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.
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.
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.”