​Stock Index Tracker CFDs

Competitive Bid/Ask spreads

When trading Index-Tracking CFDs with Saxo Capital Markets, you do not pay a separate commission. The only cost you will incur is the bid/ask spread.
 
See minimum spreads for each Index-Tracking CFD under 'Contract details' here.

Fixed Spreads on CFD Index Trackers

The Bid/Ask spread will be equal to teh minimum target spread in approx. 99% of the quote updates, during the opening hours of the underlying cash market.

This gives clients an improved trading experience and a high degree of certainty with regards to trading costs associated with entering and closing CFD Index Tracker positions.

Please note that f​​ixed spreads are available for selected CFD indices only under normal market conditions up to the trade amounts listed in the table below.

Index T​racker Name Symbol Trade amount (contracts)*
 NORTH AMERICA 
usaUS 30 Wall Street US30.I15
usaUS 500 US500.I100
usaUS Tech 100 NAS​ USNAS100.I25
Europe
euEU Stocks 50EU50.I100
frFrance 40 FRA40.I10
gerGermany 30 GER30.I10
itItaly 40 ITALY40.I10
nlNetherlands 25 NETH25.I10
esSpain 35 SPAIN35.I20
seSweden 30 SWE30.I100
swSwitzerland 20 SWISS20.I10
ukUK 100 UK100.I20
Asia / Pacific
AUSAustralia 200 AUS200.I10
jpJapan 225 JP225.I1,000
hkHong Kong HK50.I25


* Fixed spreads only apply under normal market conditions and up to the indicated trade amount

Expiring Index-trackers

Saxo Capital Markets currently offer trading in the US2000 expiring Stock Index Tracker CFD, which gives exposure to 2,000 small-cap US Stocks.

The US2000 Index-Tracker CFD tracks the price of the underlying Futures contract and is traded with the Futures' market spread with a small mark-up. There are no other fees or commissions applied, however, a small minimum trade size apply.
 
The US2000 Index-Tracker CFD expires quarterly similar to the Futures contract. Once expired, it is cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price.
 
Manual roll of a position from one expiry to another may be done until the time of expiry occurs (i.e. 17:00 New York time).

Trading Hours

With Saxo Capital Markets you can trade the most popular indices in the trading session timeframe up to 22 hours.

See trading hours for each Index-tracking CFD under 'Contract details' here.

Short Selling

Short selling of Index-tracking CFDs is fully supported with Saxo Capital Markets.

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place conditional If Done and One Cancels Other (OCO) orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price. 

Italian Financial Transaction Tax

The tax will be applied to all Italian Derivatives whose underlying assets are equity instruments issued by Italian companies

The Italian FTT for Derivatives applies irrespective of the location of the client or the jurisdiction of the transaction, so everyone trading Italian Derivatives will have to pay new Italian FTT for Buys and Sells.

Index Tracker: Italy 40 (ITALY40.I​)

​Notional Value (EUR)​​0-2.5k​2.5-5k​5-10k​10k-50k​50-100k​100-500k500-1,000k​Over 1,000k​
​Tax (EUR)​0.25​0.5​15​​10​50​100​200
 

 

Bond CFDs

Futures Market spread

Bond CFDs at Saxo Capital Markets are priced as the underlying Futures contract spread plus a fixed mark-up

Minimum Trade size - fraction of a Future contract

Bond CFDs are denominated in smaller lot sizes than the underlying Futures contract.

For example, one Bund Futures Contract imposes a EUR 10 tick value for each increment of the Futures price (0.01). As an alternative, you can choose to take your tick value down to EUR 1 with the Bund CFD for the same price increment (0.01).

50 CFDs is the minimum trade size for Bond CFDs 

Expiring CFD

Similar to Futures Contracts, Bond CFDs expire and will be cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price.

Manual roll of a position from one expiry to another may be done until the time of expiry. The specific expiry date and time for individual Bond CFDs can always be found in the trading platforms under CFD on Futures Trading Conditions.

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place If Done and One Cancels Other (OCO) conditional orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price.

Short selling

Short selling of Bond CFDs is fully supported with Saxo Capital Markets.

Cash Settlements

Bond CFDs give clients exposure to the underlying instrument without the confusion of physical settlement. Bond CFDs transactions will be cash settled.


Commodity CFDs

Tracks the price of the underlying Futures contract

When trading Commodity CFDs with Saxo Capital Markets a commission is not charged, but there is a bid/ask spread included in the price Saxo Capital Markets derives for each CFD.

This derivation means that whilst the CFD prices track the underlying Futures spread will be slightly wider.

Commodity CFDs at Saxo Capital Markets are priced as the market spread on the underlying Futures contract plus a fixed mark-up.
 
See a full list of Commodity CFD Spreads under 'Contract details' under the Prices menu.

Minimum Trade size - fraction of a Future contract

Whilst all Commodity CFDs are priced in single units, often a minimum trade size will apply.

Commodity CFDs are denominated in smaller lots than the underlying Futures contract. For example, the US Crude CFD is 25 barrels of oil, rather than 1,000 barrels. Each CFD is quoted as 1 unit of the underlying contract (e.g., 1 barrel), but there will be a minimum trade size.
 
You are also able to reduce an open CFD position to below the minimum trade size. Should you be left with such a position then it should be closed via either the Account Summary or by contacting the dealing desk. 

Greater leverage

Commodity CFDs margin requirements are lower than those for the underlying Futures contract, offering more exposure for less.

See full list of margin requirements.

Margin Trading carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors.

Ensure you fully understand the risks involved and seek independent advice if necessary.

See our Risk Warning

Expiration monthly

Like Futures, Saxo Capital Markets' Commodity CFDs will expire each month and will be cash settled on the expiry date of the underlying future. Front month (current contract) and back month (following contract) will be offered to enable clients to manually roll positions from one contract to the next.

The specific expiry date and time for individual Commodity CFDs can be found in the trading platforms on either the Trade or Order tickets plus the Instrument Information pages.

Trading will cease at the specified time listed in the Contracts Specifications table for each contract. You should pay attention to when the Last Trade Day will take place as it differs contract to contract and month to month.

Any positions still open at the close of trading on the Expiry Date will be automatically closed at the closing price set by Saxo Capital Markets and cash settled.

For trading purposes, Saxo Capital Markets will quote both the current expiring month's contract and the following contract, where availability and liquidity allow.​

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place conditional If Done and One Cancels Other (OCO) orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price.

Cash Settlements

Commodity CFDs give clients exposure to the underlying commodity without the confusion of physical settlement. All Commodity CFDs transactions will be cash settled.

Short Selling

Short selling of Commodity CFDs is fully supported with Saxo Capital Markets.

Trading example

Below is an example to illustrate trading using Commodity CFDs.

Long Position in US Crude - Buy 100 barrels of US Crude CFDs

Day 1 – the trader is bullish and therefore wants to be long US Crude CFDs.​
​TradeBuy 100 CFDs at $59.90 ​​
Nominal value ​$5990​​
Margin required (4% margin for first €300k
collateral on account, otherwise 10%)​
$239.60​
 
Day 5 – the price has risen and the trader wishes to close their position for a profit.​
​Trade​​Sell 100 CFDs at $61.50
Profit​$160
Movement in the underlying commodity​​($61.50 - $59.90) / $59.90 = 2.7%
  
In summary the trader took advantage of the leverage that comes with Commodity CFDs.
 
The opening trade was valued at $5990 but the trader had to only provide a margin of 4% or $239.60.
 
The closing trade generated a profit of $1.60 per barrel and whilst that translated to a 2.7% rise in the price of oil, the client realised a profit of $160.
 
Clients should be reminded that while trading leverage products like Commodity CFD can bring increased profitability, they can also increase a trade’s potential loss should the market move against you.
 

See our Risk Warning

Forex CFDs

Futures Market spread

Forex CFDs at Saxo Capital Markets are priced as the underlying Futures contract spread plus a fixed mark-up.

Minimum Trade size - fraction of a Future contract

​Forex CFDs carry a minimum trade size of 5,000 which is significantly lower than the Future Contract it is tracking, e.g. 1 lot of Euro/US Dollar Future is EUR 125,000.

Minimum trade size of the US Index is 100 units.

Expiry

Similar to Futures Contracts, FX CFDs expire and will be cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price.

Manual roll of a position from one expiry to another may be done until the time of expiry. The specific expiry date and time for individual FX CFDs can always be found in the trading platforms under CFD Commodities Trading Conditions and under Prices.

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place If Done and One Cancels Other (OCO) conditional orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price.

Short selling

Short selling of Forex CFDs is fully supported with Saxo Capital Markets.


Exchange Traded Funds /
Exchange Traded Commodity CFDs

Volume-based commission

Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETC) CFDs are trading identical to Stocks with Saxo Capital Markets.

These are priced as an exchange commission in percentage (%) charged on the notional value of the trade with a minimum for small trade sizes.

For North American exchanges commission is calculated as cents per contract.

Free Live Exchange Data

Trading ETF CFDs on live streaming prices with Saxo Capital Markets requires a subscription to the relevant exchange data.

To benefit from trading ETF CFDs on live streaming prices for free, you have to make at least four (4) CFD or Stock trades per exchange on your account monthly.

Note this is valid for non-professional traders only. Read more about data fee refund for active equity trading.

Order Types

Order types supported for ETFs and ETCs are similar to Single Stock CFDs.


The value of your investments can go down as well as up.
Losses can exceed deposits on margin products. Please ensure you understand the risks.

 
Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871.

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