Saxo Bank Is Launching A New Crypto Trading Service

Saxo Bank will launch a new system with the name of Saxo Markets in the near future. According to their announcement, Saxo Markets will provide a cryptocurrency trading service, which will include three digital currencies. These are Litecoin, Ethereum, and of course Bitcoin. In this system, customers will be able to trade many assets and cryptocurrencies from a single margin account. And in this way, they will not have to have a cryptocurrency wallet.

Stanislav Kostyukhin, the commercial owner of Saxo Bank’s merchant sentiment, said:

Saxo Bank has developed a unique proposition that 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 announced that they will offer their new cryptocurrency trading product in exchange for each USD, euro, and Japanese yen. Saxo Bank announced that they will offer their new cryptocurrency trading product in exchange for each USD, euro, and Japanese yen. Then, they will offer them as derivatives. With this service, users will be able to progress with both long and short positions and thus benefit from the trading advantages.

In addition to this topic, Kostyukhin said:

We set out to deliver a product that 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.

In Which Countries Will This Service Be Available?

Saxo Bank’s service will first be available to customers based in Australia and Singapore. But they stated that they were very excited about this project and talked about their plans to offer this service to other markets in the near future.

As a result of the FCA‘s recent ban on cryptocurrency derivatives trading, Saxo Bank’s latest products will only be offered to professional customers in the UK. These users will be able to trade crypto within Forex trading hours.

Saxo is already offering its members access to nearly 40 cryptocurrencies and ETN trackers. This wide-ranging service shows that the volume of the first five months of this year has already exceeded the trade volume in 2020, which can be considered a successful year.

SEE ALSO: FCA Announced “Regulatory Nursery” for New-Licensed Companies

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