The Forex and CFD industry is slowly adopting digital currencies as Swiss-based retail broker Dukascopy Bank has announced last week that it will begin to accept Ether for funding retail trading accounts. This comes almost 2 years since the broker began to accept Bitcoin (BTC) as a method of funding for specific “crypto-fundable” accounts.
The broker explained in its release that “the crypto-currency (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 the Bank. Likewise, when withdrawing funds from a crypto-fundable account, those are debited in USD and automatically converted into crypto-currency and sent to the client’s registered blockchain wallet address.” As such, customers will need to also monitor the exchange prices of ETH or BTC if they wish to deposit or withdraw funds using digital currencies since both assets have been volatile as of late.
The broker has provided a detailed support page on its website to help traders navigate the process of funding their account and withdrawing funds using both digital currencies, including some limitations. Specifically, customers can transfer up to $50,000 cumulative amount in digital assets and the broker says it retains the right to adjust such limits on a case by case basis. Furthermore, funds deposited in ETH or BTC must be withdrawn to the same wallet address from which the digital currencies were transferred for funding, which can cause issues for customers due to the high prevalence of theft and hacking related to digital asset storage.