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Saxo Bank Offers Trading with XAU/TRY, XAU/THB, XPT/ZAR, EUR/ILS

Saxo Bank, the Danish bank and Forex broker, has announced the introduction of four new trading instruments, of which its clients can make use: Gold vs the Turkish lira (XAU/TRY); Gold vs the Thai Baht (XAU/THB); Platinum vs the South African Rand (XPT/ZAR) and euro vs the Israeli Shekel (EUR/ILS). A report by the Forex Magnates, who were the first to break out the news of the additions, cites Didier Abbato, vice president of product management at the company, who blames the move on the sophisticated and more specialist needs of Saxo's clients.

 
With all my due respect to the Forex broker which is amid those famous for their excellent trading conditions, it's a strange move from a strategic point of view. Given that trading volumes at Saxo have been declining for four months in a row, it's rational to expect a move that would spur trading and not simply match the needs of niche traders. Of course, it's the bank that knows how many these niche traders are and what volumes they actually trade.
 
The push into widening the Gold pairs offering can somehow be vindicated with the latest surge in activity surrounding the spot trading with this metal. Still, the pairs added are so exotic that I barely dare to imagine who would trade with them. Moreover, the cost of trading these pairs is high – the spreads for the XAU/TRY, for example, are at $1.65 (for a classic account) and $1.60 (for a premium account). Of course, trading with the XAU/TRY and XAU/THB pairs allows investors from Turkey and Thailand to hedge their risks – hopefully that will work for the broker.
 
Since we've started talking about Gold trading conditions, let's mention that you can trade XAU/USD with Saxo Bank at very lucrative conditions – I mean that the spreads are rather tight starting from 40 cents. Remember that the competitive levels for the sector are around 50 cents or below that level. Among the few brokers offering tighter spreads on XAU/USD is ThinkForex, with spreads of 20 cents. For a full list of Gold trading brokers, click here.
 

About Saxo Bank

 
Saxo Bank is a leading online trading and investment specialist, offering private investors and institutional clients a complete set of tools for their trading and investment strategies. A fully licensed and regulated European bank, Saxo Bank enables clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialized and fully integrated multi-asset trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application. The platforms are available in over 20 languages and are white-labelled by more than 100 major financial institutions worldwide. Saxo Bank also offers professional portfolio and fund management as well as traditional banking services through Saxo Privatbank. Founded in 1992, the Saxo Bank Group is headquartered in Copenhagen with local offices throughout Europe, Asia, Middle East, Latin America and Australia.
TAGS: saxo bank  saxo bank denmark  denmark forex broker  saxo forex  saxo bank trading  saxo bank currency pairs  eur/ils  xau  gold trading  spot gold trading  xau/try  xau/thb  platinum  spreads 

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