đź“Ť Open an Account đź“Ť Dukascopy Review
Google Answer: Dukascopy offers a range of key features, including a reliable and regulated platform as a Swiss bank and securities dealer. Traders benefit from a diverse array of trading instruments, including Forex, CFDs, and binary options, coupled with competitive spreads. The advanced JForex platform, available on desktop and mobile, provides a user-friendly interface, extensive technical analysis tools, and automated trading capabilities. Dukascopy's deep liquidity network ensures tight spreads, and the broker is connected to major financial institutions.
Popular users’ questions about Dukascopy:
How reliable is Dukascopy?
Dukascopy is considered reliable, regulated by reputable authorities like FINMA, and has a strong reputation in the online trading industry.
Is Dukascopy a real bank?
Yes, Dukascopy operates as a real bank and is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
How do I withdraw money from Dukascopy?
Withdrawals from Dukascopy can be made through various methods, including bank transfers, payment cards, and e-wallets.
What is the minimum deposit for Dukascopy?
The minimum deposit for Dukascopy varies, with Dukascopy Europe requiring 100 USD and Dukascopy Bank SA requiring 1,000 USD.
Dukascopy review 2024: A comprehensive analysis
In this comprehensive review of Dukascopy in 2024, the experts at TU delve into the key offerings of the online Forex and CFD broker, headquartered in Geneva, Switzerland. Established in 1998, Dukascopy has evolved into a prominent name in the financial industry, operating as both a bank and a securities dealer. Regulated by the Swiss Financial Market Supervisory Authority (FINMA), Dukascopy ensures adherence to stringent financial standards, contributing to its reputation for reliability. The review navigates through various considerations, from account opening procedures to trading features, fees, and customer support, providing a clear and detailed overview of Dukascopy's offerings
What is Dukascopy?
Founded in 1998, Dukascopy stands as an online Forex and CFD broker headquartered in Geneva, Switzerland. The company operates through two subsidiaries: Dukascopy Europe IBS AS, based in Latvia, and Dukascopy Japan K.K., situated in Tokyo. Regulatory oversight for these subsidiaries falls under the financial regulators of their respective countries, leading to varying trading conditions based on the trader's association with the local entity.
It is important to note that the Latvia-based subsidiary adheres to new EU regulations, limiting trading leverage to 30:1. Nevertheless, EU-based traders have the option to register directly with the Swiss head office, thereby escaping the restrictions imposed by EU regulators.
Dukascopy Bank, a prominent Swiss financial institution, is subject to regulation by the Swiss Financial Market Supervisory Authority (FINMA) as both a bank and securities dealer. This regulatory framework enhances Dukascopy's standing as a reputable entity in the online trading sector. The broker has received numerous accolades over the years, including the 2018 awards for "Best Platform & Mobile Trading" and "Best Mobile Trading" from ForexBrokers.com.
Dukascopy provides a diverse range of trading instruments, including Forex, CFDs tied to cryptocurrencies, indices, bonds, stocks, commodities, and binary options. In Forex trading, major currency pairs like EUR/USD feature spreads starting at a minimal 0.1 pips. Execution is swift, defaulting to 1:100 when trading with the Swiss-based entity but adjustable to 1:200 upon request.
Functioning as an ECN-Marketplace, Dukascopy represents an advanced generation of liquidity aggregators within the industry. The company employs unique technology to promptly hedge clients' trades directly with various liquidity providers, including Bank of America, Commerzbank, Nomura, Barclays, Currenex, Deutsche Bank, and JP Morgan.
Pros and cons of using Dukascopy
Pros
Comprehensive trading tools
Dukascopy presents traders with a suite of value-added tools for analysis and real-time news, enhancing the trading experience.
Scalping opportunities
The platform allows for scalping, featuring competitive spreads starting from a minimal 0.1 pips, catering to traders employing this strategy.
Regulatory security
As a regulated Swiss bank and security dealer, Dukascopy offers deposit protection of up to CHF 100,000, instilling a sense of security for deposited funds.
Proprietary trading platform
Dukascopy provides a proprietary trading platform known as JForex, offering a unique interface for traders to execute their strategies.
Comprehensive financial services
Dukascopy Bank extends a wide range of research tools, banking services, bonuses, and trading contests, contributing to a diverse and engaging trading environment.
Cons
Inactivity fees
Traders may encounter inactivity fees if they remain inactive on the platform for an extended period, impacting users who engage less frequently.
Lack of FCA regulation
Notably, Dukascopy is not regulated by the Financial Conduct Authority (FCA), which may influence the choice of traders who prioritize platforms under this regulatory authority.
Limited educational tools
The platform has constraints concerning educational tools and products, potentially limiting the learning resources available to traders seeking a more extensive educational environment.
Dukascopy account types
Dukascopy offers three distinct trading account types to its clients, namely JForex, MT4, and binaries. Each account type provides access to the innovative ECN execution model, a selection of 24 base currencies, and a comparatively modest minimum deposit requirement. Additionally, clients have the option for swap-free trading through Islamic Accounts.
The Forex & CFD accounts offered by Dukascopy are categorized into JForex and MT4, while there is a dedicated account for binary options. The binary options account stands out with zero spreads and commissions, with the primary cost being the premium required for option execution. In comparing the JForex and MT4 accounts, it is observed that the JForex account employs a volume-based commission structure, proving to be more favorable as trading volumes increase, whereas the MT4 account utilizes a fixed round-turn commission.
The JForex account is particularly well-suited for high-volume and high-frequency trading, with a commission structure that becomes more advantageous as trading volumes rise. On the other hand, the binaries account is suitable for those engaging in volatility trading, offering flexibility in strategy implementation without specific restrictions.
An additional feature of the JForex account is the visual strategy builder, a unique tool facilitating the automation of trading processes. This tool, exclusive to the JForex platform, simplifies the process of creating automated trading strategies for users.
Traders can select from a range of 24 base currencies, which includes bullion and three cryptocurrencies. The minimum deposit requirement varies, standing at $1000 for the Swiss entity and $100 for the EU entity. These account types and their associated features provide Dukascopy clients with diverse options to tailor their trading experience based on individual preferences and strategies.
Dukascopy fees and commission
Beyond standard fees, Dukascopy charges $0.5 per 1 MT4 lot (equivalent to $5 per $1 million) for trading on the MetaTrader 4 platform. The volume commission on MT4 accounts is calculated for a round-turn transaction and is applied to opening trades in the account currency, determined from the primary amount and converted to the Client Account's Balance Currency.
For self-traders maintaining multiple margin accounts, Net Deposits, Equities, and Traded Volumes are cumulated to establish a unique volume commission rate applicable to all client margin accounts. This rate is determined daily at settlement and applied on the subsequent trading day.
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Accounts with a bank guarantee incur a volume commission of 18 for currency pairs and 27 for commodities, indices, precious metals, crypto, and bonds. Fee reduction considerations only involve the Traded Volume.
Dukascopy further enforces a maintenance fee of at least CHF 500, but not exceeding the account balance, for dormant accounts. Additionally, any expenses incurred by the broker while attempting to reestablish contact with the client will be added to the fee.
Dukascopy withdrawal and deposits
Dukascopy provides various funding methods for both the initial deposit and subsequent inflows of capital.
To open a trading account with Dukascopy Bank SA, a minimum deposit of $1,000 is required, while European clients have a lower minimum deposit of $100.
Deposits made through bank transfers, Bitcoin, or Ethereum incur no deposit fees. However, payment cards, such as credit and debit cards, generate a fee of 1.2% for EUR, GBP, and CHF transactions, 1.5% for NOK, CZK, PLN, or SEK transactions, 2% for USD transactions, and 2.3% for RUB, JPY, and CAD transactions. Neteller deposits cost 1 EUR or 2.5%, whichever is higher, while Skrill deposits incur a flat commission of 2.5% on the deposited amount.
Withdrawals can be made using the same funding methods available for deposits, with withdrawal fees varying based on the selected method. Bank transfer withdrawal costs are calculated in pips, starting at 2.3 pips for CHF transfers. Withdrawals to payment cards incur a cost of 1.5 EUR plus a 2.5% flat commission, while withdrawals to Skrill or Neteller result in a 2.5% fee. Bitcoin withdrawals have a fixed cost of USD $10.
It's important to note that both deposit and withdrawal fees imposed by Dukascopy are comparatively high when compared to other brokers, representing a potential drawback for traders considering the platform. However, transfers within accounts at Dukascopy Bank or entities within the Dukascopy Group are free of charge, with different fees applicable for the bank's Multi-Currency Accounts.
Dukascopy regulation and licensing
Dukascopy Bank S.A. operates under the licensing and regulation of the Swiss Financial Market Supervisory Authority (FINMA), holding accreditation as both a bank and a securities firm. In our regulatory ranking, FINMA is recognized as a Tier-1 regulator, signifying a high level of oversight.
Dukascopy Europe IBS AS is subject to licensing and regulation by the Bank of Latvia, an institution we designate as a Tier-1 regulator within our evaluation framework.
Dukascopy Japan K.K. is licensed and regulated by the Financial Services Agency of Japan (JFSA) under licensing number 3010401095833. In our regulatory assessment, JFSA holds a Tier-1 ranking, emphasizing its position as a regulator with strong oversight.
Dukascopy safety and security
Dukascopy stands out as one of the brokers prioritizing safety in the European region. The platform diligently adheres to major safety requirements and holds licenses from reputable financial regulators, enhancing its standing in the industry.
For internal auditing, Dukascopy employs PKF, and KPMG serves as the statutory auditor for the bank. These regular audits play a crucial role in maintaining the platform's adherence to the highest standards. Financial reports are consistently published twice a year, contributing to transparency.
Dukascopy provides a notable commitment to transparency by offering a single, transparent price feed accessible to all traders, irrespective of account size or trading strategy. Unlike MetaTrader, spread rates for all instruments are readily available on the JForex platform. Furthermore, detailed information regarding Dukascopy’s costs and fees is readily accessible on their website.
A notable feature is Dukascopy's provision of comprehensive historical price feed data, a valuable resource for strategy development and back-testing. This allows traders to analyze price action over extended periods, spanning months and even years, facilitating the creation of robust trading strategies. The availability of historical price feed data not only emphasizes Dukascopy’s transparency but also mitigates the risk of price manipulation, contributing to a more secure trading environment.
Dukascopy trading features
The JForex Web 3 platform serves as the web-based iteration of Dukascopy's trading system. Operating in the cloud, this platform offers a user-friendly interface, incorporating 46 technical indicators, a news feed, an economic calendar, and manual and chart trading capabilities. Users can access the platform in multiple languages, and its low technical requirements make it a viable option for those with a stable internet connection. While the design may not be the most modern, the intuitive search capabilities and other features contribute to a comfortable trading experience.
The JForex 3 desktop platform is an enhanced version of its web counterpart, boasting an additional 200 technical indicators and featuring the auto-trading functionality offered by Dukascopy's Forex trading interface. This platform supports external plugins and is compatible with Windows, Mac, and Linux operating systems. For many users, the desktop version offers a superior trading experience compared to the web-based alternative.
Key trading features
Dukascopy presents a broad selection of indicators and chart studies, supplying traders with more than 250 tools for thorough market analysis. This aids in gaining a deeper understanding of market trends, facilitating well-informed decision-making.
The platform incorporates a schedule displaying financial news and significant economic events, assisting traders in staying informed and adjusting their strategies based on important developments.
Dukascopy's platforms feature a historical test for automated trading, allowing users to assess their strategies against past data. This helpful tool provides insights into strategy effectiveness, helping traders to refine their approaches before engaging in live trading.
Dukascopy provides automated trading features, available on either the user's device or the strategy server. This permits hands-free trading based on predetermined strategies, offering traders flexibility to pursue other interests while their trades execute automatically.
The platform seamlessly integrates with Ezoic, introducing additional functionalities for users.
Dukascopy education
Dukascopy offers a diverse range of high-quality research tools, including both fundamental and technical analysis reports. These tools assist traders in generating trading ideas by providing comprehensive market insights.
The JForex platform enhances the educational experience with a built-in news feed, an economic calendar, and Dukascopy TV, their proprietary high-quality media outlet. Dukascopy TV delivers top-notch video content, including interviews, market commentaries, and up-to-date financial information, offering traders a valuable resource for staying informed.
Additional tools provided by Dukascopy include the SWFX Sentiment Index, an average spreads tracker, Forex calculators, position size calculators, trading breaks calendar, movers & shakers Forex, and a pivot point level report. These tools collectively contribute to an environment that fosters the continuous generation of new trading ideas.
Dukascopy customer support
Dukascopy ensures round-the-clock customer support accessible through phone, email, and live chat. The platform also features a dedicated FAQ section on its website to address general queries. Users have the option to request a callback from specific departments.
Dukascopy's website extends support through live chat and phone assistance, catering to users in 16 languages, including English, Spanish, Polish, German, Italian, Russian, and Chinese, among others.
An advantage of Dukascopy's customer support is its availability in 18 different languages, enhancing accessibility for a diverse user base. However, a notable drawback is the occasional prolonged wait times to connect with a representative. Despite being informative, the FAQ section lacks a search bar, making it less convenient for users seeking specific solutions to their inquiries.
How to open an account in Dukascopy?
To initiate the account-opening process with Dukascopy, adhere to the following steps:
Upon successful receipt of your funds, you will be provided with your login credentials and password via email.
