Why choose Saxo Bank
Saxo Bank is a prime choice for those who take their trading seriously, as it offers perhaps the highest-quality trading platform in the industry. I don’t think I’ve seen any other platform that is so sleek and sophisticated yet easy to use. Forex traders can benefit from reasonable fees and a huge currency pair selection, but long-term investors should be mindful of Saxo Bank’s custody fees.
- Great trading platform
- Outstanding research
- Broad product portfolio
- Interest paid on uninvested cash
Fees
- Low stock/ETF fees
- Low FX fees
- No withdrawal fee
We compared Saxo Bank's fees with two similar brokers we selected, Swissquote and Interactive Brokers. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Saxo Bank alternatives.
Low stock and ETF commission
Saxo Bank US stock fees are about half of the industry average. US stock fees are calculated as follows: 0.08% of trade value with $1 min, but using VIP pricing the commission can be as low as 0.03% of trade value with $1 min
Broker | US stock |
---|---|
Saxo Bank | $1.6 |
Swissquote | $20.0 |
Interactive Brokers | $1.0 |
Low FX fees
All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 0.8.
Broker | EURUSD spread | FX commission per lot |
---|---|---|
Saxo Bank | 0.8 | No commission is charged |
Swissquote | 1.6 | No commission is charged |
Interactive Brokers | 0.2 | Trade value less than $1 billion: 0.2 bps * trade value; min. $2 |
High options commission
Saxo Bank US stock index options fees are much higher than the industry average. US stock index options fees are calculated as follows: $2 per contract, but using VIP pricing it can be $0.75 per contract
Broker | US stock index options |
---|---|
Saxo Bank | $20.0 |
Swissquote | $19.9 |
Interactive Brokers | $6.5 |
Unlike most brokers, Saxo Bank charges a fee for positions held overnight.
The funding rate used for calculating the carrying cost is based on the Saxo Offer Financing Rate, plus a markup (350 bps for Classic accounts).
High custody fee, low withdrawal fee
The broker charges no account or withdrawal fees, but there is a an inactivity fee that is low.
Broker | Custody fee | Withdrawal fee |
---|---|---|
Saxo Bank | $0 | |
Swissquote | $10 | |
Interactive Brokers | $0 |
The inactivity fee depends on your residency:
- In CEE, there is no inactivity fee for Classic clients with assets under management (AUM) of more than €10,000, and for Platinum and VIP clients.
- Otherwise the inactivity fee is €120.
If you hold stocks, ETFs or bonds in your account, you'll be charged a custody fee. However, you can avoid this fee if you enable stock lending program (Saxo can lend out your shares and they split 50/50 the profit). The custody fee is charged as below:
- For Classic accounts, this is an annual 0.15% of open positions with a minimum of €5/month. Fees are calculated daily but debited on a monthly basis.
- For Platinum and VIP accounts, the custody fee is 0.12% and 0.09%, respectively, with a minimum of €5/month. The custody fee is a Value Added Tax (VAT) liable service, so VAT is levied on top of the custody fee. For investors residing within the EU, the Danish VAT rate of 25% applies, while for investors residing outside the EU, there is no VAT.
You may also be charged for currency conversion if you trade assets that are denominated in a different currency than your account currency. The currency conversion rate is calculated as the mid-FX spot rate +/-1%. Platinum and VIP customers are charged a lower markup (+/-0.75% and +/-0.50%, respectively.)
Other commissions and fees
Low mutual fund commission: trading mutual funds involves the following charges - Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading..
High futures fees: US index futures fees are as follows - $3 per contract, but using VIP pricing it can be as low as $1 per contract.
Low bond commission: US treasury bonds come with the following charges - 0.2% of trade value with €20 min, but with VIP pricing it can be as low as 0.05% of trade value and min €20.
Broker | Mutual fund | US micro e-mini stock index futures |
---|---|---|
Saxo Bank | $0.0 | $30.0 |
Swissquote | $9.0 | $19.9 |
Interactive Brokers | $15.0 | $2.5 |
Safety
- Majority of clients belong to a top-tier financial authority
- Banking background
- Negative balance protection for EU (+some MENA) customers
Deposit and withdrawal
- Free withdrawal
- No deposit fee
- Credit/Debit card available (except in CEE countries)
Account opening
- Fully digital
- User-friendly
- Available in almost every country
Mobile app
- User-friendly
- Two-step (safer) login
- Good search function
Desktop platform
- User-friendly
- Clear fee report
- Good customizability (for charts, workspace)