( MENAFN – Mid-East.Info
S)axo Bank, the online trading and investment specialist, is launching a new cryptocurrency offering enabling clients from the MENA region to trade Bitcoin, Ethereum and Litecoin against EUR, USD, and JPY from a single margin account.
The new Crypto FX offering complements Saxo Bank’s existing range of over 40 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceed the entire turnover for the whole of 2020 – a year in which volumes surged 130%.
Clients in selected markets can trade Crypto FX pairs during the usual FX trading hours from Sunday evening to Friday evening. Clients can trade and hedge both long and short exposure in the three major crypto currencies, which will be in the form of derivatives and not the physical coins. Due to the volatile nature of the instruments, retail clients can trade with 2:1 leverage and professional clients with 3:1 leverage.
Kay Van-Petersen, Global Macro Strategist at Saxo Bank, 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 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.’
Governments in the MENA region, including the UAE, Saudi Arabia and Bahrain, have introduced strategies, developed regulatory frameworks and invested in crypto-related startups in a bid to drive and regulate blockchain technology and cryptocurrency.
The UAE government has been working towards its own UAE Blockchain Strategy 2021, to better enable the adoption of the technology within the country, and in 2019, the UAE and Saudi Arabia signed an agreement to test out cryptocurrency and blockchain for transactions which could revolutionise cross-border payments between the two countries.
Saxo Bank’s new crypto offering will be available soon for customers in the MENA region.
About The Saxo Bank Group :
Saxo Bank connects people to investment opportunities in global capital markets. As a provider of multi-asset trading and investment, Saxo Bank strives to empower people with a user-friendly, seamless and personalised platform experience that gives them exactly what they need, when they need it, no matter if they want to actively trade global markets or invest into their future.
Founded in 1992, Saxo Bank was one of the first financial institutions to develop an online trading platform that provided private investors with the same tools and market access as professional traders, large institutions and fund managers. Saxo combines an agile fintech mindset with close to 30 years of experience and track record in global capital markets to deliver a state-of-the-art experience to clients. The Saxo Bank Group holds four banking licenses and is well regulated globally. Saxo offers clients around the world broad access to global capital markets across asset classes, where they can trade more than 40,000 instruments in over 20 languages from one single margin account. The Saxo Bank Group also powers more than 120 financial institutions as partners by boosting the investment experience they can offer their clients via its open banking technology.
Headquartered in Copenhagen, Saxo Bank’s client assets total more than 75 billion Euros and the company has more than 2,000 financial and technology professionals in financial centers around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo.
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