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Saxo Bank commission and other fees

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Adam N.
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Overview of Saxo fees and charges

We know that fees are on top of people's mind when selecting a broker. Brokerage fees consist of trading and non-trading fees. The most important trading fees are commission, spread, and financing rate.

  • Commission: it's charged when you execute a trade (either buy or sell). Commissions can be volume-tiered or flat fees. Nowadays, there are many commission-free brokers, click on the following links to check out the best free stockbrokers in the US and the EU.
  • Spread: it denotes the difference between the bid and ask price. When you trade forex or CFDs, spreads can make up a significant part of your trading costs.
  • Financing rate/overnight costs: if you trade on leverage, you may be charged for holding your positions overnight. This cost can be expressed as a percentage or in swap points.
  • Non-trading fees: these occur when you deposit and withdraw funds, or if you don't use your account for a certain period.

Now, let's dive into the details and see what commissions, spreads, and financing rates Saxo charges.

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Saxo commission and other trading fees

Saxo has average trading fees in general. We ranked Saxo fee levels as low, average or high based on how they compare with all reviewed brokers.

Check out this table to get an overview of whether Saxo commissions, spreads, and financing rates for each asset class are low/average/high.

Classification of Saxo commission and other trading fees
Stock and ETF
Low High Low
Forex
Low Average Average
Fund
Low Low Average
Bond
Low High Low
Options
High Average Low
Futures
High Average Low
CFD
Average Average Average
Financing rate
Low High Low

Now let's go over the trading fees for each asset class one by one.

Saxo stock and ETF commissions, spreads

Saxo stock and ETF commissions are low. Saxo stock and ETF commissions are charged as per the table below.

Saxo stock and ETF commission
US stock
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
UK stock
0.08% of trade value with £3 min., but using VIP pricing the commission can be as low as 0.03% of trade value with £3 min.
German stock
0.08% of trade value with €3 min., but using VIP pricing the commission can be as low as 0.03% of trade value with €3 min.
Indian stock
Not available

You can compare Saxo stock and ETF fees with the two closest competitors.

Saxo stock and ETF commission, spreads vs competitors
US stock
$1.6
$20.0
$1.0
UK stock
$3.8
$31.3
$3.8
German stock
$3.2
$27.0
$3.2
Indian stock
-
-
$0.20

Stock and ETF commissions are calculated for a $2,000 trade

Saxo forex commissions and spreads

Saxo forex fees are low. Saxo forex commissions and spreads for individual currency pairs are charged as per the table below.

Saxo forex commissions and spreads
EURUSD fee description
Classic account: 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.
GBPUSD fee description
Classic account: the fees are built into the spread, 1.2 pips is the average spread cost during peak trading hours. Using VIP pricing the spread can be as low as 0.4 pips.

Check out how Saxo forex fees compare to its two closest competitors.

Saxo forex fees vs competitors
EURUSD benchmark fee
$10.7 $25.6 $13.3
GBPUSD benchmark fee
$7.0 $12.0 $8.8
AUDUSD benchmark fee
$11.8 $12.4 $27.3
EURCHF benchmark fee
$0.0 $0.0 $0.3
EURGBP benchmark fee
$10.5 $26.3 $13.3

Forex fees are calculated for a $20,000 trade using 30:1 leverage

Saxo fund commissions

Saxo fund commissions are low. The table below shows how Saxo fund commissions are calculated.

Saxo fund commissions
Mutual fund
Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading.

Check out how Saxo fund fees compare with the competition.

Saxo fund commissions
Mutual fund
$0.0
$9.0
$15.0

Fund commissions are calculated for a $2,000 trade

Saxo bond commissions

Saxo bond commissions are low. The table below contains the description of Saxo bond commissions.

Saxo bond commissions
US Treasury bond
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
EU/UK government bond
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

See how Saxo bond fees stack up against the competition.

Saxo bond commissions vs competitors
US Treasury bond
$21.6
$75.0
$5.0
EU/UK government bond
$21.6
$54.0
$10.0

Bond commissions are calculated for a $10,000 trade

Saxo options commissions

You can see below the description of Saxo options commissions. Saxo options fees are high.

Saxo options commissions
US stock index options
$2 per contract, but using VIP pricing it can be $0.75 per contract
US stock options
$2 per contract, but using VIP pricing it can be $0.75 per contract
UK stock index options
£3 per contract, but using VIP pricing it can be £1 per contract
German stock index options
€2 per contract, but using VIP pricing it can be €0.75 per contract

Compare options commissions charged by Saxo with those of Swissquote and Interactive Brokers.

Saxo options commissions vs competitors
US stock index options
$20.0
$19.9
$6.5
US stock options
$20.0
$14.9
$6.5
UK stock index options
$37.5
-
$21.3
German stock index options
$21.6
$10.8
$18.4

Options commissions are calculated for 10 contracts

Saxo futures commissions

You can see below how Saxo futures commissions are charged. Saxo futures fees are high.

Saxo futures commissions
US micro e-mini stock index futures
$3 per contract, but using VIP pricing it can be as low as $1 per contract
UK stock index futures
£3 per contract, but using VIP pricing it can be as low as £1 per contract
German e-mini stock index futures
€3 per contract, but using VIP pricing it can be as low as €1 per contract

Compare how the futures commissions of Saxo stack up against those of Swissquote and Interactive Brokers.

Saxo futures commissions vs competitors
US micro e-mini stock index futures
$30.0
$19.9
$2.5
UK stock index futures
$37.5
-
$21.3
German e-mini stock index futures
$43.2
$10.8
$8.6

Futures commissions are calculated for 10 contracts

Saxo CFD commissions and spreads

Saxo CFD fees are average. Saxo CFD commissions and spreads for different assets are charged as per the table below.

Saxo CFD commissions and spreads
S&P 500 CFD fee
The fees are built into the spread, 0.5 points is the average spread cost during peak trading hours.
Europe 50 CFD fee
The fees are built into the spread, 2 points is the average spread cost during peak trading hours.
Apple CFD
$0.02/share; min $4, but using VIP pricing the minimum can be as low as $1
Vodafone CFD
0.1% of trade value; min £8, but using VIP pricing it can be as low as 0.05% of trade value with £5 minimum

Below you can see how Saxo CFD fees compare with those of Swissquote and Interactive Brokers.

Saxo CFD fees vs competitors
S&P 500 index CFD fee
$3.6 $3.7 $4.8
Euro Stoxx 50 index CFD fee
$3.7 $3.8 $4.4
Apple CFD
$4.1
-
$1.1
Vodafone CFD
$10.6
-
$4.3

CFD fees are calculated for a $2,000 trade using 20:1 leverage for stock index CFDs, and 5:1 leverage for stock CFDs

Saxo financing rates

Saxo financing rates are low. They make up a significant part of your trading costs if you hold your position for a long time.

Check out how Saxo financing rates compare with those of Swissquote and Interactive Brokers.

Saxo financing rates vs competitors
EURUSD financing rate
2.4%
5.9%
2.3%
GBPUSD financing rate
1.3%
2.3%
1.1%
S&P 500 CFD financing rate
8.9%
7.9%
6.8%
Euro Stoxx 50 CFD financing rate
7.4%
6.4%
5.5%
Apple CFD financing rate
8.9%
-
6.8%
Vodafone CFD financing rate
8.7%
-
6.7%

Saxo non-trading fees

In addition to trading fees, it's important to see if Saxo charges a fee on deposits, withdrawals, account maintenance, and inactivity. We compared these fees levied by Saxo with its two closest competitors.

Saxo non-trading fees vs competitors
Deposit fee
$0
$0
$0
Withdrawal fee
$0
$10
$0
Account fee
No
No
No
Inactivity fee
No
No
No

CFD fees are calculated for a $2,000 trade using 20:1 leverage for stock index CFDs, and 5:1 leverage for stock CFDs

Bottom line

Hopefully, by now you have a clear picture of the commissions, spreads, financing rates, and non-trading fees charged by Saxo and its closest competitors. To learn more about Saxo, check out this detailed review. If you would like more information about fees in general, read this article about brokerage fees.

If you're not sure which broker to choose, get a personal recommendation from our broker recommendation algorithm or compare brokers with our broker comparison table.

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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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Adam Nasli
Author of this article
I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.
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