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Ethereum [ETH]/USD CFD trading available on one of Europe’s largest Forex Exchange

Anvita M V

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Ethereum [ETH]/USD CFD trading available on one of Europe’s largest Forex Exchange
Source: Unsplash

Recently, Dukascopy Bank, one of Europe’s largest exchange, announced on their official website that customers can trade Ethereum [ETH]/ USD Contracts for Differences [CFD] on their exchange.

The announcement read:

“Continuing infrastructural preparation for its own ICO for cryptocurrencies on Ethereum blockchain, Dukascopy Bank starts trading operations on Ether to US dollar (ETH/USD) CFD.”

The company stated that from 9th October ETH/USD CFDs trading will be available for Dukascopy Bank and Dukascopy Europe self-trading accounts. The exchange also stated that the rules for ETH/USD CFD trading will be similar to BTC/USD trading.

Furthermore, the announcement stated that the leverage applicable for the CFD trading will be 1:3 in Dukascopy Bank. However, due to regulations which are put forth by the European Securities and Markets Authority [ESMA], the leverage will be 1:2 in the Dukascopy Europe. The bank stated that additional information is available to customers on the respective websites.

Notably, they stated that Ethereum will be available for users who own a Mobile Current Account [MCA]. However, marginal trading operations cannot be availed by MCA customers.

Additionally, they stated:

“They will be able to hold Ether on their Dukascopy Bank accounts and transfer it to other MCA clients.”

Transfer of Ethereum CFDs between MCA’s will be instant and will be commission free, similar to that of Bitcoin [BTC] on the platform.

In the coming days, the company intends to provide cryptocurrency withdrawals and deposit services for trading accounts and MCA’s. They are looking forward to test the concept of cryptocurrency funding on the top cryptocurrency in the market, Bitcoin.

They said:



 “Crypto funding means that clients of Dukascopy Bank will be able to transfer funds to/from the bank not only in FIAT currencies, but also in cryptocurrencies to/from their crypto wallets. At first the bank will test the crypto funding concept on bitcoin.”

The concept of cryptocurrency funding is a move by the company to make the element a significant part of their infrastructure. They also mentioned that the same concept will be applied to the bank’s own cryptocurrencies.

Earlier in September, the company announced its intentions to launch an Initial Coin Offering [ICO] powered by the Ethereum blockchain. Their stable coin titled “Dukascoin” is pending for approval by the Swiss Financial Market Supervisory Authority [FINMA].





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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