Arincen

Item: Dukascopy
Rating: 8.1

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 Evaluation 8.1

Regulations

Deposits and Withdrawals

8.5

Commissions

7.3

Assets

9.3

Trading Platform

Research and Development

Customer Service

9.5

Mobile App Trading

Learning

Experience with broker

Trading Tools

Website

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).

Dukascopy

Rating

Foundation Year

1998

Main Branch

Switzerland

Other Branches

Riga, Hong kong, Tokyo

Languages

13 languages including English

Work Hours

Market Opening Hours

Is Dukascopy Safe?

Yes. Dukascopy is looked upon as low-risk. Though not publicly traded, it does operate a bank and is authorized by two high-trust (tier-1) regulators, the Japanese FSA and the Swiss FINMA.

Following standard requirements for Swiss banks and securities firms, client deposits are insured up to CHF100,000 by esisuisse. PKF is the internal auditor of the group, while KPMG – one of the Big Four accounting firms globally – conducts the external audit. They both report their results directly to FINMA. Further, Dukascopy is a member of the Swiss Bankers Association and the International Swaps and Derivatives Association (ISDA).

Dukascopy Europe IBS AS, the Latvia-based and EU-licensed investment brokerage company, is regulated by the Financial and Capital Market Commission of Latvia (FCMC). SIA Dukascopy Payments is also based in Latvia and is a European-licensed payment and e-money company, handling financial transactions on behalf of its parent company. Dukascopy notes further protection to clients by offering:

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 Electronic Communication Network (ECN) 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.

Pros

Established in 1998.
Segregated client funds.
Regulated by FINMA and the FSA.
Minimum deposit as low as $100.
A relatively high number of features and platforms.
Decent leverage levels of 1:200 available in some jurisdictions.
Both demo and Islamic accounts.
Over 600 tradable assets include FOREX ECN trading.
Good customer support.
Professional proprietary trading platform, JForex.
Wide range of market research tools, trading contests, bonuses and banking services.
MetaTrader4 (MT4) is also available.
Dukascopy TV available to educate and upskill traders.

Cons

Not regulated by the UK’s FCA.
Website is overwhelming with detail.
Limited range of instruments.
Inactivity fees apply in some cases.
Average registration bonuses and promotions.
Limited educational resources and products.
Limited account types and payment options.
Limited trading hours.
Lack of two-factor authentication.

Offering of Investments

Previously noted, Dukascopy offers a total of 653 symbols to trade across multiple markets covering FOREX and CFD traders, with 59 FOREX pairs and 593 CFDs. Further, Dukascopy offers CFDs on Ethereum and Bitcoin, and the broker has further embraced blockchain technology with the launch of its own proprietary cryptocurrency, Dukascoin (DUK+). For binary options, Dukascopy’s Web Binary Trader promises straightforward market access. One-click trading is available and traders benefit from predetermined risks and payouts. (In-the-money contract yields begin from 70% of the premium paid-up to 90%. Trading amounts start as low as $1 and there are no hidden fees or commissions) As of mid-2019, Dukascopy Bank had over CHF148 million in assets on its balance sheet.

Available assets

Markets	Available	Number of Assets
Currency Pairs		59
Stocks		1070
Commodities		15
Crypto		8
Indices		21
ETFs		51

Deposits and Withdrawals

Customer reviews are mixed when it comes to available deposit and withdrawal options. For deposits, users are restricted to prepaid credit and debit cards, plus bank transfers. The minimum deposit is $100, and payments incur a 1.2% to 2.5% fee. Card payments are the fastest option and normally are processed within one working day. By contrast, bank transfers can take up to two business days. The minimum lot size is 1,000 of the base currency.

Users have more choice in respect of withdrawals. Beyond credit and debit cards, as well as bank accounts, Skrill, Neteller and Bitcoin can also be used. Although there is no minimum withdrawal, the cost of withdrawal can reach $50. Withdrawal times range from the same day to three business days, which is fairly prompt although unsurprising because Dukascopy is also a bank. The addition of popular payment methods, such as the widely popular PayPal, plus a reduction in deposit and withdrawal fees, would improve Dukascopy’s payments’ rating exponentially.

Trading Account Information

Account Currency

USD, EUR, GBP, CHF, PLN

Minimum Deposit

100$

Segregated Accounts

Yes

Payment Methods

Bank transfer, credit card, Electronic Banks, Crypto

America Accepts

Available Markets

FOREX, Commodities, Cryptocurrencies, Indices, Stocks, ETFs, Bonds

Trial Duration

14 Days

Account Types

Opening new accounts is through a four-step online application process. Account verification is mandatory to comply with regulator mandated Anti-Money Laundering (AML)/Know Your Customer (KYC) requirements. The account-opening procedure is standard for the industry.

Dukascopy offers a near-identical account type to all traders, with a few notable differences, primary of which is the selection of the trading platform, where clients may opt for an MT4 trading account or the broker’s own proprietary JForex platform. Another significant difference is the selection of the operating subsidiary. Dukascopy requires a minimum deposit of $1,000, but Dukascopy Europe IBS AS accepts clients from as little as $100. The final notable difference is relative to maximum leverage, which is 1:200 at Dukascopy while Dukascopy Europe IBS AS is confined by EU rules to merely 1:30. Finally, it is notable that gold accounts, multi-currency accounts and swap-free Islamic accounts are also available.

The Live FOREX ECN and CFD Trading Account

This account is suitable for those who are interested in trading on different asset classes, such as FOREX ECN, binaries and CFDs on stocks, indices, commodities and cryptocurrencies across the broker’s own professional JForex trading platform, Web, iOS and Android operating systems, as well as MT4. Three simple steps are required to open a Live Forex ECN and CFD Account, as will be described below:

After clicking on step one to start the opening process, users then choose the amount with which they would like to start trading and what type of account they want: “Individual,” “Joint Account” or “Corporate Account.” The minimum deposit is $1,000 (and can be as low as $100 in some jurisdictions).

For users wanting to deposit less, they can put in their chosen amount and then are redirected to open an account with Dukascopy Europe, the EU subsidiary of Dukascopy Bank. Users are then asked for personal details and financial information before setting up their account profile and what type of account they would like to open. Clients can deposit funds in a variety of currencies when using their own JForex trading platform, including CHF, EUR, USD, GBP, CAD, JPY, SGD, PLN, AUD, HKD, DKK, MXN, NOK, NZD, RUB, SEK, TRY, ZAR, XAU, CNH, CZK, HUF, ILS, RON and BTC.

Afterwards, users are asked to verify their identity, which can be expedited by downloading the Dukascopy Connect 911 app from the Google Play store or Apple App Store. This is the quickest way because it uses video-identification, so accounts may sometimes be opened in just one hour, but generally within one day.

The Dukascopy e-Banking Account

Users also are able to access banking services and have a modern Swiss e-banking account linked to their mobile. This allows clients to transfer money between accounts for free and to open a plastic or virtual Dukascopy card, which can also be used for ATM withdrawals. Users can open a multi-currency banking account even without having to open a trading account. Dukascopy does not accept clients from the US or Belgium.

Bonuses

Dukascopy offers several bonuses. A 10% equity bonus may be applied for within 30 days of the most recent account deposit. A volume trading discount is also available and can reduce costs by up to 20%. In addition, a 100% account deposit is available. Finally, if you refer a friend to Dukascopy using the “Introducing Broker” scheme, you can take advantage of a 100% discount on trading commissions, up to $100.

Total value of active trading bonuses cannot exceed $50,000 per account. Also, bonus requirements dictate that certain volume thresholds must be met within a year and can be up to 30,000 times the account equity (including the bonus amount), at the time the bonus was applied for.

Bonuses are reasonable generally, but more attractive offers can be found at other brokers. Nevertheless, it is worth keeping an eye on the Dukascopy “Bonus” page for news of no-deposit bonuses and registration offers.

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

Customer support is available 24/7 and is accessible via phone, callback request, e-mail and live chat. A Frequently Asked Questions (FAQ) section is also available. Dukascopy supports a wide range of languages, including Chinese, English, French, German, Italian, Japanese, Polish, Portuguese, Russian and Spanish.

Advantages of Trading

Maximum Leverage

1:200

Minimum Lot Size

0.01 Lot

Available FOREX Pairs

59 Currency Pairs

Scalping

Yes

Hedging

Yes

Spread

Starting from 0.8 pips with account under 5,000$

Trailing Stop

Yes

Islamic Account

Trading Platforms

Proprietary Platform (JForex), Web platform, MT4

Regulatory Bodies

FINMA

Broker Type

STP

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

Traders are able to choose between the retail-favorite MT4 trading platform, which is provided as the most basic version only, or the proprietary JForex trading platform. Both fully support automated trading solutions and provide clients with access to Dukascopy’s SWFX-Swiss FX Marketplace. MT4 only allows FOREX and commodity trading, while multi-asset traders will manage accounts at the technologically-advanced JForex alternative platform. The SWFX-Swiss FX Marketplace ensures traders have access to superior pricing and liquidity.

Dukascopy understands trading technology and provides traders needed to succeed. Dukascopy’s flagship platform is JForex 3, a desktop and Web-based platform that supports both Windows and Mac. While some FOREX traders may prefer MT4 to a proprietary platform built in-house, JForex 3 stands on its own.

The JForex 3 desktop has a wide range of trading tools and is easy to use. It is also excellent for technical traders, offering 24 drawing tools, 291 technical indicators (67 for the Web version) and the ability to import custom indicators. Accolades aside, zooming in and out of charts on the desktop platform was not as fluid as other platforms Arincen tested.

JForex 3 competes well with MetaTrader because it supports algorithmic trading and custom indicators. Furthermore, users have access to cloud storage and Virtual Private Network (VPN) services to run their trading systems on a 24-hour basis. Dukascopy also provides an app store with hundreds of apps that traders can use with the JForex 3 platform suite.

Dukascopy the “close all” button, which is common in the industry, a step further than most brokers with the “cancel all” button. This feature is convenient to quickly cancel all orders, and what you would typically see used by high-frequency traders and available only via API.

Relative to digital protection, Dukascopy follows industry-standard security procedures, including Website encryption to protect sensitive client data. The MT4 trading platform uses a one-time-password (OTP); the security on the JForex platform is rather limited. Bringing in two-factor authentication would better protect users.
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.

The JForex platform is full of features and well-suited for advanced traders. While beginner traders may find the level of features daunting, there are video tutorials and quick-start manuals available. Some of the extra features of the JForex desktop platform include:

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.

The Dukascopy JForex Web Platform

Dukascopy’s JForex Web platform is for instant market access with similar trading features as the JForex desktop platform, and yet includes some differences. The Web-based platform appears to support the most commonly used browsers. The JForex Web platform is well-suited for traders who prefer easy access to trade, but fewer features.

Beginner traders may find the JForex Web platform simpler to use because it offers the most common features of a trading platform, such as quick access for manual and automated trading, workspaces saved to cloud, live market news and economic calendar, 46 trading indicators and chart studies, as well as multi-language interface and support.

The MT4 Platform

As noted, Dukascopy also offers the well-known MT4 trading platform with a direct connection to the SWFX Marketplace. This allows traders already familiar with the platform to move over seamlessly for manual trading or through EAs that are popular with MetaTrader.

However, trading commissions differ when using the MT4 platform with Dukascopy. Currently, $1 per single MT4 lot is charged on top of Dukascopy’s standard fees for trading on the MT4 platform.

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

Dukascopy delivers an excellent experience for traders, when it comes to FOREX research, thanks to a diverse range of research tools included in its JForex3 platform for desktop, Web and mobile. Dukascopy research tools include streaming market news from Reuters and MarketPulse, market sentiment indicators, a live economic calendar with consensus forecasts, technical pattern analysis and automated trading systems within the charting experience. The Trading Ideas main page is where all the research material can be accessed.

Dukascopy TV is a professional TV studio in Geneva that broadcasts news from in-house reporters who conduct interviews and market analysis. The content is not only relevant and insightful, it is also professionally produced and educational, making it beneficial for all clients, regardless of their skillset.

The JStore maintains automated trading strategies and add-ons. Dukascopy video tutorials cover three topics related to the bank’s services, while Webinars provide the general educational content. Trading Ideas feature technical and fundamental analyses.

Although the Web-based platforms and JForex desktop offer access to market research, economic calendars and news items, the Dukascopy Website offers an even greater range of advanced trading tools. Not only does Dukascopy offer trading ideas, market news, as well as technical and fundamental analysis, it also offers a grand variety of advanced trading tools, such as the SWFX Sentiment Index, Pivot Point Levels, COT Charts, Position Size Calculator and more.

Even with Dukascopy offering a wide variety of trading tools, there is a distinct lack of educational resources in “learning” how to trade. This makes the wide variety of trading tools meaningless to beginner traders, who do not know how to use them. When viewing the trading platforms, however, there is a wealth of information available in helping to use a platform, such as a quick start manual and video tutorials.

Final Thoughts on Dukascopy

Dukascopy Bank is an excellent choice for highly experienced traders because the broker offers unique tools, solid research and competitive rates for active traders. Deficiencies include sub-standard customer service and a narrow offering of markets available for trading.

Conclusion

Dukascopy is a Swiss-based bank, and one of the most innovative and technologically-advanced brokers, serving clients around the world since 2004. A competitively priced cost structure and asset selection make this ECN broker a popular choice.

Both beginner and advanced traders may enjoy the ability to trade on more than 600 tradable assets across FOREX ECN, binaries and CFDs on stocks, commodities indices and cryptocurrencies with highly competitive spreads.

Traders may operate portfolios in the MT4 trading platform or the proprietary multi-asset JForex trading platform. SWFX-Swiss FX Marketplace ensures deep liquidity, further enhancing the core trading environment for both manual traders and automated trading solutions.

Plentiful trading tools and unique features add tremendous value, and the research division is excellent by any standard. Dukascopy became the first Swiss bank to launch its own cryptocurrency, Dukascoin, affirming its commitment to technology and innovation.

Continually adding new services and a range of bonus programs complement the most comprehensive overall offers available in today’s market. It is an ideal choice for new traders to asset management firms.

Dukascopy in Brief

Dukascopy is considered to be one of the best investment banks for financial markets and currencies. Founded in Switzerland, the bank offers its proprietary trading platform that is able to compete with the market's best. The bank also offers several assets classes, including currencies, indices, commodities etc. Finally, it provides customers with good services and offers a relatively low spread.

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.