Saxo Bank, a Danish bank specialized in providing online trading services, said on Tuesday it is adding to its SaxoTraderGO mobile trading platform a new unified close position module, as well as an option to reduce exposure from the Square Net Ticket. The enhancement is part of an update to the platform that the broker will release on 1 October, 2016.
A new module for closing positions based on the trade ticket will be soon made available to users of the SaxoTraderGO. It will feature key information, such as he amount, current price, and profit/loss, is located at the top of the close position ticket. A secondary panel will include not so important information, such as net position size, the margin impact and position ID.
The new module will allow traders to chose to close a position in three different ways – on a quoted price for forex and contract for difference (CFD) trades; using a limit order to close at a specific price or better; or using a market order to close at the price available in the market.
SaxoTraderGO users will also be able to reduce as well as close net positions from the Position List. All they need to do is to click the Close button on a Net position and the Square Net position dialog will allow them to specify the amount they want close – the action button changes to REDUCE POSITION.
Following are some other improvements that have been made to the soon-to-be-released updated version of the mobile platform:
- New dedicated close button in positions – to improve usability, a new dedicated Close position button will be introduced in a separate column – previously, positions could be closed by clicking on a button in the close price column
- Improved usability in 2-click trading mode – in 2-click trading mode after clicking to enable a trade, we have added a message reminding you to click again to perform the trade.
Saxo Bank’s trading platform offering consists of in-house built SaxoTrader, its most popular one, and SaxoTraderGO, its mobile version that keeps gaining momentum, and web-based SaxoWebTrader, which is being wound up by the end of the month.
SaxoTraderGO is based on HTML 5 and is available for devices with Android and iOS operating systems, in addition to web devices. The platform is used, through a white label partnership, by more than 100 financial institutions across the globe. It provides Saxo Bank’s partners with access to the bank’s multi-asset trading and back office infrastructure through its own Open API. Within its first year of operation, the mobile platform’s growth exceeded the expectations.
Saxo Bank holds a banking license from Denmark’s Financial Supervisory Authority (FSA) and acts as a brokerage firm and a market maker, offering trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds. It also offers traditional banking services through its unit Saxo Privatbank. The group works with retail and institutional clients alike via 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.