Saxo Bank, the online trading and investment specialist, is launching a new cryptocurrency offering enabling clients to trade Bitcoin, Ethereum and Litecoin against EUR, USD, and JPY from a single margin account without the need to maintain a crypto wallet.
The new Crypto FX offering complements Saxo Bank’s existing product suite of 182 FX pairs through the award-winning SaxoTraderGO and SaxoTraderPRO platforms.
Saxo Bank already offers clients access to 40 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceeding the turnover for the entire year of 2020 – a year in which volumes surged by 130%.
Coupling FX spot with the exciting possibilities of cryptocurrencies
Clients in selected markets can trade Crypto FX pairs during the usual FX trading hours from Sunday evening to Friday evening with the ability to open both long and short positions in the three major cryptocurrencies. It should be noted that these instruments are FX derivatives that track the price of the underlying cryptocurrencies. Due to the volatile nature of the instruments, retail clients can trade with 2:1 leverage and professional clients with 3:1 leverage. Crypto products are only available for U.K. clients qualified for a professional account.
Stanislav Kostyukhin, Commercial Owner – Trader segment, comments:
“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. The offering sits at the intersection of traditional finance and crypto, which is where we see the market evolving as it draws the attention of retail traders and financial institutions.
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.
Crypto FX achieves this by building on our 30 years’ experience as a leading firm in trading and investing, combining the traditional qualities of a currency pair alongside the exciting possibilities of a cryptocurrency.”