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"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."
October 27, 2021 - Saxo Bank has announced that its selection of crypto products has exceeded $2.5 billion USD (16 billion DKK) in turnover for the year, leading the Danish online broker to increase position limits and add new crypto products in response to significant client demand.
Launched in May 2021, Crypto FX enables Saxo clients to trade Bitcoin, Ethereum and Litecoin against EUR, USD and JPY from a single margin account without the need to maintain a crypto wallet. Demand for Saxo’s Crypto FX offering has exceeded expectations and is expected to continue as investors increasingly look to alternative assets as an avenue for diversification and potential hedge against rising inflation.
In response to growing client interest, Saxo is further enhancing its crypto offering by:
• Adding new crypto products: Saxo is now offering nine 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. One of the latest additions also includes the first ever US Crypto ETF issued by Proshares last week under ticker BITO.
• Increasing position limits: Saxo is increasing maximum Crypto FX position limits from 50,000 USD to 200,000 USD for Retail clients and 200,000 USD to 500,000 USD for Professional accounts*.
Stanislav Kostyukhin, Commercial Owner for the Trader segment, comments: “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.”
Clients are able to trade Crypto FX pairs during FX trading hours from Sunday evening to Friday evening with the ability to open both long and short positions. The Crypto FX offering complements Saxo’s existing product suite of 200 FX pairs offered through the award-winning SaxoTraderGO and SaxoTraderPRO platforms.
*Position limit increases do not apply to clients in Switzerland or Retail clients in Singapore and the UK.
