Saxo Bank shuts down forextrading's offices in Israel and Hong Kong, internal consolidation continues

Only yesterday we announced that Saxo Bank is letting go of 250+ employees as it cuts down costs preparing for the tough times ahead. Today we learned that as part of this move Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term is shutting down the Israel and the freshly opened Hong Kong office of its retail brand - forextrading. forextrading will become the intro account for Saxo Bank - that is a smaller minimum deposit requirement as a step up before moving on for the standard Saxo account ($2,000+). forextrading at the beginning was launched as a completely separate initiative and wasn't identified with Saxo Bank at all (despite being fully owned) however with the internal consolidation and experience gained it will be clearly identified and marked as being part of Saxo Bank's group.

Saxo Bank continues its commitment to local presence in Hong Kong and its office is not affected.

When contacted by 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 Morten Fillipsen, forextrading's CEO, had this to say: "We learned quickly that a lot of clients joined us because of our simple approach to FX and CFD trading but equally important was the fact we are a Saxo Bank company.

Therefore, going forward, we will align ourselves closer to Saxo Bank and offer an alternative to the traders that don’t need the full suite of professional tools offered by Saxo Bank.

As a result, we have shut down our physical presence in Israel and Hong Kong, and will rely more heavily on the Saxo Bank infrastructure and distribution channels, as well as continuous investment in our own customer service and client education areas."