What is Dukascopy?
Dukascopy is a Swiss innovative online bank based in Switzerland and operating since 2004, providing online and mobile trading, banking and other financial services through developed technological solutions. The main technology used by the broker is SWFX – Swiss FX Marketplace, the Dukascopy’s ECN proprietary technological solution and registered trademark.
Dukascopy brand name fully owns Dukascopy Europe IBS AS a European licensed brokerage company based in Riga and the SIA Dukascopy Payments licensed payment and e-money company, a Type-1 licensed broker located in Tokyo operated as Dukascopy Japan. In addition to Geneva Headquarters the bank operates offices in Zürich, Riga, Kiev, Moscow, Kuala Lumpur, Hong Kong and recently opened office in Dubai.
In addition, apart from the trading services, Dukascopy Bank provides extremely competitive conditions for currency exchange through current accounts provides e-banking facilities, credit cards and an increasing range of banking products. Which means traders are able to receive not only competitive trading solutions, but enjoy banking services from the leading Swiss bank too.
As for the support provided Dukascopy Bank furnishes a range of free financial information and other resources through its website, online television, Freeserve products which is crucial for beginning traders and experienced ones as well. Its active online Dukascopy community with over 130’000 members allows to exchange trading experience, market views and strategies, as well any trader may win prizes in various contests.
Overall, the broker offers comprehensive online solutions in regards to financial investments. Throughout their active position in the industry and engagement into social activities through communities, the broker gained a reputable place in the market. Their achievements have been recognized times and times, for the last years they were honoured to receive multiple leading awards:
Even though Dukascopy seems to be a very attractive brokerage, you should always check carefully the most important trading information. With this purpose, in this review we cover the following highlights:
Is Dukascopy safe or a scam?
Dukascopy Bank is sharply regulated by the Swiss Financial Market Supervisory Authority FINMA as a bank and a securities dealer. As well due to an international presence, the bank holds authorization from FCMC regulatory in Latvia and FSA Japan, along with an authorization in Dubai by DFSA.
Specified by the nature of the Dukascopy business, processes and transactions operates definitely you as a trader can be assured of its transparent trading conditions in full compliance with the strict requirements. Therefore customers and their funds are protected by the various governmental institutions, which is a crucial factor on a positive choice towards the broker.
Dukascopy Trading Platforms
Dukascopy Bank trading platforms provide access to Swiss Forex Marketplace (SWFX), while the platforms designed to deliver quick and powerful performance under different market situations. The Dukascopy trading platform (JForex) provides an array of tools for risk management and control over the order execution. JForex recommended for manual or automated trading, since designed to combine both along with allowance to test trading strategies based on JAVA. At the same powerful manner, the platform has been developed for trade via iOS or Android devices and through JForex Web3 interface.
All platforms contain a range of trading orders, slippage control functionality that allows controlling the maximum price, as well through two trading modes “Net Position” and “Hedging” mode.
Nevertheless, the well-known trading platform MT4, appreciated by many users remains as an option for Dukascope clients. Dukascopy Bank does not provide an MT4 platform to access to Swiss Forex Marketplace (SWFX). However, customers are able to use a third party solution to connect the SWFX to an MT4 environment (third party provider’s MT4 bridge).
Dukascopy Trading Fees and Accounts
In addition to trading on Forex, precious metals and CFD (on various underlying assets), Dukascopy Bank provides a trading platform for binary options on stocks and Forex, including cryptocurrencies.
The SWFX automatically executes orders of market participants on a STP basis, thence all participants interact on an equal basis and consume the same liquidity within the ECN. The market depth monitor can be accessed by every client, provides the market structure for each currency pair. Dukascopy Bank has no dealing desk and makes no requote, all trades with no matter the size are executed automatically.
The account types vary only by the client type. Means, there is an individual account, Joint Account (designed for 2 individuals) and Corporate Account.
Basic spread for popular pair EUR/USD is 0.2 pips is the same for all clients, yet the added commission rates will vary depending on trading volume and balances. As an example see below comparison table, along with a snapshot of the applicable commissions.
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Asset/ Pair
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Dukascopy Spread
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EUR/USD
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0.2
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Crude Oil WTI
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5
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Gold
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30
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Bitcoin
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60
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Another trading cost, which is a rollover or overnight fee is diverse by Regular, Advanced and Premium rollover policies that apply different rates that ensure higher trading turnover for client results in better conditions.
Dukascopy Leverage
Leverage levels which allow trading through multiple amounts of your account balance opening vast of opportunities yet may hide some higher risks of losing funds too. Therefore, you should carefully learn how to use it smartly. As for the Dukascopy, along with its obligations towards the regulatory requirements the standard allowed level set by FINMA is 1:30 for Forex instruments. Yet, Dukascopy offers a generous possibility for their trader throughout the use of a specifically designed tool Dukascoin, a unique opportunity to utilize extra equity and leverage bonuses embedded directly in the heart of the Dukascoin reward programs.
Dukascopy Payment Methods
Dukascopy Bank allows opens trading accounts in 23 currencies, including in Gold (USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY, XAU and ZAR). Along with that you can fund your account by payment cards (Visa, MasterCard, Visa Electron, Maestro), wire transfers (including cheap and fast SEPA transfers in EUR), and via bank guarantees. Moreover, there is a possibility to fund in Dukascoins that allows FX/CFD traders to almost double trading margin comparing to regular funding methods. Besides that, the Dukascoin funding facility creates a unique possibility to simultaneously earn on the fixed high return of Dukascoin deposit programs.
Minimum deposit amount at Dukascopy is set to a 1,000$
As Dukascopy serves its business as a leading Swiss bank, you also able to enjoy benefits of banking while all payments can be done through Dukascopy Bank SA. In any other way, for the incoming transfers Dukascopy covers all applicable fees, yet the withdrawal of fund for outgoing transfer or withdrawal may occur the charges which are depending on the currency. E.g. the USD account will require 50$ fee for SEPA payments or 10$ for payments in Bitcoins to cryptowallets.
Conclusion on Dukascopy
The Dukascopy as a Swiss bank brings a reliable and competitive offer to the market while offering truly competitive spreads, along with general pricing and various programs that bring them to one of the best options for trading. Overall platform solution, as well the optimization of the strategy and automated trading capabilities creates powerful technical scope from the company too.
Trader of any level will find its benefit in the company. The broker’s impressive trading community with resources and research materials, as well as numerous contests that are diverse even to the trader’s hobbies. Along with great support not only by their multiple teams around the world but by plenty of research sources, diverse learning and analytical data, all in all, makes Dukascopy a very attractive broker.
