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 forextrading 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 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.”