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Further Prices and Information

Trading Conditions

For a full explanation of pricing and fees please click here.

In addition please see the full explanation of Saxo Bank's collateral, margin and commissions schedule here


The Client shall be especially aware of:
• the Introducing Broker receives commissions, fees, and other income (hereinafter together referred to as the Trading Commissions) based on the 
Client’s transactions with Saxo Bank. Therefore, a conflict of interest may exist if the Introducing Broker is authorized  to act on behalf of the Client  as the Trading Commissions are typically dependent on the number and size of executed transactions.
• The payment of Trading Commissions may entail that the Client pays more than Saxo Bank’s standard retail rates.
•The Trading Commissions can generally be determined as the difference between the following two sets of prices multiplied by the notional traded  amount: a. the individual Target Spread/Rates that is shown on the Trading Platforms in the Trading Condition window under the “Account” menu b. the Standard Institutional Target Spread/Rates for Introducing Brokers as displayed under “Institutional” – “Rates & Conditions” on Saxo Bank’s website:
• As Trading Commissions are negotiated individually for each Introducing Broker, the Trading Commissions may be higher or lower than as set out above. In certain cases, Saxo Bank retains a share of the commission, which leads to lower commissions. In other cases, the commission may be 
calculated on the basis of lower spreads which will lead to higher Trading Commissions.
• For FX-trading specifically, only under exceptional circumstances will the institutional spread for an Introducing Broker be reduced by more than 30% of the Standard Institutional Target Spread.
• For Stocks and CFD-trading, only under exceptional circumstances will the commission deviate more than 0.1% of the transaction value compared to the Standard Institutional Commission. The above spreads and commissions, and deviations of spreads and commissions may change over time. If the Client wishes to be informed about the specific Trading Commissions paid to the Introducing Broker as a result of the Client’s transactions, the Client may at any time contact the Introducing Broker or Saxo Bank’s Service Center by e-mail at

Additional Local Fees and Charges

Exchange Fees
Where applicable, the fees charged by exchanges will be added to the published transaction costs. The price of exchange fees per transaction are shown in the trade ticket when booking a trade.

Taxation on UK Shares
For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value. A PTM Levy of GBP 1 is applied to buy and sell transactions where the Gross Value of the trade exceeds £10,000. Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value.

Taxation on Hong Kong Shares

For Hong Kong stocks, Stamp Duty and other charges apply: 0.108%
Note: Automated trading from 09:30-16:30 with a break between 12:00 - 13:30.

Taxation on Singapore Shares

For Singapore Stocks a Clearing Fee of 0.04% is payable, subject to a maximum of SGD 600.

Taxation on South African Shares

The Johannesburg Stock Exchange applies a Securities Transfer Tax (STT) of 0.25% when opening a stock position (on stock buy trades).

Taxation on French Shares

For purchases of French large cap Stocks a Financial Transaction Tax (FTT) of 0.20% will apply.

Taxation on Italian Shares
For purchases of Italian listed stocks a Italian Financial Transaction Tax (FTT) of 0.12% will apply.

Depository Receipt fees - US

It is standard practice for US depository receipts to charge an annual administration fee up to USD 0.05 per share depending on the issuing
depository bank. The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the
depository receipt line.
Typically the fee is deducted when dividend payments are made, however, in case the depository receipt does not pay a dividend or did not include
the custodial fee in their dividend events, the fee will be administered through fee-only events. The dividend fee is stipulated in the Deposit
Agreement between the depositary bank and the company based upon industry standards. The Deposit Agreement is filed with the SEC and is
readily accessible by the public. The fee per depository receipt is not dependent on the total amount of dividend being paid but the amount of
shares held.

SEC Section 31 Fees for US Shares

Saxo Capital Markets passes on to clients the SEC Section 31 fee of $22.40 per million (0.224 BP) on US exchange stock SELL transactions where
client orders are entered directly into the underlying market. This fee applies only to US exchanges.
To read more about Section 31 visit:

Subscription to Market Data fees

At Saxo Bank all equities trade on actual market data from the stock exchanges. To receive and trade on real-time market data, you will have to subscribe to the individual exchange. 

A subscription to live price data from an exchange gives you access to live prices on Stocks, Single Stock CFDs, ETFs/ETCs and CFDs on ETFs/ETCs from the particular exchange.

An Online Subscription Tool is available in the trading platform. In the tool, you will find a list of available exchanges and news services alongside the applicable monthly fees. You will be able to subscribe and unsubscribe to services of your choice. Further information can be found in the Subscription Tool guide, which is also available on the trading platform. 

Level 1 or Level 2 data
Level 1 price data refers to the first level of the order book on the exchange. With a Level 1 subscription you can see live, streaming, bid and offer prices.

With a Level 2 price data subscription you can see live, streaming prices as with Level 1 but on top of this you can see the market depth of bid/offer prices and the amounts available at each price point. and fees correct as of 30/04/2019