Dukascopy Review – Online Platforms, Commission, Leverage, Account Types, Features & more
Dukascopy is a Swiss online bank and stock brokerage firm based in Geneva. It founded by Dr. Andre Duka and his partner, Veronika Makarov, in the year 2004.
They provide their clients with a Swiss banking license. Regulated by the Swiss Financial Market Supervisory Authority, abbreviated as FINMA.
They provide a variety of services and features. Both beginners and professionals clients use these services. Those services include CFD trading on Stocks, Indices, Commodities, and Cryptocurrencies.
Forex trading through Swiss FX Marketplace (SWFX) is available. They also provide access to Binary options trading.
A virtual or physical card that is useful for online payments is also provided by the company.
Physical Card also allows ATM withdrawals. The transfer of money from one account to other costs are zero.
About Dukascopy & its Accepted Countries
The Dukascopy Bank wholly owns two subsidiaries. First, Dukascopy Europe, regulated by the Financial and Capital Market Commission (FCMC).
Dukascopy, found in 2004 in Lativa. Found under the Financial and Capital Market Commission of Latvia (FCMC). This was to provide people with current accounts and credit card services.
Later in 2015, the company expanded by acquiring Alpari Japan K. K and named it Dukascopy Japan. Financial Services Agency of Japan (JFSA) regulates it.
Over the years, the group’s net worth has grown. They have now employed almost 300 people across the globe. They have offices in Geneva, Zurich, Kyiv, Tokyo, Hong Kong, Kualalumpur, and Riga in Latvia.
|Founder / CEO||Andre Duka|
|Regulations||FCMC, FINMA, FSA(JP)|
Traders from the following countries can use the brokerage:
- United Kingdom
- South Africa
- Hong Kong
- United Arab Emirates
- Saudi Arabia
- And many others
Traders from the following countries cannot use the brokerage:
- The United States
The following titles were awarded to them over the years of their existence:
- Best Forex Trading Apps, 2019
- The Best Platform & Mobile Trading, 2018
- Best Forex Bank, 2018
- The Best Forex ECN/STP Forex Broker, 2018
- Best Provider of Liquidity, 2017
- Best Trading Platform, 2016
- Binary Options Broker of the Year, 2015
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Dukascopy Trading Platform
Duascopy very well understands the importance of technology in trading. This is very evident from the online reviews available.
|Trading Platform||Jforex, MT4|
|Desktop Platform – Windows||Yes|
|Desktop Platform – Mac||Yes|
|Desktop Browser Platform||Yes|
|Mobile Site Platform||Yes|
|Android App Platform||Yes|
|iOS App Platform||Yes|
|Windows App Platform||No|
|Other Mobile OS Platform||No|
|Real time Updates||Yes|
|Trading Platform Supported Languages||Arabic, Azerbaijani, Bulgarian, Chinese, Czech, English, French, Georgian, German, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Romanian, Russian, Spanish, Turkish, Ukrainian|
They provide the clients with tools that they claim will make the traders successful. They provide two software to the traders. JForex and the industry-standard MT4 (MetaTrader 4)
JForex 3 is their flagship and in-house-made platform. It is available for desktop and web browsers. This is particularly good at high-frequency and automated trading.
The developed Python API available to download makes algorithmic trading easy. This platform provides online Charts, drawing tools, and many indicators.
These tools make an analysis of the market trend easier. Cloud storage and VPN services are also given to the traders for round-the-clock trading and testing.
The desktop version supports both Windows and Mac. This software is the best in class for the year 2020.
The other is the industry standard, MT4 (MetaTrader 4). This, some traders prefer the propriety in-house built platform. Features like an economic calendar, widgets and advanced charting tools are also available.
Dukascopy Mobile App
Dukascopy provides its clients with an option to trade using their Android or iOS phones. They have their own JForex Trading mobile app. This app is available for free of cost from the respective app stores.
The company boasts of having the best in the industry trading app. Which has climbed to the top of the podium in the year 2020.
JForex Trading is a very robust app. It has several parameters and alerts that you can customize and add to the same screen.
The mobile app options are way above the industry standard. They provide almost 46 technical indicators. They provide support for planning and strategies from their community.
Besides these, there are also research tools. A live news feed and instant chat support available in case a trader faces some technical issue.
The only drawback is that they charge the mobile users fees for using more than 20 SMS message alerts in a month.
Check out Mobile Apps of more Forex Brokers
Dukascopy Commission or Brokerage or Fees
The trading costs at Dukascopy are quite competitive to the top forex brokers. The ones provide support for automated trading and high-frequency trading.
Average spreads for popular currency pairs, such as the EUR/USD and USD/JPY, are around 0.3/0.4 pips. At the same time, a default commission rate of 0.7 pips.
Brings the average total trading cost to approximately one pip. Which is like other providers.
The broker does charge its spreads and commissions according to trading volume. This charging system benefits active and large size traders through discounts.
A fee of up to $40 a year applies to accounts that have not participated in trading for more than a year.
|Commission on trades||Yes|
Dukascopy Leverage or Exposure
Leverage allows users to sell large deals while using far smaller capital. This gives a chance of getting greater returns, but it also increases the size of a potential loss and its risks.
Depending on the type of account, leverage can be either 1:100 or 1:200. 1:200 is the highest ratio of leverage offered by them.
After the agreement of certain conditions, upon the opening of the account. The company provides leverage of 1:30 on the weekends.
Dukascopy Payment Methods
The payment methods available have bought a mixed feeling among the users.
|Deposit Options||Credit Card, Neteller, Skrill, Wire Transfer|
|Withdrawal Options||Neteller, Skrill, Wire Transfer|
For deposits, users can only use debit or credit cards or direct transfers from the bank account. Card payments work the fastest and are usually processed within one working day.
Whereas bank transfers generally take up to two business days. The least deposit amount is $100, and the payments incur a 1.2% to 2.5% fee depending on the situation.
More options are available for the users when it comes to withdrawals. Apart from physical debit or credit cards and bank accounts. the other options that are available are:
- Skrill with 2.5% commission
- Neteller with 1 Euro or 2.5% commission
- and Dukascoin
There is no minimum amount of withdrawal, but the cost of withdrawal in some cases can reach up to $50.
Withdrawal processing time can range from the same day to three days. These low fees are unsurprising as Dukascopy is also a bank.
The lack of PayPal option has had a slight negative impact on the ratings.
Find out Payment Methods provided by other Forex Brokers
Investment in Asset, Classes, or Markets by Dukascopy
Dukascopy, despite being a bank, provides lesser options in Forex. There are 61 currency pairs for trading.
In other items, the selection is good. Eleven plus commodities like gold, silver, oil, etc., are available. Equities from 14 countries are also available along with 19 indices. While there are only three cryptocurrencies:
Bitcoin, Ethereum, and Litecoin are available for trading.
43 US-listed ETFs are tradable in asset selection.
Dukascoin: Dukascopy has understood blockchain technology. It has further brought it by launching its in-house cryptocurrency named Dukascoin.
|Supported Cryptocoins||bitcoin, ethereum|
|Total Tradable Assets||600|
|Number Of Currency Pairs||61|
|Number Of Cryptocurrencies||2|
|Number Of Stocks||500|
|Number Of Indices||20|
|Number Of Commodities||11|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||3|
|Number Of ETFs||43|
Dukascopy Virtual Trading or Demo Account
Dukascopy does offer a Demo Account for Forex and CFD using both the JForex 3 and the MT4 platforms.
Registration for a demo account is available on the broker’s website. The user will then be able to test the platforms and strategies on the S&P 500 or Nasdaq listings.
The only drawback is that demo accounts are available for 14 days.
Dukascopy Offers and Deals
Dukascopy offers several attractive offers. High-volume trading can reduce costs by up to 20%.
A client can bag about 100% off on trading commissions by referring a potential client. The clients can refer through their ‘Introducing Broker’ deal.
The total value of bonuses for active traders cannot exceed $50,000 per account.
Bonuses are respectable: yet, more attractive offers are available with other brokers.
|Free Learning Courses||Yes|
|Free Demo Account||Yes|
|Discount on Brokerage||Yes|
|Flexible Brokerage Plans||Yes|
|Forex Trading Contest||No|
|Trading Bonuses & Rewards||No|
Dukascopy Regulations and Licensing
Dukascopy, regulated by the Swiss Financial Market Supervisory Authority (FINMA).
It is a Tier-1 authority and is well known to have been strict in a sense. It protects its clients up to CHF 100,000 in the event the broker goes bankrupt.
PKF International Limited is the group’s internal auditor.
KPMG International Limited, which is one of the largest accounting firms across the globe, conducts an external audit. Both report their respective results to FINMA.
In Europe by the Financial and Capital Market Commission (FCMC) regulates the Dukascopy. This committee gives them the license to operate in Europe.
Despite not registering under the UK’s Financial Conduct Authority, it can offer its service to the English people.
Negative balance protection is also in place to ensure. Now, the users cannot lose more than their initial deposit.
In the Japanese operating subsidiary, the Dukascopy Japan KK is been regulated by the Financial Services Agency of Japan (JFSA). JFSA being a Type-1 licensed broker.
|Regulations||FCMC, FINMA, FSA(JP)|
Find out Regulations & Licensing of more Forex Brokers
|Easy Markets||Fusion Markets||Go Markets||IronFX|
|FP Markets||FXPro||IG Group||Libertex|
Dukascopy offers a good number of features and tools. Newsfeeds from top news sites are available: the same is with the live economic calendar and forecasts.
A unique channel called Dukascopy TV channel.
Which is a Geneva-based TV studio, and its reporters interview trading experts and discuss the market sentiment. This keeps their users up to date with the latest market updates, trends, and news.
Automated and high-frequency trading is also good option, that comes with ease. Algorithmic trading is available at Dukascopy through their in-house made JForex 3 platform and Python APIs.
Adding to that, clients can access cloud storage and VPN services to trade on a 24-hour basis at different exchanges across the globe.
Besides all these options being available with many in the industry, Dukascopy takes it to the next level with their ‘cancel all’ button. This feature is convenient to cancel all orders as soon as possible.
|Social Trading / Copy Trading||No|
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||No|
|Trading From Chart||Yes|
|Interest On Margin||No|
|Other Trading Features||No|
Dukascopy Account Opening Procedure
Dukascopy is being regulated by FINMA & FCMC., Eevery new client must pass a few necessary tests to understand the risks of trading.
When opening an account, it is good to be handy with these things
- A scanned color copy of your passport, driving license, or national ID
- A utility bill or bank statement from the past three months showing your address as an address proof
There is also a need to answer a few basic questions to confirm how much trading experience the person has. Usually, it takes 10 minutes to complete it.
While Dukascopy’s platform can be learnt about straight away. It’s important to note that one won’t be able to make any trades until the test results are out and are qualifying.
This reviewing can take up to several days, depending on the situation.
Dukascopy Account Types
Dukascopy’s account offerings are of standard types to all traders, with a few notable differences.
|Account Type||Forex ecn account|
The main difference is opting for an MT4 trading account, or the broker’s in-house built JForex platform by the client. Other significant differences include the selection of the operating subsidiary.
Dukascopy requires the least deposit of $1,000 and offers the highest leverage of 1:200.
Still, Dukascopy Europe accepts clients with a deposition as small as $100 and, stays confined by EU rules, offers leverage of 1:30. Forex and CFD accounts, Binary Options account, and Swap-Free Islamic account are available as standard.
Dukascopy Trading Account Features
Check below all the trading account features under various account types:
|Trading Desk Type||ECN|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||Yes|
|Suitable for Weekly trading||Yes|
|Suitable for swing trading||Yes|
Dukascopy – Research & Advisory
Find below all the different reports and support provided by its Research & Advisory team:
|Daily Market Commentary||Yes|
|News (Top-Tier Sources)||Yes|
|Company Stock Review||Yes|
|Free Stock Tips||No|
- Different types of trading platforms, including industry-standard MT4 and Dukascopy’s proprietary JForex 3 platform.
- Over 500 tradable products, including Forex, CFDs, and binary options
- Dukascopy TV available to educate and up-skill traders
- Trusted brand licensed in many jurisdictions
- Community support through the mobile app
- Average bonuses are limited to $50,000 per account.
- Limited account types and payment options.
- Lack of dual-factor authentication on the mobile app as well as desktop.
- Inability to close the chat window.
- Somewhat overwhelming website.
Dukascopy Trading Hours
The majority of the company offerings are available 24 hours a day, opening at 21:00 on a Sunday GMT (22:00 GMT during Winter Time) and closing with the market at 21:00 GMT on Friday (22:00 GMT during Winter Time).
The broker runs a hassle-less service, so the clients don’t have to adapt to the different situations at different points in the year.
Dukascopy Customer Care or Contact Details
Dukascopy offers a wide range of customer language support, languages including Chinese, English, Arabic, French, German, Italian, Japanese, Polish, Portuguese, Russian, and Spanish. The service is available 24/7 via –
- Live chat – The chat window is at the bottom right corner of the website
- Email – firstname.lastname@example.org
- Telephone – +41 22 799 4888
The expected time to get through the customer support is usually short, and the support staff is trained to deal with most of the problems.
The community supports for both of the platforms is also of great help.
|Support During Weekends||No|
|Live Chat Support||Yes|
|Customer Support Languages||Chinese, English, French, German, Polish, Spanish|
Dukascopy Safety and Security
Dukascopy is well known as a low-risk platform. The company is not a publicly traded company, and it operates as a bank.
It is also authorized by two tier-1 regulators, which are of high trust. They are the Japanese Financial Services Authority (JFSA) and the Swiss Financial Market Supervisory Authority (FINMA).
They follow industry-standard security procedures, like website encryption that protects the sensitive data of the clients.
The MT4 trading platform uses a one-time password for verification. Whereas the security on the JForex platform is limited.
Bringing in dual-factor authentication to the JForex would be better.
Dukascopy Rating & Reviews
Based on different users and their experiences below are the company rating and reviews:
|User Experience||7.5 / 10|
|Products & Services||7.8 / 10|
|Brokerage Charges & Fees||8.1 / 10|
|Research & Advisory||7.2 / 10|
|Trading Platforms||7.1 / 10|
|Overall Ratings||7.6/ 10|
|Total Client Reviews||78|
Dukascopy Trading – Conclusion or Verdict
Dukascopy is an excellent Swiss-based bank. Their research division is one of the most innovative and advanced in technology.
They offer many trading tools, and unique features like SWFX Sentiment Index, Market News and Research, Calendars, Forex Calculators, COT Report, and Dukascopy TV, provided to the clients make them “successful” as the company claims.
The Dukascopy TV Channel helps both the beginner and well as the professional trader to learn new strategies and techniques.
Also, they are well known for the Python API support for algorithmic trading and their impressive JForex platform.
They are serving clients around the world since 2004, offering them many types of items, totaling more than 600, to trade and invest with leverage of 1:200 and several bonus offers.
They also provide their proprietary cryptocurrency, know as Dukacoin.
The JForex platform requires a fair amount of time to learn, their educational but, their educational and community support along with the provided demo Account make the path pretty straight forward.
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