Saxo Bank Looks to the East, Offers Kuna Crosses and Baht Discount

The Denmark-based FX broker, Saxo Bank, has announced today, Jan 6^th, a couple of improvements in its offering as what the announcement calls a “response to developments in the global markets.”

The first improvement Saxo Bank has announced is a launch of two new currency crosses involving the Croatian Kuna and majors, the EUR/HRK and the USD/HRK. These additions to the broker’s FX Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term are meant to particularly benefit Saxo Bank’s significant client base in Eastern and Central Europe.

Speaking with Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates, Saxo Bank's Global Product Manager, Didier Abbato, said that the broker has a strong presence in Central and Eastern Europe and derives a significant amount of business from the region as a result. The firm has not set specific volume targets for the Kuna crosses Mr. Abbato said, but he added that these additions were driven by specific business requests from existing clients and partners implying that there is a demand in the market.

The second improvement announced today is that from the 2nd of January, Saxo Bank has cut in half its spreads on USD/THB and now retail clients can trade this relatively more exotic currency pair on spreads of only 25 pips.

The broker explains this move as a response to the recent greater volatility in the Thailand Baht, a result of the political turbulence the country has been experiencing. Attracting East Asian traders, following the daily developments from Thailand, is the probable reason that Saxo Bank has taken the decision to increase its competitiveness on the USD/THB cross, and also for a recent launch of the XAU/THB cross. Gold speculation is a very popular trading instrument in normal times in Asia, and more so now as it is perceived as a safe haven in moments of crisis.

Mr. Abbato confirmed to Forex Magnates that the Bhat crosses requests and traded volumes come almost exclusively from the Asia-Pacific region.