Overview of Saxo Bank fees and charges
Saxo Bank is a Danish investment bank that offers a range of financial services, including trading. The fees of Saxo Bank are generally considered to be average, with a BrokerChooser fee score of 3. Trading fees are average for stocks, ETFs, and low for mutual funds, but a bit higher for options, futures, and CFDs. Non-trading fees are also average, but Saxo Bank offers very competitive forex fees. The fees for deposit and withdrawal are also zero. All in all, Saxo Bank provides a good balance between fees and services, making it a good choice for traders who are looking for a reliable and affordable broker.
Here's a high level overview of Saxo Bank's fees
| Assets | Fee level | Fee terms |
|---|---|---|
| US stock fee | Average | $0.02/share; min $10, but using VIP pricing the minimum can be as low as $3 |
| EURUSD fee | Low | 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. |
| 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 | High | In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity |
Saxo Bank fees
Saxo Bank fees explained
We compare Saxo Bank fees with its closest competitors, Swissquote and Interactive Brokers.
Saxo Bank fees
Saxo Bank trading fees
Saxo Bank's trading fees are mid-tier which means you need to pay special attention to asset classes with high trading fees.
Let's break down the trading fees into the different asset classes available at Saxo Bank.
Trading fees
Saxo Bank's trading fees are average.
Stock fees and ETF fees
Saxo Bank has average stock trading fees.
| 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 |
Forex fees
Saxo Bank's forex fees are low.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| EURUSD benchmark fee | $14.6 | $15.0 | $14.7 |
| EURGBP benchmark fee | $12.0 | $11.4 | $12.6 |
Fund fees
Saxo Bank fund fees are low.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Mutual fund | $0.0 | $9.0 | $15.0 |
| EU mutual fund | - | $9.0 | $4.4 |
Bond fees
Saxo Bank has high bond fees.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| US Treasury bond | $79.2 | $75.0 | $5.0 |
| EU government bond | $79.2 | $49.5 | $10.0 |
Options fees
Saxo Bank's options fees are high.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| US stock index options | $30.0 | $19.9 | $6.5 |
| UK stock index options | $28.3 | - | $19.2 |
| German stock index options | $39.6 | $9.9 | $16.8 |
Futures fees
Saxo Bank's futures fees are high.
| 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 |
CFD fees
Saxo Bank has average CFD trading fees.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Apple CFD | $10.1 | - | $1.1 |
| Vodafone CFD | $9.4 | - | $3.8 |
| Germany | $11.4 | - | $3.4 |
Financing rates
Saxo Bank financing rates are average.
If you want to trade on margin and prefer to hold your positions long, financing costs can be significant.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Apple CFD financing rate | 7.3% | - | 5.3% |
| Vodafone CFD financing rate | 5.7% | - | 4.5% |
| EURUSD financing rate | 3.4% | 3.1% | 2.7% |
| EURGBP financing rate | 2.4% | 2.1% | 2.1% |
Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.
Currency conversion fee
Saxo Bank will charge a Currency Conversion Fee for all trades on instruments denominated in a currency different to the currency of your account. The fee is charged as the following: FX spot rate +/- 1% on Classic account, 0.75% on Platinum, and 0.5% on VIP account.
Saxo Bank fees
Saxo Bank non-trading fees
When it comes to looking at all the non-trading fees Saxo Bank is an average broker. This means that some of the non-trading fees are high, but the others are low or not charged at all.
Non-trading fees include various brokerage fees and charges at Saxo Bank that you pay not related to buying and selling assets. Among some others, typical non trading fees are withdrawal fee, deposit fee, inactivity fee and account fee.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Withdrawal fee | $0 | $10 | $0 |
| Deposit fee | $0 | $0 | $0 |
| Inactivity fee | Yes | No | No |
| Account fee | No | No | No |
Saxo Bank fees
Saxo Bank deposit fee
Deposit fees are applied when you send money to your trading account from your bank account. Usually brokers don't charge money for that and Saxo Bank is not different: you will see the exact same amount on your brokerage account that you sent by any of the deposit methods Saxo Bank offers.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | No |
| Electronic wallets | No | No | No |
| Deposit fee | $0 | $0 | $0 |
Saxo Bank fees
Saxo Bank withdrawal fee
Unlike some online brokers we have reviewed Saxo Bank does not charge a withdrawal fee. This means that you'll see the same amount of money on your bank account that you transferred from your brokerage account.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | No |
| Electronic wallets | No | No | No |
| Withdrawal fee with bank transfer | $0 | $10 | $0 |
Saxo Bank fees
Saxo Bank inactivity fee
Saxo Bank does apply an inactivity fee and it is In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity. This means that you need to be strategic about your trading activity to avoid getting charged after a longer time of no trade. The fact that Saxo Bank charges an inactivity fee makes it less ideal for you if you are a buy and hold investor.
Saxo Bank has high inactivity fee.
| Saxo Bank | Swissquote | Interactive Brokers | |
|---|---|---|---|
| Inactivity fee | Yes | No | No |
| Inactivity fee | In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity | No inactivity fee charged | No inactivity fee |
Read more about Saxo Bank inactivity fee on their own site.
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