Saxo Bank Securities to Offer USD Accounts Starting May 15

Saxo Bank Securities, the Japanese unit of Copenhagen-based multi-asset trading and investing platform Saxo Bank, is set to offer USD accounts to its all customers.

According to the announcement, Saxo Bank Securities will begin offering USD accounts as of Monday, May 15, 2023, allowing clients to settle foreign stock transactions in US dollars.

The Japanese subsidiary currently only offers Japanese Yen accounts for US stock trading. Customers have to convert Japanese yen into US dollars for purchasing and then back to yen when selling US stocks. Each transaction in this process incurs additional exchange costs, which complicates the process and reduces overall investment efficiency.

The launch of the USD account will enable customers to settle US stock transactions directly in USD, without the need for currency exchange back and forth. This newfound flexibility makes it easier for customers to forecast the potential profit and loss from US stock investments and design their investment strategies without the constant worry of exchange rate fluctuations.

Last month, the Japanese division also reached a strategic partnership with TRUSTDOCK Co​, an eKYC solutions provider for ID verification in Asia. With TRUSTDOCK Co's online identity verification service TRUSTDOCK, Saxo Bank Securities customers can open an account within as little as two business days from the date of application, which greatly simplifies the account opening process.