Saxo Bank to launch Crypto FX, enabling MENA investors to trade in cryptocurrencies

Saxo Bank to launch Crypto FX, enabling MENA investors to trade in cryptocurrencies

DUBAI “” Saxo Bank, the online trading and investment specialist, is launching a new cryptocurrency offering enabling clients from the MENA region to trade Bitcoin, Ethereum and Litecoin against EUR, USD, and JPY from a single margin account. The new Crypto FX offering complements Saxo Bank's existing range of over 40 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceed the entire turnover for the whole of 2020 - a year in which volumes surged 130%. Clients in selected markets can trade Crypto FX pairs during the usual FX trading hours from Sunday evening to Friday evening. Clients can trade and hedge both long and short exposure in the three major cryptocurrencies, which will be in the form of derivatives and not the physical coins. Due to the volatile nature of the instruments, retail clients can trade with 2:1 leverage and professional clients with 3:1 leverage. Kay Van-Petersen, Global Macro Strategist at Saxo Bank, comments: "Saxo Bank has developed a unique proposition which gives our clients access to the growing crypto space in a flexible, secure and hassle-free manner from a single fully-licensed account without the need to use wallets or cold storage solutions.