We compared Saxo’s fees with two similar brokers we selected, Swissquote and Interactive Brokers. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Saxo alternatives.
Saxo US stock fees are about half of the industry average. US stock fees are calculated as follows: 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
All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 0.8.
Saxo US stock index options fees are much higher than the industry average. US stock index options fees are calculated as follows: $2 per contract, but using VIP pricing it can be $0.75 per contract
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).
The broker charges no account or withdrawal fees, but an inactivity fee is low.
The inactivity fee depends on your residency:
- In CEE, there is no inactivity fee for Classic clients with assets under management (AUM) of more than €10,000, and for Platinum and VIP clients.
- Otherwise the inactivity fee is €120.
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.)
Low mutual fund commission: trading mutual funds involves the following charges – Mutual funds are available only in certain countries. The broker doesn’t charge any fee for mutual fund trading..
High futures fees: US index futures fees are as follows – $3 per contract, but using VIP pricing it can be as low as $1 per contract.
Average index CFD fees: all index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.5.
Average stock CFD fees: the commission for stock CFD trading is the following – $0.02/share; min $4, but using VIP pricing the minimum can be as low as $1.
Low bond commission: US treasury bonds come with the following charges – 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.
Check out this article for a detailed analysis of all the fees, commissions and other charges levied by Saxo.
