Trading Conditions



Stock Trading Conditions

Market Orders

Certain exchanges do not support Market orders. If a client places a market order in these markets, Saxo Bank will automatically convert the order to an aggressive Limit order within a certain percentage limit “in the money”.

The Percentage Limit varies between 1% and 4% depending on the exchange and the type of instrument. Please note that it is a client’s responsibility to check if the order is filled in the market after order entry.

If you experience or suspect any errors with your order, you should contact Saxo Bank immediately.

Exchange​ ​
American Stock Exchange (AMEX)​ Oslo Stock Exchange (OSE) ​
Athens Stock Exchange (AT)​ OMX Copenhagen (CSE)  ​
Australian Stock Exchange (ASX)​ OMX Helsinki (HSE)  ​
London International Exchange (LSE_INTL)​ OMX Stockholm (SSE) ​
London Stock Exchange (LSE_SETS) ​ Singapore Exchange (SGX-ST)​


In addition, some of our execution brokers may choose to convert Market orders on certain exchanges into aggressive limit orders 3% “in the money”. This is due to their internal compliance and is intended to protect clients from unintentionally moving the market. 

Saxo Bank will not be responsible for missing fills due to this.

Split Orders

In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.

Dividends from stock positions

Dividend payments from stock positions will be credited to the clients account with any applicable standard withholding taxes deducted.

Saxo Bank cannot currently support or offer preferential withholding tax rates that may be available due to residency or legal status.

Transferring Stock

Read more about transferring stocks to your Saxo Bank account.

Business terms for securities trading and custody management

You can find the business terms for securities trading and custody management in our document library.

Updated 15th June, 2012



Local Market Terms & Conditions

Custody account for Greek Stocks

The Greek regulation requires every Greek shareholder to have a segregated settlement account for custody purposes.

You therefore need to fill out either a Joint (only for Saxo Bank joint account holders) or an Individual SAT application form to allow Saxo Bank to open or transfer your custody account to Saxo Bank.

Both forms can be found in and downloaded from our document library
Note that it might take up to 7 working days for the setup to be completed.

Taxation on Hong Kong Stocks

For Hong Kong stocks, Stamp Duty and other charges apply: 0.108%

Note: Automated trading from 09:30-16:30 with a break between 12:00 - 13:30.

Taxation on Singapore Stocks

For Singapore Stocks, a Clearing Fee of 0.04% is payable, subject to a maximum of SGD 600.

Taxation on UK Stocks

For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable.

Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value.

A PTM Levy of GBP 1 is applied to buy and sell transactions where the Gross Value of the trade exceeds GBP 10,000.

Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value.

Taxation on South African Stocks

The Johannesburg Stock Exchange applies a Securities Transfer Tax (STT) of 0.25% when opening a stock position (on stock buy trades) - this tax is not applicable to Single Stock CFD trades.

Taxation on French Stocks

For French large cap Stocks a Financial Transaction Tax (FTT) of 0.20% apply to all buy trades.

The full list of the 109 affected Stocks can be found in the official application decree (in French).

Taxation on Italian Stocks

From 1 March 2013 the Italian Financial Transaction Tax (FTT) of 0.12% will go live on all purchases of Italian shares and Equity linked securities (i.e. depositary receipts) in listed companies that have a registered office in Italy.

Please find here the Ministerial Decree as issued by the Italian Minister of Economy and Finance.

Depositary Receipt fees - US

It is standard practice for US depositary receipts to charge an annual administration fee up to USD 0.05 per share depending on the issuing depositary bank.

The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the depositary receipt line.

Typically the fee is deducted when dividend payments are made, however, in case the depositary receipt does not pay a dividend or did not include the custodial fee in their dividend events, the fee will be administered through fee-only events.
The dividend fee is stipulated in the Deposit Agreement between the depositary bank and the company based upon industry standards. The Deposit Agreement is filed with the SEC and is readily accessible by the public.
The fee per depositary receipt is not dependent on the total amount of dividend being paid but the amount of shares held.

SEC Section 31 Fees for US CFD DMA and Shares

Saxo Bank passes on to clients the SEC Section 31 fee of $22.40 per million (0.224 BP) on US exchange CFD DMA and stock SELL transactions where client orders are entered directly into the underlying market.

Regular CFDs are exempt from this charge. This fee applies only to US exchanges.


To read more about Section 31 visit:


Pre-Opening Order Fills in US Markets

In US markets, Saxo Bank consolidates liquidity from a number of sources in addition to the primary exchanges.
When there is a delay in the opening of the primary exchange, orders can be filled from these other sources before trading commences on the primary exchange.
Updated 1 Mar 2013