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.

Classification of Saxo Bank commission and other trading fees
Saxo Bank Swissquote TradeStation Global
Stock and ETF Average High Low
Forex Low Low Average
Fund Low Low High
Bond High High Low
Options High Average Average
Futures High Low Low
CFD Average Average Average
Financing rate Low Low 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 stock and ETF commission
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 stock and ETF commission, spreads vs competitors
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
Indian stock - - $3.60

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 forex commissions and spreads
Saxo Bank
EURUSD fee 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 The fees are built into the spread, 1.3 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 forex fees vs competitors
Saxo Bank Swissquote TradeStation Global
EURUSD benchmark fee $7.8 $10.1 $10.7
GBPUSD benchmark fee $5.7 $6.8 $8.6
AUDUSD benchmark fee $6.2 $7.7 $8.6
EURCHF benchmark fee $5.4 $6.3 $7.8
EURGBP benchmark fee $8.9 $10.0 $10.7

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 fund commissions
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 fund commissions
Saxo Bank Swissquote TradeStation Global
Mutual fund $0.0 $9.0 $25.0

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 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 bond commissions vs competitors
Saxo Bank Swissquote TradeStation Global
US Treasury bond $96.0 $75.0 $7.5
EU government bond $96.0 $60.0 $15.0

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 options commissions
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 £3 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 TradeStation Global.

Saxo Bank options commissions vs competitors
Saxo Bank Swissquote TradeStation Global
US stock index options $30.0 $19.9 $15.0
US stock options $30.0 $14.9 $15.0
UK stock index options $42.0 - $21.0
German stock index options $48.0 $12.0 $18.0

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 futures commissions
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 TradeStation Global.

Saxo Bank futures commissions vs competitors
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

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 CFD commissions and spreads
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 TradeStation Global.

Saxo Bank CFD fees vs competitors
Saxo Bank Swissquote TradeStation Global
S&P 500 index CFD fee $1.4 $2.6 $3.8
Europe 50 index CFD fee $2.0 $3.0 $4.3
Apple CFD $10.2 - $1.7
Vodafone CFD $11.5 - $6.6

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 low. 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 TradeStation Global.

Saxo Bank financing rates vs competitors
Saxo Bank Swissquote TradeStation Global
EURUSD financing rate 1.7% 1.9% 1.7%
GBPUSD financing rate 1.0% 1.0% 1.1%
S&P 500 CFD financing rate 3.0% 4.5% 1.6%
Europe 50 CFD financing rate 2.3% 3.2% 1.5%
Apple CFD financing rate 3.6% - 1.6%
Vodafone CFD financing rate 3.5% - 1.5%

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 non-trading fees vs competitors
Saxo Bank Swissquote TradeStation Global
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.

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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