Overview of Saxo Bank 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 Bank charges.
Saxo Bank commission and other fees
Saxo Bank commission and other trading fees
Saxo Bank has average trading fees in general. We ranked Saxo Bank 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 Bank commissions, spreads, and financing rates for each asset class are low/average/high.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Stock and ETF | Average | High | Low |
| Forex | Low | Low | Low |
| Fund | Low | Low | Average |
| Bond | High | High | Low |
| Options | High | Average | Low |
| Futures | High | Average | Low |
| CFD | Average | High | Low |
| Financing rate | Average | Average | Low |
Now let's go over the trading fees for each asset class one by one.
Saxo Bank stock and ETF commissions, spreads
Saxo Bank stock and ETF commissions are average. Saxo Bank stock and ETF commissions are charged as per the table below.
| Saxo Bank | |
|---|---|
| US stock | $0.02/share; min $10, but using VIP pricing the minimum can be as low as $3 |
| UK stock | 0.1% of trade value with £8 min, but using VIP pricing the commission can be as low as 0.05% of trade value with £5 min |
| German stock | 0.1% of trade value; min €10, but using VIP pricing it can be as low as 0.05% of trade value with €6 minimum |
| Indian stock | Not available |
You can compare Saxo Bank stock and ETF fees with the two closest competitors.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| US stock | $10.0 | $25.0 | $1.0 |
| UK stock | $9.0 | $28.3 | $3.4 |
| German stock | $9.9 | $29.7 | $3.0 |
| Indian stock | - | - | $0.20 |
Stock and ETF commissions are calculated for a $2,000 trade
Saxo Bank forex commissions and spreads
Saxo Bank forex fees are low. Saxo Bank forex commissions and spreads for individual currency pairs are charged as per the table below.
| Saxo Bank | |
|---|---|
| EURUSD fee description | Classic account: the fees are built into the spread, 0.7 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, 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. |
Check out how Saxo Bank forex fees compare to its two closest competitors.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| EURUSD benchmark fee | $14.6 | $15.0 | $14.7 |
| GBPUSD benchmark fee | $8.8 | $9.9 | $10.7 |
| AUDUSD benchmark fee | $10.0 | $11.5 | $8.4 |
| EURCHF benchmark fee | $1.4 | $1.4 | $4.7 |
| EURGBP benchmark fee | $12.0 | $11.4 | $12.6 |
Forex fees are calculated for a $20,000 trade using 30:1 leverage
Saxo Bank fund commissions
Saxo Bank fund commissions are low. The table below shows how Saxo Bank fund commissions are calculated.
| Saxo Bank | |
|---|---|
| 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 Bank fund fees compare with the competition.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Mutual fund | $0.0 | $9.0 | $15.0 |
Fund commissions are calculated for a $2,000 trade
Saxo Bank bond commissions
Saxo Bank bond commissions are high. The table below contains the description of Saxo Bank bond commissions.
| Saxo Bank | |
|---|---|
| US Treasury bond | 0.2% of trade value with €80 min, but with VIP pricing it can be as low as 0.05% of trade value and min €50 |
| EU government bond | 0.2% of trade value with €80 min, but with VIP pricing it can be as low as 0.05% of trade value and min €50 |
See how Saxo Bank bond fees stack up against the competition.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| US Treasury bond | $79.2 | $75.0 | $5.0 |
| EU government bond | $79.2 | $49.5 | $10.0 |
Bond commissions are calculated for a $10,000 trade
Saxo Bank options commissions
You can see below the description of Saxo Bank options commissions. Saxo Bank options fees are high.
| Saxo Bank | |
|---|---|
| US stock index options | $3 per contract, but using VIP pricing it can be $1 per contract |
| US stock options | $3 per contract, but using VIP pricing it can be $1 per contract |
| UK stock index options | £2.5 per contract, but using VIP pricing it can be £1 per contract |
| German stock index options | €4 per contract, but using VIP pricing it can be €1 per contract |
Compare options commissions charged by Saxo Bank with those of Swissquote and Interactive Brokers.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| US stock index options | $30.0 | $19.9 | $6.5 |
| US stock options | $30.0 | $14.9 | $6.5 |
| UK stock index options | $28.3 | - | $19.2 |
| German stock index options | $39.6 | $9.9 | $16.8 |
Options commissions are calculated for 10 contracts
Saxo Bank futures commissions
You can see below how Saxo Bank futures commissions are charged. Saxo Bank futures fees are high.
| Saxo Bank | |
|---|---|
| US micro e-mini stock index futures | $4 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 | €4 per contract, but using VIP pricing it can be as low as €1 per contract |
Compare how the futures commissions of Saxo Bank stack up against those of Swissquote and Interactive Brokers.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| US micro e-mini stock index futures | $40.0 | $19.9 | $2.5 |
| UK stock index futures | $33.9 | - | $19.2 |
| German e-mini stock index futures | $39.6 | $9.9 | $7.9 |
Futures commissions are calculated for 10 contracts
Saxo Bank CFD commissions and spreads
Saxo Bank CFD fees are average. Saxo Bank CFD commissions and spreads for different assets are charged as per the table below.
| Saxo Bank | |
|---|---|
| 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 $10, but using VIP pricing the minimum can be as low as $3 |
| 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 Bank CFD fees compare with those of Swissquote and Interactive Brokers.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| S&P 500 index CFD fee | $3.1 | $10.2 | $3.3 |
| Europe 50 index CFD fee | $3.0 | $6.1 | $4.2 |
| Apple CFD | $10.1 | - | $1.1 |
| Vodafone CFD | $9.4 | - | $3.8 |
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 Bank financing rates
Saxo Bank financing rates are average. They make up a significant part of your trading costs if you hold your position for a long time.
Check out how Saxo Bank financing rates compare with those of Swissquote and Interactive Brokers.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| EURUSD financing rate | 3.4% | 3.1% | 2.7% |
| GBPUSD financing rate | 1.9% | 1.6% | 1.6% |
| S&P 500 CFD financing rate | 7.3% | 24.5% | 2.8% |
| Europe 50 CFD financing rate | 4.9% | 11.6% | 5.3% |
| Apple CFD financing rate | 7.3% | - | 5.3% |
| Vodafone CFD financing rate | 5.7% | - | 4.5% |
Saxo Bank commission and other fees
Saxo Bank non-trading fees
In addition to trading fees, it's important to see if Saxo Bank charges a fee on deposits, withdrawals, account maintenance, and inactivity. We compared these fees levied by Saxo Bank with its two closest competitors.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Deposit fee | $0 | $0 | $0 |
| Withdrawal fee | $0 | $10 | $0 |
| Account fee | No | No | No |
| Inactivity fee | Yes | 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
Saxo Bank commission and other fees
Bottom line
Hopefully, by now you have a clear picture of the commissions, spreads, financing rates, and non-trading fees charged by Saxo Bank and its closest competitors. To learn more about Saxo Bank, 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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