Infotech

Saxo Bank embarks on crypto and bitcoin trading



Posted on Jul 6, 2021 at 6:00 AMUpdated on Jul 6, 2021, 7:07 AM

Saxo Bank has until now been known for its trading offering in the forex and equities market. The Danish bank will now allow its customers, in early July, to also invest in three cryptos – bitcoin, ethereum and litecoin. Previously, they could only do this through financial products that replicate the value of cryptos like bitcoin.

“It is prudence that led us, as a regulated bank, not to launch our“ Crypto FX ”trading offer on cryptocurrencies until the beginning of July in Europe and the Middle East. We have voluntarily restricted the leverage effect to 2 (Editor’s note: the money loaned to increase their investments) for private clients and to 3 for professionals. We want them to invest in a progressive, reasoned and prudent manner in these volatile assets, devoting between 1% to 2% of their overall diversified portfolio ”explains Christopher Dembik, director of research and strategy at Saxo Bank. This year, bitcoin gained 18%, litecoin 11% and ethereum 210%. Unlike cryptos, currencies have not been very volatile this year and investors have been much less active in major currencies (euro, dollar, etc.).

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