Saxo Bank’s licensed subsidiary, Saxo Markets, is launching trading services with three cryptocurrencies: Bitcoin, Ethereum and Litecoin. Traders will be able to trade crypto and other assets from a single margin account.
Wednesday’s official announcement detailed that the Danish broker will offer the crypto trading services against the US dollar, euro and Japanese yen.
Saxo Markets will offer the digital currencies as derivatives and will allow traders to take both long and short positions. Retail clients will be able to trade with a maximum leverage of 2:1, while it will be 3:1 for accredited investors.
The new service will be initially available only to clients in Australia and Singapore. However, the bank has plans to roll out crypto services to other markets as well. In the United Kingdom, these products will be available only to professional clients due to the FCA’s ban on retail crypto derivatives.
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“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,” said, Stanislav Kostyukhin, Saxo Bank’s commercial owner of trader sentiment.
Already Had Some Crypto Exposure
Saxo first added crypto to its offerings in 2017, but as exchange-traded notes (ETNs) tracking Bitcoin and Ethereum. The new crypto derivatives will further complement the existing line of products.
The latest crypto products have been added at a time when there is a massive demand for digital currency trading among investors of all kinds.
Big names like Goldman Sachs and Morgan Stanley, along with many other established financial houses, are bringing cryptocurrency products to the mainstream financial markets. Despite the volatility, the institutional adoption of Bitcoin has given the asset class much legitimacy.