Dukascopy Review 2024

Quick Links: ▲

• Our Review Method

• What Is Dukascopy?

• Dukascopy Pros and Cons

• Is Dukascopy Safe or a Scam?

• Leverage

• Accounts

• Trading Instruments

• Fees

• Spreads

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

Our review process involves a comprehensive analysis where we compare Dukascopy against over 1000 brokers to assess its performance on key indicators such as security, fees, platforms, trading options, customer service, and education. We gather data from direct experience, user feedback, and extensive research to provide a balanced and detailed perspective.

What Is Dukascopy? ▲

Dukascopy is a pioneering Swiss online bank offering Forex and CFD trading, alongside banking and other financial services through sophisticated technology. At the heart of its brokerage services lies the SWFX – Swiss FX Marketplace, Dukascopy’s own ECN technological solution, and trademark. Founded in 2004, the bank is headquartered in Switzerland and possesses entities in Latvia and Japan, specifically Dukascopy Europe IBS AS and Dukascopy Japan, respectively. In addition to its Geneva headquarters, it has offices in Zürich, Riga, Kyiv, Moscow, Kuala Lumpur, Hong Kong, and Dubai.

Dukascopy Pros and Cons ▲

Pros

• Dukascopy stands out for its high level of security and trustworthiness as a regulated Swiss Bank with a stellar reputation.

• The account opening process is straightforward, offering a plethora of trading opportunities, an ECN account, high leverage, a vast array of trading tools, and userfriendly platforms.

• Exceptional educational resources, support, and versatile funding methods are available.

• Offers competitive conditions for currency exchange, ebanking facilities, credit cards, and an expanding range of banking products, providing traders not only with topnotch trading solutions but also premium banking services.

Cons

• Trading conditions and proposals may vary by entity.

• Higher deposit requirements might be more suitable for advanced traders.

Dukascopy Review Summary in 10 Points

Headquarters: Switzerland

Regulation: FINMA, FCMC, JFSA, DFSA

Platforms: JForex, MT4, Binary Trader

Instruments: Forex, Metals, Cryptocurrencies, CFDs on Indices, Bonds, Shares, Binary Options, etc.

EUR/USD Spread: 0.2 pips

Demo Account: Available

Minimum deposit: $1,000

Base currencies: 23 currencies available

Education: Education materials, Research

Customer Support: 24/7

Overall Dukascopy Ranking

Dukascopy receives an overall ranking of 4.6 out of 5. This is based on our expert analysis, comparing it against over 1000 brokers. It excels in providing safe trading conditions, extensive global coverage, and some of the lowest spreads in the industry.

Is Dukascopy Safe or a Scam? ▲

Dukascopy is not a scam. It is deemed a low-risk broker for Forex and CFD trading due to its stringent FINMA Switzerland regulation and high-security standards.

Is Dukascopy Legit?

Yes, Dukascopy is undoubtedly legitimate. It is regulated by the Swiss Financial Market Supervisory Authority FINMA as both a bank and securities dealer. Its international presence is bolstered by regulatory approvals from FCMC in Latvia, FSA in Japan, DFSA in Dubai, and other regions, enabling it to offer fully legitimate banking and trading services globally. Our ranked Dukascopy Trust Score is 4.6 out of 5, reflecting its excellent reputation, reliable licenses, and regulated operations across various regions, although regulatory standards and protections may vary by entity.

How Are You Protected?

Dukascopy’s business model and operations ensure transparent trading conditions in strict compliance with rigorous requirements. As such, clients and their funds enjoy protection under various governmental institutions, which marks a significant positive aspect in choosing Dukascopy as a broker.

Leverage ▲

Dukascopy Leverage presents a compelling option for traders looking to access higher leverage ratios, which vary depending on the trading instrument due to its Swiss brokerage status. Specifically, Dukascopy allows a leverage level of up to 1:100 for Forex instruments. While high leverage levels enable traders to trade in amounts significantly higher than their account balances, thereby opening up extensive trading opportunities, they also introduce an increased risk of fund loss. Traders are advised to thoroughly understand and learn to use leverage wisely. Additionally, Dukascopy enriches its offering with the innovative Dukascoin tool, providing traders with the unique chance to benefit from additional equity and leverage bonuses as part of the Dukascoin rewards program.

Accounts ▲

Dukascopy provides a range of account types tailored to different client categories. These include an Individual account for single users, a Joint account designed for two individuals, and a Corporate account for businesses.

How to Open a Dukascopy Live Account?

Opening a live account with Dukascopy is a straightforward process. Prospective clients should navigate to the account opening or sign-in page and follow these steps:

• Select and Click on "Open an Account"

• Enter the required personal information (Name, email, phone number, etc.)

• Verify your personal information by uploading necessary documents (proof of residence, ID, etc.)

• Complete an electronic quiz to confirm your trading experience

Once the account is activated and verified, you can proceed with depositing funds.

Trading Instruments ▲

Dukascopy offers a broad selection of trading instruments that goes beyond Forex to include precious metals, CFD trading on various underlying assets like stocks, commodities, and indices, as well as a trading platform for binary options on stocks and Forex. Notably, it also provides a variety of Cryptocurrencies. Trading instruments are categorized according to their class, which defines the trading conditions and associated risks. Detailed information on trading conditions for each category can be found on the Dukascopy website under the forex and CFD tags. However, traders should be well-informed about the conditions and risks associated with binary options, as this instrument may not be available to all individuals. The Markets Range Score for Dukascopy is rated 4.6 out of 5 for its extensive selection of trading instruments across Forex, Metals, Indices, Cryptos, and more.

Fees ▲

Dukascopy's pricing and fee structures vary by the trading instruments, with separate sections for Forex, CFDs, Binary, and Cryptocurrencies, each defining its own fee structure. Typically, fees are incorporated into the total commission, defined as the Volume commission, which is dependent on the Net Deposit, Equity traded, and the traded volume. Additionally, rollover or overnight fees vary, with Regular, Advanced, and Premium rollover policies offering different rates to encourage higher trading activity and better conditions. Account opening and maintenance are complimentary, though accounts denominated in Gold incur custody fees. It is crucial to verify the fee conditions for the chosen instrument to ensure the applicable structure applies. Based on our analysis and comparison with over 1000 other brokers, Dukascopy's Fees are considered average, with an overall rating of 4.45 out of 5. While fees may vary by entity, Dukascopy's overall fees are regarded as favorable.

Spreads ▲

Based on our comprehensive analysis, we observed that the forex fees embedded within the Basic spread for the favored pair EUR/USD stand at an average of 0.2 pips, applicable to all clients. However, the commission rates may vary depending on the trading volume and account balance. The lowest deposit tier incurs a commission of $35 for 1 million traded in forex and $52.5 for CFDs and Metals, positioning these fees as competitively low within the industry.

Dukascopy's Spreads received a commendable low rating, with an overall score of 4.3 out of 5, according to our comparative testing against 1000 brokers. We identified that the forex spreads were significantly lower than the industry's average, with spreads for other financial instruments also proving to be highly competitive.

Deposits and Withdrawals ▲

Our research highlights that Dukascopy Bank supports trading accounts in 23 different currencies, including Gold, encompassing major currencies such as USD, CHF, EUR, GBP, and AUD, among others. The variety of payment methods available facilitates swift fund transfers via Bank Wire, Credit/Debit cards, Neteller, Skrill, among other platforms.

We rated Dukascopy's Funding Methods favorably, with an overall score of 4.6 out of 5. The required minimum deposit is considered average within the industry; however, the fees are minimal or non-existent. This framework also benefits from the diverse account-based currencies, though the availability of deposit options may vary across different entities.

Pros

• Numerous payment methods available

• Unique funding option through Dukascoins

Cons

• Availability of payment methods varies by regulation

The Minimum Deposit set for initiating trading with Dukascopy is $1,000, which, despite appearing high, offers a balanced proposition considering the trading conditions, fees, and options provided. For European traders, an initial deposit of $100 is required to start, compared to the industry average of $500 by most other brokers.

Dukascopy's withdrawal process, facilitated through Dukascopy Bank SA, allows traders to enjoy the benefits of banking services. While incoming transfers are fee-free, outgoing transfers or withdrawals may incur charges based on the currency involved. For instance, a USD account might be subject to a $50 fee for SEPA payments or $10 for Bitcoin withdrawals to crypto-wallets. It's advisable to review the applicable conditions beforehand.

How to Withdraw Money from Dukascopy Step by Step:

Login to your account

Select 'Withdraw Funds' in the menu tab

Enter the withdrawal amount

Choose the withdrawal method

Complete the electronic request with necessary requirements

Confirm withdrawal information and Submit

Monitor the current status of your withdrawal through your Dashboard

Trading Platform ▲

Our expert research indicates that Dukascopy's trading platforms grant access to the Swiss Forex Marketplace (SWFX), alongside CFDs, Forex, Binary, and Cryptocurrency trading options. These platforms are engineered to deliver swift and robust performance across various market conditions.

The bank provides the sophisticated JForex 3 trading platform, accessible via web, desktop, and mobile versions, in addition to the classic MetaTrader 4 trading platform, and Binary Trader for versatile trading experiences.

Web Trading Platform

Dukascopy offers browser-based trading without the need for prior downloads or setups, though a comprehensive feature set is available through desktop trading. The platforms include a wide range of trading orders and slippage control functionality, accommodating both 'Net Position' and 'Hedging' modes. While MT4 is offered, it is tailored more towards CFD trading rather than providing direct access to the SWFX or certain instruments. Nonetheless, traders can utilize a third-party MT4 bridge to connect to the SWFX.

Desktop Platform

The JForex platform, recommended for both manual and automated trading, encompasses a suite of risk management tools and technical analysis features. It supports trading strategies based on JAVA and is optimized for use on iOS or Android devices, as well as through the JForex Web3 interface.

Mobile Apps

Dukascopy's mobile applications ensure continuity of trading activities on the go. These apps are designed for quality trading conditions and are supported by live chat for immediate assistance.

Customer Support ▲

Our evaluation of Dukascopy's customer support reveals a high level of competency and availability, with 24/7 support through phone, live chat, and email. We assigned a score of 4.6 out of 5 based on the prompt and knowledgeable responses received, accessible during both weekdays and weekends.

Education ▲

Dukascopy Bank provides a wealth of free financial information and resources, including online television and Freeserve products, catering to both novice and experienced traders. The active online Dukascopy community, boasting over 130,000 members, facilitates the exchange of trading experiences and strategies. We rated Dukascopy's educational offerings highly, with a score of 4.5 out of 5, acknowledging the quality of the materials and the bank's collaboration with leading market data providers.

Conclusion ▲

In summing up this review, Dukascopy presents a robust and trustworthy offering to the market, featuring highly competitive spreads, transparent pricing, and diverse programs. The technological advancements of the trading platforms, along with the strategic optimization and automated trading capabilities, provide a comprehensive technical framework. Traders at any level will discover benefits with Dukascopy, supported by extensive research resources, diverse educational materials, and exceptional customer support. Our findings and expert opinions conclude that Dukascopy is well-suited for:

• Beginners

• Advanced traders

• Investors and Stock Trading

• Those seeking a reliable Swiss broker

• Traders preferring the MT4 platform

• Currency and CFD traders

• Proponents of various trading strategies

• Enthusiasts of algorithmic and automated trading