Dukascopy Review

Dukascopy is a reputable online broker and bank based in Switzerland. They offer a wide range of trading options, including forex, CFDs, and binary options. Users can access these markets through their user-friendly platforms such as JForex, MetaTrader 4 (MT4), or the webtrader platform. In this comprehensive review, we will delve into the various aspects of Dukascopy’s offering. We will discuss essential topics such as minimum deposit and margin requirements, withdrawal options, available trading tools, spreads, and much more. By the end of this review, you will have a thorough understanding of what Dukascopy has to offer in terms of their services and features.

What is Dukascopy?

Dukascopy is a brokerage company which was established in 2004 by Dr. Andre Duka and his partner, Veronica Makarova. Dukascopy is a financial institution based in Route de Pré-Bois 20, Geneva, Switzerland. The broker and bank hold licenses from Switzerland’s regulatory body, the Swiss Financial Market Supervisory Authority (FINMA). This license ensures that Dukascopy operates under strict regulations and standards to provide secure and reliable services to its customers.

Dukascopy Europe, a subsidiary of the company, specifically serves the European market. It operates under the supervision of the Financial and Capital Market Commission (FCMC), ensuring compliance with regulatory standards.

Dukascopy made a significant move in 2006 by launching its banking division, where they started providing current accounts and credit card services. This marked an expansion of their services to cater to the banking needs of their customers. In 2015, Dukascopy further expanded its e-banking services by acquiring Alpari Japan K. K., a bank regulated by the Financial Services Agency of Japan (JFSA). This acquisition enabled Dukascopy to strengthen its presence in the Japanese market and offer an even wider range of financial services.

Over time, the Duskacopy Group has experienced tremendous growth in terms of its net worth. With offices located across various cities such as Geneva, Zurich, Kiev, Tokyo, Hong Kong, Kuala Lumpur, and Riga in Latvia, the company now boasts a workforce of over 300 employees.

Pros

  • Simple up/down forecasts on global assets are possible with binary options and CFDs.
  • Dukascopy provides its traders with both its own robust proprietary platform and the widely used MT4 platform.
  • A reputable online broker and bank based in Switzerland
  • Heavily supervised brokerage, with Swiss FINMA’s watchful eye included.
  • Low $100 entry point for deposits
  • Currency options include US Dollars, Euros, and Swiss Francs
  • Welcome bonuses and discounts are available.
  • Investing in a large list of assets from stocks to cryptocurrencies
  • In addition to the broker’s own TV channel, instructional resources, and vibrant online community, the firm also maintains its own television network.

Cons

  • Most payment methods are charged with fees ranging from 1.2% to 2.5%
  • The cost of a withdrawal can reach up to $50
  • $40 in inactivity fees after one year

Accepted Countries

Dukascopy welcomes traders from various countries, including Australia, Thailand, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Luxembourg, Norway, and countries such as Sweden and Italy.

Additionally, Dukascopy accepts traders from, United Arab Emirates, Saudi Arabia Kuwait, Qatar and majority of other countries.

Unfortunately, individuals from Afghanistan, Iran, United States, Belgium, Israel, and Canada are restricted from using Dukascopy trading services.

Trading Platforms

Dukascopy provides a wide range of trading platforms for its users. Account holders can enjoy access to the broker’s own JForex platform, which offers unique features and functionality. Additionally, they also have the option to use the popular MetaTrader 4 platform, which is well-known and trusted by traders worldwide. If you’re into binary options trading, our website has a main focus on that. You’ll be pleased to know that Dukascopy also provides the Web Binary Trader system, which can be of great interest to you.

MetaTrader 4

Traders on the Dukascopy platform can now utilize the widely adopted MT4 system through a third-party bridge. This integration enables users to leverage the features and capabilities of the MT4 platform while benefiting from Dukascopy’s trading services. Traders who prefer to view forex data, gold charts, and live price quotes on MT4 can now do so with ease. This allows them to have a more comfortable trading experience and access the information they need for making informed decisions in real-time. In addition to its basic functionalities, MT4 offers a range of additional features to enhance your trading experience. These include an economic calendar, widgets, and advanced charting tools. The economic calendar helps you stay updated on important upcoming events that can impact the market. Widgets provide quick access to useful information and data right from your trading platform. Lastly, advanced charting tools allow for in-depth analysis and technical indicators to make more informed trading decisions.

Duksacopy has taken a step in the right direction by offering the widely acclaimed MetaTrader 4 platform, which is considered the industry’s leading software. This move puts them in line with other renowned brokers like ZuluTrade, Pepperstone, Oanda, and XTB who also provide access to this powerful trading platform. Unfortunately, Dukascopy traders do not have access to the MetaTrader 5 (MT5) Trading platform.

MetaTrader 4

Web Binary Trader

Dukascopy’s Web Binary Trader offers a convenient and easy way to access the binary options market. With one-click trading functionality, users can quickly execute trades. Additionally, the platform provides predetermined payouts and clearly defined risks, allowing users to make informed decisions.

When it comes to in-the-money contracts, the potential returns vary between 70% and 90% of the premium that was initially paid. You can start trading with as little as $1, making it accessible to a wide range of individuals. Additionally, there are no commissions or hidden fees involved, which means you can keep more of your earnings.

The platform for trading binary options is designed to be clean and intuitive, making it easy for users to navigate and understand. This user-friendly experience enhances the overall trading process.

Binary Options WebTrader

JForex

The JForex platform is highly recommended for those interested in technical trading and utilizing automated strategies. It offers exceptional functionality and can be conveniently accessed either by downloading it as a desktop application or directly through a web browser. Traders have the advantage of using a range of powerful tools when it comes to analyzing market sentiment. They can access online charts, which come equipped with 24 drawing tools and over 250 indicators and chart studies. This comprehensive toolkit enables traders to make informed decisions based on in-depth market analysis.

Dukascopy’s JForex platform has proven to be highly effective for automated trading. Its features, such as cloud storage and VPS services, enable strategies to execute continuously, even outside of regular trading hours. This ensures optimal performance and maximizes opportunities in the market.

If you’re in need of detailed historical tick data, you’re in luck. Dukascopy offer a comprehensive feed that goes all the way back to 2003. It’s developed on a Python API, making it accessible and easy to work with. The data quality is exceptional and can be exported for in-depth analysis as well.

When comparing JForex platform with other systems like Interactive Brokers (IB), FXCM, NinjaTrader, Saxo Bank, CMC Markets, it is clear that Dukascopy’s software stands out. It offers a competitive experience and holds its own against proprietary and white label systems provided by these renowned brokers.

JForex

How To Trade At Dukascopy?

To initiate a trade with Dukascopy, clients are required to visit the broker’s website and go through a series of steps. These steps are necessary for ensuring a smooth and secure trading process.

  • To access the trading feature, navigate to the left-hand menu and click on the option labeled ‘trading’. Once you’re in the trading section, look for the button labeled ‘create order’ located at the bottom of the page. Click on this button to proceed with creating a new order.
  • To place your order, make sure to provide the following details:1. Account number2. Specify whether it’s a buy or sell order3. The name or ticker symbol of the security you’re trading4. The size of the trade, which could be in terms of the number of shares you want to buy/sell.5. Choose between a limit order or a market to limit order.6. Specify your desired limit price.7. Decide on the validity period for your order – options include good til cancel (GTC), good for day (GFD), or good til date (GTD).
  • Confirm the order

Assets and Markets

Duskacopy offers an impressive selection of over 500 instruments across various markets, including 19 cryptocurrency pairs. What sets them apart from other brokers is their inclusion of binary options, which adds to the range of choices available to traders.

Assets include:

  • Forex
  • Stocks & shares
  • ETFs
  • Indices
  • Commodities
  • Bonds
  • Metals
  • Gold
  • Oil
  • CFDs
  • Binary options
  • Cryptocurrencies

Binary Trading

Dukascopy provides a range of trading options, including binary options on currency pairs, stocks, and indices. They offer not only these options but also provide traders with powerful tools and valuable market insights to enhance their trading experience. Users have the advantage of flexible contract sizes when using this service. Additionally, their deposits are protected by EU law, ensuring a level of security and peace of mind. However, it’s important to note that the starting investment for this service is slightly higher at $1000 compared to other binary options brokers.

Forex Trading

Dukascopy stands out in the forex trading industry by offering a wide range of currency pairs, including over 60 options. This gives forex traders access to a variety of major, minor, and exotic pairs. With such diversity, Dukascopy has something to satisfy the needs and preferences of most traders in the market. This reputable and regulated forex broker offers high leverage up to 1:100, which is considered a good amount for currency traders. In addition, they provide access to excellent software options such as MT4 and JForex.

Stocks Trading

Dukascopy is a platform that enables users to trade stocks and shares from some of the biggest indices and companies globally. With Dukascopy, you can access markets in North America, Europe, and the Pacific region. The platform offers competitive pricing, ensuring you get the best deals when trading. One of the standout features of this broker is its comprehensive market research. This includes both technical and fundamental analysis, providing you with valuable insights into potential trading opportunities. Additionally, they offer trading ideas and even have a dedicated TV channel to keep you updated on the latest market trends.

CFD Trading

Dukascopy is a platform that provides highly leveraged CFDs (Contracts for Difference) with rates of up to 1:200. They offer a diverse range of asset classes, including currencies, equities, commodities, ETFs and cryptocurrencies. This allows traders to have access to various markets and explore different investment opportunities. Traders can benefit from tight spreads starting at just 0.1 pips, which is advantageous for executing trades. Additionally, traders have access to round-the-clock support, ensuring assistance is available at any time of the day.

Crypto Trading

Traders have the opportunity to take positions on popular cryptocurrencies against the US Dollar. This means they can speculate on the price movement of these digital assets and potentially profit from both rising and falling markets. With leverage of up to 1:5, traders can amplify their potential gains or losses, allowing for more flexibility in their trading strategies. Dukascopy prioritizes the safety and protection of their clients’ funds. In the unfortunate event of broker insolvency, clients can have peace of mind knowing that they are covered for up to CHF 100,000. This measure ensures that clients’ investments are safeguarded and provides an added layer of security.

Dukascopy’s Awards

  • Best for Cryptocurrency trading in UAE, 2022
  • Best FX Research, 2022
  • Best ECN Broker for Beginners, 2021
  • Best Bank Broker, 2020
  • Best Technical Analysis Platform, 2020
  • Best Forex Trading Apps, 2019

Current Promotions

Get A 20% Discount On Commissions At Dukacopy

Spreads, Fees and Commissions

When it comes to live spreads and trading fees, Dukascopy performs quite well. Popular currency pairs like the EUR/USD and USD/JPY have average spreads of around 0.3 to 0.4 pips, which is considered competitive in the industry. This means that traders using Dukascopy can benefit from relatively tight spreads during their trading activities.

When it comes to trading costs, having a default commission rate of 0.7 pips is quite common. This brings the average total trading cost to around one pip, which is comparable to what other providers offer.

The broker has a tiered pricing structure for spreads and commissions based on trading volume. This means that active users can enjoy discounts on their fees. As an illustration, traders who frequently engage in overnight positions can enjoy reduced rollover fees. This is achieved through the publication of swap rates on the ‘Overnight Policy’ page.

Please be aware that if you have a Dukascopy account and do not open any positions for a duration of one year, an inactivity fee of up to $40 may be applied. It is important to keep this in mind to avoid any unexpected charges on your account.

Dukascopy Leverage

Default leverage for retail accounts typically allows for a standard leverage of up to 1:100, but it may be reduced to 1:30 on the weekends. This leverage system is in place to provide flexibility and control for traders when conducting their operations. When you open an account, the use of leverage and margin requirements are discussed and agreed upon. The maximum leverage available is set at 1:200. This means that you can amplify your trading positions up to 200 times the initial investment amount. It’s important to understand these terms and their implications before engaging in any trading activities.

If you are looking for a margin calculator, you can find one on the Dukascopy website. It’s a helpful tool that can assist you in calculating margins for your trades.

Dukascopy App

The Dukascopy mobile app has been receiving positive reviews from users. It is compatible with both iOS and APK devices, ensuring a wide range of accessibility. The app offers integrated market signals, allowing users to stay updated on market trends. Additionally, customizable alerts and seamless chart operations enhance the overall user experience.

Mobile accounts have access to an impressive range of 46 technical indicators, which is considered above the average. This wide selection of indicators allows users to make more informed decisions when it comes to analyzing market trends and making trading decisions on their mobile devices. With Dukascopy, you’ll not only have access to level-two quotes, but also a variety of order types that are interconnected. Additionally, you can explore a library of strategies contributed by the active Dukascopy community.

Furthermore, when utilizing Duksascopy’s mobile app, we discovered that it offers valuable research tools and newsfeeds. Additionally, the app provides live chat support to assist you in case you encounter any issues related to forex trading.

In addition to trading on their mobile devices, users can also stay up-to-date with events related to their trading accounts. They receive notifications about market triggers and are able to set custom price levels for these updates. This allows them to stay informed about the latest market information. Although it’s important to note that these alerts do come with a fee of 0.07 EUR, it’s reassuring to know that the service is accessible to all active traders.

Deposits and Withdrawals

Opinions on the deposit and withdrawal options offered by Duskacopy.com are diverse, with reviews displaying both positive and negative feedback.

Clients have various options for making deposits with this broker. They can use prepaid debit and credit cards, as well as bank transfers. In addition to these traditional methods, the broker has also included eWallet options like Skrill and Neteller. Furthermore, clients even have the option to fund their accounts using cryptocurrencies.

To get started, you will need to make a minimum deposit of $100. However, it’s important to note that there is a drawback compared to other competitors. Most payment methods on this broker incur fees ranging from 1.2% to 2.5%. When it comes to processing payments, using cards is generally the quickest option. Most card payments are typically processed within one working day. On the other hand, bank transfers may take a bit longer, with processing times of up to two business days.

Dukascopy has set the minimum lot size at 1,000 units of the base currency. This means that traders need to trade at least 1,000 units of the base currency in each transaction on Dukascopy.

When it comes to making withdrawals, users have a range of options to choose from. These include traditional methods like plastic debit/credit cards and bank transfers. Additionally, digital payment platforms such as Skrill and Neteller are also available. For those who prefer cryptocurrency, Bitcoin can be used as well. While there is no set minimum withdrawal amount, it’s important to note that the cost of a withdrawal could potentially reach up to $50. It’s worth mentioning that compared to other leading brokers, this fee may not be as competitive.

The timeframe for withdrawals can vary depending on the method used, typically ranging from same-day to three business days. It’s important to consider this when planning your transactions to ensure timely access to your funds.

To enhance Dukascopy’s payments rating, it would be beneficial to incorporate widely-used payment methods like PayPal. Moreover, reducing the fees for deposits and withdrawals would further improve the overall experience for customers.

Payment Methods

  • Wire Transfer
  • Debit Card
  • Credit Card
  • Mastercard
  • Visa
  • Maestro
  • Skrill
  • Neteller
  • Apple Pay
  • Samsung Pay
  • Bitcoin

How To Make A Deposit

  1. To access your Dukascopy account, please sign in using your login credentials.
  2. To access your account information, you can follow these steps on your computer: first, click on ‘Account’ and then select ‘My Account’. Alternatively, if you are using the app, you can go to ‘Account Settings’. This will allow you to manage and view all the relevant details related to your account.
  3. Click on ‘Deposit’
  4. Please choose a payment method from the available list of supported transfer solutions.
  5. Please provide the required information for the deposit, including the amount, currency, and your account details. This will assist in processing your transaction accurately and efficiently.
  6. After making a deposit, it’s important to confirm the transaction and carefully follow any instructions or prompts displayed by your payment provider on the screen. This helps ensure that your payment is successfully processed and reduces the risk of any potential issues or errors.

Demo Accounts

Dukascopy, a reputable trading platform, provides demo accounts for individuals interested in practicing forex and binary options trading. These demo accounts can be accessed through their JForex and MT4 platforms, giving users the opportunity to learn and familiarize themselves with the trading process before investing real money. To obtain your login credentials, simply sign up for a demo account on the broker’s website. This will allow you to explore and experience the platform firsthand before making any commitments.

By utilizing this feature, you’ll have the opportunity to try out different platforms and strategies on various global markets and indices, including popular ones like the S&P 500 or Nasdaq. You’ll be able to make use of both historical and real-time data for a comprehensive testing experience.

Dukascopy Forex Community members have an exciting new opportunity. They can now apply for an extended demo account that offers a usage period of 28 days. This is double the duration of the standard demo accounts, which are typically available for 14 days.

Bonus and Promotions

Dukascopy provides a range of bonuses for its users. Among them is a 10% equity bonus, which can be claimed if you make a deposit within 30 days of your last account deposit. This bonus can be a rewarding opportunity for Dukascopy traders looking to boost their equity. You can take advantage of a volume trading discount to save on costs. This discount can help you reduce expenses by as much as 20%.

Moreover, Dukascopy offers a convenient 100% account deposit option. Additionally, by referring a friend through the ‘Introducing Broker’ program, you can enjoy a significant benefit of a 100% discount on trading commissions, with a maximum limit of up to $100.

To ensure fair and regulated trading practices, it is important to note that the combined value of active trading bonuses on an account cannot exceed $50,000. This limit is put in place to maintain transparency and prevent any potential misuse or manipulation of bonus offers. In addition, there are specific volume requirements for receiving a bonus that must be met within a year. These thresholds can be as high as 30,000 times the account equity, including the bonus amount, at the time of applying for the bonus.

While it is true that bonuses offered by this broker are reasonable, it is worth noting that there may be more enticing offers available at other brokers. It may be worthwhile to explore different options and compare the bonus offerings before making a decision. To stay updated on any potential no deposit bonuses and registration offers, it’s advisable to regularly check the ‘Bonus’ page on Dukascopy. This way, you won’t miss out on any advantageous opportunities that may arise.

Regulations and Licenses

Dukascopy, a prominent financial institution, is regulated by the Swiss Financial Market Supervisory Authority (FINMA), known for their strict regulations and oversight. This ensures that Dukascopy operates within the established standards and provides a secure environment for its clients. In Switzerland, securities dealers are required to obtain a banking license. This means that they must meet regulatory requirements and adhere to strict financial standards. Dukascopy, as a securities dealer, is also licensed as a bank and ensures that its clients’ funds are protected. In the unfortunate event of the broker going bankrupt, clients are safeguarded up to CHF 100,000. This provides an additional layer of security for traders and investors.

Dukascopy is a financial institution that operates in Europe and is regulated by the Financial and Capital Market Commission (FCMC). This regulatory body ensures that Dukascopy adheres to the necessary standards and guidelines to protect consumers and maintain fair practices in the financial market. While it’s worth noting that the broker is not regulated by the UK’s Financial Conduct Authority (FCA), its operating license in Europe grants it the ability to provide services and products to individuals residing in the UK.

As per the licensing conditions, Dukascopy is obligated to keep client funds separate from their own company capital. This ensures that clients’ money remains safe and protected. Additionally, there is a negative balance protection mechanism in place to prevent users from losing more than the amount they initially deposited.

Dukascopy is obliged to follow regulations that restrict them from offering their services to residents of certain countries, including the United States.

After conducting a thorough review, we are pleased to report that Dukascopy has proven to be a reliable and trustworthy entity. Our research did not uncover any instances of regulatory violations, further solidifying their credibility in the industry.

Additional Features

Dukascopy provides a wide range of additional tools to enhance your trading experience. You can access newsfeeds from reputable sources like Reuters and MarketPulse, giving you valuable market insights. Additionally, Dukascopy offers a live economic calendar with forecasts, helping you stay informed about upcoming events that may impact your trading decisions.

The broker offers trading contests to give traders an opportunity to assess their skills against their peers. Additionally, the website provides a range of resources such as guides and webinars, specifically designed to assist traders in understanding various instruments or markets like the Dax 40. These tools aim to enhance traders’ knowledge and proficiency in their trading endeavors.

Dukascopy TV

I would like to highlight the Dukascopy TV channel, which is based in Geneva. This TV studio and its team of reporters conduct interviews with industry experts and engage in discussions about market sentiment. Through their programming, they ensure that viewers stay informed about the latest market updates. This resource is unique and sets itself apart from what most established brokers offer. It’s not commonly found in the market, making it a valuable asset for those seeking something different.

Automated Trading

Those who engage in automated trading can have peace of mind knowing that they can utilize algorithmic trading through Dukascopy’s JForex platform and FIX APIs. This allows for precise execution of trades and seamless integration with other systems. You can find various examples of Python scripts and detailed how-to documentation on the website. This will help you understand how to use Python for different purposes in your projects. Additionally, automated strategies can be thoroughly tested against historical data to evaluate their performance before implementing them live. This allows you to make informed decisions based on past results and potentially improve the success rate of your strategies.

Unfortunately, Dukascopy does not offer a local Virtual Private Server (VPS) option. However, they do have a hosting program available for a monthly fee. Dukascopy does not offer copy trading as a feature, which may be a drawback for beginner traders who are interested in this functionality.

Overall though, the broker has a generous range of additional tools.

Account Types

Dukascopy provides traders with the opportunity to open a forex and CFD trading account, as well as a binary options trading profile. With these offerings, users can engage in various types of financial trading activities on the platform. For Islamic traders, there is a swap-free account option that adheres to Islamic finance principles. Additionally, managed accounts are offered with a Percent Allocation Management Module (PAMM) feature.

While it would have been ideal to have a tiered account system that offers additional benefits based on depositing and trading activity, the current system does offer simplicity in choosing an account. Additionally, volume bonuses can still be applied for, allowing users to potentially enjoy certain perks based on their trading volumes.

It’s worth noting that Dukascopy is classified as a true ECN (Electronic Communication Network) broker, which means it operates as an intermediary connecting traders directly to liquidity providers, rather than acting as a market maker.

How To Open A Dukascopy Account

  1. Sign up at Dukascopy
  2. Fill in basic contact details such as name, email address and telephone number
  3. Respond to the email that will be sent by the broker requesting your job situation, income and source of capital
  4. Submit proof of your identity and address. You may also need to send a video for identification purposes
  5. Dukascopy will review the application and confirm whether your live account has been activated

Trading Hours

Dukascopy offers a wide range of products that can be accessed throughout the day. The market opens at 21:00 GMT on Sunday (22:00 during Winter Time) and remains open until 21:00 GMT on Friday (22:00 GMT during Winter Time). This allows customers to conveniently engage with Dukascopy’s offerings around the clock.

The broker offers a smooth and efficient service, eliminating the need for users to adjust to different holiday schedules throughout the year.

Dukascopy Customer Support

Dukascopy’s customer service is available round the clock, operating 24 hours a day and 5 days a week. They cater to customers in 12 different languages, ensuring effective communication and support for a diverse range of clients. No matter which part of the world you are from, there is support available for you. Whether you are located in Europe, Indonesia, India, Ukraine or the UAE, assistance can be obtained.

  • Live chat – found in the bottom right-hand corner of the broker’s website
  • Email – support@dukascopy.com
  • Telephone – +41 22 799 4888

When reaching out to customer support, you can expect a prompt response within just a few minutes. The representatives are well-equipped to address various queries, including those related to banking and platform login problems. They can assist you with issues such as ‘account locked 823’ or ‘authentication failure 801’ error messages. In addition, there are responsive community forums available for MT4 and JForex platforms. These forums serve as valuable resources where users can find answers to the majority of their technical platform-related inquiries.

To stay informed about the latest news from Dukascopy, it is recommended to regularly check their social media channels. This is where they share updates and announcements in real-time, ensuring that you are always up to date with their latest developments.

To access the jobs and affiliates portals on the broker’s website, you can find them at the bottom of the page. Just scroll down and you’ll find links to these sections.

Security and Safety

Dukascopy places a strong emphasis on security and implements industry-standard procedures to safeguard sensitive client data. One of these measures is the use of website encryption, which helps ensure that information shared on their platform remains secure. While the MT4 trading platform offers the convenience of using a one-time-password (OTP) for security, it’s worth noting that the JForex platform has limited security measures in place. To enhance user protection, implementing 2FA is highly recommended. This additional layer of security will require users to provide two forms of identification, significantly reducing the risk of unauthorized access and potential breaches.

Dukascopy Bank provides a safeguard for its clients by offering protection up to 100,000 CHF against insolvency through the platform esisuisse. This measure ensures that clients’ funds are secure in case of any unfortunate circumstances.

Conclusion

Dukascopy is an established online broker known for its reliability. They offer a diverse range of trading products, including CFDs, forex, and binary options. This allows traders to have a variety of options to choose from when it comes to their investments. According to our experts, this brokerage platform is highly recommended for automating trading strategies and catering to experienced traders. The platform offers volume discounts, making it even more attractive for those looking to optimize their trading activities. To get started, simply click on the sign-up link below and create your account.