Saxo has recently declared significant cuts in their brokerage fees for both the US and Australian markets. This strategic move is designed to make trading more accessible and cost-effective for SAXO’s Australian clients, providing a clear and comprehensive pricing structure.
SAXO Bank Slashes Fees for Australian and US Market Trades
Clients of Saxo will now enjoy a substantial reduction in brokerage fees, with cuts of up to 87% for US market trades and up to 62% for trades on the ASX. This adjustment means that trading fees for US equities could go as low as USD 1, for UK equities as low as GBP 3, and local ASX trades as low as AUD 3, as pointed out by Adam Smith, CEO of Saxo Australia.
In addition to equities, the fee reduction applies to various financial instruments, including Exchange Traded Funds, Exchange Traded Products, Listed Options, and Futures. For instance, traders dealing with AUD-denominated futures contracts could see savings up to 70%.
Moreover, Saxo is making international trading more affordable by slashing currency conversion fees by two-thirds, now just 0.25%. This reduction is particularly beneficial as it allows Saxo’s clients to manage funds across 11 different currency sub-accounts.
Adam Smith emphasised the company’s dedication to encouraging investment, especially in the current economic climate, saying: “By making prices more competitive in the markets we operate in, especially the ASX, we aim to make it more accessible for both new and existing clients to invest and remain invested in financial markets.”
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Adjusting Saxo’s fee structure is part of a broader strategy to enhance client value. Moving toward transparency and predictability in currency conversion fees is a significant step forward. Kim Fournais, Founder & CEO of Saxo Bank, highlighted the importance of the client experience in investing, noting Saxo’s strength in offering multi-asset trading platforms.
He remarked, “Investors have increasing demands to the overall investment experience, and the ability to trade across markets and products on award-winning multi-asset platforms has always been Saxo’s core pedigree. With the lower prices and fees, it’s becoming even easier and more attractive to diversify across asset classes, which is critical to any healthy and profitable portfolio. Diversification is really the ‘only free lunch’ in investing.”
