Dukascopy Bank Digs Deeper into Cryptocurrency with New CFDs on Ethereum

Geneva-based Retail FX broker Dukascopy Bank has expanded its range of cryptocurrency instruments and will now offer CFDs on the second most popular coin, Ethereum, for all of its self-trading accounts.

The FX broker introduced the new asset type earlier this year when it began testing the service with its already installed Bitcoin offering, while the release of other projects in the pipeline.

Dukascopy Bank is offering maximum leverage of 1:3 for ETH/USD CFDs as the main brand is not be affected by ESMA restrictions since it is located and regulated in Switzerland, which is not a member state of the EU. However, its subsidiary Dukascopy Europe has no option but to comply with the new rules. Thus it will offer the new instrument at 1:2 leverage.

Similar to other CFD options on the platform, Dukascopy will apply its overnight rollover policy to its crypto CFD clients. According to the policy, the bank will apply different rollover rates to ensure a higher trading turnover which will result in better overnight conditions for clients.

Expanding Crypto Services

Moreover, the group has shared its plans to launch a dedicated crypto gateway, which will allow its clients to deposit and withdraw funds in digital coins on/from their Dukascopy accounts, as well as free internal crypto-transfers between users of mobile banking.

The Swiss forex bank and brokerage firm continues its crypto-friendly approach, having recently filed for approval of its ICO plans with the Swiss Financial Market Supervisory Authority (FINMA). Pending regulatory approvals, the initiative involves creating two cryptocurrencies: Dukascoins and Dukasnotes. The former will be used as a crypto means of payment that has a limited supply. The latter will be issued as a stablecoin.

Dukascopy also allowed crypto-related companies to open business accounts back in June. The step came despite mainstream Swiss banks have largely distanced themselves from engaging with cryptocurrency companies, which have come under increasing scrutiny from regulators. While the digital asset has been widely accepted in Switzerland, traditional lenders have been reluctant to do business with crypto-linked services providers because of money laundering concerns and prospects of a regulatory crackdown.

(Photo: FortuneZ)

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