Why choose Saxo
Saxo Bank is a great choice if you are looking for a wide product selection with low stock and forex fees.
The account opening process is fast and straightforward and the trading platforms are top-notch, including quality research tools.
However, trading options or futures at Saxo Bank involves high costs, while long-term investors may be deterred by Saxo Bank’s custody fees.
- Great trading platform
- Outstanding research
- Broad product portfolio
- Interest paid on uninvested cash
62% of retail CFD accounts lose money
Not sure if this is the right broker for you? See the best ones.
See how the best brokers in the United States compare to Saxo
Fees
- Low stock/ETF fees
- Low FX fees
- No withdrawal fee
We compared Saxo'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 alternatives.
Low stock and ETF commission
Saxo US stock fees are about half of the industry average. US stock fees are calculated as follows: 0.08% of trade value with $1 minimum, but using VIP pricing the commission can be as low as 0.03% of trade value with $1 minimum
Broker | US stock |
---|---|
Saxo | $1.6 |
Swissquote | $10.0 |
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 0.9.
Broker | EURUSD spread | FX commission per lot |
---|---|---|
Saxo | 0.9 | $1 commission for trades less than 0.5 lot |
Swissquote | 1.6 | No commission is charged |
Interactive Brokers | 0.1 | Trade value less than $1 billion: 0.2 bps * trade value; min. $2 |
High options commission
Saxo 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 | $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, no withdrawal fee
The broker charges no account, inactivity, or withdrawal fees, but there is a high custody fee.
Broker | Custody fee | Withdrawal fee |
---|---|---|
Saxo | $0 | |
Swissquote | $10 | |
Interactive Brokers | $0 |
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 | $0.0 | $30.0 |
Swissquote | $9.0 | $19.9 |
Interactive Brokers | $15.0 | $2.5 |
Check out a detailed analysis of all the fees, commissions, and other charges levied by Saxo for more information.
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)
Product selection
FAQ
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.