Saxo Bank ramps up Crypto FX listings, adds nine new pairs

abdelaziz Fathi

Saxo Bank has once again expanded its cryptocurrency contracts-for-difference (CFDs) offering, this time with the addition of nine new Crypto FX pairs to its TradingView product suite.

The forex bank will present its global clients with the opportunity to trade Bitcoin, Ethereum and Litecoin paired against euro, US dollar and Japanese yen.

Saxo Bank traders already have direct access to TradingView from their own accounts, which brings many benefits for users in the form of an integrated trading terminal and other suites of tools.

TradingView users, who are also Saxo’s brokerage customers, can trade FX and a range of over 3,500 individual stocks and single-stock CFDs through the professional charting and trading platform. They also receive customized alerts on breaking news, connect with other users, write down thoughts and scout the most active stocks of the day.

The introduction of new instruments adds to Saxo Bank’s rapidly expanding suite of cryptos, following strong demand from clients over the past few months.

The company has been quickly shoring up its offerings with more altcoins. While May 2021 marked the launch of its Crypto FX service and a gradual embrace of crypto products, the latest expansions have been fueled by consistent demand for more diverse options.

Saxo Bank revealed last month that its crypto products exceeded $2.5 billion in turnover for the year, leading the Danish online broker to increase position limits and add new crypto products in response to client demand.

The brokerage firm also reported earlier surging half-year revenues as Covid-19 remains a key trigger for customers’ trading activity. The multi-asset group marked mild growth in revenues, which came in at DKK 2.4 billion ($376 million).

TradingView lands a $3 billion valuation

Fueled by a boom in cryptocurrency and stock trading by retail investors, charting tool and trader social-sharing platform TradingView has reached a valuation of $3 billion.

The London-based company scored $298 million in a fresh funding round led by the growth-stage investment firm Tiger Global.

For the past 18 month TradingView has enjoyed consistent growth, having reported a 400% increase in created accounts. Traffic to the platform also grew 237% over a yearly basis, according to co-founder and CEO Denis Globa.

The data-driven investor community has hit over 30 million monthly active users and is expanding globally with paying customers in over 180 countries worldwide. That compares to 2,000 visitors per day when TradingView first launched in 2011.

The 10-year-old company, which operates one of the market’s largest financial and social platforms, has been doubling down on its broker relationships. Most recently, it integrated easyMarkets, a multi-regulated retail broker, as the latest online trading partner.

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