Do not invest more money than you can afford to lose.
Dukascopy Bank, a Swiss forex bank and broker, and TeleTrade, a Russian-based forex brokerage, have temporarily changed the trading conditions on select contracts for difference (CFDs), the companies said in separate notices. Dukascopy Bank has increased maximum exposure limit on CFDs on several GBP and EUR based indices, while TeleTrade has switched all CFDs on stocks to close-only mode.
Dukascopy Bank’s temporary trading conditions came into force from 6 July and apply to the following indices:
- GBP/IDX – 30 contracts
- DEU.IDX/EUR -50 contracts
- ESP.IDX/EUR -50 contracts
- EUS.IDX/EUR – 150 contracts
- FRA.IDX/EUR – 100 contracts
The Swiss broker also said that it has changed the maximum exposure and contract amounts for binary options trading, as well as payouts for daily stock options and pair binaries.. Following are the new order requirements:
Base currency | Min contract | Max contract | Max exposure |
|---|---|---|---|
USD | 1 | 1,000 | 5,000 |
EUR | 1 | 900 | 4,500 |
CHF | 1 | 1,000 | 5,000 |
GBP | 1 | 800 | 4,000 |
JPY | 100 | 100,000 | 500,000 |
CAD | 1 | 1,300 | 6,700 |
SGD | 1 | 1,300 | 6,700 |
PLN | 1 | 4,000 | 20,000 |
HKD | 1 | 7,800 | 40,000 |
AUD | 1 | 1,300 | 6,500 |
DKK | 1 | 6,700 | 35,000 |
MXN | 1 | 1,300 | 95,000 |
NOK | 1 | 8,400 | 42,000 |
NZD | 1 | 1,400 | 7,000 |
RUB | 1 | 64,000 | 320,000 |
SEK | 1 | 8,500 | 43,000 |
TRY | 1 | 3,000 | 15,000 |
ZAR | 1 | 15,000 | 75,000 |
Neither of the companies explaned why they have decided to impose temporary trading conditions on the instruments. Dukascopy Bank noted that the limitations will be into effect until further notice. TeleTrade, on the other hand, said that traders should close open positions on stock CFDs before 8 July.
Dukascopy Bank, set up in 2004, is based in Switzerland’s Geneva and operated globally through offices in Zurich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong. It is licensed as a bank and as a securities dealer by Switzerland’s Financial Market Supervisory Authority (FINMA). The company owns 100% in brokerage Dukascopy Europe IBS, e-payments provider Dukascopy Payments, both based in Latvia, as well as Japanese broker Dukascopy Japan K.K., formerly Alpari Japan K.K.
TeleTrade is one of the three forex brokeragess to hold a license by the Central Bank of Russia (CBR) and is also registered with the National Bank of the Republic of Belarus (NBRB), which is the equivalent of obtaining authorization. Group companies are also regulated by the Cyprus Securities Exchange Commission (CySEC) and registered with the relevant authorities throughout the EU.
Source: Dukascopy Bank/TeleTrade
