Dukascopy Review

Dukascopy

Dukascopy

www.dukascopy.com

  • Leverage: 1:30

  • Regulation: FINMA

  • Min. Deposit: 1,000 US$

  • HQ: Geneva, Switzerland

  • Platforms: JForex, MT4

  • Found in: 2004

Dukascopy Licenses

  • Dukascopy Bank - authorized by the Swiss Financial Market Supervisory Authority FINMA
  • Dukascopy Europe IBS AS - authorized by FCMC (Latvia)
  • Dukaspcopy Japan Co., Ltd. (Type 1 Financial Instruments Business) - authorized Kanto Finance Bureau General Manager (Kinsho) No. 2408; authorized by JFSA (Japan) Member No. 1587 
  • Dukascopy Dubai - authorized by DFSA (Dubai)
  1. What Is Dukascopy?
  2. Awards
  3. Is Dukascopy safe or a scam?
  4. Leverage
  5. Accounts
  6. Market Instruments
  7. Fees
  8. Deposits and Withdrawals
  9. Trading Platform
  10. Customer Support
  11. Education
  12. Conclusion

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, 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 an office in Dubai.

Is Dukascopy a good broker?

In addition, apart from the trading services, Dukascopy Bank provides extremely competitive conditions for currency exchange through current accounts that provide 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.

ProsCons
Strong establishment with regulated headquarter in SwitzerlandNone
Worldwide coverage through various entities
Forex and CFD instruments, Cryptocurrencies
Ultimate trading technology
Choice between proprietary JForex and MT4
Wealth management opportunity
Competitive trading and banking opportunity
Quality customer support

Dukascopy web

10 Points Summary
🏢 HeadquartersSwitzerland
🗺️ RegulationFINMA, JFSA, DFSA
🖥 PlatformsJForex, MT4
📉 InstrumentsForex, Metals, CFDs on Indices, Bonds, Shares, Binary Options
💰 EUR/USD Spread0.2 pips
🎮 Demo AccountAvailable
💳 Minimum deposit1,000 US$
💰 Base currencies23 currencies available
📚 EducationEducation materials, Research
☎ Customer Support24/7

Awards

As we will see further in detail within the Dukascopy review, the broker truly offers comprehensive online solutions in regard 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 honored to receive multiple leading awards that are counting.

Dukascopy awards

Is Dukascopy safe or a scam?

ProsCons
Regulated international brokerNot listed on Stock Exchange
FINMA Switzerland banking license
Cross border licenses and global coverage
Negative Balance Protection applied
Coverage and protection in case of insolvency

Is Dukascopy legit?

Absolutely yes, 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 authorization from FCMC regulatory in Latvia and FSA Japan, along with an authorization in Dubai by DFSA and others that allowing fully legit procedures including both banking and trading option.

How are you protected?

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 license

Leverage

Leverage levels that allow trading through multiple amounts of your account balance open 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 leverage level set by FINMA is 1:30 for Forex instruments.

In addition, 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 leverage

Accounts

Once you decide to proceed with account opening, you will find a smooth guided process while customer support remaining on hand in case you need any advice.

ProsCons
Fast digital account openingNone
Three Account types offered
Selection between numerous base currencies including Gold accounts
Investment option though Wealth Management
Demo Account and Live Account
Availability to open Multi-Currency banking account

Account types

The account types vary only by the client type. Means, there is an individual account, Joint Account (designed for 2 individuals) and Corporate Account.

While there further might be a difference which instrument you’re willing to trade, yet all manipulations and fund management is done via your online account area.

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 has no dealing desk and makes no requote, all trades with no matter the size are executed automatically.

How to open an account

Dukascopy account opening

Instruments

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 good selection of Cryptocurrencies.

The interesting part is that trading instruments available with various conditions according to its class, alike Forex and CFD or even Cryptocurrencies are in separate categories defining necessary conditions for trading and also 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 instruments

Fees

As for the fee structure, there are some differences between the instruments you’re willing to trade since Dukascopy divides it to 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 Volume commission according to Net Deposit, to Equity you trade and according to traded volume.

ProsCons
Low Forex trading feesFee structure defined by instrument and volume traded
Interbank spread + commission basis
Competitive fee structure
0$ Withdrawal fee

Forex Fees

For Forex fees the Basic spread for popular pair EUR/USD is 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.

As an example and for your reference see below comparison table for defined comissions, along with a snapshot of the applicable conditions, also for better understanding you can see another popular broker HYCM.

Trading Fees of Dukascopy vs Similar Brokers
Asset/ PairDukascopy FeesBDSwiss FeesPlus500 Fees
EUR USD0.2 pips1.5 pips0.6pips
Crude Oil WTI562
Gold302529
BTC/USD6020000.35%
Inactivity FeeYesYesYes
Fee rankingLowHighAverage

Snapshot of trading Commission

Dukascopy comissions

Rollover

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 results in better conditions.

Non trading fees

The account opening and maintenance is 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 applicable structure will apply.

Dukascopy swap

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).

ProsCons
Fast digital deposits, including Credit Card, Debit Card, Electronic WalletsMinimum deposit might is relatively high
Dukascopy bank services through Multi-currency account
Dukascoin reward program
Withdrawals free of charge

Deposit options

Along with various account base currencies you can fund your account by various methods that will suit you the best. These including

  • Payment cards Visa, MasterCard, Visa Electron, Maestro,
  • Wire transfers (including cheap and fast SEPA transfers in EUR),
  • Via bank guarantees
  • E-wallets

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.

What is the minimum deposit for Dukascopy?

The minimum deposit amount for Dukascopy trading is set to a 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.

Withdrawals

As Dukascopy serves its business as a leading Swiss bank, you also able to enjoy the 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 funds 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, so be sure to verify those applicable conditions.

How do I withdraw money from Dukascopy?

All the money management and transactions are done via your online account area once you open an account with Dukascopy.

Dukascopy withdrawal

Trading Platforms

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

ProsCons
Proprietary trading platform JForexNone
User friendly design and login
Price alerts
MT4 Included
Supporting many languages Technical analysis and powerful features
Access to MarketPlace

Desktop platform

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

JForex platform 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.

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, 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 does not provide an MT4 platform to access to Swiss Forex Marketplace (SWFX) or some particular instruments, rather designed for CFD trading.

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

Mobile Apps

There are mobile apps also included into the package, allowing to stay on the go, control your positions and even perform simple analysis. 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 platfrom

Customer Support

Another one of the great points to mention within our Dukascopy review is its highly qualified customer support available around the clock and giving relevant answers for any question you may have. We test its service and got scored them at the highest points for quick response, relevance and overall ranking. Which all in all is one of the pros from Dukascopy as well.

ProsCons
Quality customer support with live chat, phone linesNone
Fast response, relevant answers
Available 24/7

Education

As for the education 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. So overall, we found Dukascopy education at a very good level for all.

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.

ProsCons
Education Courses, Webinars, Dukascopy TVNone
Trading community
Market research, technical analysis
Free 30 day Demo account

Dukascopy education

Conclusion

The Dukascopy Review showed a Swiss bank that brings a reliable and competitive offer to the market while including 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.

Traders 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.

Nevertheless, please be free to share your thoughts with us or ask a question through the comment area below.  

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