Swiss-regulated retail FX and CFDs broker Dukascopy Bank has announced that it is extending the range of funding methods available to clients by adding Ether (ETH).
Ether becomes the second cryptocurrency (after Bitcoin BTC) that can be used to deposit and withdraw funds from a “crypto-fundable” trading account at Dukascopy. Dukascopy first introduced crypto funding with Bitcoin in October 2018.
The cryptocurrency (ETH or BTC) is the payment vehicle, at arrival they are automatically converted into the base currency of the account (US Dollar) and credited to the client’s account with Dukascopy. Likewise, when withdrawing funds from a crypto-fundable account, those are debited in USD and automatically converted into cryptocurrency and sent to the client’s registered blockchain wallet address.
Dukascopy has a number of other rules, regulations, and procedures when it comes to the processing of crypto deposits and withdrawals.
Withdrawals must be always done to the same wallet address which is indicated by the client when opening his or her crypto-fundable account.
The maximum net cumulative amount (i.e. total deposits less total withdrawals) which can be deposited is USD $50,000 and Dukascopy Bank reserves the discretionary right to apply lower limits, on case by case basis.
Dukascopy Bank creates a new crypto deposit address for each account top-up via Bitcoins and Ether. Such address can be used by the client only once.
Bitcoin and Ether deposits are not processed instantly. The client must accept the risk of loss due to the fluctuations of the BTC/USD and ETH/USD exchange rate between the moment he/she sends BTC or ETH to Dukascopy and the moment when they are converted into USD by Dukascopy. Likewise, a lag will exist between the moment the client requests a withdrawal in BTC (or ETH) and when the BTC (or ETH) is sent to the client by Dukascopy.
Deposits and withdrawals in Bitcoin and Ether are processed only during business days (in the Canton of Geneva, Switzerland).