Dukascopy Review: Dukascopy is a forex, CFD, and binary options broker based in Switzerland.
Awards
• Best Provider of Liquidity, 2017
• Best Trading Platform, 2016
• Binary Options Broker of the Year, 2015
• Best Platform & Mobile Trading, 2018
• Best Forex Bank, 2018
• Best Forex Trading Apps, 2019
• Best Forex ECN/STP Forex Broker, 2018.
● Min. Deposit: $100
● Pay Methods: Mastercard, Neteller, Wire Transfer
● Min. Trade 0.01 lots
● ECN Account
● DMA Account
● Mobile Apps: Yes
● Auto Trading: Yes – EAs are compatible
● Bonus: 10% equity bonus
● Instruments: Forex, CFDs, binary options, indices, shares, commodities, metals, cryptocurrencies, bonds.
● Demo Account: Yes
● Regulated ByFINMA, FCMC, JFSA
● MetaTrader 4 Yes
● MetaTrader 5 No
● cTrader
● Social Trading: No
● Copy Trading: No
● Trade Signals: No
● Islamic Account: Yes
CFD
● Oil Spread: 5.1
● Stocks Spread: Start from 0.1
● Leverage: 1:200
● FTSE Spread: 166
● GBPUSD Spread: N/A
Forex
Dukascopyintroduces FX trading on over 60 currency pairings.
● EURGBP Spread: 0.9.
● GBPUSD Spread: 1.
● EURUSD Spread: 0.3.
● Assets: 66.
● Cryptocurrency: Bitcoin, Ethereum, and LitecoinCFDs.
● Spread starts from 0.1.
● Coins BTC, ETH, LTC.
Dukascopy Overview
The brokerage was founded in 2004 by Dr. Andre Duka and his partner, Veronica Makarova, and is based in Geneva. It, at present, is serving retail clients via a license from the FINMA (Swiss Financial Market Supervisory Authority).
Its subordinate body, Dukascopy Europe, is catering to the European market under the supervision of the FCMC or the Financial and Capital Market Commission.
In 2006, the company had launched its banking arm and had offered current accounts and credit card services to its clients. In 2015, Dukascopy extended its e-banking reach, thereby acquiring Alpari Japan K. K., a bank regulated by the JFSA, or the Financial Services Agency of Japan.
Duskacopy’s net worth has escalated over the years. The company is now known to have employed more than 300 people in its offices across Geneva, Zurich, Kiev, Tokyo, Hong Kong, Kuala Lumpur, and Riga, Latvia.
Trading Platforms
Accessible by the Dukascopy traders are the broker’s proprietary platform, JForex 3, the industry famous MetaTrader 4, and the Web Binary Trader mechanism for binary alternatives trading.
- JForex 3
The JForex 3 platform is a great alternative for technical trading and automated strategies. It is, in fact, available as a desktop download, or one can access it via a web browser. Online charts, 24 drawing tools, and more than 270 indicators and chart studies let traders analyze market sentiment.
- MetaTrader 4
A third-party bridge is what lets Dukascopy traders use an industry-standard MT4 system. Therefore the traders who are more comfortable witnessing gold charts, forex data & live price quotes depending on MT4 can keep doingso.An economic calendar, widgets as well as advanced charting tools are available on MT4.
- Web Binary Trader
For binary alternatives, Dukascopy’s Web Binary Trader provides straightforward market access. One-click trading is also there, and users can benefit from predetermined payouts and risks.
Instruments & Markets
Duskacopy does boast more than 500 instruments’ list across a range ofmarkets:
CFDs
● Metals.
● Bonds.
● Indices.
● Binary options.
● Stocks & shares.
● Cryptocurrencies.
● Oil.
● Gold.
● ETFs.
● Commodities.
Spreads & Commissions
Dukascopy scores pretty well when we talk about live spreads or trading fees. Average spreads for popular currency pairings like the EUR/USD and USD/JPY are approximately 0.3-0.4 pips.A std. commission rate of 0.7 pips does make the average totaltrading cost approximately one pip.
That being said, the broker does tier its spreads and commissions concerning trading volume so that the platform’s active users benefit from discounts. For example, the overnight rollover fee is reduced for traders who frequently trade with swap rates published on the page titled ‘Overnight Policy.’
However, an inactivity fee of up to $40 a year is applied to accounts when no positions are taken after 365 days.
Leverage
A leverage of 100:1, i.e., 30:1 on the weekend, gets appliedto retail accounts by default.However, the use of leverage and margin requirements are agreed upon during the opening of an account, with leverage of 200:1 available at most. A margin calculatorcan also get found on the website of the broker.
Mobile App
The Dukascopy mobile app is considered great because it’s available on iOS as well as APK. The application comes with inbuilt market signals, customizable alerts, and a plethora of chart operations.
There is an availability of 46 technical indicators, which is above average for mobile accounts. You also receive level-two quotes, multiple related order kinds, and a library of strategies, courtesy of the Dukascopy community.
Furthermore, there are research tools and newsfeeds, live chat support in case you face any forex trading issues.
The only undeniable demerit is that mobile users will be charged a fee if they use more than 20 SMS message alerts within a month.
Payment Methods
Customer reviews of Duskacopy.com are more or less mixedabout the deposit & withdrawal options available. For deposits, for example, users are restricted to prepaid debit, credit cards, or bank transfers.
The minimum deposit here needs to be $100, and payments incur a 1.2% to 2.5% charge. Payments made by card are the fastest alternative and are generally processed within a single working day, while bank transfers, on the other hand, can take up to about two business days.
Users have more choices when we talk about withdrawals. Other than plastic debit/credit cards and bank accounts, Skrill, Neteller, and Bitcoin can also be used. No minimum withdrawal is fixed. However, the withdrawal cost may reach upto $50.
Withdrawal frequencies range between the same day to about three business days, which is pretty prompt but also quite predictable given that Dukascopy is a bank.
Like PayPal coupled with a reduction in deposit and withdrawal fees, adding popular payment methods would potentially improve the rating of Dukascopy’s payments.
Demo Accounts
Dukascopy is said to offer demo accounts for forex and binary alternatives trade by making use of the JForex 3 and MT4 platforms. One can register for a demo account on the broker’s site to receive their login credentials.
You will be empowered to test the strategies on the Nasdaq or S&P 500, by making use ofhistorical or real-time information.
The only disadvantage is the fact that demo accounts are only available for 14 days, whereas unlimited demo accounts, on the other hand, are available at some brokers.
Deals & Promotions
Dukascopy is known to offer certain bonuses. A 10% equity bonus can be applied if it is done within a time frame of 30 days of the last account deposit. A volume trading discount is also available that can lessen the costs by up to 20%.
Additionally, a 100% account deposit is also available for clients. Finally, if you can refer a friend to Dukascopy under the ‘Introducing Broker’ scheme, you can even receive a 100% discount on trading commissions up to $100.
The entire value of currently active trading bonuses cannot be more than $50,000 for each account. Bonus requirements decide thatcertain volume thresholds must be met within every 365 days and can lead to30,000 times in association with the account equity (comprising the bonus amount) at the time whenthe bonus was applied for.
Normally, bonuses are reasonable, but more tempting offers can be seen as offered by other brokers. It is, however, worthy of keeping an eye on Dukascopy’s ‘Bonus’ page for any news of no deposit bonuses or registration offers.
Regulations & Licensing
Dukascopy is headed by the Swiss Financial Market Supervisory Authority (FINMA), who are known to be especially strict. Dukascopy’s customers are protected up to CHF 100,000 in case the broker goes bankrupt.
Dukascopy is headed in Europe by the Financial and Capital Market Commission (FCMC). Even though the broker doesn’t get regulated bythe UK’s FCA (Financial Conduct Authority), its license of operations in Europe means that it can offer UK citizens products.
Licensing conditions declare that Dukascopy must keep client funds separated from the company’s capital. Protection of negative balance is also in place to ensure that users don’t lose their deposit.
Regulations restrict Dukascopy from offering its services in certain areas like the US.
Concluding, the review is content that Dukascopy proves to be trustworthy & there have been no known regulatory violations by far.