Saxo Banks Expands Crypto Offering amid High Demand

Saxo Bank has enhanced its cryptocurrency offerings as its brokerage platform is witnessing an overwhelming demand for such investment products. Announced on Tuesday, the platform is now offering 9 crypto-FX pairs and increased position limits.

Additionally, the brokerage platform is offering more than 50 exchange-traded products (ETPs) tracking the performances of popular crypto assets. It even added ProShares Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term futures ETF on the list of its offerings, which has been recently listed on NYSE Arca.

As for the position limits, Saxo’s retail clients can take positions as high as $200,000, which was increased from the previous limit of $50,000. For professional clients, this limit has been increased from $200,000 to $500,000.

“Saxo Bank set out to provide a product which offers the security and ease of use associated with more traditional asset classes, coupled with the market trends and price dynamics of the crypto space,” said Stanislav Kostyukhin, Commercial Owner for the Trader segment at Saxo.

Crypto Trading Skyrockets

The enhancement of crypto products came after the brokerage recorded $2.5 billion in turnover from cryptocurrency derivatives trading on its platform.

The Danish broker, which is known for offering trading services 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 and instruments of other asset classes, introduced cryptocurrency products last May. However, these products were limited to clients in certain jurisdictions including Australia and Singapore.

“The exceptional response and activity seen in the six months after the launch of our Crypto FX offering clearly shows that crypto is an increasingly important asset class for our clients,” Kostyukhin added. “We certainly expect interest to grow further as the crypto industry continues to mature, and we are planning to grow our offering to cater to the market as investor demand evolves.”

Meanwhile, Saxo is expanding into other vertices and recently acquired two new licenses in Hong Kong that will allow it to launch asset and wealth management services.