Saxo Markets, the online trading and investment specialist that connects people to investment opportunities in global capital markets, announces a suite of price reductions designed to provide Australian investors lower costs when trading ASX and US equities.
Starting from today, Saxo will lower its minimum commission to AUD 5, down from AUD 6.99 for ASX shares and ETFs, and to a minimum of USD 4 , down from USD 9.90 for US shares and ETFs.
Despite new entrants offering zero commission in the market, Saxo will still be one of the best priced brokers for ASX and US equities when taking account of all trading costs. Saxo’s commission and fee structure is transparent, with no platform fees and no inactivity fees.
As part of the price reduction, Saxo offers foreign currency accounts so that investors can save on FX conversion fees when trading international markets. By using the foreign currency account, investors can avoid paying an FX conversion fee on each trade. The conversion fees only apply when they deposit or withdraw funds from the foreign currency account.
Adam Smith, CEO of Saxo Capital Markets Australia said:
“The retail investment market is booming locally – Saxo Markets Australia’s trading client base increased by 56% in 2020 and our new client base increased by 114%.
We’ve also seen a spike in investors looking to trade international stocks, given that markets like the US have the breadth and liquidity required to facilitate successful trading from either the long or short side.
With this growth comes a need for increased transparency as pricing structures and complexities are often cited as challenges for investors looking to navigate the markets and place trades. A more transparent and competitive pricing structure removes barriers for our clients, as they can make increasingly informed and optimal investment decisions.”
Traders can find more information here.