One Million and Counting: Saxo Bank’s Client Base Hits Record High
- Saxo Bank surpassed the one million clients mark.
- The milestone was achieved despite geopolitical uncertainties.
Saxo Bank, the provider of online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms, wealth management, and investing solutions, has reached a record-breaking milestone with more than one million clients on its platform. The news comes as the institution also reveals that its client assets globally have reached a new all-time high.
Saxo Bank's Milestone Reflects Global Trends
The achievement of supporting over a million clients mirrors the increasing global trend of individuals seeking greater control over their investments. More people are turning to digital platforms. This is a trend reflected by Saxo Bank's continued growth. And, the recent announcement of the client's assets exceeding $100 billion emphasizes this trend. It took 25 years for Saxo Bank to amass $20 billion, but only five years to quintuple this substantial amount.
These milestones underline the bank's robust growth, as it has consistently acquired more clients and assets in the past few years. Amid a challenging macroeconomic environment, the financial institution has fortified its position as a leading technology services provider.
"I would like to extend a big thank you to all our passionate and committed employees who work tirelessly behind our award-winning platforms," Kim Fournais, the Founder and CEO at Saxo Bank, commented. "Likewise, we are humbled by the immense trust that our 1 million clients and partners around the world have placed in us – thank you to all of you."
Fournais expressed his satisfaction with the positive trend of increased participation in financial markets via digital platforms like Saxo. Despite geopolitical uncertainties and high inflation levels, he noted the growing number of people putting their wealth to work.
"I founded Saxo Bank back in 1992 with the aim to make global capital markets accessible for more people. Now, as more people globally seek ways to make their money work harder for them, we are ready to support them," Fournais added.
Saxo Bank Expands Its Market Influence
Saxo Bank's recent achievements have resulted in a BBB rating with a positive outlook from S&P Global Ratings. The institution's influence is set to grow as it awaits its appointment as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA).
In addition, Saxo Bank witnessed a jump of 27% in May's volumes, with monthly turnover reaching $130.5 billion and a daily average attaining $5.7 billion. Although the 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 volume has suffered months in a steady decline, trading activities across Saxo Bank's other asset classes shot up in May. The trading activity saw a remarkable increase across various segments. Commodities experienced a surge of 19%, reaching a volume of $40.7 billion. Meanwhile, equities soared 31% to a substantial $228.2 billion, and fixed income experienced a reasonable rise of 12%, settling at $7.6 billion.
Earlier this year, the brokerage published its 2022 annual report. The report highlighted a reduction of 6% in net profit, reaching DKK 711 million. This is down from DKK 755 million seen in the previous year. Additionally, Saxo Bank's client assets underwent a decrease of 9%, settling at DKK 584 billion. This downturn can be attributed to negative trends in the global equity markets throughout 2022.
Saxo Bank, the provider of online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms, wealth management, and investing solutions, has reached a record-breaking milestone with more than one million clients on its platform. The news comes as the institution also reveals that its client assets globally have reached a new all-time high.
Saxo Bank's Milestone Reflects Global Trends
The achievement of supporting over a million clients mirrors the increasing global trend of individuals seeking greater control over their investments. More people are turning to digital platforms. This is a trend reflected by Saxo Bank's continued growth. And, the recent announcement of the client's assets exceeding $100 billion emphasizes this trend. It took 25 years for Saxo Bank to amass $20 billion, but only five years to quintuple this substantial amount.
These milestones underline the bank's robust growth, as it has consistently acquired more clients and assets in the past few years. Amid a challenging macroeconomic environment, the financial institution has fortified its position as a leading technology services provider.
"I would like to extend a big thank you to all our passionate and committed employees who work tirelessly behind our award-winning platforms," Kim Fournais, the Founder and CEO at Saxo Bank, commented. "Likewise, we are humbled by the immense trust that our 1 million clients and partners around the world have placed in us – thank you to all of you."
Fournais expressed his satisfaction with the positive trend of increased participation in financial markets via digital platforms like Saxo. Despite geopolitical uncertainties and high inflation levels, he noted the growing number of people putting their wealth to work.
"I founded Saxo Bank back in 1992 with the aim to make global capital markets accessible for more people. Now, as more people globally seek ways to make their money work harder for them, we are ready to support them," Fournais added.
Saxo Bank Expands Its Market Influence
Saxo Bank's recent achievements have resulted in a BBB rating with a positive outlook from S&P Global Ratings. The institution's influence is set to grow as it awaits its appointment as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA).
In addition, Saxo Bank witnessed a jump of 27% in May's volumes, with monthly turnover reaching $130.5 billion and a daily average attaining $5.7 billion. Although the 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 volume has suffered months in a steady decline, trading activities across Saxo Bank's other asset classes shot up in May. The trading activity saw a remarkable increase across various segments. Commodities experienced a surge of 19%, reaching a volume of $40.7 billion. Meanwhile, equities soared 31% to a substantial $228.2 billion, and fixed income experienced a reasonable rise of 12%, settling at $7.6 billion.
Earlier this year, the brokerage published its 2022 annual report. The report highlighted a reduction of 6% in net profit, reaching DKK 711 million. This is down from DKK 755 million seen in the previous year. Additionally, Saxo Bank's client assets underwent a decrease of 9%, settling at DKK 584 billion. This downturn can be attributed to negative trends in the global equity markets throughout 2022.