The Essential account will consist of Essential, Classic, Platinum and VIP, offering access to four asset classes; FX, index CFDs, stocks and bonds. Clients can access Saxo's full range of stocks and bonds, but only the most popular FX pairs and index CFDs. The bank said pricing will be competitive and there will be a low minimum funding of 1,000 EUR.
Essential also incorporates additional risk management functionality, with limited loss, limited leverage, in line with recent proposals from European regulators.
The new account type has launched in the United Arab Emirates and the United Kingdom, and will be followed by a roll out in Australia and Singapore during the first months of 2018.