Saxo’s UK Arm Unveils a €1,000 Minimum Deposit Entry-Level Account

The spreads are floating and ‎start from 0.1 pips on major pairs plus a ‎commission of $25 per million traded.

Saxo Capital Markets UK, the wholly owned British subsidiary of multi asset broker ‎Saxo Bank, has introduced a new type of trading accounts for the entry-level ‎traders – Saxo Essential.‎

As the brief description suggests, Essential account is perfect for trading ‎small or medium-sized volumes on competitive prices. Minimum ‎funding is only €1,000, with up to €20,000 of available margin for trading FX ‎and CFDs.‎

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By lowering the barrier for entry-level trading, the company wants to attract ‎clients who are relatively new to forex and are tentative about trading full ‎lots because of the capital needed to get started‏.‏‎ ‎‎Saxo Essential account also affords experienced traders access to try out ‎different strategies without worrying about losing heaps of money.‎

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The Essential account comes along with a minimum deposit of just €1,000, and the ability to ‎trade four asset classes; FX, index CFDs, stocks and bonds. The spreads are floating and ‎start from 0.1 pips on major pairs plus a commission of $25 per million traded, which is a ‎notch lower than the rest of ‎the market‎.

Essential combines the advanced features of the company’s current platform, SaxoTraderGO, such as ‎OpenAPI technology that offers functionality across the entire trade cycle.‎

Traders can avail ‎this service in the UK effective January 15, and will be followed by a roll out in ‎Australia and Singapore.

Andrew Edwards, recently appointed CEO of Saxo Capital ‎Markets UK, commented: “Saxo continuously strives to be the best partner for clients, with a steadfast ‎commitment to providing market-leading choice on product, platform and now account type. ‎We are confident in our ability to compete on cost, and do not believe it’s in our clients’ ‎interest to compete on excessive leverage or risk. The launch of our new Essential account is ‎the next step in that journey, offering a price competitive alternative for entry level traders.” ‎

He continued: “This introduction of Essential aligns us further with our clients’ interests and ‎goes hand in hand with our continued efforts to provide greater transparency to trading, by ‎offering prudent leverage and limited risk accounts. In line with this trend, losses on the ‎Essential account on OTC leverage products will not be able to exceed cash deposits and ‎we’ve imposed margin restrictions around certain exposures.”‎

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