photo: Bloomberg
Saxo Markets, the online trading and investment specialist, has launched a new cryptocurrency offering enabling clients to trade Bitcoin, Ethereum and Litecoin against EUR, USD, and JPY from a single margin account.
This new offering would provide clients with reliable, regulated and transparent access to diversification and hedging in the most popular cryptocurrencies
For more stories about where the money flows, click here for our Capital section
.
The new Crypto FX offering will complement Saxo’s existing range of over 30 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceeding the entire turnover for the whole of 2020.
Clients in selected markets can trade Crypto FX pairs during the usual FX trading hours.
Clients can trade and hedge both long and short exposure in the three major cryptocurrencies, 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 on 60% margin, and 40% or 50% margin for accredited investors.
SEE:Bitcoin erases all gains since Tesla's announcement that it would accept it as form of payment
Adam Reynolds, AsiaPacific CEO, Saxo Markets comments that “Saxo is well positioned to enable clients to trade it in a prudent way, as [Saxo is] a regulated and licensed provider with a reliable platform and mature technology, as well as funding security.”
Stanislav Kostyukhin, Commercial Owner - Trade segment, Saxo Markets adds that they had “set out to deliver a product which offers the security and ease of use associated with more mature asset classes”, this paired with the “volatility and dynamics of Bitcoin, Ethereum and Litecoin” would give clients “the opportunity to trade both long and short in the thriving crypto market”.
