Saxo Bank launches retail FX trading platform ForexTrading.com with lower minimal deposit
In an interesting move Saxo Bank decided against reducing the minimal deposit ($10,000) it requires from its investors and instead
In an interesting move Saxo Bank decided against reducing the minimal deposit ($10,000) it requires from its investors and instead of lowering its standards decided to launch another, almost identical service, which requires a much smaller deposit – $2000. So basically you get here the same Saxo award winning platform (with less currency pairs and commodities) but with lower cash requirements and tighter spreads. Unorthodox move by all means by surely a unique one.
Saxo Bank, the online trading and investment specialist, today announced the launch of ForexTrading.com which will offer retail investors a select range of FX crosses and CFDs with variable spreads – as low as 0.8 pips. ForexTrading.com provides investors with a range of basic functionalities designed to make trading flexible and straightforward.
ForexTrading.com is powered by Saxo Bank, which is renowned for aggregating liquidity from the world’s leading FX dealers. ForexTrading.com gives traders the ability to trade in the world’s most liquid currency pairs and global commodity CFDs at very competitive spreads.
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Claus Nielsen, Head of Markets at Saxo Bank, said:
“Saxo Bank will continue to cater for high-net-worth and institutional traders who increasingly demand usability, mobility, performance, and service when executing online trades and orders. At the same time, ForexTrading.com will appeal to Forex and CFD traders who are price sensitive and do not require a personal service, but still want the ability to utilise an award-winning online trading platform.
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“We believe the retail foreign exchange market will maintain its growth trajectory for the next 10 to 15 years and we want to cater for high-net-worth investors as well as high-frequency traders to who tight spreads and deep liquidity are essential. There is no additional commission on ForexTrading.com and we see ForexTrading.com as bringing new competition to the smaller competitors, outside the tier-one banks, in the market focused on foreign exchange.”
The minimum initial deposit when opening an account with ForexTrading.com is $2,000 or equivalent and no interest will be paid on funds on deposit. ForexTrading.com will only offer English support and service and ForexTrading.com only supports retail trading accounts.
For more information: http://www.forextrading.com
About Saxo Bank
Saxo Bank is a leading online trading and investment specialist with a worldwide client base. The three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application are available in over 20 languages. Saxo Asset Management accommodates high-net worth private clients and institutional investors. In 2010 Saxo Bank continued the diversification of its business with acquisitions of Saxo-ETrade Bank, a specialist in online investment, and Brørup Sparekasse, a Danish savings bank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East and Australia.
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not so retail friendly but the recession probably triggered this welcoming change :}
I’ve seen a press release on ForexTrading.com before here at ForexMagnates:
http://site13.miydim.com/saxo-launches-forextrading-com-a-portal-for-novice-traders/
Has anything changed? (Is it a “re-launch”?)
saxo always had this platform, it used to be called mini-trader, its just a re-branding
To bring the issue into right perspective – providers of Social Trading ( such as ZuluTrade ) route orders to MT4 Servers for execution, using the MT4 API. As long as the MT4 Server API is not an open API, Meta Quotes are in their right to prohibit others using their proprietary API to the MT4 Server. Thus, it is not Meta Quotes who is the one being illegal. However, one should assume that when buying a MT4 Server, that one should be able to freely connect external platforms without asking Meta Quotes, but this is another story. I personally… Read more »
As a response to: “How about accusing social trading platform firms of hacking the protocol?”. — I think it is not the issue who legally challenge the IP right of Meta Quotes, but the fact that external signal providers connect to the Meta Trader Server, and execute orders. —- We must not forget, that the MT4 server has brought a standard to the FX business, and has probably been one of the main reasons for the growth of the FX business since 2005. Having said that – having such almost exclusivity , also imply a responsibility – I personally do… Read more »
It does not seem like this is happening, many providers of alternatives to the MT4 server and backoffice are available, but they are all running their own show.
Main problem is most of these providers have build their solution up around the MT4 environment, and are framed in the MT4 environment. Many LP providers/brokers do not even have a backoffice system.
The change has therefor to come from the LP providers and prime brokers, in terms of full featured backoffice applications.
Regards Soren Lanng, TickCOM.