GENERAL CONDITIONS & LIMITATIONS
Dukascopy Bank SA (Dukascopy) offers the possibility to fund trading accounts and to withdraw funds via Bitcoins (BTC). This offer is available in relation to "crypto-fundable trading accounts" under the following conditions:
- Deposits to and withdrawals from crypto-fundable accounts are possible in Bitcoins only.
- Without further notice to the clients, Bitcoins sent by clients to Dukascopy Bank are always converted by Dukascopy Bank into USD. The proceeds of the BTC/USD conversion are credited in USD to the crypto-fundable client account.
- In case of withdrawal, the Bank debits an amount of USD from the crypto-fundable client account, converts such amount into BTC and transfers the Bitcoins to the client wallet linked to his account.
- The base currency of crypto-fundable trading accounts is the USD.
- Withdrawals must be done always to the same wallet address which is indicated by the client when requesting his crypto-fundable account.
- The maximum net cumulative amount (i.e. total deposits less total withdrawals) which can be deposited is 50'000 USD and Dukascopy Bank reserves the discretionary right to apply lower limits, on case by case basis.
- Dukascopy Bank creates a new address for each account top-up via Bitcoins. Such address can be used by the client only once.
- Bitcoin deposits are not processed instantly. The client must accept the risk of loss due to the fluctuations of the BTC/USD exchange rate between the moment he sends BTC to Dukascopy and the moment when they are converted into USD by Dukascopy. Likewise, a lag will exist between the moment the client requests a withdrawal in BTC and when the BTC will be acquired by Dukascopy to be sent to the client.
- Deposits and withdrawals in Bitcoin are processed only during business days (in the Canton of Geneva, Switzerland).
FUNDING AN ACCOUNT VIA BITCOINS
Warning: it is important to follow these instructions because improperly sent Bitcoins will be placed in quarantine and applied special fees. The client can send to Dukascopy only Bitcoins belonging to him.
1. GENERATE A DEPOSIT ADDRESS
Log in to your Live Member Area, proceed to "My Account" section and open the Bitcoin deposit form:
Indicate the amount you intend to deposit during your top-up.
Please note that the entered BTC deposit amount has to match exactly the sum of BTC Dukascopy will receive, failing which your deposit is likely to be placed in quarantine.
Create the Bitcoin address for your deposit by clicking the "Generate a BTC deposit address" button
2. SEND BITCOINS
Send the announced Bitcoin amount from your crypto-wallet to the deposit address you generated for your deposit.
3. PROVIDE A TRANSACTION ID
After you sent BTC to Dukascopy, return to the Bitcoin deposit form in the Live Member Area and provide the TXID (Transaction ID) of your payment operation. Note that the field for entering the TXID will appear in the Bitcoin deposit form only after the transaction will have been confirmed by the blockchain.
The transaction ID can be found with the help of a block explorer. Here are examples of where you may find the transaction ID in a block explorer:
Providing Transaction ID is compulsory. No deposit via Bitcoins will be processed until the TXID of the transaction will be communicated by the client.
4. WAIT FOR YOUR DEPOSIT VIA BITCOINS TO BE PROCESSED
Once the transaction is 6 blocks deep, your Bitcoin deposit via Bitcoins will undergo a series of checks by Dukascopy, including:
- Comparison of the announced transfer of Bitcoins against the actual received Bitcoins.
- Comparison with the TXID (Transaction ID) provided by the Client.
- Acceptability of the received Bitcoins considering the applicable limit of 50'000 USD and compliance considerations.
If checks are passed successfully, the deposit is processed further.
Due to the intrinsic anonymity of Bitcoins transactions, Dukascopy Bank places in quarantine all incoming Bitcoins when the following circumstances occur:
- Bitcoins are sent to an address which was used already;
- The client sends more Bitcoins than indicated when he generated the address;
- The client does not communicate the TXID (Transaction ID) to Dukascopy;
- Dukascopy cannot accept the received Bitcoins for any other reason, e.g. if it has information suggesting that sent Bitcoins belong to a third party.
- Safekeeping fees apply to Bitcoins placed in quarantine;
- To obtain the return of Bitcoins in quarantine, the client must provide Dukascopy with convincing evidences that the wallet from which the funds were sent do actually belong to him. Dukascopy reserves the right to require the client to visit one of its offices for meeting Dukascopy's representatives.
WITHDRAWING FUNDS VIA BITCOINS
1. WITHDRAWAL REQUEST
Log into your Live Member Area, proceed to "My Account" section and open the Bitcoin withdrawal form.
Indicate the desired withdrawal amount in USD and confirm the transaction.
2. WAIT FOR YOUR WITHDRAWAL IN BITCOINS TO BE PROCESSED
Withdrawals are processed only during business days in the Canton of Geneva, Switzerland.
Dukascopy will convert into BTC (at its own BTC/USD rate) the requested withdrawal amount indicated in the base currency of the account (USD). Withdrawals are subject to a flat commission in accordance with the Fee schedule.
Dukascopy sends the Bitcoins to the Bitcoin wallet address indicated by the client when opening its crypto-fundable trading account.
The client must understand and accept that the withdrawal process is not instant and that the BTC/USD exchange rate will fluctuate until Dukascopy completes the exchange. Consequently, the client cannot predict the number of Bitcoins he will receive in his wallet pursuant the withdrawal.