Dukascopy Bank, a the leader in the foreign exchange industry, specialized in spot forex trading has today introduced the ability to hold current accounts in non-deliverable gold (XAU London). All forex brokers in Switzerland must be regulated as a bank and thus all regulated Swiss brokerages offer banking type services alongside client trading accounts.
Dukascopy Bank says that gold accounts are an alternative to the purchase of physical gold. The investor benefits by holding gold without the need to physically store it and while offering attractive exchange rates when your Dukascopy denominated XAU account is funded or withdrawn from.
Funding / withdrawing from a gold account can be done in one of the following currencies: USD, CHF, EUR, GBP, JPY, AUD, CAD, DKK, HKD, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY or ZAR. The related currency exchanges are done at the rates which you can view below:
According to an accepted market practice, XAU accounts are subject to interest charges. Gold accounts with Dukascopy Bank are guaranteed up to CHF 100,000 (the same as other bank deposits).
Physical gold cannot be withdrawn from the gold account; instead, the holder will receive its equivalent in any currency listed above. The possibility to transfer non-deliverable XAU or to convert holdings into physical gold is subject to negotiations.
For more information on Dukascopy, click here.