Saxo Bank allows investors to trade in Bitcoin, Ethereum, and Litecoin in the MENA Region.
Saxo Bank, an online trading platform, provides services to clients in the Middle East and North Africa (MENA) to trade Litecoin, Bitcoin, and Ethereum against USD, EUR, and JPY.
With the new offerings of Crypto FX, Saxo Bank relinquishes a range of more than 40 different ETNs and cryptocurrency trackers. This year, the trading volumes had exceeded the complete turnover in 2020 when volumes swelled by 130 %.
Saxo Bank clients can exchange pairs of Crypto FX from the early hours of Monday to Friday night as the usual forex trading operates. The investors will trade or hedge for these three primary currencies. That will perform in the scheme of derivatives rather than physical coins. As such instruments are highly volatile, the bank sets the leverage as 2:1 for retail and 3:1 for professional clients.
According to Kay Van-Petersen, the global macro strategist at Saxo Bank, the bank reaches a unique position to combine flexibility with safety. As he states:
“Saxo Bank has developed a unique proposition which gives our clients access to the growing crypto space in a flexible, secure, and hassle-free manner from a single fully-licensed account without the need to use wallets or cold storage solutions. The offering sits at the intersection of traditional finance and crypto, which is where we see the market evolving as it draws the attention of retail traders and financial institutions.
We set out to deliver a product that offers the security and ease of use associated with more mature asset classes, coupled with the volatility and dynamics of Bitcoin, Ethereum, and Litecoin – allowing clients to trade both long and short in the thriving crypto market. Crypto FX achieves this by building on 30 years experience as a leading firm in trading and investing combining the traditional qualities of a currency pair alongside the exciting possibilities of a cryptocurrency.”
The response of MENA Countries to Saxo Bank’s Decision
MENA countries such as Saudi Arabia, UAE, and Bahrain towards the crypto market are not inhibitory. Instead, they took action to introduce strategies and regulatory frameworks. Thus, the countries endowed with startups in crypto business attempt to stimulate and coordinate blockchain technology.
More specifically, the UAE officials dedicated their resources to improve the specialized Blockchain Strategy for the country in 2021. By doing so, the government aims to adopt the technology inside the country smoothly. In this respect, Saudi Arabia and the UAE officially agreed to use blockchain technology and digital currencies for transactions. If the tests function, the nations will revolutionize the cross-border payments in between.
Saxo Bank’s crypto- FX service in the MENA countries will meet the investors soon.
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