Dukascopy Bank is a Swiss-based online broker and bank serving traders since 2004. Known for its innovative trading technologies and competitive pricing, Dukascopy has established itself as a reputable player in the forex and CFD trading industry. In this comprehensive review, we'll explore Dukascopy's offerings, from its diverse account types to its advanced trading platforms, and help you determine if it's the right broker for your trading needs in 2023.
Dukascopy Company Information & Regulation Status
Dukascopy Bank SA, founded in 2004 by Swiss nationals Andre and Veronika Duka, is an innovative online bank based in Geneva, Switzerland. The company provides internet-based and mobile trading services, banking, and other financial services through proprietary technological solutions. Dukascopy primarily offers forex, precious metals, CFDs, and binary options trading with low spreads, fast execution, and advanced trading tools. Key points about dukascopy's regulation and company structure:
- Under the oversight of the Swiss Financial Market Supervisory Authority (FINMA), Dukascopy operates as both a bank and a securities firm;
- Owns Dukascopy Europe IBS AS (European licensed brokerage in Riga) and Dukascopy Japan (Type-1 licensed broker in Tokyo);
- Member of the Swiss Bankers Association.
Dukascopy's flagship offering is the SWFXāSwiss FX Marketplace, an ECN (Electronic Communication Network) platform that connects to over 20 major banks. It provides clients with access to deep liquidity pools and competitive spreads.
Dukascopy Broker Summary of Specifics
Dukascopy Bank offers a comprehensive suite of trading and banking services tailored to meet the needs of both retail and institutional clients. Here's a summary of the critical specifics:
Broker | Dukascopy |
Account Types | JForex4, MT4, MT5, Binaries |
Regulating Authorities | FINMA |
Based Currencies | USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, CNH, SEK, SGD, TRY, XAU, ZAR |
Minimum Deposit | $100 |
Deposit Methods | Wire, Credit/Debit Card, Skrill, Neteller, Crypto, Bank Guarantee, SEPA |
Withdrawal Methods | Western Union, Wire |
Minimum Order | 1000 units of the primary currency |
Maximum Leverage | 1:100 |
Investment Options | YES |
Trading Platforms & Apps | MT4, MT5, JForex, Web Platform |
Markets | Metals, Indices, Commodities, Stocks, ETFs, Cryptocurrencies, Bonds, Forex |
Spread | Varies |
Commission | From 5 |
Orders Execution | Stop Order, Limit Order, Market if Touch Order |
Margin Call/Stop Out | 100%/50% |
Trading Features | Copy Trading, News Trading |
Affiliate Program | YES |
Bonus & Promotions | YES |
Islamic Account | YES |
PAMM Account | YES |
Customer Support Ways | Ticket, Call-Back request, Phone Call, Chat |
Customer Support Hours | 24/7 |
Dukascopy Account Types
Dukascopy offers several account types to cater to different trader preferences and needs:
Account Type | Available Currencies | Min deposit |
JForex 4 | USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, CNH, SEK, SGD, TRY, XAU, ZAR | $100 |
MT4 | USD, EUR, GBP, CHF, PLN | $100 |
MT5 | USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, CNH, SEK, SGD, TRY, XAU, ZAR | $100 |
Binaries | CHF, EUR, USD, GBP, CAD, JPY, SGD, PLN, AUD, HKD, DKK, MXN, NOK, NZD, SEK, TRY, ZAR, CZK, HUF, ILS, RON | $100 |
PAMM accounts offer a valuable option for investors who prefer to have their funds managed by experienced traders.
These accounts provide transparent performance tracking, allowing investors to monitor how their money is being handled.
Additionally, they offer the flexibility to allocate funds across multiple managers, giving investors more control and diversification in their investments. This structure makes PAMM accounts a popular choice for those seeking professional management of their portfolios.
Dukascopy Advantages and Disadvantages
Dukascopy offers several compelling advantages for traders, but it's important to consider potential drawbacks. Here's a balanced overview:
Pros | Cons |
Strong Regulation | Complex Account Opening |
Advanced Technology | Higher Fees for MT4/MT5 |
Competitive Pricing | Limited Crypto Offerings |
Diverse Asset Selection | High Minimum Deposit |
Deep Liquidity | - |
Dukascopy is well-suited for experienced, active traders who can take advantage of its advanced features and competitive pricing. However, beginners might find the platform and account opening process more challenging than other brokers.
Dukascopy Broker Signing Up & Verification Process
Opening a live trading account with Dukascopy involves a straightforward but thorough process:
- Fill out the registration form on dukascopy's website;
- Provide personal information;
- Choose your account type and base currency;
- Accept terms and conditions;
- Complete a brief identity verification process by providing your proof of residence/identity documents and taking a selfie video.
Dukascopy Trading Platforms
Dukascopy offers a range of trading platforms to suit different trader preferences:
Platform | Features |
JForex 4 | Manual, automated, and chart trading available Over 250 indicators and analysis tools Economic events and news calendar included Automated trading on local machines and Strategy Servers |
MetaTrader 4/MetaTrader 5 | 108 available currency pairs Leverage up to 1:100 Support for automated trading Analytical tools provided Multiple chart types available Capabilities for backtesting strategies |
Web Trading Platform | Browser-based platform for convenient access No download required |
Mobile Trading Apps | Native apps for iOS and Android devices Access to real-time quotes and charts Ability to place trades and manage positions on-the-go |
Dukascopy's diverse platform offerings ensure traders of all levels and preferences can find a suitable solution for their trading needs.
Dukascopy Spreads and Commissions Structure
Dukascopy offers a competitive fee structure, with costs varying based on account type and trading volume:
Trading Commissions | |
Self-Traders | $5 to $52.5 per $1M traded based on Net Deposit and Equity levels |
Clients with External Managers | Up to $100 per $1M traded |
Swap-Free Accounts | +$5 per $1M for currencies, +$7.5 per $1M for precious metals |
Single Stock CFD and ETF CFD | 0.1-0.18% of trade value with minimum fees |
MetaTrader 4 | $0.5 per 1 MT4 lot ($5 per $1M) |
Spreads | |
Forex | From 0.1 pips on major pairs |
CFDs | Variable, depending on market conditions |
It's important to note that Dukascopy's fee structure rewards higher-volume traders with lower commissions.
Dukascopy Broker Deposit & Withdrawal Methods
Dukascopy provides several options for funding and withdrawing from trading accounts:
Deposit Methods | |
Wire Transfer | Free from Dukascopy, takes 1-2 business days, min deposit varies by account |
Credit/Debit Card | Takes 1 business day |
E-wallets (Skrill, Neteller) | Quick processing |
Crypto Transfer | In BTC, ETH, and USDT |
Bank Guarantee | Available for deposits of $100,000 or more |
SEPA | An easy way for European countries |
Withdrawal Methods | |
Wire Transfer | processing time 1-2 business days |
Western Union | Without fees |
Copy Trading & Investment Options Offered on Dukascopy Broker
Dukascopy offers several investment options and social trading features for clients looking to diversify their trading strategies:
- PAMM (Percent Allocation Management Module) Accounts;
- Social Trading via JForex Forum;
- Copy Trading on MT4 and MT5 platforms.
While Dukascopy doesn't offer a dedicated copy trading platform like some competitors, its social trading features and PAMM accounts provide alternatives for traders looking to follow or replicate others' strategies.
Dukascopy Tradable Markets & Symbols Overview
Dukascopy offers a wide range of tradable instruments across various asset classes:
Asset Class | Details |
Metals | - Gold (XAU/USD) |
Indices | - Major global indices: S&P 500, FTSE 100, DAX, Nikkei 225 |
Commodities | - Crude Oil, Natural Gas, Coffee, Cocoa, Sugar |
Stocks | - CFDs on shares from major global exchanges |
ETFs | - Selection of popular Exchange-Traded Funds |
Cryptocurrencies | - CFDs on major cryptocurrencies: Bitcoin, Ethereum, Litecoin |
Bonds | - Government and corporate bond CFDs |
Forex | - Over 60 currency pairs |
Dukascopy's diverse offering allows traders to diversify their portfolios and exploit opportunities across multiple markets.
The broker's ECN model and connection to the SWFX Marketplace ensure competitive pricing and deep liquidity for most instruments.
Dukascopy Bonuses and Discounts
Dukascopy offers several bonus programs and promotions to attract and retain traders:
Type | Amount |
Experience Sharing | 50% of trading volume commissions for the lifetime of the account; New Client receives 10% cashback |
Equity Bonus | 10% of account equity |
Volume Trading Commission Discount | 20% discount on volume trading commissions |
Anniversary Bonus | 100% Bonus of account equity |
Traders should carefully review the requirements before participating in any bonus program.
Dukascopy Broker Support Team
Dukascopy provides comprehensive customer support through various channels:
- Live Chat (Available 24/7);
- Ticket Support;
- Call-Back request;
- phone call (24/7): +41 22 799 4888.
Dukascopy Broker List of Restricted Countries
Dukascopy does not provide services to clients from the following restricted countries:
- Afghanistan;
- Cuba;
- Iran;
- Japan;
- Myanmar;
- North Korea;
- South Sudan;
- Sudan;
- Syria;
- USA.
It is important for potential clients to verify their eligibility before applying, as violations may result in account termination or legal consequences.
Dukascopy Broker Trust Scores & Reviews
Dukascopy Broker has received mixed reviews on Trustpilot (3.9 out of 5), reflecting a range of experiences among its clients. While some users praise the platform for its trading tools and customer service, others express concerns about withdrawal processes and account management.
Education on Dukascopy Broker
Dukascopy Broker's commitment to education is evident in their robust program:
- Webinars;
- Seminars.
These sessions are structured to provide participants with valuable insights into a wide range of trading topics, including technical analysis, risk management, and trading strategies.
The webinars are conducted by experienced professionals, including market analysts and seasoned traders, ensuring that the information shared is both relevant and practical.
In addition to online offerings, Dukascopy also hosts seminars that will also be broadcast live on the Dukascopy TV website.
Conclusion and final words
In conclusion, Dukascopy provides a versatile trading environment with diverse deposit methods like Wire, Credit/Debit Card, Skrill, making it accessible for traders at all levels. The ability to trade across multiple markets (Forex, Metals, Indices, Commodities, Stocks, ETFs, Cryptocurrencies, Bonds) with medium leverage, combined with a range of trading platforms (Web, MT4/5, JForex), enhances the trading experience. With various account types available, Dukascopy ensures that traders can find the right fit for their strategies and preferences. We invite you to share your thoughts and experiences with Dukascopy in the comments below!
