Saxo Bank, the online trading and investment specialist, has launched a dedicated Arabic website as part of its latest drive to encourage retailers and investors across Saudi Arabia to utilize its pioneering SaxoTraderGO platform ‘ a new and intuitive, multi-asset trading platform.
A fully licensed bank in Europe, Saxo Bank is now focusing on providing services and enabling clients in KSA to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives from one single account account.
Established in 1992, Saxo Bank was one of the first financial institutions to develop an online trading platform that provided ordinary investors with the same tools and market access as the professionals. Over more than two decades, Saxo Bank has grown to become a fully licensed bank in Europe specializing in trading and investment.
The new Arabic website enables Saxo Bank’s Saudi customers to explore detailed product and platform offerings, trading conditions, and training materials such as videos and PDF guides.
‘Launching our new website will add value to our services in the Kingdom by providing our multi-asset platform in Arabic and giving the opportunity to our investors to explore the possibilities and opportunities from a single account, connecting more than 30,000 products in 40 exchanges,’ said Fadi Mehdi, head of Saxo Bank’s office in Abu Dhabi.
‘We are at the tipping point of a digital wealth management revolution that will find most retail and private banks unprepared. Platforms such as SaxoTraderGO are leveling the playing field between retail and institutional investors, and can provide the transparency and real time access to their finances across different devices that Saudi investors are looking for,’ he added.
With the Kingdom and the other GCC states boasting some of the world’s highest smart phone penetration rates smartphone penetration in the Saudi Arabia alone stands at 73.8 percent, the flexibility and device-neutrality of SaxoTraderGO has impressed regional traders and investors, believes Fadi Mehdi.
‘As one of the first institutions to offer this level of seamless transition between devices, as well as other features, including easy-to-use navigation and a clear separation between pre-trading, trading and post-trading services, Saxo Bank has delivered a disruptive, cutting-edge platform to regional customers well-versed in innovative technologies,’ said Mehdi.
‘By introducing Arabic language capacity across our corporate web assets, platform offerings and educational materials, we are prioritizing the needs of Saudi and other Arabic customers and demonstrating our capacity to provide clients with a best-in-class digital user journey across the entire trading cycle for both retail and institutional clients.’
Fadi revealed Middle East clients’ usage of SaxoTraderGO reflects adoption rates elsewhere in the world: ‘The response to SaxoTraderGO has been overwhelming and now, only two months after the BETA testing period ended, one third of all our global clients are trading on SaxoTraderGO. The adoption of the new online trading platform in the Saudi and regional markets mirrors usage across all our operating territories,’ added Fadi.
With new SaxoTraderGO components to further enhance the trading experience due to be released in coming months, Fadi believes the bank’s new Account Portal offering ‘ the first in a set of tools, which allow clients to analyze their trading and investing performance across all asset classes ‘ will further improve the platform’s attractiveness to regional traders and investors.
‘Whether a client is day-trading Spot FX or long-term investments in stocks, they need a basic track record of their performance and whether their strategies are working ‘ the Account Overview gives them just that,’ said Fadi. ‘Our Saudi clients will welcome the Account Overview product as it will assist in monitoring and analyzing trading performance, streamline account development, and allow partners trading on behalf of clients and fund managers to offer it back to customers eager to keep track of their investments without having to go through the actual trading platform,’ Fadi added.
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