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Commissions, Charges and Margins Schedule

Commissions Charges and Margin

Minimum account size

Saxo Account starts from SGD10,000.
Saxo Premium Account starts from SGD100,000.


Interest on funds deposited with Saxo Capital Markets


Interest on your main account is calculated on the Net Free Equity and interest on your sub-accounts is calculated on the Account Value.

However, since the Net Free Equity is calculated on open trade positions on all your accounts, it is important to make sure that sufficient cash is available on your main account. Otherwise you risk being subject to a debit interest on your main account exceeding the credit interest payable on your sub-account(s).

Net Free Equity

Net Free Equity is defined as:

  • The cash balance held on a trading account
  • Plus or minus the value of any unrealised profits or losses from open trade exposures CFDs and futures on the main trading account
  • Minus the value of Saxo Capital Markets' margin requirements for open trade positions on all accounts. For this purpose, i.e. for the purpose of calculating "Net Free Equity" for interest calculation, margin requirements range between 2% to 12% for FX positions and 5% to 25% for CFD positions depending on the FX pairs and CFD assets held by client.

Account Value

Account Value is defined as:

  • The cash balance on the individual sub-account
  • Plus or minus the value of any unrealised profits or losses from open trade exposures in FX OTC Options, CFDs, and futures on the sub-account

Retail Interest Rates

The following interest rates apply to funds deposited with Saxo Capital Markets:

  • Interest will not be paid on Net Free Equity up to USD 15,000 (or the currency equivalent)
  • For positive Net Free Equity exceeding USD 15,000 - interest will be paid at market bid rates minus 3% on the full amount
  • For negative Net Free Equity - interest will be charged at market ask rates plus 8%

Calculation and settlement

Interest will be calculated daily and settled monthly - within seven business days after the end of each calendar month.

Withholding tax in interest

For any interest paid to a non resident of Singapore, which are sourced in Singapore or deemed to be sourced in Singapore, Saxo Capital Markets Pte. Ltd. is required to withhold tax from the relevant payments and pay the tax withheld to the Comptroller of Singapore. The withholding tax rate will be at the at all times applicable rate, currently 15%.

The commission and margin rates referred to above may vary from time to time especially for very active or inactive customers.

Product trading rates and conditions

Currency Conversions

Currency conversions of trading costs as well as profits and losses from trading activities are done using the prevailing close rate as of 1700h New York Time, plus/minus 0.5%. For FX Options the rate is plus/minus 0.1%.

All other currency conversions (including conversions of funds transferred to and from your account with Saxo Capital Markets) will be done using the current spot rate plus/minus 0.5% when the amount is credited or debited from your account.

Contact Saxo Capital Markets

If you would like to speak with Saxo Capital Markets about opening an account or if you have experienced any difficulties becoming a client, please contact us.

Phone: (+65) 6303 7800
Fax: (+65) 6303 7808
E-mail: info@saxomarkets.com.sg

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