Dukascopy Review

Overall Rating

5/5

Top 5 Forex Brokers
1.
Avatrade
2.
Exness
3.
OctaFX
4.
Tickmill

Dukascopy Review

📅 Year founded

2004

📈 Multiple top-tier regulation

Yes

📍 Headquarters

Geneva, Switzerland

🌍 Country of regulation

Switzerland / Japan

✅ Regulators

FINMA / FSA

📈 Execution Type

Market Execution

💰 Minimum Deposit

$100 USD

🛡️ Negative Balance Protection

Yes

📉 Trading Platforms

MetaTrader4 / MetaTrader5 / JForex

 ☪  Islamic account

Yes

📉 Trading Instruments

Forex / Commodities / Cryptocurrencies / Metals / Indexes / Bonds / Stocks / ETFs

📱 Mobile trading

iOS / Android / Windows

💳 Payment Types Accepted

Credit and Debit Cards / Bank Wire Transfer / Neteller / Skrill / Cryptocurrencies / Bank Guarantees

🎮 Demo Account

Yes

 ⓒ Copy Trading

Yes

🎁 Bonus Offer

Experience Sharing / Equity Bonus / Volume Trading Commission Discount Program / Anniversary Bonus / Refer Your Friend / Trading Contests

💰 Account Currencies

Over 22 currencies and gold

📈 Minimum Trade

0.01 Lots

📈 Account Types

PAMM / MAM / ECN

📈 Margin Trading

Yes

📈 Trading fees

Average

📈 Inactivity fee

Yes

💰 Withdrawal fee

Dependant on withdrawal method

☎ Customer Support

24/7

💰 Max. Leverage

200:1

✔️ Hedging Allowed

Yes

✔️ Scalping Allowed

Yes

💰 Commission

Dependant on trading volumes

💰 Spreads

From 0.1 pips

💰 Leverage

Flexible

💰 Currency Pairs (Total Forex pairs)

60 +

🔢 Number of clients

300 000 +

🥇 Instruments Offered

1 200 +

📙 Education

Seminars / Webinars / Dukascopy TV / Articles

Click here ✅ Open a Trading Account

 

WHAT IS DUKASCOPY?

 

Found in 2004, Dukascopy is a respectable forex and CFD brokerage firm with its headquarters located in Geneva, Switzerland. This online broker is regulated by different financial authorities across the world which includes FINMA, in Switzerland and the FSA in Japan.

Prior to its launch in 2004, the company was already in existence, since 1999. It was however the brokerage aspect that was launched in 2004.

At Dukascopy, clients can trade a range of trading instruments such as forex, commodities, cryptocurrencies, metals, indexes, bonds, stocks and ETFs.

The broker also offers a variety of trading platforms to its traders including its proprietary platform, JForex4 as well as the popular MetaTrader4 (MT4) and MetaTrader5 (MT5) platforms.

 

INTRODUCTION

 

Dukascopy is an online broker, and it offers different trading instruments through its reputable platforms. The broker has its headquarters in Geneva, Switzerland and offers more than 1 200 trading instruments.

The broker offers its own award-winning proprietary trading platform, JForex4 as well as the above-mentioned MT4 and MT5 platforms.

The company is licensed and regulated by the Swiss Financial Market Supervisory Authority (FINMA). It also has a subsidiary, known as Dukascopy Europe, and they take care of the European market and are regulated by the FCMC. The company’s banking arm came into existence in the year 2006.

With time they started to extend their banking leads as well as the financial instruments they offer to their clients. Today they have branches in different parts of the world, and they have more than 300 employees across the globe.

 

PROS & CONS

 

PROS

  • The brokers offers different trading platforms which include JForex4, which is the sole creation of the broker as well as MT4 and MT5. All these are great and facilitate the client’s trading experience.
  • They offer more than 1 200 tradable items.
  • Dukascopy offers a television service which they use to educate and enhance their client’s skills.
  • The company is trusted and tested in different parts of the world where they are regulated across multiple jurisdictions.
  • The broker also offers good leverage of 200:1.
  • As the broker is also a bank, the regulatory standards are very high.

 

CONS

  • They offer limited account types.
  • There may be withdrawal fees applicable.
  • There is an inactivity fee.

 

TRADING INSTRUMENTS

 

Dukascopy offers over 1 200 tradable instruments to its client to trade. This ranges from forex, commodities, cryptocurrencies, metals, indexes, bonds, stocks and ETFs.

 

Forex

The broker offers more than 60 forex pairs for traders to trade, with its lightning fast execution speeds and tight spreads. The forex offering from Dukascopy is amongst the best in the industry.

 

Commodities

Commodities include items like oil and multiple agricultural products, from wheat to soya and are offered in the form of spot contracts as well as futures contracts.

 

Cryptocurrencies

Cryptocurrency trading with this broker is in the form of CFDs, meaning traders never actually own the underlying asset. There are a range of cryptocurrencies available with this broker, and they even have their own cryptocurrency called Dukascoin.

 

Metals

Dukascopy offers some of the most traded metals in the industry, with gold, silver, palladium and platinum on offer amongst others.

 

Indexes

Trade indexes on some of the worlds top exchanges, spanning from the Australian 200 Index, Hong Kong Index and even the Singapore Blue Chips Index to name but a few.

 

Bonds

Clients have access to UK, US and German Government Bonds with Dukascopy.

 

Stocks

Trade Dukascopy’s wide range of stocks on some of the biggest markets in the world with a multitude stocks available on this broker’s platforms.

 

TRADING PLATFORMS

 

The broker also has their own proprietary platform, known as JForex4 as well as the popular MT4 and MT5 trading platforms.

 

JForex4

This platform is Dukascopy’s award winning platform and is the upgrad eon their previous excellent platform, JForex3.

This is good for those who want to use technical trading signals to read the market. It is famous for automated trading strategies and is available through desktop download as well as through the web browser.

Furthermore, it has in stock online charts as well as over 24 drawing tools and more than 270 indicators. All these together with the chart studies make it possible for traders to conduct a deep analysis of the market before opening a trading position.

The JForex4 platform is good because of its automated trading features. It is also compatible with VPN serves, as well as offering cloud storage, making it possible for traders to have a good trading experience.

It comes with comprehensive historical data which dates to 2003 and this makes it easy to have wonderful trade analysis before executing trades. This software compares well other platforms on the market.

 

MetaTrader4 (MT4)

This is the best trading platform on the market. Because of the quality features as well as data available in front of the trader, it is easier to make an analysis and make good trading decisions.

Till today this platform remains the leading software in this industry and is still competing well with its upgrade, the MT5 platform.

 

MetaTrader5 (MT5)

This platform is considered the upgrade on the MT4 platform and features even more features and tools for traders to utilise.

 

ACCOUNT TYPES

 

Dukascopy offers a variety of different trading accounts to its clients. It should be noted that this broker offers ECN features, meaning faster order speeds and executions, on its PAMM accounts, which is a unique feature not seen elsewhere.

 

MT4 and MT5 Accounts

The offerings on these accounts are fairly similar to each other, with the noticeable differences being the account base currencies. Maximum leverage of up to 100:1 is available while spreads start from as low as 0.0 pips. As with other account options, commissions are based on trading volumes i.e. the more you trade the less commission fees you pay.

 

JForex4 Account

This account offers its own copy trading features, making copy trading easier than ever before. Similar to the MetaTrader accounts above, this account offers lightning fast execution speeds and also leverage of up to 100:1.

 

In addition to the above account types, through their banking features, they also offer passive accounts where clients can invest money from a minimum deposit of $1 000 USD. As this feature is separate from their forex offering, it is not covered in this review, but traders should definitely go look on their website for more information here.

Dukascopy also offers access to demo accounts and an Islamic, swap-free account.

 

HOW TO OPEN AN ACCOUNT

 

Opening an account with this platform is not difficult. To register an account with the broker. The first-time members are subjected to the know your customer (KYC) process.

The essence of this regulation is to ensure that the new trader went through the verification process.

The rest of the process is easy and efficient, taking only around 15 minutes to complete. In case of any difficulties, Dukascopy’s world class customer support can be contacted.

When you open a demo account, which is available for thirty days, the login details would be sent to the email associated with the account. This option is great for traders who are still trying to decide whether or not to deposit their money.

 

DEMO ACCOUNT

 

The platform makes available a demo account which is good for binary options as well as forex trades. The brokers make it possible through the MT4, MT5 as well as JForex4 platforms.

The demo account aims to simulate real-life market conditions and is a great tool to either learn how to tade, or test out new trading strategies.

 

SOCIAL TRADING AND COPY TRADING

 

Through JForex4, Dukascopy offers fantastic copy trading facilities as well as those available on the MetaTrader platforms in the form of EAs.

 

COMMISSIONS & FEES

 

The fee structure the broker offers may not be uniform from one country to another. This is because they are available in different countries and are regulated by different regulators which can affect the fee structure. The cost is determined by the margins and the spreads. Its commissions are reasonable compared to what one gets elsewhere.

The fees charged by this broker is in the form of a rather complex structure, which is affected by the above factors as well as the trading volumes of individual traders. Further information on the fee structures can be found on the broker’s website.

There are no deposit fees applicable, but withdrawal fees may be applicable depending on the withdrawal methods used. Additionally, inactivity fees may be charged after 6 consecutive months of inactivity.

 

LEVERAGE

 

Another area you must pay serious attention to when you are using this platform is the issue of leverage. Because the broker must obey various regulatory bodies, the leverage varies from one country to the other.

The standard set by the FINMA is 30:1 and this is for forex instruments. The standard leverage is 100:1 and on the weekend, it turns to 30:1. This applies to all the retail accounts. You should know that during the account opening process the issue of margin and leverage are agreed upon.

The maximum leverage you can get from this platform is 200:1. If you check the website, it comes with a margin calculator.

 

WITHDRAWALS AND DEPOSITS

 

They provide different fund funding and withdrawal methods. The available methods include debit and credit card, wire transfers and more. You can deposit in over 22 currencies and gold.

You should know that there are fees associated with the transaction from the partner banks and the fees charged range from 2 percent to 2.5 percent. For large transfers, it is not best to go through wire transfer services. This is because the fees could be higher. For the incoming wire transfers the broker does not charge but they charge for the outgoing transfers (withdrawals).

The minimum deposit is $100 000 USD.

Unfortunately, inactivity fees are applicable after 6 consecutive months of inactivity.

Deposits may be done in gold, which is a great offering, however traders should be aware that a management fee is charged on such accounts, calculated at 1.5% of the average gold balance, once a year.

Another additional offering is the option to deposit in the form of a bank guarantee, which is also not common amongst other brokers in the industry.

 

CUSTOMER SERVICE

 

The company has a great customer service department and they put in place different means through which their clients can contact them. If customers are looking for them, they can use the email contact form to reach out to the customer service department.

Apart from that they also make available other methods such as phone calls, and this service is available six days a week including Sundays. Furthermore, Skype is also available for clients to contact the company. This is cheaper and better than International calls.

Besides that, clients can also send a call back request to the brokers through the broker’s websites and they will get a call back service from the company.

The most prominent amongst them is the live chat feature which is available 24/7.

The support is done in several languages. Currently, their services are covered in 16 major languages such as English, Spanish, German and several others including the Chinese language.

 

SAFETY AND SECURITY

 

One of the few things that investors consider before they select brokers is the issue of safety and security. You can see that this broker is regulated by different financial authorities across the world which includes FINMA for the Swiss government. This body is known to be very strict.

Moreover, the clients are protected to the tune of CHF 100 000 should the brokers go bankrupt. In the same way, they are regulated in Europe by the FCMC. Anywhere it operates in Europe, it is regulated by this authority which is also known to be very strict.

Dukascopy further keeps clients money in top tier banks and applies segregated client funds, meaning your funds are kept separate from the broker’s.

 

PROMOTIONS

 

Dukascopy offers a wide range of promotional programs including an equity bonus, discount bonus, experience sharing, anniversary bonus and a change your broker business.

Equity bonus – clients can receive up to a 10% deposit bonus when first opening an account with the broker.

Discount bonus – traders can apply for this bonus and receive up to a 20% discount on their commissions if they meet the trading volume requirements.

Experience sharing – various rewards such as commissions and cashbacks are offered if clients share their experience of trading with Dukascopy, and other clients then sign up.

Anniversary bonus – this may no longer be available by the time traders read this review, so it is recommended that you visit Dukascopy’s website to view this offering.

Change your broker – experienced traders can get up to a 50% discount on commissions if they change from another broker.

 

RESEARCH

 

Dukascopy makes different research materials available that make their clients trade with confidence.

This broker offers a large variety of research tools to its clients, ranging from online charts, Dukascopy TV, economic calendars, position size calculators and forex calculators to name but a few.

Plenty more research tools can be found under their “Market Info” tab on the broker’s website.

 

EDUCATION

 

A wide range of educational tools are also available for traders. From live webinars and seminars, traders can rest assured that they will receive fantastic training from this broker.

Dukascopy TV also provides great education for traders and is available live and uploaded to the website so that you can view it at your convenience.

 

GLOBAL AWARDS

 

For their performance, over the years Dukascopy has received some important awards. The company over the years has received more than 29 awards and this covers different aspects of the services they provide.

The awards were given to Dukascopy from different parts of the world. There is no doubt that this helps to put confidence in the mind of investors that this is a company that one can do business with.

Below are some of the most recent awards Dukascopy has won:

  • The Best Bank Broker (2023) – Traders Union Awards.
  • JForex4 Most User-Friendly Trading Experience (2023) – Rimini IT Forum.
  • Best for Cryptocurrency Trading in the UAE (2022) – CryptoNewsZ.com.
  • Best ECN Broker for Beginners (2021) – Broker Tested.
  • Best Bank Broker (2020) – Traders Union Awards.
  • Best FX Research (2020) – Technicalanalyst.co.uk
  • Best Forex Trading Apps (2019) – ForexBrokers.com

 

SAFE OR SCAM?

 

The way of determining whether the company can be trusted is the reputation they have in business. You can tell whether such a broker is reputable by looking at the financial institutions or regulators that are monitoring their activities.

This broker is also monitored, and they are highly regulated as a bank by financial regulators like FINMA. Because of that, they are subjected to stiffer financial regulations. They are also regulated by other legal jurisdictions. In Switzerland where they have an office, they are regulated and classified to be a bank, meaning higher standards for regulation compliance.

The safety of their system is guaranteed and investors are assured that their money is safe. Client funds are insured up to CHF 100 000 and are kept in tier one bank accounts. Additionally, client funds are kept segregated from the broker’s funds.

 

CONCLUSION

 

After conducting the above review, the team at Brokersuggest.com can conclude that Dukascopy is one of the safest brokers out there. As a bank, they comply with a high standard of regulation.

Their customer service offering is fantastic and is available 24/6 in multiple different languages. They offer a wide range of great trading platforms and it should be noted that their proprietary platform JForex4, is an award winning platform.

They offer low spreads and rapid execution speeds to their clients, all at a reasonable commission charge.

Considering all of the above, the team at Brokersuggest.com highly recommends Dukascopy as a forex and trading partner for your brokerage needs.

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