Broker News

Dukascopy 50% CashBack to the Ex-FlowBank Customers

At a time like this, when former FlowBank clients need a new trading partner, Dukascopy offers them an enticing 50% CashBack offer on the account’s lifetime volume commission.

All FlowBank clients opening accounts with Dukascopy and reporting their eligibility to their personal account manager can benefit from this offer.

Dukascopy Multi Assets Trading

CashBack aims to improve the clients’ trading experience. They intend to help their customers achieve their financial objectives by supporting them through value addition.

Dukascopyhas diverse trading venues, such as MT5, MT4, and JForex. The tradable assets are bonds, ETFs, stocks, cryptocurrencies, metals, indexes, commodities, and forex.

The platform also emphasizes Swiss banking security standards, offering clients transparent pricing and deposit protection for deposits not exceeding CHF 10,000.

FlowBank SA Operations Halting by FINMA

FlowBank (an online brokerage and trading bank from Geneva) entered into bankruptcy proceedings as authorized by the FINMA) Swiss Financial Supervisory Authority. FINMA canceled the company’s securities dealer and banking licenses, stopping all commercial activities.

Customers with Swiss accounts cash deposits can get up to CHF 100,000 reimbursement. Owners of custody assets such as bonds and shares will have them back subject to liquidators’ requirements.

Walder Wyss, from Geneva, has been appointed bankruptcy liquidator for the dissolution procedure. FlowBank must obtain the liquidator’s approval to conduct financial activities like legal transactions, securities trading, and payments.

FINMA has scrutinized FlowBank since October 2021 for severe law breaches, specifically in capital requirements, risk management, and organizational adequacy. The bank continuously showed operational deficiencies and violated capital ratio requirements despite the measures and an independent auditor’s appointment in 2022.

All bank and client agreements, including derivatives and financial instruments, are terminated immediately. Walder Wyss SA will issue stakeholders and clients with asset transfer, contract implications, and reimbursement-related information.

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