BTC/USD launched for trading on DEMO
Geneva based Retail FX broker Dukascopy just announced that it has expanded the range of instruments with a new asset type: CFDs on cryptocurrencies. Bitcoin to US Dollar (BTC/USD) with leverage 1:3 have been added on DEMO environment in response to many trader requests. Live environment will follow soon.
New service is inline with general decision of Dukascopy Bank to become crypto friendly. This concept will be supported with other new developments which are currently in the pipeline and will be announced within 2018.
Dukascopy provides leveraged CFD trading on price movements of cryptocurrencies, its derivatives or value estimations.
Unlike traditional purchase of cryptocurrencies trading cryptocurrency CFDs (Crypto) allow speculative operations without having a digital wallet. There is no need to own cryptocurrency coins eliminating cyber security risks.
Due to the leverage provided on trading accounts the client can hold cryptocurrency CFD positions larger than amount of traditional currency initially owned.
Similar to other CFDs and FX instruments, cryptocurrency CFD can be short or long so the client can benefit from price movement in both directions up and down.
Clients should be aware that opened CFD position is not owning of an underlying asset and price of cryptocurrency CFD varies significantly across different cryptocurrency exchanges. Although the price of the CFD usually reflects the price of the underlying asset, this is not necessary the case.