Saxo launches new account type with industry leading pricing and limited risk
Saxo announces launch of new entry level account, Saxo Essential, with industry leading pricing and prudent risk limits on margin trading
Saxo Bank, the online multi-asset trading and investment specialist, has today announced the launch of the Essential account – a price competitive solution for entry-level traders bolstering Saxo’s ambition to compete on price, product, service and platform.
The new account will initially launch in UAE January 8 and will be rolled out in UK, Australia and Singapore during the first months of 2018. In the selected markets trading accounts for individuals will consist of Essential, Classic, Platinum and VIP.
The Essential account will offer access to four asset classes; FX, index CFDs, stocks and bonds. Clients will be able to access Saxo’s full range of stocks and bonds, but only the most popular FX pairs and index CFDs at very competitive pricing and low minimum funding of 1,000 EUR. Essential also incorporates additional risk management functionality, with limited loss, limited leverage, in line with recent proposals from European regulators.
Essential is underpinned by SaxoTraderGO, Saxo Bank’s next generation platform built with OpenAPI technology offering functionality across the entire trade cycle – from pre-trade to execution to post-trade services.
Commenting on the launch, Patrice Henault, Global Head of Trader Experience, Saxo Bank, said: “We continuously strive to be the best partner for our clients, with a steadfast commitment to providing market-leading choice on account depth. The launch of our new Essential account is the next step in that journey, offering a price competitive alternative for entry level traders.”
Henault added: “This introduction of Essential aligns us further with our clients’ interests and goes hand in hand with regulatory efforts to introduce greater transparency to trading, 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.”
More detail on website here: https://www.home.saxo/en-gb/accounts/essential
Saxo Bank Group (Saxo) is a leading Fintech specialist focused on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients.
For 25 years, Saxo’s mission has been to democratize investment and trading, enabling clients by facilitating their seamless access to global capital markets through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its direct clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides wholesale institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology, supporting the full value chain delivering Banking-as-a-Service (BaaS).
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 launching its first online trading platform in 1998, Saxo Bank was a Fintech even before the term was created. Headquartered in Copenhagen Saxo today employs more than 1500 people in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Hong Kong and Tokyo.