FOREX - Forex Options
Target Bid/Ask spreads
Our target bid / ask spreads listed are our best possible target spreads used in normal market conditions. In quiet market conditions, the spread may be even narrower but in periods of volatile markets, the spread may be increased and autoexecution disabled. For certain categories of clients, the spreads may in general be wider by up to 2 pips. The spreads applicable to your account will be displayed in your SaxoTrader. Please consult your Introducing Broker or Saxo Bank to obtain further information about our spread range and its implications to your account.
Margin requirements
Forex is traded on margin enabling you to leverage a small margin deposit for a much greater market effect where:
- First USD 25K margin rates apply to the first USD 25,000 (or equivalent) of your investment collateral
- Normal margin rates apply to all investment collateral over USD 25,000 (or equivalent)
Autoexecuted trades
Major currency trades can be autoexecuted for amounts below the autoexecution limit. Autoexecuted trades are automatically accepted without intervention from the bank. For trade sizes over the autoexecute limit and in volatile market conditions, the trade must first be approved by a dealer which normally takes just a few seconds.
* Note that these are typical autoexecute limits that can change over the day, depending on the market conditions and available liquidity.
Ticket fees for low-value trades
For Forex trades below the Ticket Fee Threshold listed, a small ticket fee of USD 10 is added to the trade to cover administration costs.
This Ticket fee is not applicable to Saxo MiniTrader accounts.
Margin calls
You must maintain the margins listed in your account at all times. If the funds in your account fall below this margin, you will be subject to a margin call to either deposit more funds to cover your positions or close positions — normally you will be notified through our trading platform and via email. If your margin situation is not remedied, we may close positions on your behalf.
Forex Trading Hours
Saxo Bank is open from Sunday 18:00 GMT to Friday 22:00 GMT
Forex positions held until their Value Date, and Interest on Unrealised Profit/Loss
Open Spot Forex positions held at the end of a Trading Day will be rolled over to a new Value Date on a Tom/Next basis. As part of the tom next roll over operation, positions are subject to a swap charge or credit. The Swap Points used are based on a swap feed from a tier 1 bank added a mark up corresponding to +/- 0.25% on daily market overnight interest rates, plus an interest component of +/- 0,75% for any unrealised P/L on the position based on the same interest rate feed.
Click here for a more detailed explanation about Tom/Next rollover.
| Cross | Target Spread | 2) First $25K Margin | 2) Normal Margin | Sector | 3) Autoexecute* | 4) Ticket Fee Threshold |
|---|---|---|---|---|---|---|
| AUDCAD | 9 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| AUDCHF | 9 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 100,000 |
| AUDCZK | 40 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| AUDDKK | 35 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| AUDEUR | 4 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| AUDGBP | 4 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| AUDHUF | 40 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| AUDJPY | 6 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| AUDMXN | 80 | 2% / 2% | 4% / 4% | Minor | | 100,000 |
| AUDNOK | 50 | 1% / 1% | 2% / 2% | Major | | 100,000 |
| AUDNZD | 11 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| AUDPLN | 35 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| AUDSEK | 40 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| AUDSGD | 9 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| AUDTRY | 25 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 100,000 |
| AUDUSD | 3 | 1% / 1% | 2% / 2% | Major | 10,000,000 | 100,000 |
| AUDZAR | 80 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 100,000 |
| CADCHF | 7 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 100,000 |
| CADJPY | 5 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| CADMXN | 65 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 100,000 |
| CADNOK | 40 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 100,000 |
| CADPLN | 35 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 100,000 |
| CADTRY | 30 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 100,000 |
| CADUSD | 4 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| CHFAUD | 8 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| CHFCZK | 40 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| CHFDKK | 17 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| CHFHUF | 40 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| CHFJPY | 4 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| CHFMXN | 70 | 2% / 2% | 4% / 4% | Minor | | 100,000 |
| CHFNOK | 30 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| CHFPLN | 35 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| CHFSEK | 30 | 1% / 1% | 2% / 2% | Major | 500,000 | 100,000 |
| CHFSGD | 8 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 100,000 |
| CHFSKK | 30 | 2% / 2% | 4% / 4% | Minor | 500,000 | 100,000 |
| CHFTRY | 25 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 100,000 |
| CHFUSD | 2.7 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| CHFZAR | 90 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| DKKCZK | 15 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 500,000 |
| DKKHUF | 7 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 500,000 |
| DKKJPY | 9 | 1% / 1% | 2% / 2% | Major | 25,000,000 | 1,000,000 |
| DKKPLN | 6 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 500,000 |
| DKKSGD | 5 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 500,000 |
| DKKZAR | 30 | 2% / 2% | 4% / 4% | Minor | 3,000,000 | 500,000 |
| EURAUD | 8 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| EURCAD | 9 | 1% / 1% | 2% / 2% | Major | 6,000,000 | 100,000 |
| EURCHF | 3 | 1% / 1% | 2% / 2% | Major | 15,000,000 | 100,000 |
| EURCZK | 30 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| EURDKK | 5 | 1% / 1% | 2% / 2% | Major | 25,000,000 | 100,000 |
| EUREEK | 55 | 2% / 2% | 4% / 4% | Minor | | 100,000 |
| EURGBP | 3 | 1% / 1% | 2% / 2% | Major | 15,000,000 | 100,000 |
| EURHKD | 25 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 50,000 |
| EURHUF | 30 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| EURISK | 15 | 6% / 6% | 12% / 12% | Exotic | 100,000 | 50,000 |
| EURJPY | 3.5 | 1% / 1% | 2% / 2% | Major | 7,500,000 | 100,000 |
| EURLTL | 30 | 2% / 2% | 4% / 4% | Minor | 100,000 | 100,000 |
| EURLVL | 19 | 4% / 4% | 8% / 8% | Exotic | 100,000 | 100,000 |
| EURMXN | 60 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 100,000 |
| EURNOK | 30 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| EURNZD | 12 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| EURPLN | 27 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| EURRON | 40 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| EURRUB | 150 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| EURSEK | 30 | 1% / 1% | 2% / 2% | Major | 8,000,000 | 100,000 |
| EURSGD | 12 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| EURSKK | 32 | 2% / 2% | 4% / 4% | Minor | 2,000,000 | 100,000 |
| EURTRY | 25 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 50,000 |
| EURUSD | 2 | 1% / 1% | 2% / 2% | Major | 21,000,000 | 50,000 |
| EURZAR | 95 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 125,000 |
| GBPAUD | 9 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 50,000 |
| GBPCAD | 8 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 50,000 |
| GBPCHF | 7 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 50,000 |
| GBPCZK | 90 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| GBPDKK | 55 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| GBPEUR | 7 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| GBPHUF | 60 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| GBPILS | 80 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| GBPJPY | 7 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 50,000 |
| GBPMXN | 6 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| GBPNOK | 55 | 1% / 1% | 2% / 2% | Major | 4,000,000 | 50,000 |
| GBPNZD | 25 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 50,000 |
| GBPPLN | 55 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| GBPSEK | 55 | 1% / 1% | 2% / 2% | Major | 4,000,000 | 50,000 |
| GBPSGD | 15 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| GBPSKK | 55 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| GBPTRY | 35 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 50,000 |
| GBPUSD | 4 | 1% / 1% | 2% / 2% | Major | 10,000,000 | 50,000 |
| GBPZAR | 170 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| HKDJPY | 40 | 1% / 1% | 2% / 2% | Major | 15,000,000 | 50,000 |
| ISKJPY | 15 | 6% / 6% | 12% / 12% | Exotic | 4,000,000 | 1,000,000 |
| JPYDKK | 4 | 1% / 1% | 2% / 2% | Major | 250,000,000 | 10,000,000 |
| JPYNOK | 4 | 1% / 1% | 2% / 2% | Major | 300,000,000 | 10,000,000 |
| JPYUSD | 3 | 1% / 1% | 2% / 2% | Major | 50,000,000 | 1,000,000 |
| MXNJPY | 3 | 2% / 2% | 4% / 4% | Minor | 5,000,000 | 100,000 |
| NOKDKK | 7 | 1% / 1% | 2% / 2% | Major | 25,000,000 | 1,000,000 |
| NOKJPY | 9 | 1% / 1% | 2% / 2% | Major | 25,000,000 | 1,000,000 |
| NOKSEK | 8 | 1% / 1% | 2% / 2% | Major | 50,000,000 | 1,000,000 |
| NOKUSD | 100 | 1% / 1% | 2% / 2% | Major | 15,000,000 | 1,000,000 |
| NZDAUD | 9 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDCAD | 8 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDCHF | 7 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDCZK | 40 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| NZDDKK | 25 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDEUR | 6 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDGBP | 4 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDHUF | 40 | 1% / 1% | 2% / 2% | Major | | 50,000 |
| NZDJPY | 7 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| NZDMXN | 80 | 2% / 2% | 4% / 4% | Minor | | 100,000 |
| NZDNOK | 50 | 1% / 1% | 2% / 2% | Major | | 100,000 |
| NZDPLN | 40 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| NZDSEK | 50 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| NZDSGD | 10 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| NZDTRY | 25 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 100,000 |
| NZDUSD | 4 | 1% / 1% | 2% / 2% | Major | 4,000,000 | 100,000 |
| NZDZAR | 75 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 100,000 |
| PLNDKK | 30 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 125,000 |
| PLNJPY | 70 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 125,000 |
| PLNSEK | 35 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 125,000 |
| SEKDKK | 5 | 1% / 1% | 2% / 2% | Major | 25,000,000 | 500,000 |
| SEKJPY | 9 | 1% / 1% | 2% / 2% | Major | 25,000,000 | 500,000 |
| SEKNOK | 8 | 1% / 1% | 2% / 2% | Major | 50,000,000 | 500,000 |
| SEKPLN | 6 | 1% / 1% | 2% / 2% | Major | 4,000,000 | 50,000 |
| SGDHKD | 25 | 1% / 1% | 2% / 2% | Major | 2,000,000 | 100,000 |
| SGDJPY | 5 | 1% / 1% | 2% / 2% | Major | 4,000,000 | 50,000 |
| TRYDKK | 75 | 4% / 4% | 8% / 8% | Exotic | 1,000,000 | 50,000 |
| TRYJPY | 17 | 4% / 4% | 8% / 8% | Exotic | 2,000,000 | 100,000 |
| USDAED | 10 | 2% / 2% | 4% / 4% | Minor | 250,000 | 50,000 |
| USDBHD | 50 | 2% / 2% | 4% / 4% | Minor | 250,000 | 50,000 |
| USDCAD | 4 | 1% / 1% | 2% / 2% | Major | 6,000,000 | 50,000 |
| USDCHF | 3 | 1% / 1% | 2% / 2% | Major | 10,000,000 | 50,000 |
| USDCZK | 30 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| USDDKK | 25 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 100,000 |
| USDEEK | 10 | 2% / 2% | 4% / 4% | Minor | | 100,000 |
| USDHKD | 5 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 50,000 |
| USDHRK | 80 | 4% / 4% | 8% / 8% | Exotic | 200,000 | 100,000 |
| USDHUF | 30 | 1% / 1% | 2% / 2% | Major | 3,000,000 | 50,000 |
| USDILS | 40 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| USDISK | 15 | 6% / 6% | 12% / 12% | Exotic | 50,000 | 50,000 |
| USDJOD | 30 | 2% / 2% | 4% / 4% | Minor | 250,000 | 50,000 |
| USDJPY | 3 | 1% / 1% | 2% / 2% | Major | 10,000,000 | 50,000 |
| USDKWD | 15 | 2% / 2% | 4% / 4% | Minor | 250,000 | 50,000 |
| USDLTL | 7 | 2% / 2% | 4% / 4% | Minor | 100,000 | 100,000 |
| USDLVL | 7 | 4% / 4% | 8% / 8% | Exotic | 100,000 | 100,000 |
| USDMXN | 55 | 2% / 2% | 4% / 4% | Minor | 2,000,000 | 50,000 |
| USDNOK | 30 | 1% / 1% | 2% / 2% | Major | 8,000,000 | 100,000 |
| USDOMR | 15 | 2% / 2% | 4% / 4% | Minor | 50,000 | 50,000 |
| USDPLN | 35 | 1% / 1% | 2% / 2% | Major | 4,000,000 | 50,000 |
| USDQAR | 15 | 2% / 2% | 4% / 4% | Minor | 250,000 | 50,000 |
| USDRON | 40 | 2% / 2% | 4% / 4% | Minor | 1,000,000 | 50,000 |
| USDRUB | 75 | 1% / 1% | 2% / 2% | Major | 1,000,000 | 50,000 |
| USDSAR | 5 | 2% / 2% | 4% / 4% | Minor | 250,000 | 50,000 |
| USDSEK | 30 | 1% / 1% | 2% / 2% | Major | 8,000,000 | 100,000 |
| USDSGD | 6 | 1% / 1% | 2% / 2% | Major | 5,000,000 | 50,000 |
| USDSKK | 40 | 2% / 2% | 4% / 4% | Minor | 2,000,000 | 50,000 |
| USDTRY | 17 | 4% / 4% | 8% / 8% | Exotic | 2,000,000 | 50,000 |
| USDZAR | 85 | 2% / 2% | 4% / 4% | Minor | 2,000,000 | 50,000 |
| XAGAUD | 8 | 2% / 2% | 4% / 4% | Metals | 30,000 | 5,000 |
| XAGEUR | 6 | 2% / 2% | 4% / 4% | Metals | 30,000 | 5,000 |
| XAGHKD | 4500 | 2% / 2% | 4% / 4% | Metals | 30,000 | 5,000 |
| XAGJPY | 800 | 2% / 2% | 4% / 4% | Metals | 30,000 | 5,000 |
| XAGUSD | 550 | 2% / 2% | 4% / 4% | Metals | 50,000 | 5,000 |
| XAUAUD | 100 | 2% / 2% | 4% / 4% | Metals | 1,000 | 100 |
| XAUEUR | 65 | 2% / 2% | 4% / 4% | Metals | 1,000 | 100 |
| XAUHKD | 700 | 2% / 2% | 4% / 4% | Metals | 1,000 | 100 |
| XAUJPY | 100 | 2% / 2% | 4% / 4% | Metals | 1,000 | 100 |
| XAUUSD | 60 | 2% / 2% | 4% / 4% | Metals | 2,000 | 100 |
| ZARJPY | 6 | 2% / 2% | 4% / 4% | Minor | 5,000,000 | 50,000 |