Forex broker Dukascopy has expanded its cryptocurrency offering further by adding 10 new pairs available to its users in a move that also significantly improves its overnight rates for crypto instruments.
The ten new pairs include Cardano, Aave, Basic Attention Token, Compound, Enjin, Chainlink, Polygon, Maker, Uniswap, and Yearn Finance. All these crypto pairs have the US Dollar as their counterpart.
• 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
The new instruments have gone live on Dukascopy Bank, Dukascopy Europe JForex self trading accounts, with the total number of tradable crypto instruments reaching 19 currencies.
The addition of 10 new crypto trading pairs is the latest initiative from the FX broker to cater to traders looking to find exposure to the emerging asset class.
The FX and CFD trading company has recently added the list of cryptos available for MT4 trading accounts with four new instruments: DSH/USD (Dashcoin), EOS/USD (EOS), TRX/USD (TRON), and XMR/USD (Monero).
The new instruments are available for trading on Demo and Live accounts and 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 by having “mastered successfully” the recent rise in volatility and the crash of cryptocurrencies on 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
Dukascopy has substantially invested in diversifying its range of products in recent years. Besides its traditional core business, the trading activity, Dukascopy has developed issuance, custody and exchange infrastructure for cryptocurrencies as well as retail mobile banking services including instant payments and card operations. All such investments amounted to nearly CHF 6 million in revenues per year.
The broker has also strengthened its crypto offering by allowing clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking. In 2020, it has become the first regulated bank to launch its own cryptocurrency – Dukascoin.
