Saxo launches Saxo Essential account in Singapore
Saxo launches a new type of account offering industry-leading pricing and limited risk alongside a significant reduction in the trading rate for U.S equities
Saxo Capital Markets Pte Ltd (‘Saxo’), the online multi-asset trading and investment specialist, today announced the launch of the Essential account – a price-competitive solution for newer traders. This bolsters Saxo’s ambition to compete on price, product, service and platform in Singapore. This also follows the successful launch of the account in the UAE and the UK earlier this month.
Singapore is the first market in Asia for Saxo Essential’s roll out. Following Singapore, the UK and the UAE, the new account type will be released in Australia.
The Essential account provides 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, and the most popular FX pairs and index CFDs at very competitive pricing, and with a low minimum funding of SGD1,000. The Essential account also incorporates additional risk-management features, with potential losses capped and limited leverage, in line with recent proposals from global regulators.
The Essential account is underpinned by SaxoTraderGO, Saxo’s next-generation platform built with OpenAPI technology, covering the entire trade cycle – from pre-trade through execution to post-trade services.
In addition, Saxo has reduced the trading rate for US stocks and ETFs across all accounts and platforms from a standard minimum of USD9.90 to USD3.99, effective immediately. Singapore is a price-sensitive market and the new price positioning will make investing in US equities cheaper for clients. The new pricing is available on all accounts, including the newly launched Essential.
Commenting on the launch and the cost reductions, Adam Reynolds, Chief Executive Officer Asia-Pacific, Saxo Capital Markets, said:
“Asia is a strategically important market for Saxo, and we continuously commit to being the best partner for our clients in the region. The launch of our new Essential account in Singapore is an important step in that journey in Asia. It offers a price-competitive alternative, more accessible than ever before to newer traders, with a lower funding threshold and the most competitive pricing in the market across FX and CFDs. That pricing approach extends across all Saxo accounts in the case of US equities. Essential still provides our cutting-edge platform across desktop, mobile and tablet, now with a more streamlined product suite and new features to help traders limit their risk exposure. Without a doubt, Fintech adoption is growing in Asia and the space is becoming more competitive. The key is to keep identifying challenges and to consistently innovate and improve, to provide the best trading and investment experiences for our clients.”
Patrice Henault, Global Head of Trader Experience, Saxo, added:
“The introduction of the Essential account 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, and unique to the Essential account, any client’s losses on margined products like CFDs or leveraged FX cannot exceed their cash deposits. What’s more, we’ve imposed margin restrictions around certain exposures to further protect traders against downside risk.”
More details are available on the website at https://www.home.saxo/en-sg/accounts/essential
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.
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.