Saxo Bank Slashes Brokerage Fees to Improve Accessibility in US and Australian Markets

Saxo Bank has announced reduced brokerage fees for the US and Australian markets. The company's move is designed to improve the accessibility and affordability of trading for Australian investors through transparent, all-inclusive pricing.

Saxo clients will now benefit from a significant reduction of up to 87% in brokerage fees for US markets and up to 62% on the ASX. As a result, trading costs can be as low as $1 for US equities, £3 for UK equities, and AUD 3 for the ASX.

This fee adjustment also applies to a variety of other financial instruments such as Exchange Traded Funds, Exchange Traded Products, Listed Options, and Futures, with potential savings of up to 70% on AUD-denominated futures contracts.

Currency conversion fees for global market traders associated with Saxo will be reduced by two-thirds, currently to 0.25%. This reduction will allow Saxo clients to hold funds in 11 different currency sub-accounts, making trading more cost-effective.

Saxo Australia CEO Adam Smith expressed the company’s commitment to facilitating investment despite the challenging economic environment. He stated: “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.”

The company now offers competitive variable and minimum trading fees, making ASX equities trading fees as low as AUD 3. In addition, Saxo has standardized automated currency conversions, charging a 0.25% nominal FX rate mark-up to provide clients with transparent and predictable currency conversion fees.

Kim Fournais, the Founder & CEO of Saxo Bank, said, “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.”

(Source: Finance Magnates)