I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.
As a financial journalist at Bloomberg and similar news services, I have covered financial markets for more than two decades. In the process, I developed a thorough understanding of the regulatory landscape, the risks that traders face in the form of scam brokers, and the ways to avoid these risks.
I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.
As a financial journalist at Bloomberg and similar news services, I have covered financial markets for more than two decades. In the process, I developed a thorough understanding of the regulatory landscape, the risks that traders face in the form of scam brokers, and the ways to avoid these risks.
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Last updated on Dec 19, 2024
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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
I found [Broker name]'s trading fees fairly (Trading fee class - 238/cl)
I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.
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, 0.9 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.
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.
Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect
0.08% (min. CNH 15)
Singapore Exchange
0.08% (min. SGD 3)
Tokyo Stock Exchange
0.08% (min. JPY 800)
If you prefer trading on margin or short sale, the only way to do it is by trading CFDs.
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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.
If you hold stocks, ETFs or bonds in your account, you'll be charged a custody fee. However, you can avoid this fee if you enable stock lending program (Saxo can lend out your shares and they split 50/50 the profit). The custody fee is charged as below:
For Classic accounts, this is an annual 0.15% of open positions with a minimum of €5/month. Fees are calculated daily but debited on a monthly basis.
For Platinum and VIP accounts, the custody fee is 0.12% and 0.09%, respectively, with a minimum of €5/month. The custody fee is a Value Added Tax (VAT) liable service, so VAT is levied on top of the custody fee. For investors residing within the EU, the Danish VAT rate of 25% applies, while for investors residing outside the EU, there is no VAT.
You may also be charged for currency conversion if you trade assets that are denominated in a different currency than your account currency. The currency conversion rate is calculated as the mid-FX spot rate +/-1%. Platinum and VIP customers are charged a lower markup (+/-0.75% and +/-0.50%, respectively.)
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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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Although Saxo doesn't charge a fee when you trade mutual funds, these assets have annual maintenance fees, which are charged by the fund manager, not the broker.
Saxo offers mutual funds only in certain countries, like Germany, Denmark or Poland. Throughout this review, we looked at the fees for Saxo's UK product selection, but since mutual funds are not available in the UK, the following benchmark comparison only serves as a general guideline.
$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
Unlike most brokers, Saxo Bank charges a carrying cost for overnight positions in futures. The carrying cost is calculated on the basis of the daily margin requirement and is applied to positions held overnight. This can be quite a significant amount if you hold the contract for a longer time.
The funding rate used for calculating the carrying cost is based on the relevant Interbank rate, plus a markup (350 bps for Classic accounts).
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.
Clients pay a 0.2% volume-based commission and a minimum fee of €20.
Platinum and VIP accounts have lower fees (0.10% and 0.05%, with a minimum of €20 for both European government and U.S. treasury bonds).
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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 based on your balance, so the more you deposit, the higher rate you’ll earn. The best rate is for account balances above £100,000.
At the time of writing (July 18, 2024), selected interest rates were as follows:
USD: Up to 2.337% on Classic, 2.35% on Platinum and 3.35% on VIP.
GBP: Up to 2.935% on Classic, 3.184% on Platinum and 3.432% on VIP.
EUR: Up to 1.402% on Classic, 1.651% on Platinum and 1.9% 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.
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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.
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.
