FX Spot Trading Conditions​

Bid/Ask spreads on majors

Saxo provides an executable price that is based on Saxo’s own liquidity, in addition to liquidity available on a DMA basis in the broader market.
Spreads vary depending on the currency pair and the desired trade amount. ​

Trade Ticket colours

For FX Spot and FX Forwards the trade tiles in Saxo’s trading platform are colour-coded Red (to sell) and Blue (to buy) for all instruments where:

  • Prices are realtime
  • Market is open

Instruments are colour-coded Grey where prices are not realtime, or the market is not open.

Non-tradable instruments will have flat non-clickable tiles.

For FX Options the trade tiles are colour-coded accordingly, to indicate the availability of the price quoted to you:

  • Green - live streaming prices are available for auto execution
  • Yellow - prices are available on an RFQ (request for quote) basis. A dealer will manually quote the client, which makes the prices green and therefore tradable
  • Purple - the market is closed (trading and RFQ not available)

Order Driven Execution

Saxo executes client trade requests on an Order Driven basis. This applies to all of Saxo's extensive range of instruments, except for FX Options which will continue to trade on a Quote Driven Model (green pricing).

An Order Driven Model provides an executable price that is based on Saxo’s own liquidity, in addition to liquidity available on a DMA basis in the broader market. Clients are provided with greater control over the way that their order is traded through user defined Price Tolerance, with the potential for benefiting from price improvement. An Order Driven Model may result in partial fills in the event that there is not enough liquidity available at the pric​e and/or at the size requested.

Price Tolerance defines the minimum price (when selling) or the maximum price (when buying) that the client is comfortable accepting. Tolerance can be specified as a fixed price increment or as a percentage of the current market price.  This can be set in pip or percentage terms. The default is set to 0.01% of the current market price for all currency pairs, but is configurable on an individual currency pair level.

Various order types can be can be used to enter or exit a position. See ​Order Exe​cution.

Trading on Bands

Different spreads are provided for different trade size bands. The spread is tightest in the smallest band. Trade amounts above the largest bands prices will be routed to manual intervention. However typically, only a very small proportion of orders placed with Saxo require manual intervention.

See a full overview of the ​​spreads on all FX crosses.

FX Commodities

​Gold and Silver

At Saxo Capital Markets, you can trade Gold and Silver against a range of selected currencies using up to 50 times leverage with low margin requirements starting from 2% of the trade value. With Saxo Capital Markets, you can:

  • Trade Spot Gold & Silver against the US Dollar, Euro, Japanese Yen, Hong Kong Dollar and Australian Dollar on live prices via our award-winning online trading platforms
  • Trade Gold and Silver at spot or as an Option, Futures, CFDs, ETFs or ETCs
  • Leverage small price movements on the Gold & Silver Exchanges by up to 50 times both long and short​

Competitive Spreads

All-inclusive spreads shown are target bid/ask spreads in normal market conditions. Under certain market conditions - such as over the release of key economic figures, during periods of volatile market conditions, and during the sometime illiquid European night time spreads may be wider and auto execution limits may b​e lowered or disabled. For certain categories of clients, the spreads may in general be wider by up to 2 pips. See all live and historic spreads​ ​to see the effect of these market events on FX pricing and to compare the difference between the All-inclusive and ECN style commission based pricing choices.

The spreads applicable to a client’s account will be displayed in the Saxo platforms. 

Tom/Next Rollover

All open FX positions held overnight are subject to a debit or credit interest rate revaluation to reflect the position being rolled over to a new Value Date. The operation known as the Tom/Next Rollover is applied to spot positions held at 5pm New York time on any given trading day.

The rollover is made up of two components, namely the tom/next swap points and financing of unrealised profits or losses. The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position. Read more about Tom/Next Rollover.

Minimum trade size

Below the threshold amount a minimum ticket fee of $10 is charged on the trade to cover administration costs. For most currency pairs the threshold amount​ is 5,000 units of the base currency, however variations occur. Precious metals can be traded as low as 1 ounce.

Trades cannot be executed below the Minimum Trade Sizes (except for closing an open position below the minimum trade size).​​

Forex Trading hours

Saxo is open for Forex Trading from Monday morning 5am Sydney time to Friday afternoon 5pm New York time.

Some currency pairs have special trading hours as seen in the table below.
Currency cross​​Trading Hours
​RON​08:15 to 17:00 CET
​ILS​07:00 to 1​​7:00 CET
SAR, AED07:00 to 15:00 CET​
RUB​​07:00 GMT to 19:00 GMT *​
​HRK​07:00 to 15:00 GMT
Precious metals (XAU, XAG, XPD, XPT) *​*18:00 to 17:00 EST

* In instances where no liquidity can be sourced in the market, these trading hours may be further reduced on a day-to-day basis.​

** Special dates and times for FX Metals apply on U.S. national holidays to reflect the trading hours of the underlying futures market.​

HolidayDateSpecial Trading Hours
Martin Luther King Holiday 201716-Jan-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
President's Day 2017 20-Feb-17 Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Good Friday 2017 14-Apr-17Closed
Memorial Day 201729-May-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Independence Day 201704-Jul-17 Trading halt at 13:00 US EST, 
Trading resumes at 18:00 US EST
Labor Day 201704-Sep-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Thanksgiving Day 2017 23-Nov-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Christmas 2017 25-Dec-17 Closed
New Year 2018 01-Jan-18Closed

Please note Saxo FX Metals Trading hours follow the CME Group holiday calendar which is available on the CME Group public website.​

Value Dates

Most FX Spot positions have a Value Date of T+2. This means that they settle two business days after the day of execution. There are some exceptions to this; USDTRY, USDRUB and USDCAD, which all have a value date of T+1.

At Saxo, FX Spot positions do not settle. Instead, open positions held at the end of a trading day are rolled over to the new spot value date as described under ​"Tom/Next rollover".​


When netting open FX positions Saxo uses FIFO rules, which means the first position you open is the first position to be closed.

Example: You are trading EURUSD opening the following positions:

1)​​ Buy 1M EURUSD
2) ​ Buy 1M EURUSD​​​
3)​ Sell 1M EURUSD​
4)​ Sell 2M EURUSD​
Total​  Sell 1M EURUSD

The first long position 1) will net out with the first short position 3), the second long position 2) will net out with half of the second short position 4), leaving only one short position of 1M EURUSD at the end of the day.​

FX NOP Value

​The FX NOP Value (Net Open Position Value) is the sum of all the short individual exposures for all currencies converted into the base currency of the account.

If your FX NOP value exceeds the FX NOP limit, you will only be able to place FX trades that close positions or reduce the FX NOP value. If you are in a breached status and attempt to trade over that limit an error message will inform you that the NOP limit has been breached.

The breakdown in single currency exposures used to calculate the FX NOP value, can be found under "Account"- "Account Exposure" in SaxoTrader.​

FX Forward Outrights Trading Conditions

Customised Liquidity​

With over 123 FX Forwards outrights traded at Saxo, you benefit from liquidity available on all major currency pairs.​

Choose your own value date

FX Forward Outrights are traded with a predefined future value date. You can select any value date (odd-date), not just standard tenors.


Closed Forward Outright position are netted out when the value date of the position equals the current spot value date i.e. the position is changing from a forward to a spot.

When the value date on an open Forward Outright position equals the current spot value date, it will be subject to tom/next rollovers and will be treated as a normal spot position from that point onwards.​

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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