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Saxo Bank Arm Launches Trading of BTC, ETH, LTC Against Major Currencies
The offering from Saxo Markets will be available initially to clients in Singapore and Australia.
Updated Sep 14, 2021, 12:57 p.m. Published May 18, 2021, 10:00 p.m.
Saxo Markets, the digital investing subsidiary of Danish bank Saxo, has launched a service enabling trading of three top cryptocurrencies in FX pairs.
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- The offering matches bitcoin, ether and litecoin against the euro, U.S. dollar and Japanese yen, initially for Saxo Markets’ clients in Singapore and Australia.
- Rollout to other key markets will follow in the coming weeks, a Saxo Markets spokesperson told CoinDesk.
- The news marks Saxo Markets’ first new crypto offering since 2017 when it launched exchange-traded notes (ETNs) tracking bitcoin and ethereum.
- The new offering is designed to complement the company’s existing range of crypto trackers and ETNs, according to Saxo’s emailed announcement Tuesday.
- The cryptocurrency traded will be in the form of derivatives rather than the actual coins.
- Retail clients will be able to trade on 60% margin with accredited investors trading on 40% or 50%.
See also: Bitcoin Starting to Lead FX Markets, Analysis of Tesla Reaction Shows: Report
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