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Trade Forex, CFDs, Stocks, ETFs, FX & Listed Options, Bonds, Futures and more –
all from one account

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Commission, Charges and Margin Schedule

When it comes to pricing, DMA follows clear and explicit principles. Prices should be competitive and transparent, and never burdened with false incentives. In most areas, we offer volume-based fees that allow you to benefit from more attractive prices as your activity increases. And any time you trade with DMA, you also gain access to reliable technology and supporting services.
*Cost subject to change*













Active Pricing If you execute 100 trades or more per calendar month on Stocks, ETFs and Single Stock CFDs, you qualify for an Active Pricing Plan with very competitive rates.

Exchange Commission
Amsterdam 0.35% 15 EUR
Australian 0.35% 25 AUD
Brussels 0.35% 15 EUR
Copenhagen 0.35% 40 DKK
Frankfurt 0.35% 60 EUR
Deutsche Borse (XETRA) 0.35% 15 EUR
Hong Kong 0.35% 150 HKD
Helsinki 0.35% 15 EUR
Irish 0.35% 15 EUR
Johannesburg 0.30% 100 ZAR
Lisbon 0.35% 15 EUR
London 0.35% 10 GBP
Milan 0.35% 15 EUR
Oslo 0.35% 80 NOK
Paris 0.35% 15 EUR
Singapore 0.35% 25 SGD
Spanish 0.35% 15 EUR
Stockholm 0.35% 80 SEK
Swiss 0.35% 25 CHF
Toronto 3cps 35 CAD
Tokyo 0.35% 1500 JPY
Vienna 0.35% 15 EUR

For further details on equity commissions please get in touch with us on (010) 201 6300

Equity Options

Volume-based commissions

CURRENCY 0 - 1,000 1,001 - 5,000*
EUR 3 2
GBP 2.5 1.5
USD 3 2
CHF 4 3
HKD 30 20

No Minimum Ticket Fees
When trading Stock options at DMA, there are no minimum ticket fees. Each trade is subject to a flat-rate fee based on the applicable volume bracket.

Carrying Cost
Overnight positions in short Stock Options are subject to a carrying cost. The carrying cost is calculated on the basis of the daily margin requirement and applied when a position is held overnight. The funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup (150 bps).

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days)

Holding Fee on long dated bought options
A Holding Fee on bought long dated Stock Options applies.
The Holding Fee will only apply to bought Stock Options with maturity beyond 120 days and be calculated based the Nominal Value and charged end-of-month.

Bought Options daily holding fees per million (Nominal Value)
< 120 days maturity n.a.
>120 days maturity 1.10

Holding Fee per day = Nominal Value / 1,000,000 * Holding Fee


CFD Financing details:

Long - Market Ask Rate +3%
Short - Market Bid Rate - 2.5%

Long - Market Ask Rate + 3.5%
Short - Market Bid Rate - 3.5%

STOP OUT Due to Margin

Please note that if your Margin Utilisation exceeds 100%, SCM DMA (Pty) Ltd, in accordance with its General Business Terms, has the right to close out all open margined orders and positions. Please ensure that you maintain your margin utilisation below 100% to avoid any compulsory close-out by depositing additional funds or reducing the margin exposure on your account.

DMA has a strict stop out procedure should clients be in breach of margin.

If margin exceeds 100% for a period of 47 hours without dropping below 100% to reset the clock, your margined products will be closed out. To prevent this you should fund the account or reduce your positions to bring down the margin (alternatively contact the trading desk).
Clients will be automatically closed out should margin utilization breach 150%.

Benefits of trading CFDs with DMA:

  • 9000+ CFDs on indices, stocks, commodities and more
  • Tight spreads and low commissions.
  • Trade with up to 40x leverage with intraday margin.
  • Actionable trade signals directly in your platform.
  • Stocks and bonds as margin collateral for CFD trading.

For further details on equity commissions please get in touch with us on (010) 201 6300

North America & Canada

Exchange name Symbol Commission Minimums
NASDAQ NASDAQ & NSC 0.03 USD/share (min 20 USD)
New York Stock Exchange NYSE & ARCA 0.03 USD/share (min 20 USD)
NYSE MKT AMEX 0.03 USD/share (min 20 USD)
Toronto Stock Exchange TSE 0.03 CAD/share (Min 25 CAD)

Europe / Middle East / Africa

Exchange name Symbol Commission Minimums
Athens Exchange AT 0.50% (min 12 EUR)
BME Spanish Exchanges SIBE 0.25% (min 12 EUR)
Budapest Stock Exchange BUX 0.5% (min 6,000 HUF)
Deutsche Börse (XETRA) FSE 0.25% (min 12 EUR)
Irish Stock Exchange ISE 0.10% (min 12 EUR)
Johannesburg Stock Exchange JSE 0.25% (min 100 ZAR)
London Stock Exchange LSE_SETS 0.25% (min 10 GBP)
London Stock Exchange (IOB) LSE_INTL 0.25% (min 20 USD)
Milan Stock Exchange MIL 0.25% (min 12 EUR)
NASDAQ OMX Copenhagen CSE 0.25% (min 65 DKK)
NASDAQ OMX Helsinki HSE 0.25% (min 10 EUR)
NASDAQ OMX Stockholm SSE 0.25% (min 65 SEK)
NYSE Euronext Amsterdam (AEX) AMS 0.25% (min 12 EUR)
NYSE Euronext Brussels BRU 0.25% (min 12 EUR)
NYSE Euronext Lisbon LISB 0.25% (min 12 EUR)
NYSE Euronext Paris PAR 0.25% (min 12 EUR)
Oslo Stock Exchange OSE 0.25% (min 65 NOK)
Prague Stock Exchange PRA 0.25% (min 500 CZK)
SIX Swiss Exchange SWX & VX 0.25% (min 18 CHF)
Vienna Stock Exchange VIE 0.25% (min 12 EUR)
Warsaw Stock Exchange WSE 0.35% (min 65 PLN)

Asia / Pacific / Australia

Exchange name Symbol Commission Minimums
Australian Securities Exchange ASX 0.25% (min 10 AUD)
Hong Kong Exchanges HKEX 0.30% (min 100 HKD)
Singapore Exchange SGX-ST 0.25% (min 17 SGD)
Tokyo Stock Exchange TYO 0.25% (min 500 JPY)


FX Volume-based Discount Plan

Commissions levelVolume USDm (average monthly)Gross Commission per USDmDiscountNet commission per USDm
Level 10 - 5050 USD0 USD50 USD
Level 250 - 10050 USD-10 USD40 USD
Level 3100 - 25050 USD-20 USD30 USD
Level 4250 - 50050 USD-25 USD25 USD
Level 5500 - 1,00050 USD-30 USD20 USD
Level 6> 1,00050 USD-33 USD17 USD

Benefits of the volume-based discount plan

  • Competitive and transparent pricing from as low as 0.1 pips, plus commission
  • Increasing commission discounts for larger cumulative trading volume*
  • Start each month at the commission discount level earned on average monthly volumes
  • Consistency in spread across notional trade sizes
  • No minimum monthly commission fee
  • Designed for pricing simplicity

Forex Options

The pricing model DMA's uses for FX Vanilla Options is the Black-Scholes model. Spreads are variable depending on maturity and currency pair. Prices are shown as dynamic bid/ask spreads. A full list of current FX Vanilla Options spreads are available below.

FX Option Volume-based Pricing

Volume USDm (average monthly) 0 - 50 50 - 100 > 100
Spread Classic Premium Platinum

FX Option Volume-based Pricing serves low-volume traders equally as well as it does high-volume traders. We charge a standard ‘Classic’ spread, with the benefit of improved spreads for larger cumulative trading volume.

For example:
If you trade over 50 million USD, you will be charged a Premium spread on volume traded up to 100 million USD
If you trade over 100 million USD, you will be charged a Platinum spread on volume traded in excess of 100 million USD
The spread is defined as the distance between the bid/ask price. Spreads may vary depending on the life of the option and the currency pairs.

Contract Options

Online Contract Options are traded on these monthly volume-based commissions;

Contract CurrencyTrade Volume: Contracts / Month
1 - 250251 - 1,0001,000 - 5,000


Subject to the minimum ticket fee, these commissions are for each contract and for each trade (buy, sell or at expiry) through DMATrader and exclude exchange fees which are listed under the contract specifications.

Contract /Currency 
AUDAUD 10.00
SGDSGD 15.00
JPYJPY 1,000.00
SEKSEK 75.00
HKD (Full-sized contracts)HKD 45.00
HKD (Mini contracts)HKD 30.00
NZDNZD 15.00


Online Trading

Market Standard
European government bonds 0.1%(min. 80 EUR)*
US government bonds** 0.1%(min. 80 EUR)*
European and US corporate bonds 0.1%(min. 80 EUR)*
Emerging Markets bonds 0.1%(min. 80 EUR)*

Offline Trading

Market Standard
US government bonds** 0.1%(min. 80 EUR)*
European and US corporate bonds 0.1%(min. 80 EUR)*

Mutual Funds (Offshore)

All funds are UCITS based and will be available to Investment managers and Retail clients. The funds are spread across 68 different Morningstar categories and have exposure to areas such as Global Equity, Japanese Equity, European Fixed Income, High Yield Fixed Income as well as more specific sectors such as Natural Resources and Precious Metals. The instrument universe will expand as we build relationships with further fund houses.

Offshore only: Execution 10bps (Zero minimums) and custody 15bps per annum


Local account Custody

Clients are charged a custody fee of R100 per month.

Offshore account Custody

Clients are charged a custody fee of 0.10% per annum on the total value of their portfolio.
These fees will be charged on a monthly basis.


ADMIN Charges:
*VAT inclusive

Stock Transfer OUT
Onshore: R100 per line with a max of R1000.
Offshore: $10 per line with a max of $100.

This fee covers the cost of transfer as well as account closure, if applicable.

Account closure (account sitting in cash only)
Local: R100
Offshore: $10

Currency conversion within DMA: 50bps (0.5%). Funds paid to and converted at our Counterpart banks (Crown Agents Bank, HSBC) are subject to conversion costs much higher than the 0.05% done through SCM DMA. Please consult a DMA representative for further information.
Change opening/purchase prices: $10 per line
Splitting ISINs: 50 EUR

Dematerialization of stock
USD 1,000 per share certificate


Interest on Cash Balances with DMA

You might be entitled to receive interest on your funds deposited with DMA depending on the market bid rate.
The following interest rates apply to funds deposited with DMA

Net Free Equity

Local ZAR deposits are fixed at 5.25%

Offshore USD deposits are fixed at 0.45%

Interest paid on all other offshore currencies on the account is the higher of market bid rates minus the spread indicated in the trading conditions on the platforms.

Negative Net Free Equity:
Interest will be charged at market ask rates plus the spread indicated in the trading conditions on the platforms.

Interest is calculated daily and settled monthly - within seven business days after the end of each calendar month.
DMA invests client monies, segregated and protected, in order to achieve the interest rates received for clients and, in lieu of such, charges an administrative fee. The interest rate received in your account is net of DMA’s administrative charge.

For further details on equity commissions please get in touch with us on (010) 201 6300

Multi asset platform

Trade and invest seamlessly across a global investment universe.

Access everything from bonds and equities, to currencies and options from your single Saxo account. Trade single asset classes, invest in state-of-the-art portfolios and explore the opportunities of one of the broadest online trading ranges.