Saxo to launch crypto trading against major currencies

Saxo Bank has recently announced that its digital investing branch, Saxo Markets, is set to launch a new crypto trading service that covers three cryptocurrencies: Ethereum, Bitcoin, and Litecoin. With Saxo’s new Crypto FX, traders will be able to trade crypto as well as other assets from one single margin account, losing the requirement of maintaining a crypto wallet.

Stanislav Kostyukhin, Saxo Bank’s commercial owner of trader sentiment, said:

Stanislav Kostyukhin, Saxo Bank

Stanislav Kostyukhin
Source: LinkedIn

Saxo Bank has developed a unique proposition which gives our clients access to the growing crypto space in a flexible, secure, and hassle-free manner from a single fully-licensed account without the need to use wallets or cold storage solutions.

Within the announcement, Saxo stated that it would offer its new crypto trading product against each the euro, Japanese yen, and US dollar. Saxo is set to offer these digital currencies as derivatives, also allowing traders to take advantage of trading via both short and long positions. While accredited investors are set to be able to trade with a maximum leverage of 3:1, it was stated in the announcement that Saxo’s retail clients will now have the ability to trade with a leverage of 2:1.

saxo bank revenues

Kostyukhin added:

We set out to deliver a product which offers the security and ease of use associated with more mature asset classes, coupled with the volatility and dynamics of Bitcoin, Ethereum, and Litecoin – giving clients the opportunity to trade both long and short in the thriving crypto market.

The latest service from Saxo will at first only be available to its clients based in Singapore and Australia, though the bank did express its desires and plans to roll out its crypto services to other markets in the near future. Due to the FCA’s recent ban on crypto derivatives trading, Saxo’s new products will only be available to professional clients in the United Kingdom. Clients within the aforementioned selected markets will be able to trade Crypto FX pairs throughout the standard FX trading hours, from Sunday evening through to Friday evening.

Saxo Bank already provides its clients with access to around 40 different ETNs and cryptocurrency trackers. This already vast offering has meant that trading volumes have so far exceeded the turnover for the whole of last year, despite 2020 seeing volumes surge by a massive 130%.

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