Saxo Bank Division Launches Crypto Trading

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Saxo Markets, a division of Saxo Bank, has just started to allow its clients to trade several cryptocurrencies against fiat money, CoinDesk reports.

The option, which will be initially available only to clients from Singapore and Australia, will allow them to trade BTC, ETH and LTC against the euro, the US dollar and the Japanese yen.

The company has announced it plans to also offer the service in other countries in a matter of weeks. The last time the Saxo division launched a crypto-related product was in 2017, when it rolled out exchange-traded notes (ETNs) tracking Bitcoin and Ethereum.

A peculiarity of the service is that users will be trading derivatives instead of actual cryptos. In addition, retail clients will be able to trade on 60% margin, while in the case of accredited investors it will go down to 40%-50%.