Saxo Supports Crypto Trading with Three Currencies in Australia and Singapore

​Saxo Capital Markets Pte Ltd(Saxo Markets), authorised and regulated by MAS, recently announced the launch of trading services with three cryptocurrencies: Bitcoin, Ethereum and Litecoin, enabling traders to trade crypto and other assets from a single margin account.

According to the official press release, these new digital currencies will be provided as derivatives. Traders will be able to take both long and short positions. At the same time, the broker will also offer the crypto trading services against the US dollar, euro and Japanese yen. 

In terms of leverage, the maximum leverage available to retail clients came in at 2:1, while it will be 3:1 for accredited investors.

iFX EXPO Dubai Special Coverage at Fazzaco — Discover 70+ Exhibitors' Interviews

Notably, the newly launched trading service will be initially available only to clients in Australia and Singapore. However, the bank has plans to roll out crypto services to other markets as well.

Back to last month, Saxo Markets announced to roll out crypto Forex paired with bitcoin, litecoin and more. The company said that due to regulations in certain regions, the service will be available in the regions where it is active, such Australia and Singapore.

Saxo Markets would be following a number of its industry peers in developing crypto services. Recently, Goldman Sachs has relaunched cryptocurrency trading desk and has officially set up a cryptocurrency trading team.  Others such as Morgan Stanley, BNY Mellon and Deutsche Bank have entered the space too, or have plans to soon. Earlier this month, Citi announced that it is weighing up the launch of crypto services​ to respond to the rising interest of clients. The banking giant is considering to provide cryptocurrency trading, custody, and financing services.