Totality Review Australia 2026

Editor’s note: This review covers Totality, which has been positioned as the successor to Saxo Capital Markets in the Australian retail CFD market. Saxo exited the local retail business and Totality has been set up to inherit elements of that offering. Public information is limited at the time of writing. Every claim in this review marked “verify” should be cross-checked against ASIC Connect, the Totality PDS and the broker’s own website before you open an account. We will refresh the page once verified terms ship.

Verdict

Totality is positioned as a premium-tier broker for Australian retail traders who want institutional-grade product access from an ASIC-regulated entity. If the legacy Saxo terms carry over, you’re looking at a broad multi-asset offering (forex, indices, equities, options, futures, bonds, ETFs), a high minimum deposit relative to the rest of the AU market, and pricing tiered by account level rather than a single Standard or Razor split.

The honest caveat is that Totality is a transitioning entity. The Saxo Capital Markets brand is being retired in Australia and Totality is taking the seat. Until the new AFSL, current PDS, live spreads and platform offering are confirmed, we can’t sign off on a final ranking. What follows is a working blueprint based on the Saxo legacy plus what’s publicly available about Totality. Treat it as a research starting point, not a buy decision.

If you’re a high-net-worth or active multi-asset trader who valued Saxo’s product breadth and you’re comfortable parking AUD 1,000 or more to access a premium platform, Totality belongs on your shortlist once verified. If you’re a casual forex trader looking for a $0 minimum and tight Razor-style spreads, Pepperstone and IC Markets are the better fit.

Quick facts

Trading costs and fees

Tiered pricing model

If the Saxo legacy structure carries over, Totality is expected to run tiered account pricing rather than a Standard / Razor split. The premium tier (lowest minimum) sits around AUD 1,000. Higher tiers, Platinum and VIP, require materially larger deposits in exchange for tighter spreads, lower commissions on equities and options, and access to dedicated relationship managers.

The Saxo legacy tier structure was widely reported in the AU market through 2024. Until Totality publishes its current PDS and pricing schedule, treat these numbers as historical reference rather than live quotes.

How that compares to AU RAW-spread brokers

For active forex traders, the tiered model rarely beats a dedicated RAW-spread account on raw cost-per-trade. A Pepperstone Razor or IC Markets Raw account in AUD typically costs around 0.5 to 0.6 pips equivalent on EUR/USD once commission is included. A Saxo-legacy Premium tier at 0.4 pips with no commission was historically competitive.

The argument for the tiered model isn’t headline forex spread. It’s product breadth. If you trade forex, equities, options, futures and bonds from one account, the per-trade cost equation looks different from a forex-only RAW comparison.

Other fees AU traders should check

• Inactivity fee: Saxo legacy charged after 6 months dormant. Confirm Totality policy.
• Custody / holding fees: Saxo legacy charged custody on certain bond and ETF positions.
• FX conversion applies if you trade an instrument in a currency other than your account base.
• Overnight financing applies on CFD positions held past 5 PM New York. Direction-dependent.
• Options and futures commissions: separate fee schedule from CFDs and forex.

Trading platforms

SaxoTraderGO and SaxoTraderPRO (legacy inheritance)

The Saxo legacy ran on two proprietary platforms. SaxoTraderGO is the lighter web and mobile platform aimed at retail. SaxoTraderPRO is the desktop application for active traders, with multi-monitor layouts, advanced charting and an algorithmic order ticket.

If Totality inherits these platforms intact, you get an institutional-grade tooling experience that’s rare in the AU retail market. The downside is the learning curve. SaxoTraderPRO isn’t an MT4 replacement and doesn’t run third-party expert advisors.

Mobile

Both Saxo platforms had strong iOS and Android apps with biometric login. We’ll re-test under the Totality brand once available.

API and algorithmic access

Saxo legacy offered OpenAPI access to professional clients. Useful for clients building proprietary order-routing or portfolio reconciliation. Totality’s API status is TBC.

Trust and safety

Trust score: pending verification. We don’t issue a final score until the AFSL is confirmed on ASIC Connect, the Totality PDS is live, and we’ve completed at least one full deposit / withdrawal / dispute test cycle.

Regulation

The Australian entity is reported to be Totality Markets Pty Ltd, holding AFSL 391247 with ASIC. Before opening an account, search the entity name on ASIC Connect and confirm the licence is current and that the licence authorisations cover the products you intend to trade.

If the AFSL is in place, retail clients receive the full ASIC retail protection package: ASIC Product Intervention Order leverage caps (30:1 majors, 20:1 minors and gold, 10:1 other commodities, 5:1 share CFDs, 2:1 crypto CFDs), mandatory negative balance protection, margin close-out at 50% of initial margin, the bonus and inducement ban, and AFCA membership for free dispute resolution.

History and ownership

Saxo Capital Markets operated in Australia under AFSL 280372 (Saxo Capital Markets (Australia) Pty Ltd) and was a familiar name to AU institutional and high-net-worth clients. The decision to exit the local retail CFD market was attributed to commercial conditions in the AU CFD sector. Totality is the rebranded successor positioned to take the AU client base forward.

This kind of brand transition is a trust signal in both directions. On one hand, the entity, operating model and platform inheritance preserve institutional credibility. On the other, a new brand with limited operating history under its own name carries less of the long-track-record assurance you get from CMC (ASIC since 2002) or Pepperstone (ASIC since 2010).

AFCA, segregation, capital

Assumed AFCA member with member ID 29781. Client funds are required to be held in segregated trust accounts at an Approved Australian Bank under ASIC client money rules.

Account types and minimum deposit

The high minimum deposit is the clearest differentiator from the rest of the AU CFD market. Most ASIC brokers we cover sit at $0 minimum or AUD 100 to 200. Totality’s premium positioning is intentional.

Funding and withdrawals

Funding methods are TBC. The Saxo legacy supported bank transfer, Visa and Mastercard. Whether Totality launches with PayID, BPAY or PayPal is unclear at the time of writing.

Withdrawals on the Saxo legacy were free for bank transfer with same-method-as-deposit AML requirements.

Account opening is fully online and AUSTRAC-compliant. One ID document, one proof of address. Saxo’s onboarding flow historically asked for more documentation than the lightest-touch AU brokers.

Product range

If the Saxo legacy product range carries over intact, this is the differentiator that justifies considering Totality at all. The Saxo platform historically gave AU retail clients access to:

• Forex: 180+ pairs including all AUD crosses
• Indices: 30+ including ASX 200 and global majors
• Direct equities: 23,000+ stocks across ASX, NYSE, NASDAQ, LSE, EU and Asian exchanges. This is direct market access, not CFDs only.
• Options: listed equity and index options across 25+ exchanges
• Futures: listed futures across global exchanges
• Bonds: 5,000+ bonds across government and corporate issuers
• ETFs: 7,000+ ETFs as direct holdings
• Commodities: gold, silver, oil, gas, agriculturals via CFDs and futures
• Mutual funds: selected fund coverage

The headline 60,000+ instrument figure includes the direct equities, options, futures and bonds. If Totality inherits this, no other broker on our 30-broker AU shortlist comes close. Interactive Brokers is the closest comparable for direct equities, options and futures.

Customer service

Phone and email support. Live chat status TBC. Hours TBC. The Saxo legacy ran a Sydney-based AU client service team during ASX market hours.

Research and education

The Saxo legacy ran a research service under the SaxoStrats brand, with daily market commentary, quarterly outlook reports and an “Outrageous Predictions” piece each January. If Totality inherits the research stack, AU retail clients get one of the stronger analyst feeds in the local market.

Education content was historically light compared with mass-market brokers. Totality is unlikely to position itself as a beginner-onboarding broker.

How Totality compares to alternatives

If you value…	Consider
Direct ASX equities + multi-asset CFDs	CMC Markets (CFD + Stockbroking)
Direct equities, options, futures, bonds	Interactive Brokers
Tightest forex spreads	Pepperstone or IC Markets
Broad CFD product range	IG Markets or CMC Markets
Lower minimum deposit	most brokers in our reviews hub sit at $0
Beginner-focused platform	Plus500 or eToro

Bottom line

Totality is one to watch rather than one to open today. The premise is reasonable. A premium-tier ASIC broker carrying forward Saxo’s institutional product breadth into a new brand fills a real gap in the AU retail market between mass-market CFD brokers and pure direct-market players like Interactive Brokers. The execution risk is verification. Until the AFSL, PDS, pricing and platform offering are confirmed, you’re trading on legacy assumptions rather than live broker terms.

Where to start: bookmark this page, check ASIC Connect for the Totality Markets Pty Ltd AFSL, and revisit once we’ve refreshed the review with verified facts.

Visit Totality → (affiliate status TBC, see our advertiser disclosure)