Saxo Bank joins the Crypto Bandwagon; launches FX trading of bitcoin, ethereum and litecoin
Saxo Bank, one of the largest FX and CFD trading platform in the world, has announced the launch of crypto trading in its platform with Bitcoin, ethereum and litecoin trading being opened up.
The instruments would be traded against the EUR, USD and JPY, and the same margin account, as used for other instruments, can be used for the crypto account as well. There will be no need for a separate crypto wallet for trading these cryptocurrencies.
Though Saxo bank already offers access to trading of over 40 cryptos within its platform, the twist here is that these are crypto FX pairs which means that they would be available to trade only during the normal FX trading hours from Sunday through Friday. And due to the volatile nature of these pairs, only leverage of 2:1 is given for retail traders and a margin of 3:1 is given for professional traders.
Moreover, these are available for trading only for UK clients who are qualified for a professional account as retail traders may not be able to handle the volatility in these pairs. Since Saxo holds a regulatory license as well, it is also important that they adhere to the strict regulations as well.
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.”
It may be noted that Saxo Bank recently hired a new CEO and also expanded their business in China as part of their major growth plans.
Once again, this is an added validation that the cryptos are here to stay with more and more brokers and exchanges, with the support of regulatory approvals and licenses as well, have continued to onboard a variety of cryptos onto their respective platforms for trading purposes.
The retail traders have been loving this domain for the last 2-3 years, the interest being driven mainly by the huge increase in the price of bitcoin. But now, the institutions and banks are joining the domain in hordes.Soon, this would become a domain that can no longer be ignored.
