Launched in May this year, Crypto FX caters to the growing investors’ interest for cryptocurrency trading.
Online trading specialist Saxo Markets launched their latest cryptocurrency product, Crypto FX, in May this year in response to the growing investors’ appetite for crypto assets.
Pairing major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) against the Euro, US Dollar, and Japanese Yen, Crypto FX allows traders to hedge on long or short positions without the need for a digital wallet to hold actual digital currencies.
Investors in selected markets including Singapore can conduct trade on a single margin account. Due to the volatility of the crypto market, retail investors can trade on a 60% margin, while professional traders can trade with a 40%-50% leverage.
“Saxo’s Crypto FX offering is more reliable, accessible and secure compared to many other competing offerings, and we are excited to be one of the first to offer this to clients in Singapore. As the market has matured to make crypto a product that is here to stay, Saxo is well-positioned to enable clients to trade it in a prudent way, as we are a regulated and licensed provider with a reliable platform and mature technology, as well as funding security.” said Adam Reynolds, Saxo Markets’ Asia Pacific CEO.
Saxo Markets says that Crypto FX complements their current range of 30 different cryptocurrency trackers and exchange-traded notes (ETN) which have seen a 130% surge in trading volume this year as compared to 2020.
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