Saxo Markets announced a suite of price reductions today aiming to provide Australian investors lower costs when trading ASX and US equities.
According to the official announcement, the price reductions came in effect today. The minimum commission will be lowered to AUD 5, from AUD 6.99 for ASX shares and ETFs, and to a minimum of USD 4, from USD 9.90 for US shares and ETFs.
Saxo noted that its commission and fee structure is transparent, without platform fees and inactivity fees. As part of the price reduction, the online trading and investment specialist offers foreign currency accounts allowing investors to save on FX conversion fees when trading international markets. With the foreign currency account, investors can avoid paying an FX conversion fee on each trade. There are conversion fees applied only when investors deposit or withdraw funds from the foreign currency account.
Adam Smith, CEO of Saxo Capital Markets Australia commented:
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%.
Smith added:
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.”
In the official statement, Saxo went on to reaffirm its commitment “to full transparency on pricing, with costs outlined upfront and no hidden fees.”
Saxo Markets recently appointed Richard Douglas as CEO for Saxo Markets in Hong Kong.
