Exclusive: Saxo goes live with crypto trading in Singapore and Australia
FNG Exclusive… FNG has learned that Copenhagen based Retail FX and CFDs broker Saxo Bank has gone live in offering cryptocurrency trading to its clients, but only in certain jurisdictions.
We had exclusively reported last month that Saxo was planning for and preparing the move to add cryptos, an asset class already offered by many of its competitors – and generating a good chunk of overall trading volumes in certain months for some FX brokers.
For now, it appears that cryptos will be available only to clients of Saxo Markets Singapore and Saxo Markets Australia. And for the time being, Saxo is offering offer trading in BTC, ETH and LTC (Bitcoin, Ethereum and Litecoin) against USD, EUR or JPY. Cryptos can be traded with margin requirement in Singapore of 60% (i.e., leverage of less than 2x), with minimum trade size of BTC .01, ETH .1, and LTC 1. In Australia, initial margin requirement is 50% (i.e., 2x leverage) on crypto trading at Saxo.
European clients of Saxo look like they will have to wait before having access to crypto trading. Crypto CFD trading is allowed in Europe, except in the UK where crypto CFDs were outlawed by the FCA at the beginning of 2021.
Last month Saxo said it was launching a new theme basket focusing on crypto and blockchain companies. This basket provides inspiration and alternatives for investors that want exposure to cryptocurrencies but do not want to own ETNs or physical cryptocurrencies.