Dukascopy keeps up with the times: Adds 10 new cryptos and improves overnight rates

Rick Steves

Not only Dukascopy users have gained access to ten new crypto instruments, including many within the realm of decentralized finance (DeFi), but the FX broker has significantly improved its overnights rates.

The FX industry is keeping up with the times and what traders increasingly want is crypto. That is an undeniable truth.

The digital asset class provides exposure to extreme volatility, a feature much appreciated by Forex traders who have seen their maximum leverage for FX and CFDs diminish in recent years.

Although the maximum leverage for crypto allowed by the top regulatory frameworks across the globe is quite low, the bullish momentum and overall volatility make up for that and keep attracting new traders.

As such, FX brokers address this demand by launching crypto trading solutions and expanding their offerings.

Dukascopy has expanded its own offering with 10 new crypto currency pairs:

• ADA/USD Cardano vs US Dollar
• AVE/USD Aave vs US Dollar
• BAT/USD Basic Attention Token vs US Dollar
• CMP/USD Compound vs US Dollar
• ENJ/USD Enjin vs US Dollar
• LNK/USD Chainlink vs US Dollar
• MAT/USD Polygon vs US Dollar
• MKR/USD Maker vs US Dollar
• UNI/USD Uniswap vs US Dollar
• YFI/USD Yearn Finance vs US Dollar

Not only Dukascopy users have gained access to ten new crypto instruments, including many within the realm of decentralized finance (DeFi), but the FX broker has significantly improved its overnights rates.

The addition of ten new cryptos brings the total of digital assets available for trading to 19 instruments. These have gone live on Dukascopy Bank, Dukascopy Europe JForex self trading accounts.

In October, Dukascopy expanded its list of cryptocurrencies for MT4 trading accounts with four new instruments: DSH/USD (Dashcoin), EOS/USD (EOS), TRX/USD (TRON), and XMR/USD (Monero).

The new instruments were added to the existing crypto portfolio at Dukascopy, which includes BTC/USD (Bitcoin), ETH/USD (Ethereum), LTC/USD (Litecoin), BCH/USD (Bitcoin Cash) and XLM/USD (Stellar).

In May, Dukascopy Bank increased leverage from 1:3 to 1:5 on BTC/USD, ETH/USD, and LTC/USD with immediate effect, the company announced.

The bank implicitly justified the leverage boost with having “mastered successfully” the recent rise in volatility and the crash of cryptocurrencies on the 18th of May 2021.

Based on “efficient and reliable risk management”, the margins needed to trade crypto can be reduced and the maximum net exposure is increased for Dukascopy Bank and Dukascopy Europe clients:

100 000 USD exposure limit on BTC/USD, ETH/USD
50 000 USD exposure limit on LTC/USD
BTC/USD, ETH/USD, LTC/USD are traded non-stop 7 days a week

In August, the Geneva-based Retail FX broker has reported financials for H1 2021, showing a strong decline to CHF 1.4 million ($1.5 million) in net profit compared to CHF 12.7 million for the same period in 2020.

The sluggish performance came as Dukascopy’s revenues from trading operations nearly halved from a year earlier. Specifically, the forex bank made CHF 11.4 million ($11.47 million) in H1 revenue, down 55 percent from CHF 25.4 million ($28 million) in 2020.

In terms of operating expenses, the figure was reported at CHF 10.08 million in the six months through June 2021. This is down 8 percent from nearly CHF 11 million in the first half of 2020.

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