The Dukascopy PAMM LP project with 20 000 PLN started

Managed to. Our trading started on the first trading day of September. As announced, we have started a project aimed at testing a new product on real funds - the Dukascopy PAMM LP account.

Wealth Management PAMM LP is a new service offered by a Swiss broker. What does it consist of? About that we wrote in the previous article. In this we will focus on the first impressions.

The procedure for opening a Dukascopy PAMM account

It took us about 5 days to set up the invoice, including payment. The procedure is relatively simple and quick. We must complete registration form and undergo identity verification as required by Swiss law. And here is something rare - previously the only option was to notarize the ID / passport with a notary. But now we can also do it through a smartphone application and video conferencing without leaving home.

How it's working? We install the Dukascopy application on your phone, and then please video-verification. A broker's representative connects with us and then asks you to show our document to the camera. It can also ask additional questions about the data we have presented (the conversation took place in Polish). Fast, simple and pleasant.

Payment of funds

Each client receives his own individual account at Dukascopy Bank, for which he must transfer funds. Only after they are credited, we will receive a login and a temporary account password. Due to the fact that the bank account is located in Switzerland, it is necessary to make a foreign transfer.

We made the SWIFT transfer from Getin Bank in Poland. The cost was PLN 40, but the fees of the banks intermediating in the transaction were added, which cost an additional PLN 94. In total, the transfer cost us PLN 134, or approx. 0,7% of the initial deposit. We managed to reduce the costs by omitting any currency conversion - we opened an account in Dukascopy in PLN. The entire operation took 2 working days.

It is worth remembering when ordering a transfer that its recipient We are MY, not Dukascopy Bank.

Trade - activation

In order for Dukascopy to start turning our means, we have to do two things:

1. Define the level Stop Loss on all capital.
2. Activate the trade option.

Both of these things are done in the client's panel.

Dukascopy's recommended SL level is 15%. We gave a little more. Reaching this level will close all open positions and suspend trading - then it will need to be reactivated.

How to activate trade? It is enough to order such a disposition in the client's panel and wait for its acceptance by Dukascopy service. It takes a maximum of one day. Trade begins the next business day.

First positions

The trade started on September 3, 2018. We didn't have to wait long for the "action". Already in the morning, over 30 transactions were closed on our account, and still about 50 were active. The transaction volume is small, but the differentiation of instruments is very large.

We started with capital 19 906 zł.

What will it be? Will the PAMM LP service be a worthy proposal to diversify revenues? We'll see!