Account funding in crypto

Dukascopy Bank accepts crypto assets as funding and withdrawal method for trading accounts and as an investment funding/withdrawal method for MCA accounts (see Investment delivery and Blockchain Investment deposit). The list of accepted crypto assets includes:

• Bitcoin (BTC).
• Ether (ETH).
• Tether (USDT) − only the ERC20 version based on the Ethereum blockchain (token address).

• T&C for Trading accounts

  For trading accounts funding/withdrawals in crypto, the following conditions apply:

  • The option to deposit or withdraw funds to/from trading accounts in Bitcoin, Ether or Tether is only available to clients that have successfully passed through the blockchain address declaration procedure (see message signing).
  • Deposits and withdrawals are only possible if the validity period of the external blockchain address that the client declared to Dukascopy has not expired (see message signing). Upon expiry, a repeated passing of the Message signing procedure is required to restore access to blockchain deposits/withdrawals.
  • Without further notice to the clients, Bitcoins, Ether or Tether sent by clients to Dukascopy Bank are always converted to fiat currency corresponding to the base currency of the trading account. The proceeds of the conversion are credited in fiat currency to the trading account.
  • When processing a withdrawal, the Bank debits an amount of fiat currency from the client's trading account, converts such amount into BTC, ETH or USDT (depending on the selection made in the withdrawal request) at the current rate and transfers the Bitcoins/Ether/Tether to the external blockchain address that the client declared to Dukascopy.
  • Withdrawals are only made to the blockchain wallet address declared by the client to Dukascopy.
  • Every deposit in Bitcoins, Ether and Tether must be made to the unique deposit address generated for the client by Dukascopy for every single transaction. Generated deposit addresses can only be used once. Repeated sending of crypto funds to a deposit address that has already been used may lead to a scrutiny and may potentially end up by making the funds unrecoverable to the clients.
  • Bitcoin, Ether and Tether deposits are not processed instantly. The client must accept the risk of loss due to the fluctuations of the exchange rate between the moment he sends BTC, ETH or USDT to Dukascopy and the moment when these are converted into fiat currency by Dukascopy. Likewise, a lag will exist between the moment the client requests a withdrawal in BTC (or ETH or USDT) and when the BTC (or ETH or USDT) is sent to the client by Dukascopy.
  • Deposits and withdrawals in Bitcoin, Ether and Tether are processed only during business days (in the Canton of Geneva, Switzerland).

• T&C for MCA accounts

  For MCA accounts investment funding/withdrawal in crypto, the following conditions apply:

  • The option to use crypto to open an investment position (more details) in Bitcoin, Ether or Tether is only available to clients that have successfully passed through the blockchain address declaration procedure (see message signing).
  • Deposits and withdrawals in crypto are only possible if the validity period of the external blockchain address that the client declared to Dukascopy has not expired (see Message signing). Upon expiry, a repeated passing of the Message signing procedure is required to restore access to blockchain deposits/withdrawals.
  • Every incoming transfer in Bitcoins, Ether and Tether must be made to the unique deposit address generated for the client by Dukascopy for every single transaction. Generated deposit addresses can only be used once. Repeated sending of crypto funds to a deposit address that has already been used may lead to a scrutiny and may potentially end up by making the funds unrecoverable to the clients.
  • The crypto asset sent by the client to the deposit address generated by Dukascopy is automatically converted to the investment reference currency of the account and a BTC, ETH or USDT investment gets automatically purchased right after (standard fees for investment purchase apply).
  • Delivery of the crypto investment position is always made to the blockchain wallet address declared by the client to Dukascopy.

• Funding an account via Bitcoins (BTC)

  The procedure described below is based on the examples from trading accounts, but except for Step 1 the process is otherwise identical for MCA accounts using crypto as an investment funding/withdrawal method (MCA clients initiate the deposit form from the MCA interface).

  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 "Funds" section and open the Bitcoin deposit form. Indicate the exact amount you intend to deposit during the operation.

  The maximum precision of the Bitcoin deposit amount is 8 decimals.

  

  The transferred amount should match exactly the BTC deposit amount annonced (plus the micro-transaction part, if applicable). Any mismatch will trigger a scrutiny procedure and may end up with the deposit placed in quarantine.

  Accept the reminders in the form, announce the deposit source (Your declared address or Other address) on the 2^nd step of the form and generate the address for your deposit by clicking the “Generate Deposit Address” button.

  2. SEND BITCOIN

  Send the exact Bitcoin amount indicated in the form from your crypto-wallet to the address generated for this deposit operation.

  3. Wait for your deposit to be processed

  Once the transaction is 6 blocks deep, your Bitcoin deposit will undergo a series of checks by Dukascopy, including:

  • Comparison of the expected Bitcoin deposit amount with the actually received one.
  • Comparison of the announced deposit source address with the actual one.
  • Matching of the received amount of Bitcoins against the limits applicable to the account and other compliance considerations.

  4. Provide screenshot(s) of the transaction

  You will receive an email asking to provide a screenshot(s) of the executed transaction seen in your blockchain wallet.

  The screenshot(s) must necessarily contain personal information of the wallet holder (e.g. name/surname, email, address) and at least two of the following elements:

  • The amount and time of the transaction.
  • The wallet address to which the crypto funds were sent.
  • The wallet address from which the crypto funds were sent.
  • The blockchain transaction ID.

  Send the screenshot(s) by replying to the received email, indicating your Dukascopy account number.

  Note that the deposit cannot be finalized until valid screenshots are provided.

  An exception from the requirement to provide transaction screenshot(s) is possible in case if the transaction originates from a wallet address for which a valid proof of client’s power of disposal (control) exists. I.e. either the address has been verified by “message signing” procedure or through “micro-transaction” method.

• Funding an account via Ether (ETH)

  The procedure described below is based on the examples from trading accounts, but except for Step 1 the process is otherwise identical for MCA accounts using crypto as an investment funding/withdrawal method (MCA clients initiate the deposit form from the MCA interface).

  Warning: it is important to follow these instructions because improperly sent Ether will be placed in quarantine and applied special fees. The client can send to Dukascopy only Ether belonging to him.

  1. GENERATE A DEPOSIT ADDRESS

  Log in to your Live Member Area, proceed to "Funds" section and open the Ether deposit form. Indicate the exact amount you intend to deposit during the operation.

  The maximum precision of the Ether deposit amount is 8 decimals.

  

  The transferred amount should match exactly the ETH deposit amount annonced (plus the micro-transaction part, if applicable). Any mismatch will trigger a scrutiny procedure and may end up with the deposit placed in quarantine.

  Accept the reminders in the form, announce the deposit source (Your declared address or Other address) on the 2nd step of the form and generate the address for your deposit by clicking the “Generate Deposit Address” button.

  2. Send Ether

  Send the exact Ether amount indicated in the form from your crypto-wallet to the address generated for this deposit operation.

  3. Wait for your deposit to be processed

  Once the transaction is 12 blocks deep, your Ether deposit will undergo a series of checks by Dukascopy, including:

  • Comparison of the expected Ether deposit amount with the actually received one.
  • Comparison of the announced deposit source address with the actual one.
  • Matching of the received amount of Ether against the limits applicable to the account and other compliance considerations.

  4. Provide screenshot(s) of the transaction

  You will receive an email asking to provide a screenshot(s) of the executed transaction seen in your blockchain wallet.

  The screenshot(s) must necessarily contain personal information of the wallet holder (e.g. name/surname, email, address) and at least two of the following elements:

  • The amount and time of the transaction.
  • The wallet address to which the crypto funds were sent.
  • The wallet address from which the crypto funds were sent.
  • The blockchain transaction ID.

  Send the screenshot(s) by replying to the received email, indicating your Dukascopy account number.

  Note that the deposit cannot be finalized until valid screenshots are provided.

  An exception from the requirement to provide transaction screenshot(s) is possible in case if the transaction originates from a wallet address for which a valid proof of client’s power of disposal (control) exists. I.e. either the address has been verified by “message signing” procedure or through “micro-transaction” method.

• Funding an account via Tether (USDT)

  The procedure described below is based on the examples from trading accounts, but except for Step 1 the process is otherwise identical for MCA accounts using crypto as an investment funding/withdrawal method (MCA clients initiate the deposit form from the MCA interface).

  Warning: it is important to follow these instructions because improperly sent Tether will be placed in quarantine and applied special fees. The client can send to Dukascopy only Tether belonging to him.

  Only one version of USDT token is accepted. It is the Tether ERC20 token based on the Ethereum (ETH) network (token address).

  All other USDT versions or its analogues will not be processed. For technical reasons such tokens may appear to be irrecoverable and you risk a complete loss of the wrong tokens sent. Dukascopy does not assume any responsibility for such an eventual loss.

  1. GENERATE A DEPOSIT ADDRESS

  Log in to your Live Member Area, proceed to "Funds" section and open the Tether deposit form. Indicate the exact amount you intend to deposit during the operation.

  The maximum precision of the USDT deposit amount is 6 decimals.

  

  The transferred amount should match exactly the USDT deposit amount annonced (plus the micro-transaction part, if applicable). Any mismatch will trigger a scrutiny procedure and may end up with the deposit placed in quarantine.

  Create the Ethereum blockchain address for your deposit by clicking the “Generate a USDT deposit address” button.

  2. Send Tether

  Send the exact Tether amount indicated in the form from your crypto-wallet to the address generated for this deposit operation.

  3. Wait for your deposit to be processed

  Once the transaction is 12 blocks deep, your Tether deposit will undergo a series of checks by Dukascopy, including:

  • Comparison of the expected Tether deposit amount with the actually received one.
  • Comparison of the announced deposit source address with the actual one.
  • Matching of the received amount of Tether against the limits applicable to the account and other compliance considerations.

  4. Provide screenshot(s) of the transaction

  You will receive an email asking to provide a screenshot(s) of the executed transaction seen in your blockchain wallet.

  The screenshot(s) must necessarily contain personal information of the wallet holder (e.g. name/surname, email, address) and at least two of the following elements:

  • The amount and time of the transaction.
  • The wallet address to which the crypto funds were sent.
  • The wallet address from which the crypto funds were sent.
  • The blockchain transaction ID.

  Send the screenshot(s) by replying to the received email, indicating your Dukascopy account number.

  Note that the deposit cannot be finalized until valid screenshots are provided.

  An exception from the requirement to provide transaction screenshot(s) is possible in case if the transaction originates from a wallet address for which a valid proof of client’s power of disposal (control) exists. I.e. either the address has been verified by “message signing” procedure or through “micro-transaction” method.

• QUARANTINE

  Crypto funds sent in breach of the applicable crypto deposit procedure may be placed in quarantine. This may happen when the following circumstances occur:

  • Crypto funds were sent to an address that was already used;
  • The type of tokens sent does not correspond to the one for which the deposit address was created;
  • A wrong number of crypto tokens was sent to the deposit address (i.e. not corresponding to the expected one);
  • Dukascopy cannot accept the received crypto tokens for any other reason, e.g., if it has information suggesting that sent crypto funds belong to a third party;

  To obtain the return of crypto funds placed in quarantine, the client must provide Dukascopy with convincing evidences, based on the possible solutions provided by Dukascopy, that the wallet from which the funds were sent do actually belong to him/her.

  Warning! Crypto maintenance fees apply to crypto tokens placed in quarantine.

• Withdrawing funds in Bitcoins, Ether or Tether

  For withdrawals from crypto-fundable trading accounts:

  1. Make a withdrawal request

  Log in to your Live Member Area, proceed to "Funds" section and open the withdrawal form. Indicate the desired withdrawal amount and confirm the operation.

  2. Wait for your withdrawal to be processed

  Withdrawals are processed only during business days in the Canton of Geneva, Switzerland.

  Dukascopy will convert the requested withdrawal amount in fiat currency to BTC, ETH or UDST (depending on the choice of the client) at its own exchange rate. Withdrawals are subject to a flat commission in accordance with the Fee schedule.

  Dukascopy will send the Bitcoins, Ether or Tether the blockchain wallet address declared by the client to Dukascopy.

  The client must understand and accept that the withdrawal process is not instant and that the exchange rate will fluctuate until Dukascopy completes the exchange. Consequently, the client cannot predict the exact amount of Bitcoins, Ether or Tether he/she will receive in his/her wallet pursuant the withdrawal.

  For withdrawals from MCA accounts, refer to the FAQ clause on the investment delivery to the blockchain.