profits or losses from open trade exposures in CFDs, Futures and short non-future style Contract Options on the main trading account
  • Minus the margin financing requirement for open positions on all accounts.

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, located here.

To avoid paying interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.

Trading margin

The trading margin requirement (leverage) described under each trading product is the minimum amount of collateral you must maintain on your account at all times. This collateral may be in the form of cash or stocks, ETFs and Bonds after applicable haircuts.

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Account Value definition

Account Value is defined as:

  • The cash balance on the individual sub-account
  • Plus or minus the value of any unrealised profits or losses from open trade exposures in CFDs, Futures and short non-future style Contract Options on the sub-account.

Account Interest (Retail)  

The following interest rates apply to funds deposited with Saxo Bank:

Net Free Equity above EUR 15,000 (or equivalent):

  • Interest paid on the full amount on the account is market bid rates minus 3%

Positive Net Free Equity up to EUR 15,000 (or equivalent):

  • No account interest

Negative Net Free Equity:

  • Interest will be charged at market ask rates plus 8%

Account Interest (Institutional)

The following interest rates apply to funds deposited with Saxo Bank:

  • For positive Net Free Equity interest will be paid at market bid rates minus a mark-up on the full amount for all Account Values
  • For negative Net Free Equity interest will be charged at market ask rates plus a mark-up on the full amount for all Account Values.

 

Interest Calculation and Settlement  

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

Updated 1st October, 2014​

Fees​

Currency conversion fee

Currency conversions of trading costs as well as profits and losses from trading activities are done using the mid-spread FX Spot rate when you close the position, plus/minus 0.5%. 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.

Custody fees

Custody fees for stocks, ETFs/ETCs and bonds

For accounts with stock, ETFs/ETCs or bond positions a custody fee of 0.12% p.a. with a monthly minimum fee of EUR 5.00 will apply.
The custody fee will be calculated daily using the end of day values and charged on a monthly basis.
Regional differences may apply.

​Custody fee p.a.Monthly minimum fee
Stocks & ETFs/ETCs​​0.12%​EUR 5.00
​Bonds​0.12%EUR 5.00

 

Value Added Tax (VAT)

Custody fee is a VAT liable service, so VAT will be applied on top of the custody fee:

Physical persons

  • residing within the EU, Danish VAT 25% will apply
  • residing outside of the EU, no VAT will be applied by Saxo Bank A/S

Corporate/Institutional client

  • having its place of business in Denmark, Danish VAT 25% will apply
  • having its place of business within the EU (except for Denmark), no VAT will be applied by Saxo Bank A/S if a valid EU VAT ID is provided.* A reverse charge invoice will be provided.
  • having its place of business within the EU (except for Denmark), Danish VAT 25% will be applied if a valid EU VAT ID is not provided.
  • having its place of business outside the EU, no VAT will be applied by Saxo Bank A/S, but local VAT rules may apply

*Only a EU VAT ID that is verifiable through the EU commission’s website:
http://ec.europa.eu/taxation_customs/vies/vatRequest.html?local=en will be registered as a valid EU VAT ID. If the EU VAT ID is not verifiable, please contact your local VAT authority.

Inactivity fee​

For clients on the Classic service level, an inactivity fee on the amount of USD 100.00 –or the equivalent amount in the account currency- will be charged where the client does not execute any trades on his/her account for a period of 6 consecutive months (180 days).​

Transfer out fee

For transfers of Stocks to your account outside Saxo Bank, an exit fee will be charged. The fees are as follows:

  • DK Stocks: 25 EUR per ISIN (max. 100 EUR)
  • Other Stocks: 50 EUR per ISIN (max. 160 EUR)

Updated 06 January 2015​

Disclaimer

Saxo Bank A/S and/or its affiliates and/or subsidiaries (hereinafter referred to as the “Saxo Bank Group”) do not take into account your financial situation and you should consult your financial advisor(s) in order to fully understand the risks involved prior to making any investment. Saxo Bank Group assume no liability for any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of Saxo Bank Group, third party, or otherwise.

The present disclaimer is furthermore subject to Saxo Bank Group's Full Disclaimer available here