Bitcoin And Ethereum Are The Most Traded Cryptocurrencies Among Saxo Bank’s Regional Clientele

  • Saxo’s fully compliant product offers investor protection in a highly volatile space

Saxo Bank, the multi-asset trading and investing specialist, shared that Bitcoin and Ethereum are the most popular currencies in crypto trading among MENA clients, in line with global volumes, while celebrates a landmark year of regulated trading on the Crypto FX platform.

57% of trade in the MENA Crypto FX offering was seen on Bitcoin and Ethereum at 40%. Globally, Bitcoin-USD accounted for 45% of crypto forex trading volumes on the platform, just ahead of 44% of Ethereum-USD volumes, with smaller fiat currencies making up a minority of trades.

Trading volumes on the Crypto FX offering have approached USD 400 million in the MENA region in the year since its launch, with global trading volumes exceeding USD 3.4 billion.

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The Crypto FX offering allows clients to trade between crypto and fiat currencies USD, EUR and JPY, and the introduction of the platform last May saw a significant increase in demand and trading for crypto among MENA client base, with records pointing to January 2022 as the busiest month for both client numbers and volumes amid a steady increase in crypto assets held month-by-month.

The results come amid volatility in global crypto markets, with Bitcoin and Ether down 50% from last year’s peak.

Stanislav Kostyukhin, Business Owner, Trader, Saxo Bank, said: “These figures show the great interest in this nascent asset class in the region while underscoring the confidence that investors have in our framework as the market continues to evolve. Our crypto offering guarantees clients a fully compliant product, with best execution and best practices – an important framework in an otherwise extremely volatile and unregulated space.

The UAE is a major player in this crypto-virtual asset space, attracting interest from the MENA region and international clients. Damian Hitchen, CEO of Saxo Bank MENA, highlighted some of the major developments at the regional level that are helping to increase demand. He said: “There is no doubt that the UAE is a leading global player in this space. We are seeing high levels of interest and trading from our own clients in this nascent asset class, and we understand the need to balance this increased demand for access with the regulatory and investor protections that are commonplace. in more mature asset classes.

“From a broader perspective, the UAE has seen significant developments in both its regulatory landscape and new entrants/service providers over the past 2 years. Over the past six months, Dubai/Abu Dhabi regulators have approved more than 30 licenses for crypto service providers, including two globally significant players, Binance and Kraken, setting up shop in the UAE.

“Regulatory-wise, in Dubai there is a new ‘virtual asset’ regulator in ‘VARA’ which not only covers more traditional crypto services but also looks beyond NFTs and the metaverse, suggesting that the UAE will continue to grow in the digital/crypto landscape at a pace”

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Bitcoin And Ethereum Are The Most Traded Cryptocurrencies Among Saxo Bank’s Regional Clientele


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