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RISK WARNING: Our products are traded on margin and it is possible to incur losses that exceed your initial deposit.


With Saxo, you can trade a broad range of majors, minors and exotic currency pairs, in micro lots or in market sizes.

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Saxo Capital Markets offers fast execution so you can rely on trades being filled with optimal accuracy. Our green prices reflect firm pricing with no re-quotes subject to market conditions.

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Our sophisticated risk management tools display your margin utilisation, P/L and your market exposure all in real-time. Protect your profits and limit your losses with our range of risk management tools.

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Out: ECN style volume-based commission pricing

Live prices

See all live and historic FX commission-based spreads

($ per $ million)
60 30 20
Minimum commission
Zero USD 600 USD 2,000
Suggested FX Spot Volume (monthly)1) USD 0-20mln USD 20-100mln​​ above USD 100mln

1) Cumulative USD equivalent volume across all currency pairs on a monthly basis

• Same spreads on all commission levels – EURUSD as low as 0.2
• Select USD 60, 30 or 20 per USD million traded
• Your commission rate applies to all pairs, including metals
• Choose the commission rate level and minimum monthly
commission fee that is most appropriate for you

Open account with commission-based spreads


In: All-inclusive spreads

Live prices

See all live and historic FX all-inclusive spreads

• More consistency in spread width
• Less variability in spread across notional trade sizes
• No minimum monthly commission fee
• Call us if your high volume trading activity needs customised
liquidity or tailored pricing conditions

Open account with all-inclusive spreads

See full FX terms and conditions

Please ensure that you familiarise yourself with the relevant terms of our commission based pricing on our website and FAQ


Why has Misspelled WordSaxo introduced ECN style pricing with volume based commission charges?

We believe each Misspelled WordSaxo client deserves the freedom to choose the pricing structure that they feel is best for their needs. Importantly, we are not forcing our clients to pay commission. We are simply giving clients an additional choice to select whether they prefer to trade on tighter, variable spreads with a post-trade commission (ECN style) OR to trade on all-inclusive spreads, which are typically a bit wider, but generally more consistent (not fixed, but more frequently the same level).​

What are my trading costs with ECN style commission based pricing?

Each client chooses the pricing model that best suits their expected monthly volumes. The client ​will be charged the respective USD per USD million traded commission fee​ that is calculated and transparent on each trade. The fee can be seen in the Trade Ticket Confirmation and also in the Open Positions monitor.

The commission fee is based on the USD equivalent notional amount of each trade, shown in the trade confirmation in the 2nd currency, then converted to the final account currency equivalent at the end of day.


For accounts denominated in another currency other than USD Saxo Capital Markets will use the closing rate of the last business day of the month for purposes of determining if the minimum commission is applicable to your account.

What are my choices of incremental and minimum commission level?

Each client chooses the commission rate level they want to pay (USD60, USD30 or USD20 per USD million traded) and what minimum monthly commission fee level they are willing to commit to in order to obtain the rate that they feel is most appropriate. The table above shows the 3 different levels available.​

How are my commission costs calculated?

​The commission rate is consistent across ALL currency pairs, including XAU. This is what it means to have the commission expressed as USD per USD million traded (which can also be thought of as EUR per EUR million traded, etc.). This commission is charged in your account currency.

Commission example: Assume spot rate of 1.10 for EURUSD. A client trades 100,000 EURJPY in his USD account on which he has selected to pay 30 per million. EUR million traded = EUR 100,000 / 1, 000,000 = 0.1.  EUR commission = EUR 0.1 * 30 = EUR 3.00. USD commission = EUR 3.00 * 1.10 = USD 3.30.

If my account is denominated in a currency other that USD how do you determine whether the minimum requirements are met?

We use the end of day rate on the last trading day of the month to calculate your equivalent USD commissions. ​

Why wouldn’t everyone choose the lowest commission rate of USD20 per USD million instead of USD60?

The lowest commission rates are not necessarily appropriate for all clients. The commission-based pricing structure allows you to pay lower per-unit commission rates, but there are also minimum monthly commission amounts payable. A client that trades USD8 million per month would likely want to choose to pay USD60 per USD million, as that would result in a monthly aggregate commission of USD480. Conversely, if that client had chosen to pay USD30 per million, then the cumulative commission on that USD8 million trade volume would be USD240. However, since that USD240 would be less than the monthly minimum of USD600 (in order to qualify for the USD30 level), the client account would, at the start of the next month, be debited the difference of USD360 (USD600 minus USD240).​

Is the minimum monthly commission charged in addition to the commission charged on each trade?

No. The minimum is just that – a minimum. There are no additional commission charges above the cumulative per-trade commission charges in cases where the cumulative per-trade commission charges are greater than or equal to the minimum monthly commission amount for the respective chosen commission level.​

What is the minimum monthly commission for clients that open their account mid-month?

Minimum commissions for clients opening an account mid-month will be calculated on a pro-rata basis. This will determine whether or not the minimum commitment has been met through the course of normal trade activity or if there is a shortfall to be charged at month-end. ​

What are my spreads if I choose commission-based pricing?

Choosing “ECN style volume based commission pricing” the spreads are as low as 0.2 in EURUSD.  The distinguishing feature of the commission based pricing is only the commission; USD60, USD30, USD20.  The spreads are the same no matter which commission level you choose. With the “All-inclusive spreads”, spreads, are typically a bit wider, but generally more consistent (not fixed, but more frequently the same level).  You can see our historic spreads for both price types here​:​

Are the spreads different depending on if I choose to trade on all-inclusive spreads or ECN style pricing with volume based commissions?

Yes. Saxo encourages all clients to compare both live and historic FX spreads, as well as to review the minimum monthly commission fees to be sure everyone selects the pricing terms that best suits their individual needs .​

Is ECN style pricing the same as Agency Execution (also known as No Dealing Desk (NDD) model or Direct Market Access (DMA) liquidity)?

No. Saxo´s ECN style pricing choice simply offers clients an alternative way to view their trading costs. Saxo´s liquidity and order handling is the same for the ECN style volume based commission price structure as it is and always has been for the all-inclusive spreads price structure.​

Wouldn’t everyone choose to trade on narrower spreads and pay commission instead of trading on the wider all-inclusive spreads?

Not necessarily. We know many clients value the consistency an all-inclusive spread offers (e.g. where EURUSD could be at a spread of 2 pips 99% of the time). However, we also understand that the more active trading clients who trade larger volume may prefer to see spreads constantly changing with every tick, giving them the opportunity to choose their entry/exit points more precisely.​

Can existing clients change their pricing terms to enjoy ECN style commission based pricing?

Yes. Every client has this choice. If ever you would like to change pricing terms for your account, simply contact your Saxo Account Executive or send an email to our Client Services team. They will be happy to facilitate the change for you.​

I signed up for USD30 per USD million and already traded more than USD100 million. It’s only the 13th of the month, how do I get the benefit of the commission rate reduction from USD30 to USD20?

The commission level will not change automatically based on your volume traded. To request a change in commission rate (and corresponding minimum monthly commitment level), please contact your Saxo Account Executive or send an email to our Client Services team. They will be happy to facilitate the change for you.​

Can I pay a higher per trade commission with a lower monthly minimum if I become less active?

This can be done at any time, but it is not done automatically. The monthly minimum commission chosen by each client will apply until they request a change. To request a change in commission rate (and corresponding minimum monthly commitment level), please contact your Saxo Account Executive or send an email to our Client Services team. They will be happy to facilitate the change for you.​

Which currency pairs are available with commission-based pricing?

As with the all-inclusive spreads pricing terms​, all currency pairs are available and all follow the same cost structure, including spot metals. The commission rate is not more expensive when you trade something other than the most popular currency pairs.​

Are there differences in Tom/Next rollover or other costs if I trade on commission-based versus all-inclusive spreads?

No. All other standard costs are the same, no matter if a client chooses to trade on all-inclusive spreads OR the tighter ECN style spreads available with additional volume based commissions. Please refer to prices for more information.​

Are the margin requirements and available leverage the same no matter which pricing terms I choose?

Yes. Saxo standard margin requirements apply. Introduction of ECN style volume based commission pricing is solely a way to offer lower per-trade trading costs to clients that trade higher volumes; all other terms of client accounts remain consistent.​

Why trade Forex with Saxo?

Stop order statistics

We are proud of our outstanding stop order statistics – and we make it a point to make them available to everyone on a quarterly basis. Feel free to explore Saxo Bank Group's published quarterly reports

Orders for every opportunity

Implement your unique trading strategies with access to both simple and more advanced order types. Combine orders like Market, Limit, Stop or Trailing Stop with OCO (One-Cancels-the-Other) and ‘If done’ capabilities and various order placement requirements.

Already a client?

Are you an existing client who wants to learn more about how you can take advantage of our FX spread opportunities? Just reach out to us, we’ll be happy to help.

Private Clients:
P: +44 20 7151 2101


FX Options

With FX Options, you can trade puts and calls in 40 pairs through our cutting-edge FX Options Board, allowing investors to trade in real-time. As a client you can:

  • Trade 40 FX Options including Gold and Silver
  • Trade a number of our FX Vanilla Options OTC (Over The Counter)
  • View your net positions and get live prices on Maturities, Deltas and Strikes direct to your trading platform

Learn more about FX Options

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Award-winning FX platform

Saxo Bank Group has been awarded many prominent industry awards. That is because we make it easier, more flexible and more secure to trade FX online than many of our competitors. Awards include ‘World's Best Forex Broker’ by Forex Magnets, ‘Best Retail Platform’ by FX Week, and ‘Best Use of IT in Investment Banking’ at the Banking Technology Awards 2014.

Learn more about Saxo Bank Group's recent awards

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Whatever your level of trading is, there may be something for everyone to learn at the Academy on TradingFloor.com. TradingFloor.com is provided by our parent company Saxo Bank A/S.

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IMPORTANT: Please note that the above videos and opinions are produced by and sourced via the TradingFloor.com website, which is property of Saxo Bank A/S. Any materials or other social trading features available on the TradingFloor.com website are provided by Saxo Bank A/S and SCML does not accept any responsibility or liability for the contents or services made accessible through TradingFloor.com. By visiting TradingFloor.com, you agree to the following Terms of Use and Disclaimer.


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RISK WARNING: Our products are traded on margin and it is possible to incur losses that exceed your initial deposit.

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