Saxo Bank has enhanced its Crypto FX offering with more nine leveraged pairs and more than 50 exchange traded products, including the first US Crypto ETF, issued by Proshares.
The announcement comes as the online trading and investment specialist reported that its crypto products have exceeded 2.5 billion USD (16 billion DKK) in turnover for the year.
The FX broker has only launched the offering in May, but the trading volume since then proves that clients are very much interested in the digital asset as a means of diversification and/or as a means of exposure to the extreme volatility.
Saxo Bank’s Crypto FX enables Saxo clients to trade Bitcoin, Ethereum and Litecoin against EUR, USD and JPY from a single margin account.
The trading company has now added several leveraged Crypto FX pairs and more than 50 exchange traded products (ETPs) tracking tokens such as Cardano, Solana, Polkadot, Stellar, Ripple and other popular digital assets.
On top of that, Saxo increased position limits from 50,000 USD to 200,000 USD for retail clients and 200,000 USD to 500,000 USD for Professional accounts. Position limits do not apply to clients in Switzerland or retail clients in Singapore and the UK.
Stanislav Kostyukhin, Commercial Owner for the Trader segment, commented: “Saxo Bank set out to provide a product which offers the security and ease of use associated with more traditional asset classes, coupled with the market trends and price dynamics of the crypto space.
“The exceptional response and activity seen in the six months after the launch of our Crypto FX offering clearly shows that crypto is an increasingly important asset class for our clients. As more investors look towards crypto-related assets as a potential hedge against inflation and avenue of diversification, we are excited to support our clients with a broad range of products which provides reliable, regulated and secure access to the crypto market. We certainly expect interest to grow further as the crypto industry continues to mature, and we are planning to grow our offering to cater to the market as investor demand evolves”, Mr. Kostyukhin added.
The Crypto FX offering complements Saxo’s existing product suite of 200 FX pairs offered through the award-winning SaxoTraderGO and SaxoTraderPRO platforms.
Saxo has recently announced it plans to add its recently launched cryptocurrency offering to TradingView, to be rolled out in the coming months.
Adding crypto to the Saxo platform was part of its continued efforts to broaden access to global capital markets for clients and to meet growing demand from retail traders.