Dukascopy Review

Dukascopy

Dukascopy

www.dukascopy.com

  • Leverage: 1:30

  • Regulation: FINMA, FCMC, JFSA, DFSA

  • Min. Deposit: $1,000

  • HQ: Geneva, Switzerland

  • Platforms: JForex, MT4, Binary Trader

  • Found in: 2004

Dukascopy Licenses

  • Dukascopy Bank - authorized by the Swiss Financial Market Supervisory Authority FINMA
  • Dukascopy Europe IBS AS - authorized by FCMC (Latvia)
  • Dukascopy Japan K.K. (Type-1 licensed broker) - authorized by JFSA (Japan) 
  • Dukascopy Dubai - authorized by DFSA (Dubai)
  1. What Is Dukascopy?
  2. Dukascopy Pros and Cons
  3. Awards
  4. Is Dukascopy Safe or a Scam?
  5. Leverage
  6. Accounts
  7. Trading Instruments
  8. Fees
  9. Spreads
  10. Deposits and Withdrawals
  11. Trading Platform
  12. Customer Support
  13. Education
  14. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about Dukascopy.

What is Dukascopy?

Dukascopy is a Swiss innovative online bank offering Forex and CFD trading, banking, and other financial services through developed technological solutions. The main technology used by the broker is SWFX – Swiss FX Marketplace, Dukascopy’s ECN proprietary technological solution, and registered trademark.

The bank is based in Switzerland and operating since 2004. 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, Kyiv, Moscow, Kuala Lumpur, and Hong Kong, and in Dubai.

Dukascopy Pros and Cons

Dukascopy is a highly secure and trusted broker. It is a regulated Swiss Bank with an excellent reputation. The account opening is easy, there are numerous trading opportunities, an ECN account, access to high leverage, a great range of trading tools, and user-friendly platforms. Education, support, and funding methods are also very good.

  • In addition, apart from the trading services, Dukascopy Bank provides highly competitive conditions for currency exchange through current accounts that offer e-banking facilities, credit cards, and an increasing range of banking products.

This means traders are able to receive not only competitive trading solutions but enjoy banking services from the leading Swiss bank too.

For the Cons, proposals vary according to the entity, and higher deposits might suit more advanced traders.

AdvantagesDisadvantages
Strong establishment with regulated headquarter in SwitzerlandConditions vary based on the entity
Worldwide coverage through various entities
Forex and CFD instruments, Cryptocurrencies, and more
Wide range of trading platforms and competitive trading conditions
Wealth management opportunity
Good quality educational materials, and excellent research
Quality customer support

Dukascopy Review Official Website

Dukascopy Review Summary in 10 Points
🏢 HeadquartersSwitzerland
🗺️ RegulationFINMA, FCMC, JFSA, DFSA
🖥 PlatformsJForex, MT4, Binary Trader
📉 InstrumentsForex, Metals, Cryptocurrencies, CFDs on Indices, Bonds, Shares, Binary Options, etc.
💰 EUR/USD Spread0.2 pips
🎮 Demo AccountAvailable
💳 Minimum deposit$1,000
💰 Base currencies23 currencies available
📚 EducationEducation materials, Research
☎ Customer Support24/7

Overall Dukascopy Ranking

Based on our Expert findings, Dukascopy is considered a good bank with safe and very favorable trading conditions. The company offers a range of trading services designed for both beginner traders and professionals. As one of the good advantages, Dukascopy covers almost the globe, so traders from various countries can sign in, also with the lowest spreads.

  • Dukascopy Overall Ranking is 9.2 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers and banks.
RankingDukascopyFxProPepperstone
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading ConditionsDeep LiquidityTrading Platforms

Dukascopy Alternative Brokers

We learned that Dukascopy offers a range of trading instruments, good trading conditions, spreads, and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to Dukascopy:

  • FP Markets – Powerful trading technology and ECN environment
  • InteractiveBrokers – Good for Trading Real Stocks
  • XM – Wide Range of Trading Opportunities

Awards

We found that throughout its active position in the industry and engagement in social activities through communities, Dukascopy gained a reputable place in the market. Its achievements have been recognized, and for the last few years, the bank has been honored to receive multiple leading awards that are counting.

Dukascopy Review Awards

Is Dukascopy Safe or Scam?

No, Dukascopy is not a scam. It is a secure brokerage company with FINMA Switzerland regulation and high-security standards. It is considered a low-risk trading broker for Forex and CFDs.

Is Dukascopy Legit?

Absolutely yes. We learned that Dukascopy is regulated by the Swiss Financial Market Supervisory Authority FINMA as a bank and a securities dealer. As well due to its international presence, the bank holds authorizations from FCMC regulatory in Latvia and FSA Japan, along with authorization in Dubai by DFSA and others that allow fully legit procedures including both banking and trading option.

See our conclusion on Dukascopy Reliability:

  • Our Ranked Dukascopy Trust Score is 9.2 out of 10 for good reputation and service over the years, also reliable licenses, and serving regulated entities in each region it operates. The only point is that regulatory standards and protection vary based on the entity.
Dukascopy Strong PointsDukascopy Weak Points
Regulated international brokerNot listed on Stock Exchange
FINMA Switzerland banking license
Cross border licenses and global coverage
Negative balance protection
Coverage and protection in case of insolvency

How Are You Protected?

Specified by the nature of the Dukascopy business, processes, and transactions, traders 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 in a positive choice towards the broker.

Dukascopy Review License

Leverage

Dukascopy Leverage offers a unique opportunity to access higher ratios, yet defined by the instrument you use since it is a Swiss Broker that still allows higher leverage ratios:

  • the allowed leverage level is 1:100 for Forex instruments

Leverage levels that allow trading through multiple amounts of the account balance open vast opportunities yet may hide some higher risks of losing funds too. Therefore, traders should carefully learn how to use it smartly.

In addition, Dukascopy offers a generous possibility for its traders through 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 Review Leverage

Account Types

We learned that the Dukascopy account types vary only by client type. This means, there is an Individual account, a Joint account (designed for 2 individuals), and a Corporate account.

ProsCons
Fast digital account openingAccount types and proposals may vary according to jurisdiction
Access to a wide range of financial instruments
Three account types offered
Demo and Live accounts available
Availability to open a multi-currency banking account

How to Open Dukascopy Live Account?

Opening an account with Dukascopy is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:

  • Select and Click on “Open an Account”
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your personal data by upload of documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

Dukascopy Review Account Opening

Trading Instruments

We found that in addition to trading on Forex, precious metals, and CFD trading (on various underlying assets including stocks, commodities, and indices), Dukascopy Bank provides a trading platform for binary options on stocks and Forex, including a good selection of Cryptocurrencies.

The interesting part is that trading instruments are available with various conditions according to their class, alike Forex and CFD or even Cryptocurrencies are in separate categories defining necessary conditions for trading and also the risks involved, all details you can learn via review forex and CFD tag available on Dukascopy website.

Yet, for the binary options be sure you understand well all the applied conditions and risks involved, as such this instrument might be unavailable for some individuals.

  • Dukascopy Markets Range Score is 9.2 out of 10 for wide trading instrument selection among Forex, Metals, Indices, Cryptos, and more.

Dukascopy Review Trading Instruments

Dukascopy Fees

We learned that Dukascopy pricing and fee structure offer different options between the instruments you’re willing to trade since Dukascopy divide it into the section Forex, CFDs, Binary, and Cryptocurrencies so each will define its own fee structure.

Generally, the fee is inbuilt into the total commission defined as the Volume commission according to Net Deposit, to Equity you trade, and according to traded volume.

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 clients resulting in better conditions.

In addition, the account opening and maintenance are free of charge, yet if you denominate your account in Gold, you will need to pay custody fees. Recalling again just to be sure you verify fee conditions on the instrument you are willing to trade so the applicable structure will apply.

  • Dukascopy Fees are ranked average with an overall rating of 8.9 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, Dukascopy overall fees are considered good.
FeesDukascopy FeesFxPro FeesXM Fees
Deposit feeNoNoNo
Withdrawal feeNoNoNo
Inactivity feeYesYesYes
Fee rankingLowLow, AverageAverage

Dukascopy Review Fees

Spreads

Based on our findings, Forex fees built into the Basic spread for the popular pair EUR/USD averages at 0.2 pips is the same for all clients, yet the added commission rates will vary depending on trading volume and balances. Alike, the very lowest deposit range will add on $35 for 1 million traded and $52.5 for CFDs and Metals which all in all ranked as low fees among the industry.

  • Dukascopy Spreads are ranked low with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
Asset/ PairDukascopy SpreadPepperstone SpreadXM Spread
EUR USD Spread0.2 pips0.77 pips1.6 pips
Crude Oil WTI Spread52.3 pips5 pips
Gold Spread300.1335
BTC USD Spread6031.3960

Deposits and Withdrawals

Based on our research, Dukascopy Bank allows open trading accounts in 23 currencies, including in Gold (USD, CHF, EUR, GBP, AUD, and more).

The number of payment methods to fund the trading account will allow you to transfer funds quickly by the use of Bank Wire transfers, Credit/Debit cards, Neteller, Skrill, and more.

  • Dukascopy Funding Methods we ranked good with an overall rating of 9.2 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.

Here are some good and negative points for Dukascopy funding methods found:

Dukascopy AdvantageDukascopy Disadvantage
Fast digital deposits, including Credit/ Debit Cards, and Electronic WalletsMinimum deposit might be relatively high for non-European traders
Multiple account base currencies
Dukascoin reward program
Withdrawals free of charge

Deposit Options

In terms of funding methods, Dukascopy offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.

  • Credit/Debit cards
  • Bank Wire
  • Skrill
  • Neteller, and more

Moreover, there is a possibility to fund in Dukascoins which allows FX/CFD traders to almost double the trading margin compared 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.

Dukascopy Review Funding Methods

Dukascopy Minimum Deposit

The Minimum deposit amount for Dukascopy trading is set to $1,000. Even though some traders may think it is quite a large amount for a deposit, yet from the point of balance between the trading conditions and services you get also considering trading fees and options, this amount should be very reasonable. However, for European traders, the initial amount is $100 to start.

Dukascopy minimum deposit vs other brokers

Dukascopy Most Other Brokers
Minimum Deposit $1,000 $500

Dukascopy Withdrawals

As Dukascopy serves its business as a leading Swiss bank, we found that the traders are also able to enjoy the benefits of banking while all payments can be done through Dukascopy Bank SA.

In another way, for the incoming transfers Dukascopy covers all applicable fees, yet the withdrawal of funds for outgoing transfers or withdrawal may occur charges which are depending on the currency.

E.g. the USD account will require a $50 fee for SEPA payments or $10 for payments in Bitcoins to crypto-wallets, so be sure to verify those applicable conditions.

How Withdraw Money from Dukascopy Step by Step:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with necessary requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

Dukascopy Review Withdrawal

Trading Platforms

Based on our Expert research, Dukascopy trading platforms provide access to Swiss Forex Marketplace (SWFX), also giving access to CFDs, Forex, Binary, and Cryptocurrency trading, while the platforms are designed to deliver a quick and powerful performance under different market situations.

The bank offers JForex 3 advanced trading platform available via web, desktop, and mobile versions, the classic MetaTrader 4 trading platform, and the Binary Trader.

Trading Platform Comparison to Other Brokers:
PlatformsDukascopy PlatformsFxPro PlatformsXM Platforms
MT4YesYesYes
MT5NoYesYes
cTraderNoYesNo
Own PlatformYesYesYes
Mobile AppsYesYesYes

Dukascopy Review Trading Platforms

Web Trading Platform

There is an option to access trading via your browser without any prior downloads or settings, yet a full feature of course is available via desktop trading.

All platforms contain a range of trading orders and 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 an option for Dukascope clients. We found that Dukascopy does not provide an MT4 platform to access the Swiss Forex Marketplace (SWFX) or some particular instruments but is rather designed for CFD trading.

However, traders are able to use a third-party solution to connect the SWFX to an MT4 environment (third-party provider’s MT4 bridge).

Desktop Platform

We learned that the Dukascopy trading platform (JForex) provides an array of tools for risk management and control over order execution, also including great technical analysis.

JForex platform is recommended for manual or automated trading since designed to combine both along with allowance to test trading strategies based on JAVA. In the same powerful manner, the platform has been developed for trade via iOS or Android devices and through the JForex Web3 interface.

Mobile Apps

Based on our findings, there are mobile apps also included in the package, allowing you to stay on the go, control your positions and even perform simple analyses. You will find a suitable version for your device via the download center, also can count for quality trading conditions and good support through live chat.

Dukascopy Review Trading Platfrom

Customer Support

Based on our research, Dukascopy provides highly qualified 24/7 customer support, phone lines, live chat, and email and gives relevant answers to any question you may have.

  • Customer Support in Dukascopy is ranked Excellent with an overall rating of 9.2 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days and weekends.

See our find and ranking on Customer Service Quality:

ProsCons
24/7 customer supportNone
Quality customer support with live chat and phone lines
Fast response
Relevant answers

Dukascopy Education

We found that Dukascopy Bank offers a range of free financial information, and other resources through its website, online television, and Freeserve products which are crucial for beginning traders and experienced ones as well. So overall, we found Dukascopy education at a very good level for all.

In addition, its active online Dukascopy community with over 130’000 members allows one to exchange trading experience, market views, and strategies, as well any trader may win prizes in various contests.

  • Dukascopy Education ranked with an overall rating of 9 out of 10 based on our research. The bank provides very good quality educational materials, and excellent research also cooperates with market-leading providers of data.

Dukascopy Review Education

Dukascopy Review Conclusion

Concluding the Dukascopy review, we admit that the bank brings a reliable and competitive offer to the market while including truly competitive spreads, along with general pricing and various programs. The platform solution, optimization of the strategy, and automated trading capabilities create powerful technical scope. Traders of any level will find their benefit in the company. There is great support not only from its multiple teams around the world but by plenty of research sources, diverse learning, and analytical data.

Based on Our findings and Financial Expert Opinions Dukascopy is Good for:

  • Beginners
  • Advanced traders
  • Traders who prefer the MT4 trading platform
  • Currency and CFD trading
  • Variety of trading strategies
  • Algorithmic and automated trading
  • Supportive customer support
  • Excellent educational and research materials
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One response to “Dukascopy”

  1. THIEFS & SCAMMERS, STAY AWAY!
    Week ago I got notified from Dukascopy that my card is suspended due to decision of Corner Bank to stop issuance and support of all client’s cards issued in frame of partnership with Dukascopy. They also stated that my money is safe my account at Dukascopy Bank. What a lie! Money is cleared from my Dukascopy card on 24th March, it was not transferred to my Dukascopy account, I do not have any access to it, it simply disappeared and support is not replying at all.

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