SaxoTraderGO success prompts Saxo to close Cyprus MT4 offering
The entity, located in Cyprus, the hub of MT4 based brokers in the E.U., licensed and regulated by the Cyprus Securities and Exchange Commission, will stop on-boarding new clients with effect as from today.
Matteo Cassina, Global Head of Sales, Products and Platforms, Saxo Bank A/S, said,
“Today’s announcement is in line with Saxo Bank’s overarching strategy of focusing on the Bank’s core offering and our commitment to continuously improving our clients’ trading experience. With SaxoTraderGO, we have built and launched the world’s most intuitive and sophisticated multi-asset platform with a focus on usability. We believe this offering is superior and removes the need for clients to trade on an MT4 platform.
“SaxoTraderGO has already received outstanding reviews and our clients have fully embraced the platform. One week after the official launch of SaxoTraderGO, 35% of all Saxo’s unique trading platform users were trading on SaxoTraderGO. This early success has made our decision to close down the Cyprus based MT4 offering straightforward. Current clients of Saxo Capital Markets CY Ltd. will be offered the opportunity to continue their client relationship with Saxo Bank and they will be provided with access to the SaxoTraderGO platform.”
Neil Browning, Global Head of FX Sales, Saxo Bank A/S, added,
“Saxo Bank will continue to offer MT4 liquidity solutions to institutional clients and brokers, either via an MT4 client account linked directly to a Saxo account or via various bridge solutions. For instance, asset managers who make use of MT4 as an execution channel will continue to benefit from Saxo’s back office platform and multi asset account structures. Saxo Bank will also continue to focus on providing our liquidity and prime brokerage solutions to retail brokers and providers in the global MT4 market from our pricing and aggregation centres in NY4, LD4 and TY3.”
Saxo Bank Group (Saxo) is a leading multi-asset trading and investment specialist, offering a complete set of trading and investment technologies, tools and strategies.
For almost 25 years, Saxo’s mission has been to enable individuals and institutions by facilitating their access to professional trading and investing through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its private clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology.
Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and headquartered in Copenhagen, Saxo employs more than 1500 people in financial centres around the world including London, Singapore, Paris, Zurich, Dubai and Tokyo.