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 & conditions

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

Minimum account sizes

$10,000 for a Classic Account
$100,000 for a Premium Account
$500,000 for a Platinum Account

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 value of Saxo Bank's margin requirements for open trade positions on all accounts.

Net Free Equity margin financing

Cash collateral for Net Free Equity margin financing 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 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.

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 main 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.

General adjustment to interest of Tom/Next Rollover and Overnight Financing rates after 01 of October 2014

Please be advised that Saxo Bank A/S will be performing a general rate adjustment of the below products, effective as of 1 October 2014.

Forex: Tom/Next Rollover:

  • Swap Points:
    The swap interest mark-up/down will increase by 0.1% on both legs of the open FX spot position.
  • Interest on unrealised Profit and Loss:
    The interest applied to unrealised profits or losses on each FX spot position will be subject to a minimum mark-up (losses) and mark-down (profits) of +/- 2.00% to the inter-bank interest rates.

CFD: Overnight Financing:

  • Stock Index Tracker CFDs:
    The mark-up to the inter-bank interest rate on long positions will decrease by 0.50%, while the mark-down on short positions will increase by 0.50%.
  • Single Stock CFDs
    The mark-up/down to the inter-bank interest rates will increase by 0.50% on both long and short positions respectively.
  • Netting of positions on both Single Stock and Index Tracker CFDs:
    CFD financing will be calculated on the gross position long and short, in every instrument, on every account.
Updated 12th August, 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

For all bond positions an annual custody fee applies (charged as a percentage of the market value):

 

​Currency of Bond ​Annual Custody Fee
EUR​ ​0.030%
​USD ​0.035%
​GBP ​0.025%
​NOK ​0.025%
​DKK ​0.025%
​CZK ​0.25%
​Other Currencies ​0.045%

 

The custody fee is charged quarterly (using the closing price on the last trading day of each quarter), or on exit from/sell of the bond position where the client will be subject to the fraction of the quarterly fee for which they have held the bond.

Inactivity fee

For Classic Accounts without any trading activity during a period of 6 consecutive months (180 days) an Inactivity fee of USD 100.00 or equivalent in the account currency will be charged.

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 28 February 2014
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