Dukascopy is a Swiss Forex and CFDs brokerage that was founded in 2004. It provides service through MT4 and JForex3 platforms under the FINMA regulation. Dukascopy provides an ECN trading platform on more than 500 trading instruments. However, this broker is costly than the sector average, with no service for US clients.
Pros
- Multiple trading accounts — MT4 and JForex3
- Over 500 tradable products, including forex, CFDs, and binary options
- Lots of educational resources, market analysis, and Dukascopy TV
- Trusted brand licensed in multiple jurisdictions
- Maximum leverage up to 200:1 available
Cons
- Lack of 2-factor authentication
- No US clients
- Limited account types and payment options
Dukascopy is a Swiss Forex and CFDs brokerage founded by Dr. Andre Duka and Veronica Makarova. It provides retail trading services under the regulation of the Swiss Financial Market Supervisory Authority (FINMA). The core services of this broker are foreign exchange, CFDs, bullion, and Binaries through MT4 and its proprietary platform.
Moreover, Dukascopy has multiple subsidiaries to provide services on some specific continents. Dukascopy Europe includes service to the European market under the Financial and Capital Market Commission (FCMC). Dukascopy Group’s other offices are located in Hong Kong, Riga, Kyiv, Moscow, and Tokyo.
Moreover, Dukascopy Bank owns Dukascopy Europe IBS AS, a European licenses broker based in Riga. Dukascopy Japan is another Type-1 broker located in Tokyo. Currently, the Dukascopy group has more than 300 staff worldwide.
Regulation
Dukascopy is a Swiss broker regulated by the Swiss Financial Market Supervisory Authority (FINMA). We have found FINMA as a strict and trustworthy regulation during our review, and we did not find any information regarding the breach of regulations by Dukascopy. Securities dealers in Switzerland should be licensed as a broker. The best part of the broker is that Dukascopy clients’ funds are protected up to CHF 100,000 if the broker goes bankrupt.
In Europe, Dukascopy is regulated by the Financial and Capital Market Commission (FCMC). However, the broker is not regulated by the UK’s Financial Conduct Authority (FCA), but it has a license to operate businesses in Europe, including citizens from the UK.
Based on Dukascopy license documents, clients’ funds are separate from companies capital on a segregated account. It also provides negative balance protections confirming that investors do not lose more than their initial investment.
Based on funds safety and balance protection, Dukascopy is a trustworthy broker despite some drawbacks. It does not provide social trading opportunities through its platform nor provides services to some countries, including the US.
Account Types
Dukascopy provides trading opportunities in different account types to cover both traders’ and investors’ requirements. Here, you can take trades with the ECN platform or enjoy trading from a sophisticated social trading platform.
Dukascopy forex/CFDs ECN account
Dukascopy offers trading currency pairs and precious metal trading opportunities for retail and institutional traders. Through the Dukascopy ECN account, traders can feel the real professional trading experience as it covers all requirements to be an ECN account.
Other features of the Dukascopy Forex/CFDs ECN account are mentioned below:
- Same liquidity for both retail and institutional traders.
- Supports all types of trading strategy, including news trading, scalping, hedging, etc.
- The account is available on multiple currencies from 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.
- Multiple deposit methods, including Wire transfer and Credit/Debit Cards.
- Clients have the protection of up to CHF 1000 against insolvency risk.
- Lot size starts from 0.01
- The minimum deposit is $100.
Dukascopy multi-currency account (MCA)
The multi-currency account is suitable for retail traders with wealth below $100,000. This account is applicable for traders all around the world with an innovative solution.
Other features of this account are mentioned below withdrawal trading:
- Fund protection up to CHF 100,000.
- 23 available currencies.
- Deposit option through Visa/MasterCard, Apple Pay, Samsung Pay, Skrill, Neteller, etc.
- Inter-bank exchange rate.
- 24/7 support via live chat and email.
Dukascopy gold account
Dukascopy gold account is an alternative to purchasing physical gold. Investors are not required to buy gold; instead, they can get attractive exchange rates from the Dukascopy Bank.
Other features for the Dukascopy gold account is mentioned below:
- Deposit opportunity from multi-currency accounts.
- A custody fee is applicable for XAU accounts.
- Fund protection up to CHF 100,000.
- Investors cant withdraw physical gold; instead, they will receive its equivalent in any currency.
- The account opening requires consultation with the account manager.
Dukascopy managed account
The main aim of the managed account is to appoint a trader on clients’ accounts. Dukascopy provides a unique environment of social trading with the following features:
- Multiple trading orders with stop-losses and limit orders.
- Advanced PAMM account.
- Opportunity to provide individual stop losses.
- Identify traders’ performance with numerous risk management and performance tools.
- ECN liquidity of SWFX.
Fees and Commissions
Dukascopy fees are comparatively high as it provides trading with an ECN environment and lots of features, including insurance, gold account, massive trading instruments.
Trading commission
Dukascopy takes $10 per 1 standard lot trade as a commission. This volume commission is deducted from the account as soon as traders open trades. However, the volume commission rate depends on the deposit amount, equity, and trading volume, as shown in the image below:
Besides, Dukascopy charges an overnight fee to keep trades opening overnight. The rate depends on the trading activity and volume.
SMS notification fee
Besides trading costs, traders have to pay a charge to get notifications through SMS. The SMS service includes a statement by their subscriptions. The SMS charge is EUR 0.07 per SMS, and it will be converted in case of other deposit currencies.
Deposit and withdrawal fee
Deposit through Bank transfer is free, but it may require some fees following banks policy. Payment through cards requires fees from 1.2% to 1.5%. However, deposits through cryptocurrencies are free.
Besides deposit, investors should pay some fees on withdrawal, as shown in the below image. However, there is no charge regarding internal transfers.
Payment options
Dukascopy has both bank and electronic payment options where the minimum deposit requirement is $100.
Dukascopy deposit & withdrawal options
Dukascopy bank transfer has multiple currencies, including SEPA transfers in the euro. The fund transfer requires 1-2 business days to complete. Besides, Dukascopy supports Mastercard, Visa, Maestro, and Visa Electron as an eclectic payment method.
Other deposit options are mentioned in the image below:
Dukascopy allows internal transfer between accounts without any fees, but you have to follow the same deposit methods if you want to make a withdrawal. The detailed fee schedule of Dukascopy withdrawal and deposit is shown in the image below:
Available Markets
Now, we will see the list of available markets on the Dukascopy platform. You can diversify your trading portfolio from forex, stocks, indices, commodities, and cryptocurrencies.
Forex
- Lots of trading instruments to buy and sell from one place.
- Trading opportunity in MT4 and JForex Platform.
- Automated trading in any currency pairs.
CFDs trading
- Dukascopy offers trading opportunities in CFDs of 6 commodities, 19 indices, 3 bonds, stocks, and ETFs.
- Stock CFDs are available from the following countries: Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Japan, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Italy, Ireland, United Kingdom, and the USA.
Cryptocurrencies
- Dukascopy offers to trade in Bitcoin, Ethereum, and Litecoin.
- The minimum contract size for BTCUSD is 0.01.
- 24/7 trading opportunity.
Binary
- Dukascopy offers binary options trading in 17 currency pairs in the SWFX marketplace.
- Available currency pairs are: AUD/JPY, AUD/USD, CAD/JPY, EUR/AUD, EUR/CAD, EUR/GBP, EUR/JPY, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY.
Trading Platforms
Dukascopy provides MetaTrader 4 and Its proprietary trading platform to cover all trading needs.
Dukascopy MetaTrader 4 platform
- Account currency: USD, EUR, GBP, CHF, PLN
- Deposit currency: USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY, XAU, ZAR
- Margin call level: ≤100%
- Stop out level: ≤50%
- Execution type: market
- Hedging: yes
- Expert advisors: yes
- Trailing stop: yes
Dukascopy JForex3 platform
- Manual and automated trading
- More than 250 indicators and charting tools
- Economic calendars, news, and events
- Automated trading
- Historic tester
- Available on the web and mobile platforms
Features
Besides general features, Dukascopy provides more than a trader should know.
Here we will see some elements that Dukascopy exclusively supplies:
Market news and research
- Trading ideas and forecast based on fundamental and technical analysis
- Exclusive technical & fundamental analysis from Dukascopy experts
- Expert commentary on currency pairs
- Trading articles covering essential updates about the market
Customer Support
Dukascopy website is available in 12 languages to cover traders’ from most traders around the world. Moreover, Dukascopy focuses on a user-friendly and straightforward web interface as investors don’t have to struggle to find any required topic from the website.
In particular, Dukascopy provides customer support service by sending us a message, live chat, call-back request, and report an issue.
We have found live chat as the most effective contact method during our review as it provides most of the important instant. Other contact information is mentioned below:
- Main phone (24h): +41 22 799 4888
- Live trading (24h): + 41 22 799 4848
- Live client support (24h): + 41 22 799 4838
- Address: Dukascopy Bank SA, Route de Pré-Bois 20, ICC, Entrance H, 1215 Geneva 15, Switzerland
Review Summary
Dukascopy is one of the top class brokers in the world with maximum funds safety and trading volume. Based on our findings, this broker is suitable for retail traders who want to focus on trading as a profession.
However, this broker is costly than average brokers but finding an ECN platform with a lower cost is challenging. With the JForex platform, Dukascopy allows trading in a sophisticated environment with social trading opportunities. Therefore, considering its overall structure, it is a reliable broker for both traders and investors.
