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Saxo Bank fees explained

Your expert
Adam N.
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Updated
6d ago
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Overview of Saxo fees and charges

When trading or investing at an online broker, fees can have a big impact on your results, so it's good to know what kind of charges you'll be facing and how these compare to fees at other brokers.

If fees are your top concern, Saxo is an OK choice, as it has average fees in general. Check our toplist for cheaper brokers.

I found Saxo's trading fees fairly average
Adam
Adam Nasli
Regulation • Fighting Scams • Market Analysis

I've personally tested dozens of global brokers, carefully looking at their fees not just on their website but also in the course of live trading. Here's how Saxo fared:

  • Saxo charges low fees for trading stocks and ETFs.
  • There is no inactivity fee even if you leave your account idle for a long time.
  • The basic withdrawal fee is $0, but some transactions may cost more.
  • Read our full review of Saxo for info on safety, trading platforms and funding.
Saxo fees at a glance
Assets Fee level Fee terms
US stock fee Low 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
EURUSD fee Low 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.
US tech fund fee Low Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading.
Inactivity fee Low No inactivity fee

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Although the fee structure differs among various account types, it is transparent and you can easily calculate your costs. We analyzed the fee structure of the Classic account. Saxo's Platinum and VIP accounts have a more favorable pricing structure.

We analyzed the fees published on the global English website of Saxo Bank. Saxo's fees vary from country to country.

Low stock and ETF commission

Saxo stock and ETF fees by market
UK stock
$3.8
$31.3
$3.8
US stock
$1.6
$20.0
$1.0
German stock
$3.2
$27.0
$3.2
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New
Stock Fee Calculator

Confused about fees? Use this tool to see what the commission fee of a specific stock trade would be at Saxo. To check and compare fees at other brokers, go to our main Fee calculator page.

Before doing so, check out our Privacy Policy and our General Terms and Conditions.

USD
Select stock
USD

Low FX fees

Saxo forex fees
EURUSD spread
0.8 1.6 0.2
GBPUSD spread
1.2 1.9 0.4
AUDUSD spread
0.8 1.6 0.3
EURCHF spread
1.2 2.2 0.5
EURGBP spread
1.0 1.9 0.3
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High options commission

Unlike most brokers, Saxo Bank charges a fee for positions held overnight.

The funding rate used for calculating the carrying cost is based on the Saxo Offer Financing Rate, plus a markup (350 bps for Classic accounts).

Saxo stock index options commission
US stock index options
$20.0
$19.9
$6.5
UK stock index options
$37.5
-
$21.3
German stock index options
$21.6
$10.8
$18.4
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High custody fee, no withdrawal fee

The broker charges no account or withdrawal fees, but there is a an inactivity fee that is low.

Broker
Custody fee
Withdrawal fee
Saxo
$0
Swissquote
$10
Interactive Brokers
$0
Saxo custody, withdrawal and other fees
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Saxo fees

Other commissions and fees

You can find Saxo's fees for other asset classes below. Click 'Show more' for details.

Low mutual fund commission

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High futures fees

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Average CFD fees:

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Low bond commission

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Interest on uninvested cash

Saxo Bank pays an interest on uninvested cash, but only if your balance is above £10,000 (or equivalent).

The interest rate varies depending on your account tier. Saxo determines a market rate, updated daily, to which it applies a markdown: -1.5% for Classic, -1% for Platinum, and -0.5% for the VIP tier.

The rate of the interest you earn above the £10,000 limit varies with your balance, so the more you deposit, the higher rate you’ll earn. The best rate is for account balances above £100,000.

You can make your own calculations on Saxo's interest calculator page.

At the time of writing (December 13, 2023), selected interest rates were as follows:

  • USD: Up to 3.053% on Classic, 3.07% on Platinum and 4.07% on VIP.
  • GBP: Up to 3.41% on Classic, 3.66% on Platinum and 3.91% on VIP.
  • EUR: Up to 2.14% on Classic, 2.39% on Platinum and 2.636% on VIP.

SaxoSelect fees

SaxoSelect is a robo-advisory service where you can select an investment theme and let Saxo build a portfolio for you.

Average fees charged for this service vary between 0.75-0.95% of the investment value, depending on your residency and the strategy you choose. The fee consists of:

  • an annual service fee
  • a performance fee
  • a trading fee
  • a conversion fee if your account is in a different currency than your portfolio
  • a financing fee for CFD portfolios

Similarly to mutual funds, SaxoSelect is available only in certain countries, like Germany, Denmark or Poland. It is not available to UK clients.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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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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