Home Litecoin Saxo Bank to launch Crypto FX, enabling MENA investors to trade in Bitcoin, Ethereum and Litecoin

Saxo Bank to launch Crypto FX, enabling MENA investors to trade in Bitcoin, Ethereum and Litecoin

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  • Bitcoin, Ethereum and Litecoin spot pairs might be traded towards EUR, USD, and JPY from a single margin account with out the necessity for a crypto pockets or chilly storage
  • The brand new providing gives purchasers dependable, regulated, and clear entry to diversification and hedging in the most well-liked cryptocurrencies

Saxo Financial institution, the web buying and selling and funding specialist, is launching a brand new cryptocurrency providing enabling purchasers from the MENA area to commerce Bitcoin, Ethereum and Litecoin towards EUR, USD, and JPY from a single margin account.

The brand new Crypto FX providing enhances Saxo Financial institution’s present vary of over 40 completely different cryptocurrency trackers and ETNs, which up to now this yr have seen buying and selling volumes exceed your complete turnover for the entire of 2020 – a yr wherein volumes surged 130%.

Purchasers in chosen markets can commerce Crypto FX pairs throughout the ordinary FX buying and selling hours from Sunday night to Friday night. Purchasers can commerce and hedge each lengthy and brief publicity within the three main crypto currencies, which will probably be within the type of derivatives and never the bodily cash. Because of the unstable nature of the devices, retail purchasers can commerce with 2:1 leverage {and professional} purchasers with 3:1 leverage.

Kay Van-Petersen, World Macro Strategist at Saxo Financial institution, feedback:

“Saxo Financial institution has developed a singular proposition which supplies our purchasers entry to the rising crypto area in a versatile, safe and hassle-free method from a single fully-licensed account with out the necessity to use wallets or chilly storage options. The providing sits on the intersection of conventional finance and crypto, which is the place we see the market evolving because it attracts the eye of retail merchants and monetary establishments.  

“We got down to ship a product which gives the safety and ease of use related to extra mature asset courses, coupled with the volatility and dynamics of Bitcoin, Ethereum, and Litecoin – giving purchasers the chance to commerce each lengthy and brief within the thriving crypto market. Crypto FX achieves this by constructing on 30 years’ expertise as a number one agency in buying and selling and investing combining the standard qualities of a forex pair alongside the thrilling prospects of a cryptocurrency.” 

Governments within the MENA area, together with the UAE, Saudi Arabia and Bahrain, have launched methods, developed regulatory frameworks and invested in crypto-related startups in a bid to drive and regulate blockchain know-how and cryptocurrency.

The UAE authorities has been working in the direction of its personal UAE Blockchain Technique 2021, to higher allow the adoption of the know-how throughout the nation, and in 2019, the UAE and Saudi Arabia signed an settlement to check out cryptocurrency and blockchain for transactions which might revolutionise cross-border funds between the 2 nations. 

Saxo Financial institution’s new crypto providing will probably be out there quickly for purchasers within the MENA area.

© Press Launch 2021

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