Recently, Dukascopy Bank, one of Europe’s largest exchange, announced on their official website that customers can trade Ethereum [ETH]/ USD Contracts for Differences [CFD] on their exchange.
The announcement read:
“Continuing infrastructural preparation for its own ICO for cryptocurrencies on Ethereum blockchain, Dukascopy Bank starts trading operations on Ether to US dollar (ETH/USD) CFD.”
The company stated that from 9th October ETH/USD CFDs trading will be available for Dukascopy Bank and Dukascopy Europe self-trading accounts. The exchange also stated that the rules for ETH/USD CFD trading will be similar to BTC/USD trading.
Furthermore, the announcement stated that the leverage applicable for the CFD trading will be 1:3 in Dukascopy Bank. However, due to regulations which are put forth by the European Securities and Markets Authority [ESMA], the leverage will be 1:2 in the Dukascopy Europe. The bank stated that additional information is available to customers on the respective websites.
Notably, they stated that Ethereum will be available for users who own a Mobile Current Account [MCA]. However, marginal trading operations cannot be availed by MCA customers.
Additionally, they stated:
“They will be able to hold Ether on their Dukascopy Bank accounts and transfer it to other MCA clients.”
Transfer of Ethereum CFDs between MCA’s will be instant and will be commission free, similar to that of Bitcoin [BTC] on the platform.
In the coming days, the company intends to provide cryptocurrency withdrawals and deposit services for trading accounts and MCA’s. They are looking forward to test the concept of cryptocurrency funding on the top cryptocurrency in the market, Bitcoin.
“Crypto funding means that clients of Dukascopy Bank will be able to transfer funds to/from the bank not only in FIAT currencies, but also in cryptocurrencies to/from their crypto wallets. At first the bank will test the crypto funding concept on bitcoin.”
The concept of cryptocurrency funding is a move by the company to make the element a significant part of their infrastructure. They also mentioned that the same concept will be applied to the bank’s own cryptocurrencies.
Earlier in September, the company announced its intentions to launch an Initial Coin Offering [ICO] powered by the Ethereum blockchain. Their stable coin titled “Dukascoin” is pending for approval by the Swiss Financial Market Supervisory Authority [FINMA].
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