FX Spot Trading Conditions​

Bid/Ask spreads on majors

The price on a particular currency pair that you see on your trading platform is the price and liquidity that is available ​to you - "what you see is what you get" concept.

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

See choice of ​FX Spot 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.

Trade Ticket colours

  • For FX Spot and FX Forwards the trade tiles in Saxo Bank’s trading platform are colour-coded Red (to sell) and Blue (to buy) for all instruments where:
    • Prices are realtime
    • Market is open

    Instruments are colour-coded Grey where prices are not realtime, or the market is not open. 

    Non-tradable instruments will have flat non-clickable tiles.

    For FX Options the trade tiles are colour-coded accordingly, 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) ​​

Order Driven Execution

Saxo Bank executes client trade requests on an Order Driven basis. This applies to all of Saxo Bank’s extensive range of instruments, except for FX Options which trade on a Quote Driven Model (green pricing).

An Order Driven Model provides an executable price that is based on Saxo’s own liquidity, in addition to liquidity available on a DMA basis in the broader market. Clients are provided with greater control over the way that their order is traded through user defined Price Tolerance, with the potential for benefiting from price improvement. An Order Driven Model may result in partial fills in the event that there is not enough liquidity available at the price and/or at the size requested. 

Price Tolerance defines the minimum price (when selling) or the maximum price (when buying) that the client is comfortable accepting. Tolerance can be specified either as a fixed price increment or as a percentage of the current market price. The default is set to 0.01% of the current market price for all currency pairs, but is configurable on an individual currency pair level.​

Various order types can be can be used to enter or exit a position. See Order Execution.

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 ​spreads on all FX crosses.

Each time you trade, a reload period begins. After twenty (20) seconds with no new trading activity in the given currency pair, the reload period elapses, full liquidity and normal spreads are available again. 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 available liquidity is reduced.


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 5pm 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 unrealised profits or losses. The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position​. Read more aboutTom/Next Rollover.

Minimum trade size

Below the threshold amount a minimum ticket fee of $10 is charged on the trade to cover administration costs. For most currency pairs the  threshold amount​ 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).​​

Forex Trading hours


Saxo Bank is open for Forex Trading from Monday morning 5am Sydney time to Friday afternoon 5pm New York time. 

Some currency pairs 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

* Special dates and times for FX Metals apply on U.S. national holidays to reflect the trading hours of the underlying futures market

** In instances where no liquidity can be sourced in the market, these trading hours may be further reduced on a day-to-day basis​

Special Dates and Times for FX Metals:

HolidayDateSpecial Trading Hours
Martin Luther King Holiday 201716-Jan-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
President's Day 2017 20-Feb-17 Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Good Friday 2017 14-Apr-17Closed
Memorial Day 201729-May-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Independence Day 201704-Jul-17 Trading halt at 13:00 US EST, 
Trading resumes at 18:00 US EST
Labor Day 201704-Sep-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Thanksgiving Day 2017 23-Nov-17Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST
Christmas 2017 25-Dec-17 Closed
New Year 2018 01-Jan-18Closed

Please note Saxo FX Metals Trading hours follow the CME Group holiday calendar which is available on the CME Group public website.​

Value Dates

Most FX Spot positions have a Value Date of T+2. This means that 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.​

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 SaxoTrader.​

Forex Forward Outrights Trading Conditions
Customized Liquidity

With over 123 FX Forwards outrights traded at Saxo Bank, you benefit from liquidity available on all major currency pairs.​

Choose your own value date

FX Forward Outrights are traded with a predefined future value date. You can select any value date (odd-date), not just standard tenors.​


Closed Forward Outright position are netted out when the value date of the position equals the current spot value date i.e. the position is changing from a forward to a spot.

When the value date on an open Forward Outright position equals the current spot value date, it will be subject to tom/next rollovers and will be treated as a normal spot position from that point onwards.​

Updated 15th November, 2016

FX Forward Outrights Trading Conditions

Customized Liquidity

Trading 123 FX Forwards outrights with Saxo Bank you benefit from liquidity available on all major currency pairs.

Choose your own value date

FX Forward Outrights are traded with a predefined value date in the future.

You are able to select your preferred value date up to a year ahead on more than 115 currency pairs traded as FX Forward Outrights. 

You can select any value date not just standardised tenors.


Closed Forward Outright position are netted out when the value date of the position equals the current spot value date i.e. the position is changing from a forward to a spot.

When the value date on an open Forward Outright position equals the current spot value date, it will be subject to tom/next rollovers and will be treated as a normal spot position from that point onwards.

Updated 1st October, 2014

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.

Forex 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