The demand for crypto products is on the rise, and brokers and banks are taking note. Dukascopy, one of the world’s most respected CFD trading platforms, announced that it was adding my look Bitcoin, Litecoin, and Ethereum CFDs. The firm has stated that the three will be available for trading via its MT4 trading platform.
While unveiling the three cryptos for trading, Dukascopy stated that, unlike traditional buying, one does not need a wallet for them to buy crypto CFDs. This, it said, helps traders avoid the risk of getting hacked, which is quite high when investing directly in cryptocurrencies.
The broker also stated that traders would be in a position to long and short Ethereum, Bitcoin, and LTC with the CFDs. It added that their value would be pegged to the dollar since it is the currency that cryptocurrencies are mostly traded against.
On top of that, traders will have access to leverage of up to 1:5. However, this will apply to clients that are outside the EU. Within the EU, the leverage for crypto trading will be capped at 1:2. While announcing this, Dukascopy stated that by allowing leverage, investors could hold crypto that is more than the amount they have deposited in their accounts.
The company says its move to add crypto was due to growing customer demand for the same. It was also a response to its competitors moving towards similar services. Dukascopy has been on a rapid expansion drive over the past year. In 2020, its revenues peaked at 40 million Swiss Francs.