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Saxo Bank fees explained

Feb 2018
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Overview of Saxo Bank fees and charges

Saxo Bank logo

When it comes to brokerage fees Saxo Bank shows a mixed picture: some fees are high but some are low. First you need to figure out your approach or you should use our questionnaire to be able to tell whether Saxo Bank fees are an advantage for you. Continue reading about Saxo Bank fees and charges to see if this is the right brokerage for you or a similar broker like Swissquote or DEGIRO is better for you.

Here's a high level overview of Saxo Bank's fees

Saxo Bank Fees snapshot
Assets Fee level Fee terms
US stock fee High $0.01/share; min $9.90, but using VIP pricing the minimum can be as low as $3
EURUSD fee High The fees are built into spread, 0.6 pips is the spread cost. Using VIP pricing the spread can be as low as 0.4 pips.
US tech fund fee - Not available
Inactivity fee High $25 per quarter if you don't trade in the previous quarter

Saxo Bank fees
Saxo Bank fees explained

Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely due to the fact that online brokerages' businesses can be much better scaled: From a purely technical standpoint it doesn't make that much of a difference for them if they have 100 or 5000 clients.

This is not to say however that they don't have any fees at all. They make money by charging you at various events for various rates. Usually you need to keep an eye on these 3 types of fees:

  • Trading fees - these are brokerage fees that you pay when you actually do a trade, i.e. buying an Apple stock or an ETF. What you pay is either a commission, a spread or financing rate. Some brokers apply all of these.
    • A commission is either based on the traded volume or it is fixed.
    • A spread is the difference between the buy price and the sell price
    • Financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
  • Non-trading fees. These occur related to some operations you make in your account, i.e. depositing money to your account, withdrawing money from it or not trading for an extended amount of time.

We compare Saxo Bank fees with its closest competitors, Swissquote and DEGIRO.

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 low stock trading fees.

Stock fees of a $2,000 trade
Saxo Bank Swissquote DEGIRO
USA $9.9 $25.0 $0.6
UK $7.2 $36.3 $2.4
Germany $11.4 $28.5 $5.7

Forex fees

Saxo Bank's forex fees are high.

Forex fees of a $20,000 30:1 position open, 1-week-hold, and close
Saxo Bank Swissquote DEGIRO
EURUSD benchmark fee $58.4 $18.9 -
EURGBP benchmark fee $27.2 $42.8 -

Bond fees

Saxo Bank has high bond fees.

Bond fees of a $10,000 trade
Saxo Bank Swissquote DEGIRO
USA $91.2 $75.0 -
Europe $91.2 $57.0 $11.5

Options fees

Saxo Bank's options fees are high.

Stock index options fees of 10 contracts
Saxo Bank Swissquote DEGIRO
USA $60.0 $19.9 $6.5
UK $72.5 $29.0 -
Germany $68.4 $11.4 $10.3

Futures fees

Saxo Bank's futures fees are high.

Stock index futures fee of 10 contracts
Saxo Bank Swissquote DEGIRO
USA $60.0 $19.9 $6.5
UK $72.5 - $30.2
Germany $68.4 $11.4 $10.3

CFD fees

Saxo Bank has high CFD trading fees.

CFD fees, commission of a $2,000 trade
Saxo Bank Swissquote DEGIRO
USA $10.0 - $0.7
UK $11.6 - $5.7
Germany $11.4 - $5.7

Crypto fees

Financing rates

Saxo Bank financing rates are high.

If you want to trade on margin and prefer to hold your positions long, financing costs can be significant.

Saxo Bank yearly financing rates
Saxo Bank Swissquote DEGIRO
Apple financing rate 7.1% 5.2% 4.3%
Vodafone financing rate 5.3% 4.0% 2.5%
EURUSD financing rate 15.5% 4.3% -
EURGBP financing rate 6.7% 10.5% -

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.

A high level overview of how Saxo Bank stacks up in non-trading fees
Saxo Bank Swissquote DEGIRO
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 deposit methods
Saxo Bank Swissquote DEGIRO
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets No Yes Yes
Deposit fee 0 0 0

Saxo Bank fees
Saxo Bank withdrawal fee

Unlike the majority of the 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 withdrawal fees and options compared
Saxo Bank Swissquote DEGIRO
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets No Yes Yes
Withdrawal fee $0 $10 $0

Saxo Bank fees
Saxo Bank inactivity fee

Saxo Bank does apply an inactivity fee and it is $25 per quarter if you don't trade in the previous quarter. 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 DEGIRO
Inactivity fee Yes No No
Inactivity fee $25 per quarter if you don't trade in the previous quarter No inactivity fee

Read more about Saxo Bank inactivity fee on their own site.

AUTHOR

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager
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