Saxo launches new account type with industry leading pricing and limited risk

Tuesday 16 January 2018
Mario Camara, Head of MENA, Saxo Bank
Dubai - MENA Herald:

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.

Having launched in the UAE earlier this month, the new account type will be rolled out in the 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 that offers functionality across the entire trade cycle, SaxoTraderGO covers the entire trading journey, from pre-trade, to execution and post-trade services.

Commenting on the launch, Mario Camara, Head of MENA, Saxo Bank, said: “The launch of our new Essential account underlines our mission to offer a price competitive alternative for entry-level traders and mass-market clients. Our commitment to providing market leading choice and variety on account options is part of a series of new initiatives designed to accommodate the many new traders interested in investing across the international financial markets in this region. New access to invest in global markets for new-to-market traders 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.”

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