Commissions, charges and margin schedule
General charges and fees
When trading with Saxo, you usually receive interest on your cash balance. However, if you have open positions in margin products, those positions will affect the interest calculation.
Your interest rate depends on your account tier (Classic, Platinum or VIP). The interest is composed of the Saxo Bid/Ask rates and a markup or markdown. Information about the Saxo Bid/Ask rates is available here.
Interest on your main account is calculated based on your Net Free Equity (NFE), which is your Cash Balance plus/minus any NFE adjustments. If you have multiple sub-accounts in different currencies, the interest on those is based on the calculated adjusted account value for each sub-account. See definitions here.
How much interest could I earn?
Annual interest on
| Account tier | Annual interest | Interest rate |
|---|
Rates as of x.xx.xxxx The prices above are indicative and will vary according to the country of residency. A full overview of exact pricing is available through the platform trade tickets.
Your interest rate depends on your account tier (Classic, Platinum or VIP). The interest is composed of the Saxo Bid/Ask rates and a markup or markdown. Information about the Saxo Bid/Ask rates is available here.
| Interest rates | CLASSIC | PLATINUM | VIP |
| Positive NFE (credit)1) | Saxo Bid – 3% | Saxo Bid – 1.5% | Saxo Bid - 0.5% |
| Negative NFE (debit)2) | Saxo Ask + 8% | Saxo Ask + 7% | Saxo Ask + 6% |
1) Interest rates on positive Net Free Equity (NFE) are floored at 0%, i.e., you are not paying interest (debit) in case the markdown exceeds current Saxo Bid rates.
2) Saxo Ask rates are floored at 0%, i.e., the overdraft rate on Negative NFE will not be less than the markup rates.
Interest will be calculated daily and settled monthly, within seven business days of the end of each calendar month. Interest is calculated according to the day count conventions and market standard set out in the table under Saxo Bid/Ask Interest Rates.
Definitions and Calculations
Net Free Equity (NFE) = Cash balance1) +/- NFE Adjustments2)3)
1) The value-dated cash balance of your main trading account, plus or minus cash balances on your sub-accounts in the same currency
2) NFE Adjustments on your main account consist of:
a) Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main trading account and sub-accounts in the same currency
b) Plus the market value of any FX Options on your main trading account and sub-accounts in the same currency
c) Minus any margin required for financing open positions on your main trading account and sub-accounts regardless of sub-account currency
3) NFE Adjustments on your Sub-Accounts in currencies different from the Main Account consist of:
d) Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on accounts in the same currency
e) Plus the market value of any FX Options on accounts in the same currency
Margin requirement for Financing
Note that the margin financing requirement may differ from the trading margin requirement.
You can see the full list of cash collateral for margin financing used for Net Free Equity calculation under our General Business Terms.
Click here for the full list of cash collateral for margin financing used for Net Free Equity calculation.
As the Net Free Equity is calculated based on open trade positions across all your accounts, please ensure you have sufficient cash available on your main account currency. If you do not, you risk being subject to a debit interest in your main account currency.
In supporting your financial aspirations and trading objectives, we provide both funding and liquidity for your trading activities in margin products. Our financing rates apply when you hold an open position in a margin product overnight e.g., a Contract for Difference (CFD) on a single stock.
Your financing rates consist of two components: 1) Saxo Bid/Offer financing rates and 2) Product markup/down.
The financing rates are set as:
- Bid = Saxo Bid financing rate - product markdown
- Offer = Saxo Offer financing rate + product markup
Saxo Bid/Offer financing rates
Saxo Bid/Offer financing rates refers to our pricing on financing i.e., we are charging floating interest rates. We use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Offer financing rates. For currencies without a designated ARR, a money market rate, monetary policy rate or other relevant financial benchmark will apply as an input.
Saxo Bid/Offer Financing Rates have a floor of zero percent, i.e. the interest rates can not be negative rates.
When you buy CFDs on single stocks e.g., in Hong Kong Dollars, we will convert our funding base into Hong Kong Dollars to finance the underlying purchase of the stocks. Conversely, if you are selling CFDs on a single stock e.g., in South African Rand, we will convert the proceeds from sale of the underlying stocks into our funding base currencies. These operations require active trading in various financial products in the interbank market to manage the liquidity cash flows generated by your trading activities.
ARRs have been developed by working groups consisting of national and international industry associations, market participants, as well as central and reserve banks. They are publicly available and are recognised by National Competent Authorities (NCAs), market participants, and national and international financial industry associations. For more information on the relevant financial benchmarks listed below, please consult the financial benchmark administrator, central or reserve bank.
The Saxo Bid/Offer financing rates are proprietary to Saxo Markets and subject to the provisions in our General Business Terms. One provision could be pass-through of cost related to external factors, such as changes in domestic and/or foreign monetary or credit policies that affect the general interest level or changes in cost structures with liquidity providers and brokers.
As a reference, see applicable Benchmark Rates in the section below.
Product markups/downs
For more information on our general pricing, please consult the page Pricing Overview
Interest calculation and settlement
Interest will be calculated daily and settled monthly – within seven business days of the end of each calendar month.
The Saxo Bid/Ask rates are proprietary to Saxo Markets and subject to the provisions in the General Business Terms. One such provisions could be pass-through of cost related to external factors, such as changes in domestic and/or foreign monetary or credit policies that affect the general interest level or changes in cost structures with liquidity providers and brokers.
We generally use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Ask rates. For certain currencies, a money market rate, monetary policy rate or other relevant financial benchmark may apply as an input instead.
The benchmarks used when setting interest rates on deposits and financing rates on margin products are listed in the table below. Saxo Markets reserves the right to apply a business lag to the publication of financial benchmarks when calculating and booking unrealised and realised interest.
| Currency | Day count convention | Benchmark rates |
|---|---|---|
| AED | ACT/360 | Central Bank of United Arab Emirates (CBUAE) repo rate |
| AUD | ACT/365 | Australian Overnight Index Average (AONIA) |
| CAD | ACT/365 | Canadian Overnight Repo Rate Average (CORRA) |
| CHF | ACT/360 | Swiss Average Rate Overnight (SARON) |
| CNH | ACT/360 | CNH China InterBank Repo |
| CZK | ACT/360 | Czech Overnight Index Average (CZEONIA) |
| DKK | ACT/360 | Denmark Short-Term Rate (DESTR) or Current-account rate |
| EUR | ACT/360 | Euro Short-Term Rate (ESTR) |
| GBP | ACT/365 | Sterling Overnight Index Average (SONIA) |
| HKD | ACT/365 | HKD Overnight Deposit rate |
| HUF | ACT/360 | Hungarian Overnight Index Average (HUFONIA) |
| ILS | ACT/360 | Bank of Israel (BoI) rate |
| JPY | ACT/360 | Tokyo Overnight Average Rate (TONAR) |
| MXN | ACT/360 | Overnight TIIE funding rate |
| NOK | ACT/360 | Norwegian Overnight Weighted Average (NOWA) |
| NZD | ACT/365 | Reserve Bank of New Zealand (RBNZ) Official Cash Rate (OCR) |
| PLN | ACT/360 | Poland Overnight Index Average (POLONIA) |
| RON | ACT/360 | National Bank of Romania deposit rate |
| RUB | ACT/360 | Ruble Overnight Index Average (RUONIA) |
| SAR | ACT/360 | Central Bank of Saudi Arabia (SAMA) reverse repo rate |
| SEK | ACT/360 | Swedish Short-Term Rate (SWESTR) |
| SGD | ACT/365 | Singapore Overnight Rate Average (SORA) |
| THB | ACT/365 | Thai Overnight Rate (THOR) |
| TRY | ACT/360 | Turkish Lira Reference Rate (TLREF) |
| USD | ACT/360 | Secured Overnight Financing Rate (SOFR) |
| ZAR | ACT/365 | South Africa Benchmark Overnight Rate (SABOR) |
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).
When you trade an instrument in a currency that differs from your base denomination, conversions—including trading profits/losses—are executed using the FX spot mid-price, based on the time you close your position plus/minus 0.25 percent. We charge no more than plus/minus 0.25 percent in currency conversion fees.
If you transfer cash between your sub accounts, the same currency conversion fee applies.
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 or paying/receiving options premiums.
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 stocks, ETFs/ETCs and bonds
For accounts with international stocks, ETFs/ETCs, and bond positions, a custody fee will apply. No custody fees on ASX shares and bonds.
| CLASSIC | PLATINUM | VIP | |
| International stocks & bonds | 0.12 % | 0.12 % | 0.06 % |
We do not charge an inactivity fee.
For clients on the Classic service level a fee of USD 50 – or the equivalent amount in the account currency – will be charged when client requests online reports to be delivered by email. This fee will also apply for third-party requests for reports from, for example, auditors.
Transfer in fee
Saxo does not charge any fees for incoming transfers of securities from your other brokerage accounts.
Transfer out fee
For transfers of securities to your brokerage account outside Saxo Markets, an exit fee will be charged. The fees are AUD 50 per ISIN (max AUD 200).
FX Rollover Procedure
The FX Spot market is used for immediate currency trades. The term “Spot” refers to the standard settlement convention of two business days after the trade date (known as T+2)1. For example, a EURUSD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties to satisfy the trade’s obligations. 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.2
The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the Financing of unrealised profit/loss (Financing Interest). Financing Interest is not affected by the revisions on 9 December 2019.
Tom/Next swap points (Forward Price)
The swap points used are calculated using market swap prices from tier 1 banks, plus/minus a mark-up3 of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position.4
Tom/Next swap points for Classic and Platinum accounts will be revised to the levels below, from 20 January 2020.
| CLASSIC | PLATINUM | VIP | |
| Tom/Next Swap points | +/-0.60% | +/-0.50% | +/-0.45% |
1 The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).
2 The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZD, which rolls forward at 07.00 New Zealand Daylight Time.
3 An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.
4 Applicable to the default rollover methodology.
Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order. Certain products that cannot be traded on the platform may be exempt.
You can request Forms 1042-S, however unless one or more of the conditions listed below are met, a EUR 1,000 handling fee per income year will apply:
- You can provide proof that the IRS has requested a Form 1042-S from you.
- Saxo Group applied the wrong relief-at-source US tax rate to your account.
If more than 10 forms are required per income year the fee will exceed EUR 1,000 per year.
A proxy voting service fee will be charged to clients who subscribe to Saxo Markets' meeting services. In addition, a per vote fee will be levied for every vote or change to a vote.
| Description | Cost |
|---|---|
| Service subscription | EUR 30 p.a. excl. VAT |
| Vote/Changing a vote | EUR 5 per vote excl. VAT |
The Service subscription fee will be charged on a quarterly basis at the end of the quarter and is non-refundable. Clients opting in and out within the same quarter will be charged the full amount. When relevant, the service subscription fee will be converted to the applicable local currency and subject to a currency conversion charge. Note that the service subscription fee will first be charged at the end of Q4 2020, no service subscription fee will be charged for Q3 2020.
The per vote fee will be charged at the time of voting. When relevant, the per vote fee will be converted to the applicable local currency and subject to a currency conversion charge. The per vote fee will be incurred from 3 September 2020 and will first be charged at the end of Q4 2020.
Saxo endeavours to provide as many instruments as possible to suit your trading strategy. New instruments can be requested if it is not currently available on Saxo’s platform. Saxo charges a fee for adding an instrument on the platform, to cover operational, connection and set-up costs.
If instrument is not available on the Saxo platform, you can place a request for the instrument to be added to the platform, please refer to the help portal, shall contain Instrument type (e.g. CFD, Stock), Name of the company, ISIN Code, Exchange and any necessary information.
Please note that a fee of USD 200 (or equivalent value in the account currency) will apply to Classic and Platinum clients for each new instrument added. VIP clients may request new instruments free of charge. The fee will be charged only when the requested instrument(s) is successfully implemented.
To check your current account tier, login to the platform, go to the ‘Account’ section and select the ‘Saxo Rewards’ tab.
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