FX Spot Trading Conditions​

Trade Ticket colours

The Trade Tickets in Saxo Bank's trading platforms are colour-coded 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).

Trade on Quotes

The primary method used to execute a trade on a Saxo Bank platform is to 'trade on quote'. "What you see is what you get".

When you click on a 'green' tradable price, you will be executed on that particular price, or in the rare event, not executed at all.

If the price moves too much - either up or down - from the time you place the trade, to the time when the request arrives at Saxo Bank, the trade request might be rejected. This goes for the scenario where the price has moved significantly against the client as well as movements significantly in favour of the client.

Other retail Forex brokers don’t have a concept of 'trade on quote'. When you trade on competitors' platforms and click on a buy or sell button, the trade request is converted into a Market order – meaning you can be slipped unlimited and do not know upfront which price you will get.

Trading FX with Saxo Bank on 'green' tradable prices gives transparent pricing as you know upfront which price you will be filled at. That is the price that will be displayed for you on the FX Trade Ticket prior to opening a trade.

Various order types can be used to enter or exit the market at certain price levels. 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).

Full details can be found here​

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​
Precious metals (XAU, XAG, XPD, XPT *​18:00 to 17:00 EST ​
RUB​​07:00 GMT to 19:00 GMT **​
​HRK​07:00 to 15:00 GMT

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

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

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 13:4​5 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 10th May, 2016

FX Forward Outrights Trading Conditions

Customized Liquidity

Trading 123 FX Forwards outrights with 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 value date in the future.

You are able to select your preferred value date up to a year ahead on more than 115 currency pairs traded as FX Forward Outrights. 

You can select any value date not just standardised 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 1st October, 2014

Product 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.

Forex is categorised as a red product as it is considered an investment product with a high complexity and a high risk. See also the 'Product Risk Categorisation' located under our General Business Terms.

General Business Terms