Saxo interest charges

Hi all, this may be of interest for those using CFD’s with Saxo
My account has a AU sub account and a US sub account and while I am always cash positive overall in the account , for a while I kept my cash in $ Aus while I was trading in US CFD’s and they hit me up for 11.3% on my exposure (on top of my usual CFD interest!); so effectively on my margin notwithstanding the account was always overall cash positive.
Very expensive mistake !! and only discovered what was happening when I ran a check on their interest details report (which is different to the CFD interest report) and while I received a sympathetic response when I queried it, but they are not willing to reverse the charges or offer any accommodation.

Thanks for the info. Are these interest charges unavoidable ?

I’ve also found that trading CFD’s cost more in fees then trading shares due to all the extra interest and overnight holding charges.

Hi Andre, yes they are avoidable, you just have to keep both sub accounts in credit or at least not in debit
CFD’s definitely have more cost , the advantage is more exposure to the market
it suits me but when you have a downturn it is more severe so have to keep at a manageable level