5 June, AtoZForex.com Amsterdam — Considering the success of the recently introduced SaxoTraderGo platform of the Danish renowned online multi asset-trading specialist, Saxo Bank has just revealed publicly an urging matter. As per this morning the watchdog CySEC has announced that Saxo Capital Markets CY Limited will cease its MT4 platform offering on the Cypriot market. As of today, Saxo Bank will resultantly quit onboarding new investors on this platform.
As earlier reported by AtoZ, the new platform of Saxo Bank depicts an intuitive, dynamic, device-neutral, multi-asset trading platform for its clients. Named as the SaxoTraderGO, this new platform of Saxo Bank actually plays a key role in the firm’s Strategy plays an important role ecosystem strategy goal. One of the key benefits of this launch and were that Saxo Bank gains absolute control over its provided platform on the market. Hence with the launch success of its new platform, Saxo Bank terminates MT4 offering.
Backing this remarkable decision of Saxo Bank, the Global Head of Sales of the Danish Bank commented why such a finite action has been taken: “With SaxoTraderGO, we have built and launched the world’s most intuitive and sophisticated multi-asset platform with a focus on usability. We believe this offering is superior and removes the need for clients to trade on an MT4 platform.”
From what has been seen in the market, the response of the investors and traders has been outstanding on the newly introduced platform. According to Matteo Cassina, their clients have fully embraced SaxoTraderGO: “One week after the official launch of SaxoTraderGO, 35% of all Saxo’s unique trading platform users were trading on SaxoTraderGO. This early success has made our decision to close down the Cyprus based MT4 offering straightforward.”
Whereas, Saxo Bank’s Global Head of FX Sales commented that it will not entirely deplete its MT4 solutions: “Saxo Bank will continue to offer MT4 liquidity solutions to institutional clients and brokers, either via an MT4 client account linked directly to a Saxo account or via various bridge solutions. For instance, asset managers who make use of MT4 as an execution channel will continue to benefit from Saxo’s back office platform and multi asset account structures. Saxo Bank will also continue to focus on providing our liquidity and prime brokerage solutions to retail brokers and providers in the global MT4 market from our pricing and aggregation centres in NY4, LD4 and TY3.”