Forex

FX SPOT TRADING SPREADS

Spreads for Currency Pairs

The table below shows minimum and average spreads for a selected time frame. Click on  next to any currency cross to view these figures graphically across the selected times.​​​​

​​ SEE ALL LIVE AND HISTORIC SPREADS

FX Spot Margin Requirements

Click on the button below to see the full list of trading spreads and margin requirements on all 182 FX crosses.

SEE ALL  FOREX SPREADS


​​

Forex Fees

Ticket fee on small trades

For Forex trades below the 'Ticket Fee Threshold' listed above, a small ticket fee of USD 10 is added to the trade to cover administration costs.

Bid/Ask spreads on majors

Saxo Capital Markets quotes prices based upon a fixed spread, which is defined as the spread between the Bvid and the Offer. The spread on a particular currency pair that you see on your trading platform is the price and liquidity  that is tailored to you.

Spreads depend on the currency pair and the desired trade amount.

Under abnormal market conditions such as just before and just after releases of key economic figures, during periods of volatile market conditions or at illiquid times, e.g. market opening, early Asian time zone, late New York time zone, during value date change, spreads may be wider than the announced fixed spreads.​

Minimum Trade Size

There is a minimum trade size that applies to Forex trading with Saxo Capital Markets. For most currency pairs it 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).

Fx Mechanics​

Forex Trading Hours

Saxo Capital Markets is open for Forex Trading from Monday morning 5:00 local Sydney time to Friday afternoon 17:00 Eastern Standard Time (New York time).

Some currency crosses, however, 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 17:00 CET
SAR, AED​07:00 to 15:00 CET​
Precious metals (XAU, XAG, XPD, XPT *​18:00 to 17:00 EST ​
RUB​​07:00 GMT to 16:00 GMT **​
​HRK​07:00 to 15:00 GMT

* For all Metal crosses special opening hours apply on US national holidays to refl​ect the trading hours of the underlying futures market​:

** In case no liquidity can be obtained in the market, these opening hours might be further reduced on a day-to-day basis.



Holiday Date                Special Trading Hours
Martin Luther King Holiday 2016 18 January 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
President's Day 2016 15 February 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Good Friday 2016 25 March 2016 Closed
Memorial Day 2016 30 May 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Independence Day 2016 04 July 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Labor Day 2016 05 September 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Thanksgiving Day 2016 24 November 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Thanksgiving Day 2016 25 November 2016 Early close at 13:45 US ET
Christmas 2016 26 December 2016 Closed
New Year 2017 02 January 2017 Closed

Value dates

Most FX spot positions have a value date of T+2. This means 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 Capital Markets, 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'.​​

Netting and Trade Management. FIFO

When netting open FX positions, Saxo Capital Markets 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.​

Trade Ticket Colours

For FX Spot and FX Forwards the trade tiles in Saxo Bank’s trading platform are colour-coded Red (to sell) and Blue (to buy) for all instruments where:
a) Prices are reatime
b) 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 Bank's extensive range of instruments, except for FX Options which 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 price 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 either as a fixed price increment or as a percentage of the current market price. 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 Execution.​

Trading on Bands

Different spreads are provided for different bands. The spread is tightest in the smallest band. For trade amounts above the largest bands prices, will be quoted manually on a request for quote basis (RFQ). Available liquidity removes the delay and the need for manual intervention in the major and most commonly traded currency pairs.

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

Each time you trade, a reload period begins. If you continue to make consecutive trades in the same currency pair within the reload period, the spreads may widen beyond the fixed spread as your available liquidity is reduced.

After twenty (20) seconds with no new trading activity in the given currency pair, the reload period elapses, and available liquidity and normal spreads are available again. ​​

Forex Trading Hours

Saxo Capital Markets is open for Forex Trading from Monday morning 5:00 local Sydney time to Friday afternoon 17:00 Eastern Standard Time (New York time).

Some currency crosses, however, 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 17:00 CET
SAR, AED​07:00 to 15:00 CET​
Precious metals (XAU, XAG, XPD, XPT *​18:00 to 17:00 EST ​
RUB​​07:00 GMT to 19:00 GMT **​
​HRK​07:00 to 15:00 GMT

* For all Metal crosses special opening hours apply on US national holidays to refl​ect the trading hours of the underlying futures market​:

** In case no liquidity can be obtained in the market, these opening hours might be further reduced on a day-to-day basis.



Holiday Date                Special Trading Hours
Martin Luther King Holiday 2016 18 January 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
President's Day 2016 15 February 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Good Friday 2016 25 March 2016 Closed
Memorial Day 2016 30 May 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Independence Day 2016 04 July 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Labor Day 2016 05 September 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Thanksgiving Day 2016 24 November 2016 Trading halt at 13:00 US ET,
Trading Resumes at 18:00 US ET
Thanksgiving Day 2016 25 November 2016 Early close at 13:45 US ET
Christmas 2016 26 December 2016 Closed
New Year 2017 02 January 2017 Closed

Saxo Capital Markets South Africa is an authorized Financial Services Provider and regulated by the Financial Services Board, registration number 40983. Registered address: The Place, 1 Sandton Drive, Sandown, Johannesburg, South Africa.  

Apple iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.

back to  prices
Free Demo