CFD Trading with Leverage

Trading With Leverage

CFDs are traded on margin. This means that you are able to leverage your investment by opening positions of larger size than the funds you have to place as margin collateral.

The margin is the amount reserved on your trading account to cover any potential losses from an open CFD position. It is possible that a loss may exceed the required margin.

Margin requirements vary from instrument to instrument and can be changed at any time to reflect market conditions. For larger re-ratings or changing of margin requirements for very popular instruments clients will be notified in advance where possible.

Intraday margin on selected Index Tracker CFDs is available to clients on request. The intraday margin requirement is half the normal requirement and is applied during main trading hours. For more details on intraday margin, see the section below.​

Margin requirements by CFD type and instrument are always listed under the CFD Trading Conditions on the trading platforms but can also be seen below.

Please note that Saxo Bank reserves the right to increase margin requirements for large position sizes, including client portfolios considered to be of very high risk.

Intraday Margin

Intraday margin which is available on selected CFD Index Trackers increases flexibility during the trading day. The Intraday margin is phased out in the minutes following expiry of the intraday trading hours applicable to the respective instrument. 

​Example of Intraday Margin for Germany 30 (GER30.I)
The intraday trading hours can be found in the trading conditions section in the trading platforms. Please note that the intraday trading hours are subject to change and may be affected by early close of the underlying market due to holidays etc.

Intraday Margin is available upon request. Please contact your Account Manager or Service Center

Index Tracker CFDs

Index T​rackerStandard MarginIntraday Margin 1)Intraday Session 2)
usaUS 30 Wall Street2.0%1.0%09:00 - 15:53
usaUS 5002.0%1.0%09:00 - 15:53
usaUS Tech 100 NAS2.0%1.0%09:00 - 15:53
beBelgium 205.0%n.a. 
dkDenmark 205.0%n.a. 
euEU Stocks 504.0%2.0%09:00 - 17:28
frFrance 403.0%1.5%09:00 - 17:28
gerGermany 303.0%1.5%09:00 - 17:28
gerGermany Mid-Cap 505.0%n.a. 
gerGermany Tech 305.0%n.a. 
itItaly 405.0%n.a. 
nlNetherlands 253.0%n.a. 
noNorway 255.0%n.a. 
prPortugal 2010.0%n.a. 
zaSouth Africa 4010.0%n.a. 
esSpain 355.0%2.5%09:00 - 17:28
seSweden 305.0%n.a. 
swSwitzerland 204.0%2.0%09:00 - 17:18
ukUK 1002.0%1.0%08:00 - 16:28
ukUK Mid 2505.0%n.a. 
AUSAustralia 2002.0%1.0%10.00 - 15.58
jpJapan 2253.0%n.a. 
hkHong Kong5.0%n.a. 

Index-tracking CFD contract details (expiring)
Index TrackerStandard MarginIntraday Margin 1) ​Intraday Session 2)
cnChina 5010.0%n.a.
inIndia 5010.0%n.a.
​ 1) Intraday Margin is available upon request. Please contact your Account Manager or Service Center 
2) Trading hours are stated in the local hours of the underlying exchange. Please note that Intraday Margin will move to Standard Margin during a rolling window of 2 minutes after the close of the Intraday Session(s).

Single Stock CFDs

We have sorted our more than 8,800 online tradable CFDs in 5 different margin groups.

Which margin group a CFD falls into depends on the market capitalisation, liquidity and volatility of the underlying asset.

The leverage available on Single Stock CFDs begin at 10:1 which corresponds to only 10% margin.​

RatingMargin requirement

Find your local stock in the link below and see what Margin Rating it has.

View individual Single Stock CFD margins

Commodity CFDs

​​Instrument NameSymbol​Margin Requirement​Leverage
US Copper​COPPERUS​4%25:1
US Crude​OILUS​5%20​:1
UK Crude​OILUK​4%25:1
Heating Oil​HEATINGOIL​4%25:1
Gasoline US​GASOLINEUS​8%12.5:1
Gas OilGASOILUK​8%12.5:1
US Natural Gas​NATGAS​8%12.5:1
CO2 Emissions​EMISSIONS​8%12.5:1
NY Sugar No. 11​SUGARNY​5%​20:1
NY Coffee​COFFEE​5%20:1
NY Cocoa​COCOA​5%20:1
Live Cattle​LIVECATTLE​​5%20:1

Bond CFDs

LeverageMargin RequirementProduct/Instrument

German Government 5 year Bobl
German Government 2 year Schatz

100:11%German Government 10 year Bund
100:11%French Government 10 year OAT
50:12%Italian Government 10 year BTP

Forex CFDs

The leverage available for Forex CFDs is 50:1 equal to just 2% in margin.

Instrument NameSymbolMargin RequirementLeverage

Euro /
US Dollar

Euro /
Japanese Yen
Euro /
Swiss Franc
Euro /
British Pound
British Pound /
US Dollar
Australian Dollar /
US Dollar
FND= First Notice LTD = Last trading


See under 'Single Stock CFDs'.

Risk Warning

Margin Trading carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors.

Ensure you fully understand the risks involved and seek independent advice if necessary.

See our Risk Warning.
Updated 18 October, 2016

Product Risk

​Danish banks are required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red.

A CFD is categorised as a red product as it is considered an investment product with a high complexity and a high risk. See also the 'Product Risk Categorisation' located under our General Business Terms.

General Business Terms​​​