Saxo Markets of Singapore Launches Crypto Trading Service
Saxo Markets, the subsidiary of Saxo, has recently introduced a new service to enable the registered traders to trade in Bitcoin, Ethereum, and Litecoin in the form of Forex pairs. The cryptocurrencies can be traded against major fiat currencies such as the US Dollar, Euro, and Japanese Yen. For now, the service provided by the digital investment subsidiary of Saxo Bank, i.e., Saxo Markets, is only available for the citizens of Australia and Singapore. However, it has been reported by CoinDesk that the trading service shall soon be offered to citizens of other countries as well. The launch of the trading service is the second crypto offering of Saxo Markets, the first being the launch of the exchange-traded notes for tracking Ethereum and Bitcoin.
The new trading service shall complement the existing ETNs and crypto trackers of Saxo Banks. The trading in cryptocurrencies shall take place in the form of derivatives instead of real coins. While accredited investors will be able to engage in trading at a 40% or 50% margin, the retail traders will be offered a margin of 60%. The traders shall be able to engage in trading as well as hedging on a long and short-term basis. According to the Asia Pacific CEO of Saxo Markets, Adam Reynolds, trading through the ETNs of Saxo Markets shall help to protect the traders against volatility and other crypto market risks.