Saxo Markets, the retail broker’s digital investing branch, has launched trading on three leading cryptos. The major tokens will be available against the US Dollar, Euro and Japanese Yen. Clients can start trading the digital currencies alongside other assets from a single margin account.
New Crypto Derivatives
Saxo Markets’ latest cryptos will be available as derivatives allowing traders to take long and short positions. Retail investors can access leverage up to 1:2 with accredited traders receiving rates up to 1:3.
To start with, the broker’s new Bitcoin, Litecoin and Ethereum assets will only be available to clients from Australia and Singapore. With that said, Saxo has plans to extend the crypto derivatives to other jurisdictions, though due to regulatory restrictions, the assets will only be available to professional clients from the UK.
Saxo’s commercial owner of trader sentiment, Stanislav Kostyukhin, added “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.”
Saxo Bank was launched in 1992 and holds licenses with over 10 reputable regulators worldwide. The broker offers a user-friendly web platform available on desktop and mobile devices. Alongside cryptocurrencies, clients can trade forex, CFDs, bonds, shares, ETFs, mutual funds, futures and options.
Four live accounts are offered with additional market insights available to those that can meet the $100,000+ minimum deposit with the Premium account. Competitive floating spreads that vary by region also help to make Saxo a low-cost trading provider.
The brokerage first added cryptos to its suite of products in 2017 but as exchange traded notes (ETNs) tracking Bitcoin and Ethereum. Its new derivatives offer improved market access as demand for digital currencies increases worldwide.