Saxo launches new account type with industry leading pricing and limited risk

Saxo announces launch of new entry level account, Saxo Essential, with industry leading pricing and prudent risk limits on margin trading

Saxo Bank, the online multi-asset trading and investment specialist, has today announced the launch of the Essential account – a price competitive solution for entry-level traders bolstering Saxo’s ambition to compete on price, product, service and platform.

The new account type has launched in the UAE and UK and will be followed by a roll out in Australia and Singapore during the first months of 2018. In the selected markets trading accounts for individuals will consist of Essential, Classic, Platinum and VIP allowing Saxo to cater for all size and types of client.

The Essential account will offer access to four asset classes; FX, index CFDs, stocks and bonds. Clients will be able to access Saxo’s full range of stocks and bonds, but only the most popular FX pairs and index CFDs at very competitive pricing and low minimum funding of 1,000 EUR. Essential also incorporates additional risk management functionality, with limited loss, limited leverage, in line with recent proposals from European regulators.

Essential is underpinned by SaxoTraderGO, Saxo Bank’s next generation platform built with OpenAPI technology offering functionality across the entire trade cycle – from pre-trade to execution to post-trade services.

Commenting on the launch, Patrice Henault, Global Head of Trader Experience, Saxo Bank, said:

“We continuously strive to be the best partner for our clients, with a steadfast commitment to providing market-leading choice on account depth. The launch of our new Essential account is the next step in that journey, offering a price competitive alternative for entry level traders.”

Henault added:

“This introduction of Essential aligns us further with our clients’ interests and goes hand in hand with regulatory efforts to introduce greater transparency to trading, prudent leverage and limited risk accounts. In line with this trend, losses on the Essential account on OTC leverage products will not be able to exceed cash deposits and we’ve imposed margin restrictions around certain exposures.”

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”

<