Bitcoin remains Saxo Bank’s most popular cryptocurrency pair among UAE clients, equating to more than 50% of trades
Saxo Bank, the online trading and investment specialist, has announced trading volumes across its portfolio of cryptocurrency products has exceeded USD 2.5 billion (AED 19.2 billion) globally in turnover this year, with the Denmark-based online broker poised to increase position limits and add new crypto-related products in response to significant client demand.
Launched in May of this year in the MENA region, Crypto FX enables Saxo clients to trade Bitcoin, Ethereum and Litecoin against EUR, USD and JPY from a single margin account without the need to maintain a crypto wallet.
With regional demand for Saxo’s Crypto FX offering exceeding pre-launch expectations, Saxo Bank expects consistent demand from MENA-based investors eager to explore alternative assets as portfolio diversification avenues and a potential hedge against rising inflation.
According to Saxo Bank, Bitcoin leads crypto instrument trading among UAE investors at 52.75% since Crypto FX’s inception, ahead of Ethereum (33.5%), Litecoin (2%), with other instruments equating to 11.5%.
In response to growing client interest, Saxo is further enhancing its crypto-related offering by:
- Adding new crypto products: Saxo is now offering nine leveraged Crypto FX pairs and more than 50 exchange traded products (ETPs) and tracking tokens such as Cardano, Solana, Polkadot, Stellar, Ripple and other popular digital assets. One of the latest additions also includes the first ever US Crypto ETF issued by Proshares last week under ticker BITO.
- Increasing position limits: Saxo is increasing maximum Crypto FX position limits from USD 50,000 to USD 200,000 for Retail clients and USD 200,000 to USD 500,000 for Professional accounts.
Damian Hitchen, CEO of Saxo Bank in the MENA region, said: “With Crypto FX and our other Crypto related products, Saxo Bank set out to provide access to the Crypto universe which offers the security and ease of use associated with more traditional asset classes, coupled with the market trends and price dynamics of the crypto space. The exceptional response and activity seen in the six months since Crypto FX launched regionally shows that crypto is an increasingly important asset class for our MENA clients, following the global trend at Saxo”
“As more investors look towards crypto-related assets as a potential hedge against inflation and avenues for portfolio diversification, we are excited to support clients with a broad range of products which provide reliable, regulated and secure access to the global crypto market. We expect interest to grow further as the crypto industry continues to mature, and we are planning to grow our offering to cater to the market and evolving investor demand,” added Hitchen.
Saxo Bank clients can trade Crypto FX pairs during FX trading hours from Sunday evening to Friday evening, with the ability to open both long and short positions. The Crypto FX offering complements Saxo’s existing product suite of 200 FX pairs offered through the award-winning SaxoTraderGO and SaxoTraderPRO platforms.
Please be aware that cryptocurrencies can be very volatile. Trading in related financial instruments carries risk and may not be suitable for all market participants.
Disclosure: Financial services and products being offered will be provided by the specific Saxo Group member located outside of the UAE, and not by the Representative Office which is regulated by the UAE Central Bank.