Saxo cuts prices on ASX and US equities to address booming retail market in Australia
“The retail investment market is booming locally – Saxo Markets Australia’s trading client base increased by 56% in 2020 and our new client base increased by 114%”.
The Australian operation of Saxo Markets has announced a suite of price reductions on ASX and US equities.
Saxo has lowered its minimum commission to AUD 5, down from AUD 6.99 for ASX shares and ETFs, and to a minimum of USD 4 , down from USD 9.90 for US shares and ETFs.
Saxo Markets reminded the investment community that although a number of neo brokers offer zero commission on such markets, that doesn’t mean that they are the most affordable option when taking all trading costs into account.
Saxo claims it is one of the best-priced brokers for ASX and US equities, with the broker’s commission and fee structure being transparent, with no platform fees and no inactivity fees.
In addition, Saxo’s foreign currency accounts help investors save on FX conversion fees when trading international markets as they can avoid paying an FX conversion fee on each trade. The conversion fees only apply when they deposit or withdraw funds from the foreign currency account.
Adam Smith, Chief Executive Officer of Saxo Capital Markets Australia said: “The retail investment market is booming locally – Saxo Markets Australia’s trading client base increased by 56% in 2020 and our new client base increased by 114%.
“We’ve also seen a spike in investors looking to trade international stocks, given that markets like the US have the breadth and liquidity required to facilitate successful trading from either the long or short side.
“With this growth comes a need for increased transparency as pricing structures and complexities are often cited as challenges for investors looking to navigate the markets and place trades. A more transparent and competitive pricing structure removes barriers for our clients, as they can make increasingly informed and optimal investment decisions”, Mr. Smith added.
The Hong Kong operation of Saxo Markets appointed Richard Douglas as CEO in June, reporting to Asia Pacific CEO Adam Reynolds. He will be responsible for both Saxo’s Hong Kong and Shanghai offices, leading the overall business development and strategy of the bank’s commercial activities and further grow the Saxo brand in both markets.
In July, Saxo Bank added stocks and CFDs on U.S. exchanges to its offering on TradingView, a very popular social trading platform boasting advanced charting tools for stocks and FX instruments.
The online trading and investment specialist already offered trading on 182 Forex and Metals pairs via TradingView. Now, Saxo clients can trade both FX and a range of over 3,000 individual stocks and single-stock CFDs through the social trading platform.
