SAXO Bank big move: Lower fees for Australian and US market trades

SAXO Bank, the online investment and trading platform, is one of the leaders of the said industry. It was founded in 1992, and since then, if anything has remained rock-solid, it is the image of the company. Services and products have constantly been enhanced to meet the needs of traders across the world. Plus, geographical expansion has always been on the list.

What now cements its position in the industry is a reduction in fees across the markets in the US and Australia. The move has been defined as strategic by the community of traders and by SAXO Bank as part of its broader strategy. The broker aims to make trading more accessible and economical for traders in the US and Australia.

Slashed trading fees are effective as the article is being drafted. It may vary based on the region and the product a trader is selling. For example, brokerage costs have decreased by up to 87% for trades taking place on the US market and up to 62% for those taking place on the Australian market. The adjustment is expected to boost Australian and US market trades for traders, irrespective of their experience. Meaning that the trader may be well-established or a novice, and they would still be able to leverage the opportunity equally.

That said, SAXO Bank has highlighted that the adjustment will now reflect trading fees for equities as low as $1 in the US and AUD 3 for local Australian trades.

Adam Smith, the Chief Executive Officer of Saxo Australia, has confirmed these prices. Smith has additionally stated that Saxo Bank intends to encourage investment in the current economic climate. While the Australian CEO has not quoted a detailed explanation, it is only right to assume that the goal is to get more users to invest their funds at a time when spending them on luxuries could prove expensive in the future.

Smith has further clarified that they have made prices more competitive by slashing them. Not just equities but also other financial products are under the scanner for price reduction. This includes ETPs, ETFs, and listed options, among others. One point that stands out in the entire update is slashing the currency conversion fees. It is believed that currency conversion has decreased by two-thirds to just 0.25%. The objective is to make it convenient for traders to manage their funds across eleven currency sub-accounts.

Kim Fournasis, the Chief Executive Officer and Founder of Saxo Bank has said it is important for them to note how well-experienced the trader is since the broker’s main strength is offering multi-asset trading services. Per Kim’s official remarks, the development comes in response to some of the rising demands for the overall investment experience of traders, adding that reduced prices and fees make it easier and more attractive for them to diversify across asset classes.

Saxo markets in Australia have yet to showcase the results, considering it has been a few moments since the price reduction took effect. Traders can, nevertheless, move further with the services by leveraging all the available tools. This includes expert insights, intuitive trading, and portfolio management. Enabling portfolio management by expert traders allows customers to expand their returns better and diversify their line-up. Risk distribution is accordingly done by experts at Saxo Bank.

For a detailed insight into the process, users can explore the Saxo Bank Review before getting started. Navigate to the official website of Saxo Bank and click on “Open Account.” What follows next is a self-explanatory process to complete the registration.

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Whether it is Saxo US market trade, the Australian region, or any other region for that matter, customers will have access to all the world-class tools offered by Saxo Bank. The slashed fee is currently applicable to the US and Australian markets.

It is part of making trade more accessible and cost-effective. Claiming this opportunity is equally available for new and experienced traders looking to earn good returns on their funds.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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