Is Saxo Bank free?

Saxo Bank does charge a commission for real stock trading on US markets, so in this sense it is not a free-to-trade broker. However, it might still be a reasonable choice for some of you, as there are many other aspects other than commissions that are important when you choose a broker. If you wish to stick with Saxo Bank though, then you will find the fees they charge below. Alternatively, you could check our article detailing the best zero commission brokers and how their apps scored in our test.

We should note that the payment-for-order-flow model, which is used by some zero-commission brokers to generate income (rather than relying on commissions), could potentially create a conflict of interest between you and your broker. This could result in trade execution (like routing your orders to specific market makers) that might be unfavorable for you under certain market conditions, especially when using market orders (as opposed to limit orders, which seem to be less affected).

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Saxo Bank fees
Overview of Saxo Bank fees and charges

When it comes to brokerage fees, Saxo Bank is a mixed bag. To see how they may affect you, first you need to figure out your approach to trading - i.e. whether you are more of a buy-and-hold investor or if you want to trade frequently; or what type of assets and in what volumes you'll want to trade. Alternatively, use our questionnaire to help you tell whether Saxo Bank fees are beneficial for you. Continue reading about Saxo Bank fees and charges to see if this is the right broker for you, or if a similar broker like Swissquote or TradeStation Global might suit you better.

Here's a high-level overview of Saxo Bank's fees

Saxo Bank Fees snapshot
Assets Fee level Fee terms
US stock fee Average $0.02/share; min $10, but using VIP pricing the minimum can be as low as $3
EURUSD fee Low The fees are built into the spread, 0.8 pips is the average spread cost during peak trading hours. Using VIP pricing the spread can be as low as 0.4 pips.
US mutual fund fees Low Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading.
Inactivity fee High In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity.

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Saxo Bank fees
Saxo Bank fees explained

Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.

This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:

  • Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
    • A commission is either fixed or based on the traded volume.
    • A spread is the difference between the buy price and the sell price.
    • A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
  • Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.

We compare Saxo Bank fees with its closest competitors, Swissquote and TradeStation Global.

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Saxo Bank fees
Saxo Bank trading fees

Saxo Bank's trading fees are mixed, which means that some asset classes come with high trading fees - be sure to check these carefully.

Let's break down trading fees according to the different asset classes available at Saxo Bank.

Trading fees

Saxo Bank's trading fees are average.

Stock fees and ETF fees

Saxo Bank has average stock trading fees.

Stock fees of a $2,000 trade
Saxo Bank Swissquote TradeStation Global
US stock $10.0 $25.0 $1.5
UK stock $11.2 $35.0 $2.4
German stock $12.0 $30.0 $2.4

Forex fees

Saxo Bank's forex fees are low.

Forex fees of a $20,000 30:1 position (open, 1-week-hold and close)
Saxo Bank Swissquote TradeStation Global
EURUSD benchmark fee $7.8 $10.1 $10.7
EURGBP benchmark fee $8.9 $10.0 $10.7

Fund fees

Saxo Bank fund fees are low.

Fees of a $2,000 fund purchase
Saxo Bank Swissquote TradeStation Global
Mutual fund $0.0 $9.0 $25.0
EU mutual fund - $9.0 $2.4

Bond fees

Saxo Bank has high bond fees.

Fees of a $10,000 bond trade
Saxo Bank Swissquote TradeStation Global
US Treasury bond $96.0 $75.0 $7.5
EU government bond $96.0 $60.0 $15.0

Options fees

Saxo Bank's options fees are high.

Options fees for 10 contracts
Saxo Bank Swissquote TradeStation Global
US stock options $30.0 $14.9 $15.0
US stock index options $30.0 $19.9 $15.0
UK stock index options $42.0 - $21.0
German stock index options $48.0 $12.0 $18.0

Futures fees

Saxo Bank's futures fees are high.

Stock index futures fees for 10 contracts
Saxo Bank Swissquote TradeStation Global
US micro e-mini stock index futures $40.0 $19.9 $5.0
UK stock index futures $42.0 - $13.3
German e-mini stock index futures $48.0 $12.0 $16.2

CFD fees

Saxo Bank has average CFD trading fees.

CFD fees and commissions on a $2,000 trade
Saxo Bank Swissquote TradeStation Global
Apple CFD $10.2 - $1.7
Vodafone CFD $11.5 - $6.6
Germany $11.4 - $15.0

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Saxo Bank fees
Saxo Bank non-trading fees

Some of Saxo Bank's non-trading fees are average.

Non-trading fees include various brokerage fees and charges at Saxo Bank that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.

A high-level overview of how Saxo Bank stacks up in terms of non-trading fees
Saxo Bank Swissquote TradeStation Global
Withdrawal fee $0 $10 $0
Deposit fee $0 $0 $0
Inactivity fee Yes No No
Account fee No No No

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Saxo Bank fees
Saxo Bank deposit fee

Usually, brokers don't charge anything for deposits, and Saxo Bank is no different.

Saxo Bank deposit methods
Saxo Bank Swissquote TradeStation Global
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes No
Electronic wallets No No No
Deposit fee $0 $0 $0

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Saxo Bank fees
Saxo Bank withdrawal fee

Saxo Bank generally doesn't charge a withdrawal fee.

Saxo Bank withdrawal fees and options compared
Saxo Bank Swissquote TradeStation Global
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes No
Electronic wallets No No No
Withdrawal fee for bank transfer $0 $10 $0

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Saxo Bank fees
Saxo Bank inactivity fee

Saxo Bank does apply an inactivity fee and it is In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity.. Keep this in mind to avoid getting charged after a longer idle period. The fact that Saxo Bank charges an inactivity fee makes it less ideal for you if you are a buy-and-hold investor.

The inactivity fee charged by Saxo Bank is high.

Saxo Bank Swissquote TradeStation Global
Inactivity fee Yes No No
Inactivity fee In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity. No inactivity fee charged No inactivity fee

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Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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

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