Saxo Bank to launch cryptocurrency trading services in MENA region
Saxo Bank will allow trading of Bitcoin, Ethereum and Litecoin against EUR, USD or JPY.
Saxo Bank, the online trading and investment specialist, is launching a new cryptocurrency offering enabling clients from the MENA region to trade Bitcoin, Ethereum and Litecoin against EUR, USD, and JPY from a single margin account.
The new Crypto FX offering complements Saxo Bank’s existing range of over 40 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceed the entire turnover for the whole of 2020 – a year in which volumes surged 130%.
Clients in selected markets can trade Crypto FX pairs during the usual FX trading hours from Sunday evening to Friday evening. Clients can trade and hedge both long and short exposure in the three major crypto currencies, 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 with 2:1 leverage and professional clients with 3:1 leverage.
Kay Van-Petersen, Global Macro Strategist at Saxo Bank, commented, “Saxo Bank has developed a unique proposition which gives our clients access to the growing crypto space in a flexible, secure and hassle-free manner from a single fully-licensed account without the need to use wallets or cold storage solutions. The offering sits at the intersection of traditional finance and crypto, which is where we see the market evolving as it draws the attention of retail traders and financial institutions.
“We set out to deliver a product which offers the security and ease of use associated with more mature asset classes, coupled with the volatility and dynamics of Bitcoin, Ethereum, and Litecoin – giving clients the opportunity to trade both long and short in the thriving crypto market. Crypto FX achieves this by building on 30 years’ experience as a leading firm in trading and investing combining the traditional qualities of a currency pair alongside the exciting possibilities of a cryptocurrency.”
Governments in the MENA region, including the UAE, Saudi Arabia and Bahrain, have introduced strategies, developed regulatory frameworks and invested in crypto-related startups in a bid to drive and regulate blockchain technology and cryptocurrency.
The UAE government has been working towards its own UAE Blockchain Strategy 2021, to better enable the adoption of the technology within the country, and in 2019, the UAE and Saudi Arabia signed an agreement to test out cryptocurrency and blockchain for transactions which could revolutionise cross-border payments between the two countries.
Saxo Bank’s new crypto offering will be available soon for customers in the MENA region.
