Overview of Saxo Bank fees and charges

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 Interactive Brokers 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 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.

Stock fees of a $2,000 trade
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.

Forex fees of a $20,000 30:1 position open, 1-week-hold, and close
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.

A $2,000 fund buy fees
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.

Bond fees of a $10,000 trade
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.

Stock index options fees of 10 contracts
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.

Stock index futures fee of 10 contracts
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.

CFD fees, commission of a $2,000 trade
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 yearly financing rates
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.

A high level overview of how Saxo Bank stacks up in non-trading fees
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 deposit methods
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 withdrawal fees and options compared
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.

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Analyst head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

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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