Saxo Bank boosts Crypto FX offering after $2.5b in turnover since May
Saxo increased maximum position limits and several new crypto instruments, including the first ever US Crypto ETF issued by Proshares last week under ticker BITO.
Saxo Bank has reported crypto trading turnover exceeding 2.5 billion USD since launching Crypto FX products in May 2021.
Clients have quickly responded to the launch by adhering to the new offering, prompting the Danish online broker to increase position limits and add new crypto products in response to significant client demand.
The online trading and investment specialist is further enhancing its crypto offering by adding new crypto products.
Saxo is now offering nine leveraged Crypto FX pairs and more than 50 exchange traded products (ETPs) tracking tokens such as Cardano, Solana, Polkadot, Stellar, Ripple and other popular digital assets.
One of the latest additions also includes the first ever US Crypto ETF issued by Proshares last week under ticker BITO.
Saxo is also increasing maximum Crypto FX position limits from 50,000 USD to 200,000 USD for Retail clients and 200,000 USD to 500,000 USD for Professional accounts.
The original Crypto FX offering enables Saxo 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.
Cryptocurrencies are seen by some as an avenue for diversification and potential hedge against rising inflation. For other investors it is an opportunity to gain exposure to an extremely volatile asset class.
Stanislav Kostyukhin, Commercial Owner for the Trader segment, said: “Saxo Bank set out to provide a product which offers the security and ease of use associated with more traditional asset classes, coupled with the market trends and price dynamics of the crypto space. The exceptional response and activity seen in the six months after the launch of our Crypto FX offering clearly shows that crypto is an increasingly important asset class for our clients.
“As more investors look towards crypto-related assets as a potential hedge against inflation and avenue of diversification, we are excited to support our clients with a broad range of products which provides reliable, regulated and secure access to the crypto market. We certainly expect interest to grow further as the crypto industry continues to mature, and we are planning to grow our offering to cater to the market as investor demand evolves.”
Crypto FX pairs are available during FX trading hours from Sunday evening to Friday evening with the ability to open both long and short positions.