Saxo Bank commission and other fees

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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

4.8/5

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Stock fee

Low

FX fee

Low

Inactivity fee

Account opening

1 day

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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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
Stock and ETF	Low	High	Low
Forex	Low	Low	Average
Fund	Low	Low	Average
Bond	Low	High	Low
Options	High	High	Low
Futures	High	High	Low
CFD	Average	Average	Average
Financing rate	Average	Low	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
	Saxo Saxo
US stock Estimated commission of a $2,000 trade, assuming a $50 stock price	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 Estimated commission of a $2,000 trade, assuming a $50 stock price	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 Estimated commission of a $2,000 trade	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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
US stock Estimated commission of a $2,000 trade, assuming a $50 stock price	$1.6 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	$10.0 Volume-tiered commission ranging between $3 and $190 and a charge of 0.85 is added to each transaction in the corresponding currency.	$1.0 Fixed pricing: $0.005 per share, min. $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.
UK stock Estimated commission of a $2,000 trade, assuming a $50 stock price	$3.8 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.	$12.6 Tiered commission depending on the trade value, min £3, max £190	$3.8 Fixed £3 for trade value less than £6,000, 0.05% of trade value for more than £6,000
German stock Estimated commission of a $2,000 trade	$3.2 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.	$10.5 Tiered commission depending on the trade value, min €5, max €190	$3.2 Fixed €3 for trade value less than €6,000, 0.05% of trade value for more than €6,000
Indian stock	- Not available	- Not available	$0.20 0.01% of the trade value and min INR 6, max INR 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
	Saxo Saxo
EURUSD fee description	Classic account: the fees are built into the spread, 0.9 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 pip 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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
EURUSD benchmark fee Includes all fees (spread, commission, financing rate) of a $20,000 30:1 position open, 1-week-hold, and close	$12.5	$10.8	$13.7
GBPUSD benchmark fee Includes all fees (spread, commission, financing rate) of a $20,000 30:1 position open, 1-week-hold, and close	$7.0	$5.1	$8.0
AUDUSD benchmark fee Includes all fees (spread, commission, financing rate) of a $20,000 30:1 position open, 1-week-hold, and close	$9.8	$8.5	$9.0
EURCHF benchmark fee	$0.0	$0.0	$0.0
EURGBP benchmark fee Includes all fees (spread, commission, financing rate) of a $20,000 30:1 position open, 1-week-hold, and close	$13.4	$12.5	$14.3

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
	Saxo Saxo
Mutual fund Estimated commission of a $2,000 US domiciled fund trade	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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
Mutual fund Estimated commission of a $2,000 US domiciled fund trade	$0.0 Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading.	$9.0 $9 per trade from Prime Partners (BlackRock, Fidelity, HSBC, etc.) and $0 per trade for funds under Swissquote's custody	$15.0 $14.95 per transaction or 3% of trade value, whichever is lower. There are also more than 18,000 funds with no transaction fee

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
	Saxo Saxo
US Treasury bond Estimated commission of a $10,000 US treasury bond trade	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 Estimated commission of a $10k EU or UK government bond trade	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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
US Treasury bond Estimated commission of a $10,000 US treasury bond trade	$21.0 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	$75.0 0.3% of trade value with $75 min	$5.0 For the first $1,000,000 face value: 0.002% of trade value with $5 min.
EU/UK government bond Estimated commission of a $10k EU or UK government bond trade	$21.0 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	$52.5 0.3% of trade value with €50 min	$10.0 First €10,000 face value: 0.1% of trade value. Above €10,000 face value: 0.025% of trade value.

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
	Saxo Saxo
US stock index options Estimated commission for 10 contracts	$2 per contract, but using VIP pricing it can be $0.75 per contract
US stock options Estimated commission for opening 10 contracts	$2 per contract, but using VIP pricing it can be $0.75 per contract
UK stock index options Estimated commission for 10 contracts	£3 per contract, but using VIP pricing it can be £1 per contract
German stock index options Estimated commission for 10 contracts	€0.75 per contract FOR all accounts

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

Saxo options commissions vs competitors
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
US stock index options Estimated commission for 10 contracts	$20.0 $2 per contract, but using VIP pricing it can be $0.75 per contract	$19.9 $1.99 per contract commission with $5 min	$6.5 Less than 10,000 contract per month and for a 10 contracts trade: $0.65 per contract with $1 min
US stock options Estimated commission for opening 10 contracts	$20.0 $2 per contract, but using VIP pricing it can be $0.75 per contract	$15.0 $1.5 per contract and no minimum	$6.5 Less than 10,000 contracts per month and for a 10 contract trade: $0.65 per contract with a $1 minimum fee
UK stock index options Estimated commission for 10 contracts	$37.8 £3 per contract, but using VIP pricing it can be £1 per contract	- Telephone only	$21.4 £1.7 per contract with £1.7 min
German stock index options Estimated commission for 10 contracts	$7.9 €0.75 per contract FOR all accounts	$15.8 €1.5 per contract commission with €5 min	$17.9 €1.7 per contract with €1.7 min

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
	Saxo Saxo
US micro e-mini stock index futures Estimated commission for 10 contracts	$3 per contract, but using VIP pricing it can be as low as $1 per contract
UK stock index futures Estimated commission for 10 contracts	£3 per contract, but using VIP pricing it can be as low as £1 per contract
German e-mini stock index futures Estimated commission for 10 contracts	€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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
US micro e-mini stock index futures Estimated commission for 10 contracts	$30.0 $3 per contract, but using VIP pricing it can be as low as $1 per contract	$19.9 $1.99 per contract commission with $5 min (E-Mini only)	$2.5 $0.25 per contract
UK stock index futures Estimated commission for 10 contracts	$37.8 £3 per contract, but using VIP pricing it can be as low as £1 per contract	- Telephone only	$21.4 £1.7 per contract with £1.7 min
German e-mini stock index futures Estimated commission for 10 contracts	$42.0 €3 per contract, but using VIP pricing it can be as low as €1 per contract	$15.8 €1.5 per contract commission with €5min	$8.4 €0.80 per contract with €0.80 min

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
	Saxo Saxo
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 Commission for a $2,000 stock CFD trade	$0.02/share; min $4, but using VIP pricing the minimum can be as low as $1
Vodafone CFD Commission for a $2,000 stock CFD trade	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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
S&P 500 index CFD fee Includes all fees (spread, commission, financing rate) of a $2,000 20:1 position open, 1-week-hold, and close	$3.3	$2.8	$4.6
Euro Stoxx 50 index CFD fee Includes all fees (spread, commission, financing rate) of a $2,000, 20:1 position: open, hold for 1 week, and close	$3.4	$3.5	$4.5
Apple CFD Commission for a $2,000 stock CFD trade	$4.1 $0.02/share; min $4, but using VIP pricing the minimum can be as low as $1	- Not available	$1.1 Below $300,000 monthly volume: $0.005 per share with $1 min
Vodafone CFD Commission for a $2,000 stock CFD trade	$10.7 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	- Not available	$4.4 Below £8,900 monthly value: 0.05% of trade value with £3 min

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 average. 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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
EURUSD financing rate Yearly financing rate	2.8% Calculated as swap points	2.0% Calculated as swap points	2.5% Calculated as yearly percentages
GBPUSD financing rate	1.4% Calculated as swap points	0.5% Calculated as swap points	0.9% Calculated as yearly percentages
S&P 500 CFD financing rate	8.1% SOFR and mark-up	6.1% Calculated as swap points	6.1% Calculated as yearly percentages
Euro Stoxx 50 CFD financing rate	6.7% €STR and mark-up	5.9% Calculated as swap points	4.6% Calculated as yearly percentages
Apple CFD financing rate Yearly financing rate	8.1% SOFR and mark-up	- Apple CFD is not available	6.1% Calculated as yearly percentages
Vodafone CFD financing rate Yearly financing rate	8.2% SONIA and mark-up	- Vodafone CFD is not available	6.2% Calculated as yearly percentages

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
	Saxo Saxo	Swissquote Swissquote	Interactive Brokers Interactive Brokers
Deposit fee	$0 Free deposit	$0 Free bank deposit, but for credit/debit cards, between 2.2% and 2.5% charged	$0 Free deposit
Withdrawal fee Fee for withdrawing money from the broker account. It is zero if you can withdraw money for free via any method, e.g. credit/debit card or bank transfer.	$0 Free withdrawal	$10 CHF 2/€2/$10 dependent on currency	$0 One free per month, after that $10
Account fee Monthly account fee	No No account fee	No No account fee	No No account fee
Inactivity fee Fee applied if a customer does not trade for a certain length of time	No No inactivity fee	No The inactivity fee will be charged if you have no open positions and have not been trading during a period of 6 months or more. The inactivity fee amounts to a maximum of 10 units of your base currency or the equivalent of CHF 10	No No inactivity fee

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.

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Saxo commission and other fees