Is someone able to explain how Saxo Markets Basic Account work?

1) I understand that the minimum funding is SGD3K; does that mean I have to transfer minimally 3k to start trading? What happens then if my account balance falls below 3k after trading, or the total value of my cash+shares falls below 3k due to price changes?

2) Would custody fees be charged if I clear my positions before mkt closure everyday?

3) Is Saxo FX rates competitive or would anyone recommend using transferwise to convert first, if that works?
Thanks!

Saxo Markets

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Maisul

11 Jul 2020

Youtuber at Google (Channel : Say Do Invest)

Hey there! There are thee tiers to saxo account. Classic / Platinum / VIP.

I have made and in depth video on how the account work! I hope that the video will help you!

https://youtu.be/rBSALNTjuTQ

Do consider watching the video and I hope it helps.

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J

02 Jul 2020

1) Yes, you transfer $3,000 to start trading. It doesn't matter if your daily balance fall below $3,000 because if you trade on CFD, you can imagine the $3,000 as collateral. You will only consume between 10 to 20% depending on the underlying stock/ETF you trade on. (Some margin rate might go up to 50% if I'm not wrong).

2) I don't think so. Custody fees are only charged if you are inactive for 6 months.

3) 1.5% if I'm not wrong. Sorry not sure about transferwise.

Anyway, if you do not have a Saxo account yet you can tele me @kohjohnson. I can send over a referral and with the referral, you can get $100 and I get $250 after 3 contracts, but I will split it with you at $175 each. If you would just like to create an account for the referral money, I kinda found a way to skip the fees or pay minimum fees for it so just PM me on tele so I can explain more to you.

Happy to answer other questions that you have so long as I can help.

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