Dukascopy Broker Review

Dukascopy_broker review

Dukascopy is a well-established international Swiss bank that offers innovative online trading solutions in the global markets of Forex, Crypto, CFD, binary trading and bullion, which is a non-ferrous metal used in the production of coins.

Since the 1990s, Dukascopy has evolved from a traditional Swiss bank to an internet-based trading platform with MT4 functionality, ECN accounts and Automated trading tools.

Dukascopy has perfected the art of swift, secure transactions and boasts over 20 years of experience in banking and transactions.

Dukascopy truly understands the needs of its customers and has put a great deal of thought into designing a platform that is easy to use.

What makes Dukascopy uniquely attractive, is the navigation of their website and the way they anticipate the needs of traders.

All company documents, including financial reports, awards, as well as all the tools, resources and instruments they offer, can be accessed with one click.

 

Overview of Dukascopy

Time to open an account Immediate, 1 day for verification
Bonus No
Publicly traded – listed on stock exchange No
Country of regulation FINMA, FSA
Trust score 90
Platforms MT4, MT5
Mobile App iPhone, iPad, Android
Copy Trading Yes
Islamic account Yes
Demo account Yes
Base currencies 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
Ave spread EUR/USD From 0.1 pips
Leverage Up to 1:200
Trading fees (low, average, high) Low
Minimum deposit $1000
Withdrawal fee 0
Currency pairs 60
Cryptocurrency trading Yes
Deposit with electronic wallet Yes

 

Dukascopy Pros and Cons

✔️Pros ❌Cons
Impressive product offering Website may intimidate some users
Islamic and demo accounts available Educational resources are neglected
Customer assistance is reliable Chat panel cannot be closed
Over 600 assets to trade with Minimum deposit is high at $1000USD
Strict compliance with Swiss banking regulations
High-end leverage offering at 1:200
Professional proprietary trading platform
Innovative tools, along with contests and bonus rewards

 

Regulations

Dukascopy complies with stringent regulatory standards and is fully compliant with the Swiss Financial Market Supervisory Authority (FINMA)​, operating as a licensed Swiss bank and regulated by Japan’s Financial Services Agency (FSA).

The benefit of being licensed as a Swiss bank means that Dukascopy operates under much stricter regulations than Forex brokers do, and the compliance requirements are far more demanding.

They highly value transparency and accessibility to company documentation, ensuring that clients have peace of mind that their funds are secure at all times.

Unlike most brokerages, their financial reports can be accessed directly from the website by anyone, along with a comprehensive fee schedule that provides full disclosure of all fees charged.

Clients can rest assured that deposits of up to CHF 100,000 (Swiss franc) are protected under FINMA regulations and secured in top-tier financial institutions, in the unfortunate event of insolvency, and this reserved capital is extended to clients internationally and in any currency.

They are lenient regarding negative account balances and price history can be verified by clients at any time.

 

Leverage

Leveraged trading exponentially increases your potential rewards, potentially increasing the value of your initial deposit by up to 500 in some instances.

However, it is important to understand the risks of margin and trading with a leveraged account because if your trades are unsuccessful, you may become heavily indebted to your broker.

Under Swiss banking regulations, Dukascopy is authorized to offer a maximum leverage of 1:200, with 1:100 being the default leverage rate during normal trading hours.

Leverage can be lowered and higher leverage, up to 1:200, can be requested. Leverage over weekends and public holidays will change to either 1:30 for accounts capped at 1:100, or 1:60 for accounts capped at 1:200.

 

Account Types

Dukascopy gives traders the opportunity to choose from several different accounts to begin their trading or banking journey:

  1. Forex ECN Gold accounts – an alternative to purchasing physical gold, the trader can hold gold and exchange it for supported currencies.
  2. Forex ECN Managed accounts – gives traders access to fully functional PAMM (Percentage Allocation Management Module) environments, with stop-loss limits, and reporting and risk management tools. Demo accounts are available for this type.
  3. MT4 accounts – provides direct access to SWFX, using a popular trading platform with innovating reporting and trading features. Offers hedging, alerts and Expert Advisors.
  4. Multi-currency Banking accounts – suitable for daily transactions and supports 23 currencies, including gold. Compatible with most bank cards includes online account management with 24/7 multi-lingual support. Can be linked to a crypto exchange platform or used for investing in commodities and making transfers.
  5. Private Banking Savings accounts – used as a vault by high net-worth individuals, who would prefer to store their funds in the custody of a Swiss bank. Suitable for large deposits and making investments into commodities, Forex and Crypto. Includes a personal account manager and supports American Express credit cards, Mastercard and Premium Visa cards.

 

Dukascopy offers access to demo accounts that can be used for 30 days, along with Islamic accounts and an incredible selection of trading and account management tools.

 

Market Instruments

What makes Dukascopy unique is its product offering of 653 trading assets, which consists of 593 CFDs and 60 currency pairs.

Their offering also includes metal CFDs, such as gold, silver and copper; along with energy CFDs, such as Gas oil, Natural gas and Crude oil.

There is also the option to trade with stock CFDs, including coffee, cocoa, sugar, orange juice and cotton.

Dukascopy has a unique offering of more than 500 share CFDs for popular companies from the US, EU and UK, and clients can trade with Bitcoin and Ethereum.

 

Fee Structure

All fee structures can be viewed directly on the website under the “fee schedule” section and fees may vary depending on your region and jurisdictional regulations, as well as spreads and margins used.

Commission fees are charged on trades, with the lowest cost starting at $3,50 per 100,00 lot per side, but the commission fee decreases the larger the account and the higher the volume of trades.

The price charged for commission also depends on your account balance, with balances greater than $10 mil dropping to $1,00 per lot per side.

Additional fees include service fees for SMS notifications, card payment fees for deposits and withdrawals, minor account maintenance fees for Private banking and custody of gold, currency exchange fees, penalty fees and overnight rollover fees.

Some traders may be overwhelmed by the list of fees charged, but it is important to remember that Dukascopy offers premium banking services with advanced trading tools and professional account management services that might not be offered by most other brokerages.

 

Deposits and Withdrawals

Accounts can be funded using any of the supported currencies, including USD, CHF, EUR, GBP, RUB, AUD, SGD, CAD, CZK, DKK, MXN, HKD, HUF, ILS, JPY, NOK, TRY, NZD, PLN, RON, CNH, SEK, XAU and ZAR.

Supported payment options are bank transfers, card payments, Skrill, Neteller and Crypto.

Internal bank transfer deposits and deposits made with cryptocurrency are free of charge. With less than 2.5% being charged for deposits made by card payment, Skrill and Neteller.

The minimum amount for a deposit is $100 USD for Dukascopy EU and $1000USD for Dukascopy Swiss.

Withdrawals are not free under any circumstances, but card payments and Neteller may be the most affordable options.

 

Trading Platforms

Dukascopy offers several great platforms to traders:

  • MetaTrader 4 – a popular trading platform with advanced reporting and trading tools
  • Web Trading – Jforex platform designed specifically to be used on your desktop
  • Mobile Trading – fully functional platform developed for Android and IOS devices

 

Dukascopy has many years of experience in the industries of banking and trading, and they have developed their platforms specifically to cater to the needs of different types of traders.

 

How to Open a Dukascopy Account

Creating an account with Dukascopy is easy and involves the following steps:

  1. Visit the website and select the account type you wish to open at the top of the page
  2. Fill in all your details
  3. Supply documentation confirming identification and citizenship
  4. Answer some trading preference questions about trading goals and trading experience
  5. Accept terms and conditions and create a password
  6. Choose your payment option and fund your account
  7. Select your preferred trading instruments
  8. Download and install the trading platform
  9. Begin your trading journey!

 

Customer Support

Unlike most brokerages, Dukascopy’s support team is available to assist you 6 days of the week, 24 hours a day.

You can request a call-back or visit the FAQ section on the website to see if your questions have already been answered.

Their platforms also support live chat support during working hours, and you can email them directly or report an issue through the website.

 

Educational Resources

Dukascopy is loaded with explanations of every product they offer, along with detailed descriptions of the accounts they offer and how they work.

Their websites contain all the information you could possibly need to understand how the company operates, how the fees are scheduled, what the different types of instruments are and how to use the tools and features provided.

Their trading community is an ideal learning environment, where you can ask for advice from more experienced traders and share strategies, challenges and solutions with other traders on the support forum.

Beyond this solid support structure and resource base, there is also a selection of video tutorials, webinars and wiki articles that you can use to refine your knowledge and understanding of trading and banking.

A unique feature of Dukascopy is their TV, which streams multi-lingual trading programs such as Crash Dummy Dollar, Building Blocks and Market Glance on more than 15 stations.

 

Research Tools

Dukascopy may very well be one of the most advanced trading platforms currently, back up by the credibility of trading as a licensed Swiss bank.

Their Wiki section is especially useful for curious traders who would like to understand more about using APIs and indicators, or seek insight into using reports, orders and account management tools.

The wiki can be used along with video tutorials to learn more about using MT4 platforms, Binary options and Jforex.

Other trading information can be extracted from economic calendars, technical analysis, charting, market news streams and market sentiment indicators.

 

Accolades

Dukascopy has received more than 20 awards since its inception, including but not limited to:

Forex Broker Awards:

  • 2014 – Best Forex Bank, awarded by MENA 13th Forex show in Dubai
  • 2015 – Best PAMM Service Broker, awarded by the Forex Expo
  • 2015 – Binary Options Broker of the Year, awarded by FxCuffs (Poland)
  • 2015 – The Best Forex Brand, awarded by China Financial Investment Expo
  • 2016 – Best Forex Bank, awarded by Forex Stars
  • 2017 – Best Provider of Liquidity, awarded by IAFT Awards
  • 2018 – Best Forex ECN/STP Broker, awarded by London Forex Show
  • 2018- Best Forex Bank, awarded by China (Shenzhen) Forex Expo
  • 2020 – Best bank Broker, awarded by Traders Union Awards

Forex Platform & Tools Awards:

  • 2016 – Best Global Professional Trading Platform, awarded by China (Shenzhen) Forex Expo
  • 2018 – Best Mobile Trading, awarded by Forexbrokers.com
  • 2018 – Best Platform and Tools, awarded by Forexbrokers.com
  • 2019 – Best Forex trading apps, awarded by Forexbrokers.com
  • 2020 – Best Technical Analysis Platform, awarded by The Technical Analyst
  • 2020 – Best FXRESEARCH, awarded by The Technical Analyst

 

Conclusion

Dukascopy understands what traders need to be successful. They provide trading and banking solutions that are suitable for any type of trader or entity and have one of the widest, most advanced product offerings currently on the market.

What makes Dukascopy unique is its hybrid account types, tailored to the needs of banking-oriented individuals or traders who would prefer to have their funds secured under the custody of a Swiss bank and still have the freedom to make investments using their bank accounts.

Not only have they been trusted as a banker and broker by millions of people since the ’90s, but they have also received numerous rewards for their exceptional services, innovative products and matured platforms.