Saxo's UK Arm Unveils a €1,000 Minimum Deposit Entry-Level Account

Saxo Capital Markets UK, the wholly owned British subsidiary of multi asset broker ‎Saxo Bank, has introduced a new type of trading accounts for the entry-level ‎traders – Saxo Essential.‎

As the brief description suggests, Essential account is perfect for trading ‎small or medium-sized volumes on competitive prices. Minimum ‎funding is only €1,000, with up to €20,000 of available margin for trading FX ‎and CFDs.‎

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By lowering the barrier for entry-level trading, the company wants to attract ‎clients who are relatively new to 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 are tentative about trading full ‎lots because of the capital needed to get started‏.‏‎ ‎‎Saxo Essential account also affords experienced traders access to try out ‎different strategies without worrying about losing heaps of money.‎

The Essential account comes along with a minimum deposit of just €1,000, and the ability to ‎trade four asset classes; FX, index CFDs, stocks and bonds. The spreads are floating and ‎start from 0.1 pips on major pairs plus a commission of $25 per million traded, which is a ‎notch lower than the rest of ‎the market‎.

Essential combines the advanced features of the company’s current platform, SaxoTraderGO, such as ‎OpenAPI technology that offers functionality across the entire trade cycle.‎

Traders can avail ‎this service in the UK effective January 15, and will be followed by a roll out in ‎Australia and Singapore.

Andrew Edwards, recently appointed CEO of Saxo Capital ‎Markets UK, commented: “Saxo continuously strives to be the best partner for clients, with a steadfast ‎commitment to providing market-leading choice on product, platform and now account type. ‎We are confident in our ability to compete on cost, and do not believe it’s in our clients’ ‎interest to compete on excessive Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term or risk. The launch of our new Essential account is ‎the next step in that journey, offering a price competitive alternative for entry level traders.” ‎

He continued: “This introduction of Essential aligns us further with our clients’ interests and ‎goes hand in hand with our continued efforts to provide greater transparency to trading, by ‎offering prudent leverage and limited risk accounts. In line with this trend, losses on the ‎Essential account on OTC leverage products will not be able to exceed cash deposits and ‎we’ve imposed margin restrictions around certain exposures.”‎