Totality Review Australia 2026

Editor’s note: This review covers Totality, the ASIC-regulated successor to Saxo Capital Markets in the Australian retail market. Saxo Australia rebranded to Totality on 11 August 2025, and Totality Wealth Limited (AFSL 280372) carries the business forward. Pricing, tiers and platforms below reflect Totality’s published schedule as at July 2026; the Saxo-branded platforms were retired for Totality clients on 1 April 2026.

Totality quick facts

Trading costs and fees

Tiered pricing model

Totality runs tiered account pricing rather than a Standard / Razor split. The published tiers are Classic and First: Classic is the default with no minimum deposit, and First brings tighter FX spreads for qualifying clients along with lower commissions on equities and options.

These are Totality’s published advertised minimums as at July 2026. Live spreads vary with market conditions, and the full schedule sits on the broker’s rates and conditions pages.

How Totality pricing compares to 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. Totality’s Classic tier from 0.7 pips with no commission sits wider than that; the First tier from 0.5 pips narrows the gap.

The case for the tiered model is product breadth, not headline forex spread. 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.

Totality is not included in our June 2026 eight-pair raw spread capture, so treat every spread quoted here as an advertised rate, not a measured average.

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

Totality Edge and Totality Apex

Totality’s own stack replaced the Saxo platforms on 1 April 2026. Totality Edge is the multi-asset web platform aimed at retail. Totality Apex is the desktop application for active traders, built on the SaxoTraderPRO engine, with multi-monitor layouts, advanced charting and an algorithmic order ticket. A Totality Core dashboard handles account administration.

The tooling exceeds most of the AU retail market. Its downside is the learning curve: Apex isn’t an MT4 replacement and doesn’t run third-party expert advisors.

Mobile

The Totality mobile app ships on iOS and Android. We’ll publish hands-on test notes as our review cycle covers it.

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 depends on how much of the Saxo legacy stack carries over; check the broker’s current PDS.

Trust and safety

On regulation, Totality’s position is straightforward: the AU entity holds AFSL 280372 with ASIC, so retail clients receive the full statutory protection package. The trust picture below rests on that licence and AFCA membership rather than a long track record under the Totality name, which is still short.

ASIC regulation and global licences

The Australian entity is Totality Wealth Limited (ABN 32 110 128 286), holding AFSL 280372 with ASIC. You can confirm the licence and its authorisations any time by searching the entity name on ASIC Connect.

As an AFSL holder, Totality gives retail clients the full ASIC retail protection package: Product Intervention Order leverage caps, mandatory negative balance protection, margin close-out at 50% of initial margin, the bonus and inducement ban, and AFCA membership for free dispute resolution. Our ASIC regulation guide sets out what each of those is worth in practice.

One point of difference from the global brokers on this site: AFSL 280372 is the only licence in this picture. The Saxo Bank A/S stake is a shareholding, not a licence Australian clients trade under, and there is no offshore entity here to be routed to.

Client money and negative balance protection

Totality holds retail client money in segregated trust accounts at an Approved Australian Bank, separate from the company’s own funds, under ASIC’s client money rules. ASIC requires negative balance protection on retail CFD accounts, so a retail account cannot lose more than the money in it. If a dispute with the broker goes wrong, AFCA can hear claims up to $1,263,000 and award compensation up to $631,500; Totality is an AFCA member, member ID 29781. The Compensation Scheme of Last Resort sits behind that with a $150,000 cap, but it excludes CFD trading losses, so it protects you against unpaid awards for misconduct, not against losing trades.

One distinction matters more here than at a forex-only broker, because of the product mix. Negative balance protection is a retail CFD protection, and the CSLR exclusion is written around CFD losses. Direct equity, ETF and bond holdings sit outside the CFD product line, so neither line describes them. For how this broker sits against the field on protection, see our forex broker safety rankings and our explainer on negative balance protections for AU clients.

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, set up to take the AU client base forward.

A brand transition like this cuts both ways on trust. The entity, operating model and platform inheritance preserve institutional credibility. But a new brand with a short history under its own name can’t offer the long-track-record assurance you get from CMC (ASIC since 2002) or Pepperstone (ASIC since 2010).

Third-party review coverage under the Totality name is thin, which is what you would expect less than a year into a rebrand. The one independent rating we can point to is the App Store record for Totality’s own app, and it is not flattering. Read it with the app’s scope in mind: it covers the stocks, ETFs and SMSF app rather than the CFD platform, and 110 ratings is a small sample to hang a judgement on.

What other review sites say

Totality's iOS app rates 1.49 out of 5 from 110 ratings on the Australian App Store (July 2026), listed as Totality: Stocks | ETFs | SMSF.

App Store AU

1.49

110 ratingsJuly 2026

Account types and minimum deposit

Account options for AU clients

Totality tiers accounts as Classic and First rather than the Standard versus Razor split the rest of this list runs, and both open on a zero minimum deposit.

Classic is the default. First brings tighter FX spreads and a reduced equity commission for clients who qualify. The plain problem with that: First tier qualification criteria are not published, so the tighter pricing is not guaranteed at signup and you cannot check in advance whether you would clear the bar. Treat the Classic numbers as the ones you will actually trade on unless Totality tells you otherwise.

Totality runs no swap-free (Islamic) account, confirmed with the desk in July 2026.

Minimum deposit

Totality’s minimum deposit is $0. You can open before funding, which puts Totality level with most of the AU field and ahead of IC Markets at $200. Its premium positioning now shows in the product mix and the qualification-based First tier rather than a funding hurdle.

Funding and withdrawals

Deposit methods (AU clients)

Funding methods inherited from the Saxo legacy include bank transfer, Visa and Mastercard. Whether Totality has added PayID, BPAY or PayPal is unclear at the time of writing, and those are the rails most AU traders now expect as standard. Check the latest PDS before you open an account.

Withdrawals

Withdrawals on the Saxo legacy were free for bank transfer, with the same-method-as-deposit AML requirement that applies across the AU field. We have no Totality-branded withdrawal schedule to set against that, so treat the legacy terms as a starting point rather than a promise.

Account opening

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, so allow more time than a $0-minimum forex signup takes.

Product range

The headline figure is 60,000+ instruments, and it only means something once you see how the range splits. Most of it is direct ownership carried over from the Saxo legacy rather than CFDs, so the direct holdings lead the table below and the trading CFDs by asset class rows follow. One condition sits over all of it: this is the Saxo legacy range as published, and we have no confirmation of which rows carried over to Totality intact.

Forex runs to 180+ pairs including every AUD cross, a full retail lineup rather than a token one. Indices cover 30+ markets including the ASX 200. Fixed income is the range’s quiet strength: 5,000+ bonds across government and corporate issuers, a class most AU CFD brokers do not carry at all. Commodities run through CFDs and futures, covering gold, silver, oil, gas and agriculturals. If Totality inherits this range, no other broker on our 29-broker AU shortlist comes close.

Direct equities and ETFs

The inherited Saxo breadth is the differentiator that justifies considering Totality at all: 23,000+ stocks across ASX, NYSE, NASDAQ, LSE, EU and Asian exchanges as direct market access holdings, plus 7,000+ ETFs held directly. Ownership, not CFDs, which is the distinction this section answers. You hold the security rather than a contract on its price, so the CFD mechanics covered elsewhere on this page, overnight financing and the ASIC leverage caps, do not apply to it.

That is a different product from the share CFDs most brokers on this site sell. If the difference is new to you, start with CFDs compared with direct stock ownership, then see how the AU field handles direct shares and share CFDs. Interactive Brokers is the closest comparable on this list for direct equities.

Options and futures

Listed equity and index options across 25+ exchanges, and listed futures across the global venues. Almost no AU retail broker carries either class; Interactive Brokers is the main alternative if you need them. Options and futures commissions run on their own schedule, separate from the CFD and forex pricing above, so price the class before you assume the tier pricing covers it.

Leverage and margin for AU traders

Totality’s leverage story splits in two, and only one half is covered by the caps below. The CFD line carries the standard ASIC retail caps. Direct equity, ETF and bond holdings are ownership rather than CFDs, so those caps do not describe what you can borrow against them, and we do not quote margin terms for direct holdings because Totality has not published them under its own brand. Read the current PDS before you borrow against one.

On the CFD side, ASIC caps retail CFD leverage at 30:1 on major forex pairs, 20:1 on minor pairs, gold and major indices, 10:1 on commodities other than gold, 5:1 on share CFDs and 2:1 on crypto assets. The caps come from a product intervention order that ASIC has extended to 23 May 2027, so they apply at every ASIC broker, not just Totality. Retail margin close out sits at 50% of initial margin.

If you are weighing that trade-off, read leverage mechanics for traders first, then our comparison of high leverage brokers under ASIC.

Customer service

Phone and email support runs during ASX market hours, handled by the Sydney-based AU client service team inherited from Saxo. Live chat availability has not been published since the Totality rebrand.

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. Don’t expect Totality to court first-time traders.

How Totality compares to alternatives

No single broker wins on every axis. The table below points to the brokers we would pick for specific priorities; for the full field, see our best forex brokers in Australia guide.

Should you open an account with Totality?

Open a Totality account if you want Saxo grade multi-asset access (direct equities, options, futures, bonds, ETFs) under an ASIC licence and a zero minimum deposit, and you accept a new brand finding its feet. Skip it if MetaTrader workflows matter, because MT4 and MT5 do not run here, or if you need published tier criteria before committing, since First tier qualification is not public. IC Markets covers the raw pricing case and Interactive Brokers the closest multi-asset rival.

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