FX Spot Trading Conditions

Forex Trading hours

Saxo ​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.

​Date​Irregular Trading Hours in EST​ (New York time) for metals
​19/01/2015​Close 13:00, open 18:00
16/02/2015​Close 13:00, open 18:00​​​
​​03/04/2015​Closed all day
​25/05/2015​Close 13:00, open 18:00
​03/07/2015​Close 13:00
​07/09/2015​Close 13:00, open 18:00
​26/11/2015​Close 13:00, open 18:00
​27/11/2015​Close 13:45
​24/12/2015​Close 13:45
​25/12/2015Closed all day
​01/01/2016​​Closed all day


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 Bank, 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 Bank 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.

Fixed Bid/Ask spreads on majors

Saxo quotes prices based upon a fixed spread, which is defined as the spread between the Bid and the Offer. The spread on a particular currency pair that you see on your trading platform is the price and liquidity that is available for you - "what you see is what you get" concept.

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

See full list of FX spreads under FX Prices.

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.

Trade Ticket colours

The Trade Tickets in Saxo Bank's trading platforms are colour-coded 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).

Trade on Quotes

The primary method used to execute a trade on a Saxo Bank platform is to 'trade on quote'. "What you see is what you get".

When you click on a 'green' tradable price, you will be executed on that particular price, or in the rare event, not executed at all.

If the price moves too much - either up or down - from the time you place the trade, to the time when the request arrives at Saxo Bank, the trade request might be rejected. This goes for the scenario where the price has moved significantly against the client as well as movements significantly in favour of the client.

Other retail Forex brokers don’t have a concept of 'trade on quote'. When you trade on competitors' platforms and click on a buy or sell button, the trade request is converted into a Market order – meaning you can be slipped unlimited and do not know upfront which price you will get.

Trading FX with Saxo Bank on 'green' tradable prices gives transparent pricing as you know upfront which price you will be filled at. That is the price that will be displayed for you on the FX Trade Ticket prior to opening a trade.

Various order types can be used to enter or exit the market at certain price levels. 

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). Tailored 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 customised liquidity is reduced.

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

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 17:00 Eastern Standard Time (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 unrealized profits or losses. The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position. 

Minimum trade size

There is a minimum trade size that applies to Forex trading with Saxo Bank. 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).

Full details can be found under 'Prices'

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 webconnect, www.onlinewebconnect.com" or in SaxoTrader.

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