Dukascopy Review 2024
Key Takeaways
- Dukascopy is regulated and licensed by the Swiss Financial Market Supervisory Authority (FINMA), under a banking permit, as well as by Japan’s Financial Services Agency (FSA). Dukascopy is an online contract for differences (CFD) and FOREX trading broker.
- Dukascopy is considered low-risk. Although not publicly traded, the company does operate a bank and is authorized by two high trust (tier-1) regulators.
- Our observations at Arincen suggest that Dukascopy’s services are more suited to traders with some trading experience than beginners.
- Dukascopy offers a total of 653 symbols to trade, spanning multiple markets that cover FOREX and CFD traders, with 59 FOREX pairs and 593 CFDs. It also offers cryptocurrency trading with CFDs on significant crypto assets, and the actual underlying (non-CFD) across its own launched cryptocurrency, Dukascoin.
- Dukascopy customer reviews are mixed when it comes to available deposit and withdrawal options.
- Customer support is available 24/7, accessible via phone or callback request, as well as e-mail and live chat.
- Dukascopy scores fairly well relative to live spreads and trading fees.
- Dukascopy's JForex 3 platform suite is very dynamic and vibrant, with rich features that include a wide-ranging selection of charting tools and automated trading capabilities.
- With regard to FOREX research, Dukascopy delivers an excellent experience for traders because of its diverse range of research tools included in its JForex3 platform for desktop, Web and mobile.
- Although Dukascopy offers a wide variety of trading tools, noticeably lacking are educational resources in “learning” how to trade.
- Generally, Dukascopy’s JForex Trader app is among the best in the industry because it includes integrated market signals and patterns, alongside a pivot point tool.
Dukascopy Evaluate - research result
Overall Summary
In 1998, mathematician Dr. Andre Duka founded Dukascopy Trading Technologies Corp., which led to the development of the Dukascopy trading platform the following year. With his partner, Veronika Makarova, Dr. Duka founded Dukascopy in 2004 as a Swiss brokerage house based in Geneva. After the development of the Swiss FOREX Marketplace in 2006, Dukascopy acquired a Swiss banking license in 2010 and launched Dukascopy Bank soon thereafter. The Dukascopy group currently employs more than 300 finance professionals.
Dukascopy is licensed and regulated by the Swiss FINMA, under a banking certificate, and by Japan’s FSA. Dukascopy is an online FOREX and CFD trading broker. It gives traders access to a wide variety of instruments in several markets, such as indices, currencies, shares and Exchange-Traded Funds (ETF). Dukascopy offers a range of energy, metals and agricultural products for commodity traders. Technology occupies a primary role at Dukascopy. In 2019, it became the first Swiss bank to offer its own cryptocurrency, Dukascoin.
The broker bids a wide variety of features and services designed for both beginner and professional traders. Users also have access to banking services, which allows clients to transfer money between accounts at no charge and open a plastic or virtual Dukascopy card, which can be used for online and offline payments as well as for ATM withdrawals.
Dukascopy clients have access to the broker’s advanced, proprietary trading platform, JForex, as well as to MetaTrader on Web, iOS and Android operating systems. The broker also provides an impressive range of research trading tools, such as its own Dukascopy TV, a wide variety of trading contests and bonuses and – when requested – access to 1:200 leverage (if the client is in the right jurisdiction).
Is Dukascopy Safe?
- Slippage control. The broker tenders a “slippage control function” where you can pre-select the maximum amount of negative slippage on the execution price of an order.
- Hedging any clients’ trades instantly with other liquidity providers, which includes Bank of America, Commerzbank, Nomura, Barclays and others.
Who Is Dukascopy Recommended For?
Dukascopy’s services are suited to experienced traders rather than novices. Although opening a live FOREX FF and CFD trading account is relatively simple, the advanced functionality of their trading platforms and unique way of calculating commission costs is more suitable for professional traders. Notwithstanding, the functionality can arguably be learned through Dukascopy's instructional videos and live-chat support.
Using a demo trading account is extremely valuable for beginner traders to test the trading platforms and tools on offer. The only drawback is that demo accounts are available for just 14 days, whereas unlimited demo accounts are available at some competitor brokers.
The wide range of markets available for traders may appear frightening to some, but useful to others. There is, unfortunately, little educational material offered to help in learning to trade these different asset classes. What is available is helpful enough to learn and understand the JForex trading platform in more detail. The platform offers unique advantages in itself, such as access to the Swiss FOREX marketplace and the ability to trade with a broker licensed and regulated as a Swiss bank.
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Established in 1998.
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Segregated client funds.
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Regulated by FINMA and the FSA.
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Minimum deposit as low as $100.
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A relatively high number of features and platforms.
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Decent leverage levels of 1:200 available in some jurisdictions.
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Both demo and Islamic accounts.
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Over 600 tradable assets include FOREX ECN trading.
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Good customer support.
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Professional proprietary trading platform, JForex.
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Wide range of market research tools, trading contests, bonuses and banking services.
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MetaTrader4 (MT4) is also available.
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Dukascopy TV available to educate and upskill traders.
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Not regulated by the UK’s FCA.
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Website is overwhelming with detail.
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Limited range of instruments.
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Inactivity fees apply in some cases.
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Average registration bonuses and promotions.
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Limited educational resources and products.
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Limited account types and payment options.
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Limited trading hours.
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Lack of two-factor authentication.
Offering of Investments
Available assets
| Markets | Available | Number of Assets |
| Currency Pairs | 59 | |
| Stocks | 1048 | |
| Commodities | 13 | |
| Crypto | 18 | |
| Indices | 21 | |
| ETFs | 88 |
Deposits and Withdrawals
Account Types
Bonuses
Account Types and fees
| Account Type | Minimum Deposit | Spread Commission | Commission | Swap Commission | Deposit Commission | Withdrawal Commission |
|---|---|---|---|---|---|---|
| < 5،000$ | 100$ | Starting from 0.8 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 5،000$ | 5،000$ | Starting from0.76 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 10,000$ | 10,000$ | Starting from 0.7 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 25,000$ | 25,000$ | Starting from 0.6 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 50,000$ | 50,000$ | Starting from 0.46 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 250,000$ | 250,000$ | Starting from 0.42 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 500,000$ | 500,000$ | Starting from 0.4 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 1,000,000$ | 1,000,000$ | Starting from 0.38 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 2,000,000$ | 2,000,000$ | Starting from 0.3 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
| ≥ 3,000,000$ | 3,000,000$ | Starting from 0.2 pip | 0.5$ | Yes | When using a credit card 1.5% to 2%, 2% for electronic banks, and free for crypto | 2.5% when using credit cards, 2.5% for electronic banks, and $30 when using crypto. As for bank wire transfers, the fees vary depending on the recipient country. |
Customer Support
Commissions and Fees
Dukascopy rates well with regard to live spreads and trading fees. Average spreads for popular currency pairs, such as the EUR/USD and the USD/JPY, are around 0.3/0.4 pips. The default commission rate of 0.7 pips advances the average total trading cost to approximately one pip, which is similar to other providers.
Further, the broker does tier its spreads and commissions according to trading volume, so more active users benefit from higher discounts. As an example, overnight rollover fees are reduced for frequent traders with swap rates published on the “Overnight Policy” page.
Dukascopy's spreads vary depending on time of day and the instrument. Notwithstanding, Dukascopy has an Average Spreads widget with which traders can view the highest and lowest spread amount on a given day for currencies and CFD instruments.
An inactivity fee of up to $40 a year is applied to accounts for which no positions are taken after a year.
Standard leverage of 1:100 (1:30 on the weekend) is applied to retail accounts by default. However, the use of leverage and margin requirements are agreed upon during account opening, with a maximum leverage of 1:200 available in some jurisdictions. A margin calculator can be found on the broker’s Website.
Margin requirements vary depending on the trader, accounts and instruments, as with most brokers. The latest margin requirements may be viewed on its Website. Listed below are some of the popular funding methods that Dukascopy offers its traders:
· Allows scalping.
· Offers Straight Through Processing (STP).
· Allows hedging.
Dukascopy offers a single account type for FOREX trading under its FOREX ECN Account, where the execution method can vary between Agency and Dealing Desk. Although the spreads are the same for all clients in the ECN Account, the added commission rates you pay will vary depending on your trading volume, balance and net deposits.
As noted above, traders can open the ECN account either with Dukascopy Europe or Dukascopy Bank in Switzerland. The principal difference between these two entities – other than regulatory jurisdictions and related investor compensation limits – is that the minimum at the EU entity is much lower at just $100. The Swiss entity requires $5,000 – unless you are a Swiss resident, in which case, the minimum drops to $1,000.
MT4 trading accounts include a $1 commission per standard lot. CFD commissions begin from $35 per $1,000,000 in trading value for currencies and commodities; the CFD commission decreases as the equity increases. Equity CFD commissions vary based on the market, but are generally 0.1% of the trade value, except for US shares, which are priced at $0.02 per share.
Islamic accounts carry an extra charge of $5 and $7.5 per $1 million in trading value for currencies and precious metals, respectively. Swap rates on overnight leveraged positions apply.
Dukascopy Review Fee Structure and Pricing
Dukascopy provides an excellent selection of assets that consist of dozens of commodities, currency pairs, cryptocurrencies, equity and index-CFDs, bonds, ETFs and binary options. The 59 currency pairs provide true FOREX traders with acceptable exposure, while 11 commodities add diversification opportunities. Offered are equities from 14 countries, complemented by 19 index-CFDs. Although only three bonds and three cryptocurrencies are available for trading, 43 US-listed ETFs round out the asset selection.
When trading FOREX ECN or CFDs – which are not single-stock CFDs – Dukascopy charges the lowest amount of commission calculated from the net deposit, equity and traded volume. Volume commission is calculated on a daily basis at every settlement time; the defined rate will be applied on the following trading day.
Trading Commissions for Binary Options Trading
Clients trading binary options with Dukascopy pay a premium according to the contract size. This premium is automatically debited by the bank from the client’s account prior to opening any binary options contract.
Trading Commission for MT4
Beyond the standard Dukascopy fees, users of the MT4 platform will be charged $1 per single MT4 lot, which is the equivalent of $10 per 1 million. The volume commission is charged on the opening of a trade and is calculated for a round turn transaction (in and out).
Key Trading Features
Dukascopy users have access to a wide variety of trading features, such as a professional-grade Automated Trading API and Visual Strategy Builder (VSB) program, a tool that allows you to build MetaTrader Expert Advisors (EA) without writing any code. Clients are also offered a unique set of additional trading products and services to aid in their trading portfolios. These include:
Visual JForex Strategy Builder. This program is designed for traders to become “FOREX Programmers” in just 30 minutes. Users are able to learn to build an automated strategy with just a few mouse clicks in Dukascopy’s Visual Strategy Builder.
JForex App Store. Traders may access Dukascopy’s JForex App Store to find other traders and programmers. There, users can access a large library of strategies and indicators.
FIX API. Professional traders may access Dukascopy’s FIX API to receive real-time feeds from the Swiss FOREX marketplace for automated trading activities.
Transparent Pricing. Every client has access to the same liquidity at equal prices by way of a single-data feed.
Equal Trading Rights. All clients have equal possibilities to consume and provide liquidity within the trading environment.
Historical Data Feed. Dukascopy provides access to view the historical average, minimum and maximum spread for each of its asset classes. Users may select the dates themselves.
Access Multiple Order Types. Market order, market order with slippage restrictions, stop entry, conditional close, limit entry, stop-loss, MIT entry, take profit, place BID/OFFER, trailing stop and One-Cancels-the-Other (OCO) orders.
Platforms and Tools
The Dukascopy JForex Desktop Platform
Dukascopy’s JForex desktop platform is its universal trading software designed for automated and manual trading in the JAVA programming language. Traders can use a live and demo version of the program on Windows, Mac and Linux without installation.
- 250 trading indicators and studies.
- Advanced charting on Renko, range bars, line break charts and point and figure charts.
- Calendar of economic events and news.
- Automated trading on a user’s machine or strategy server.
- Multi-language interface and support.
Mobile Trading
Dukascopy’s JForex Trader app is among the best in the industry. The app includes integrated market signals and patterns, alongside a pivot point tool.
JForex Trader has robust charting, with several customizable alerts and parameters that can easily be added from the same screen. During our testing, charting operated seamlessly and was rich with options, such as a list of 46 technical indicators, which is above the industry average for mobile trading.
The app's additional strong points consist of level-two quotes and several related order types, including conditional and bid-offer orders that are available when placing a trade. Strategies may also be selected from a repository within the mobile app that includes strategies created by Dukascopy community members.
The JForex Trader mobile app has an impressive range of research tools, including several predefined screens and a clean, customizable view of market movers that are adaptable across four different time frames, ranging from hourly to monthly. There is also a pattern-recognition tool for trading ideas, organized neatly next to the other research categories.
Mobile users may replicate some of the main trading features offered through the desktop and Web-based platform, such as:
Instant order execution.
Economic calendars.
A market order, market order with slippage restrictions, stop entry, conditional close, limit entry, MIT entry, stop-loss, take profit, trailing stop and place BID/OFFER.
Dukascopy TV.
Live charts with technical analysis.
It is noteworthy, however, that there are some differences among each of the trading platforms on the Web, iOS and Android. One notable drawback is that mobile users will be charged a fee for using over 20 SMS message alerts in a month.
Research and Development
Final Thoughts on Dukascopy
Conclusion
Dukascopy in Brief
Review Methodology
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
Companies’ Websites.
Other Websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
FAQ
Dukascopy is authorized by two tier-1 regulators (high trust), namely the Japanese FSA and the Swiss FINMA. Traders should know that this broker is not regulated by the UK’s FCA, considered by many to be the gold standard of regulators.
Client deposits are insured up to CHF100,000 by esisuisse, per standard requirement for Swiss banks and securities firms. Dukascopy adds further protection to clients by offering slippage control, a function where you can pre-select the maximum amount of negative slippage on the execution price of an order. The broker also swiftly hedges client trades instantly with top-tier liquidity providers to offer further protection.
Dukascopy does not open accounts for the residents of the following countries: Cuba, Iran, Japan, Myanmar, North Korea, South Sudan, Sudan, Syria and the US. Traders from all other countries are welcome.
Dukascopy offers cryptocurrency trading with CFDs on all significant crypto assets, and the actual underlying (non-CFD) across its own launched cryptocurrency, Dukascoin.
The broker offers several bonuses, namely, an equity bonus, a volume trading discount, an account deposit incentive, and an attractive “Refer a friend” bonus. Traders are advised to keep an eye on the Dukascopy Bonus page for news of the latest bonuses and registration offers.
For withdrawals and deposits, users are restricted to prepaid debit and credit cards plus bank transfers.
Traders may choose between the retail-favorite MT4 trading platform, or the proprietary JForex trading platform.
Customer support is available 24/7 and is accessible via phone or callback request, in addition to e-mail and live chat. A FAQ section is also available.
