Can you trade options at Saxo?
Options trading is increasingly popular, but it's still something of a niche product aimed at more experienced traders, so not all brokers offer it and trading conditions can differ widely.
We have good news: Saxo offers options trading, under good conditions and with access to many options markets. Click to open your Saxo account or read on for details and comparisons.
I've tested dozens of brokers in recent years, including their options trading features. Saxo impressed me overall; here's why:
- It has an above-average options trading score based on fees, products and UX.
- Saxo offers access to 20 options markets.
- Options trading fees at Saxo are high.
- Trading platform and research quality make a difference.
- See how Saxo compares to the best in class.
Before we begin, let's see if Saxo is available in your country:
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62% of retail CFD accounts lose money
62% of retail CFD accounts lose money
Saxo has an above-average options trading score
To assess whether Saxo is a great place to trade options, we calculated a comprehensive options score that takes into account options trading fees, the potential number of options products available, and the quality of the broker's trading platform (including charting and other research tools).
Saxo's overall options score of 4.2 stars is considered above average among the brokers we cover that offer options trading. Here's how Saxo scored against some close rivals:
| Broker | Options score |
|---|---|
| Saxo | 4.2 /5 |
| Swissquote | 3.6 /5 |
| Interactive Brokers | 4.6 /5 |
Need a refresher course on options trading? Here's a high-level overview of all you need to know about trading options. If you're already familiar with the basics, you can dive right into options trading strategies or the niceties of options pricing.
Still lacking options trading mileage? We suggest you start with our introduction to options trading for beginners.
Saxo has access to 20 options markets
The number of options markets available at Saxo is high. You can trade on major stock exchanges such as the Chicago Board Options Exchange (CBOE) or Euronext, but you will also find lesser-known ones like the Hong Kong Stock Exchange (SEHK).
You can trade options on forex, stocks, indices, interest rates, futures and commodities.
| Broker | Options exchanges (#) |
|---|---|
| Saxo | 20 |
| Swissquote | 6 |
| Interactive Brokers | 34 |
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62% of retail CFD accounts lose money
Options fees at Saxo are high
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).
Fees vary depending on the currency of the underlying product:
| Currency of underlying product | Commission per contract |
|---|---|
| EUR | 2 |
| GBP | 3 |
| USD | 2 |
| CAD | 6 |
| CHF | 3 |
| HKD | 25 |
| JPY | 1,000 |
| NOK | 25 |
| SEK | 25 |
In the table below, we listed options trading fees (calculated in USD terms) at Saxo and some of its competitors for trading 10 options contracts.
| Broker | US stock options | US stock index options |
|---|---|---|
| Saxo | $20.0 | $20.0 |
| Swissquote | $15.0 | $19.9 |
| Interactive Brokers | $6.5 | $6.5 |
Please note that some brokers don't charge a separate fee for closing an options trade. In these cases, in order to represent this discount properly, we calculated with just half of the opening fee, because most other brokers charge for both the opening and closing transactions.
So what's all the fuss about fees? Aren't they just a tiny fraction of the value of a typical trade? Well, they may be, but differences in fees among brokers can still be substantial. Of the 100+ brokers we cover, the cheapest one charges $5 for trading 10 US stock index options contracts, while the most expensive one charges $35. Even if you're just a casual trader who does one or two options deals a month, the difference in trading fees can add up to hundreds of dollars a year. Just think of all the goodies you can buy with that money!
Trading platform and research quality make a difference
Trading fees and product selection are only part of the story when it comes to options trading.
- A great trading interface (especially on desktop) with user-friendly search and order functions, good charting capabilities and quality research material is an option trader's best friend.
- Costs don't stop at trading fees; if you trade often and want access to your trading profits, withdrawal fees can sting.
In the table below, you can check how Saxo compares to some close competitors in trading platform quality and other features.
| Broker | Research score |
|---|---|
| Saxo | 5.0 /5 |
| Swissquote | 4.8 /5 |
| Interactive Brokers | 4.5 /5 |
62% of retail CFD accounts lose money
See some great alternatives to Saxo
Saxo is great for options trading, but can you go one better? See for yourself by browsing our top ten list of the best options brokers in your country.
Alternatively, if you want a broader comparison or have some specific other brokers in mind, you can use our broker comparison tool to size up options brokers along many different criteria.
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62% of retail CFD accounts lose money
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
Further reading
- Options fees at Saxo
- Stock options trading conditions at Saxo
- Stock index options trading conditions at Saxo
- ETF options trading conditions at Saxo
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.
