Cryptocurrencies have been finding themselves squeezing in pretty much every deal that FX or any other trading asset has seen. Today is not so different where the infrastructural preparations are continuing for the ICO of Ehereum blockchain and cryptos for Dukascopy, which is a Geneva-based Retail Forex broker and a bank. It has already announced that the procedures of operating Ether to US dollars CFD has already begun on its platform.
Ethereum is one of the most popular cryptocurrencies on the market at this point, after Bitcoin, we believe that Ethereum is the safest to trade, regarding its market cap and accessibility to a lot of brokers worldwide. No wonder that Dukascopy opted for Ethereum and not Ripple, because of the price difference of the two, they would have to house a lot more Ripple rather than Ethereum.
If you have a Dukascopy Europe self-trading account you can already give it commands to start trading on the Ethereum, USD CFDs. Leverages are pretty much the same as BTC/USD which will be 1:3 in Dukascopy Bank. However, Dukascopy Europe will be forced to lower the leverage to 1:2 because of the new ESMA regulations.
Actually, Dukascopy is being very generous with the features it is offering to its customers. For example, if you have a Mobile Current Account, then you will have access to Ether. Not only that, but you will also be able to have Ether on the Bank Account itself, giving you a constant look of how the prices compare to different currencies so that you can trade with ease and efficiency. Transfers will be free because it would have been foolish to have fees on them, regarding the fact that Bitcoin CFD transfers don’t have any. It would be very beneficial if banks start to learn from Dukascopy because the bank crypto infrastructure is about to start the process on developing the system to provide withdrawals and deposits for MCA and trading accounts with cryptos.
Crypto wallets will also be very easily accessible because of these new features. Dukascopy Bank will start to give crypto funding services, which means that they will allow their clients to make transfers not only in FIAT currencies but also in cryptocurrencies as well. Bitcoin will be the testing currency for the project, should it succeed, Ethereum will be next in line.
We truly want to emphasize how important it is that banks are starting to utilize the effectiveness of Cryptocurrencies. Their reliability has been proven many times in the past and their profitability has had nothing but success over this past year. However, we must confess and say that we were quite confused when Dukascopy started featuring Bitcoin and Ethereum, but not Ripple. Given the fact that Ripple was made for the sole purpose of banks in order to have the fastest transactions, we thought it logical that Dukascopy would feature Ripple as well, but were proven wrong. Maybe in the future, we can see this service from this bank and Retail Forex broker.