Saxo Bank is an online trading and investment specialist. It is now launching a new cryptocurrency that is offering to enable clients to trade Bitcoin, Litecoin, and Ethereum against USD, EUR, and JPY. It can be operated from a single margin account without any need for maintaining a crypto wallet.
This new Crypto FX is offering compliments to the existing product suite of Saxo Bank. It is paired through the award-winning platforms of SaxoTraderGO and SaxoTraderPRO.
Saxo Bank is already providing its clients access to 40 different cryptocurrency trackers and ETNs. This year it has seen the trading volumes exceeding the turnover of the entire year of 2020. In 2020, the volume surged by 130%. It has now coupled with FX spot, along with more exciting possibilities of cryptocurrencies.
Clients from selected markets can trade with Crypto FX pairs during the normal FX trading hours from Sunday evening to Friday evening. It is facilitating the ability to open up both long and short positions in these three major cryptocurrencies. It needs to be noted that these instruments are FX derivatives, which can track the price for the underlying cryptos. Due to the volatile nature of these instruments, retail clients can easily trade with a 2:1 leverage, whereas professional clients can get a 3:1 leverage. The crypto products are the only available ones for UK clients who have become eligible for a professional account.
The Commercial Owner – Trader segment, Stanislav Kostyukhin, said, “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…”
He also said that they are all set to deliver a product that provides enhanced security with much ease of use. It is associated with more mature classes of assets, paired with volatility and dynamics for Bitcoin, Litecoin, and Ethereum. It thus renders the clients the opportunities to trade both long and short in the existing crypto market.
Stanislav claimed that Crypto FX is achieving this, along with building its 30 years of experience as a leading firm in investment and trading. It is amalgamating the traditional qualities of a particular currency pair alongside the interesting possibilities for the cryptocurrency.