Dukascopy Announces Changes To Deposit Protection

The deposit insurance plan protects deposits at Dukascopy Bank. In the case of a bank's failure, the deposit insurance plan protects customer savings up to CHF 100 000 against loss (laid down by law).

If a customer has numerous accounts with the same bank, the credit amounts are added up to a limit of CHF 100 000.

When it comes to protection, if many people share an account, this group is viewed as an independent, distinct customer. If this group has numerous accounts, they are added up. The group's balance is safeguarded up to a total of CHF 100,000.

Spouses, simple partnerships, their communities, or condominium associations are examples of groupings.

Individuals in such a group who have their own separate client connection with the bank are likewise insured for a balance of up to CHF 100 000.

Until December 31, 2022, the group's balance is divided among the persons in the group, and the split amount is then combined along with claims from individuals' own distinct client connections, with protection limited to CHF 100,000 per person.

The word “financial intermediaries” is no longer protected (no protection and no privileged treatment of deposits in case of bankruptcy). Other banks, securities firms, and insurance companies are examples of these.

If a customer deposits at a bank's overseas branch, they are considered a distinct, separate client of that branch. Deposits made in Switzerland and deposits made in a foreign branch are no longer combined for protection or special treatment under bankruptcy law.

Deposits held in international branches will continue to be safeguarded but will be given preferential treatment under bankruptcy legislation up to CHF 100,000.

Articles 36a to 37jbis of the modified Banking Act and Articles 42a to 44a of the new Banking Ordinance include deposit protection requirements.

About Dukascopy

Dukascopy is a Swiss online forex broker that provides a variety of financial products and services, including forex, CFD, and binary options trading. It was established in 1998 and is based in Geneva, Switzerland.

Dukascopy allows you to trade a large choice of currency pairings as well as other financial products such as metals, indexes, and commodities. The popular JForex platform and the newly announced JForex Web 3 platform are among the company's trading platforms, both of which are accessible in desktop and mobile versions. Dukascopy also provides traders with a variety of instructional materials and tools, including trading signals, market analysis, and webinars.

In addition to FX trading, Dukascopy provides a variety of banking services, such as a debit card, a mobile banking app, and internet banking. The Swiss Financial Market Supervisory Authority (FINMA) regulates the corporation, and it is a member of the Swiss Bankers Association.

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