Dukascopy Bank is a licensed bank and online broker. They provide 600+ trading instruments on the JForex & MT4 platforms, along with trading tools, analysis and research to assist traders.
Dukascopy Review, Pros & Cons
- Multiple trading tools
- Flexible trading platforms
- Expert news & analysis
- PAMM accounts
- Multiple currency accounts
- esisuisse deposit insurance scheme
- International Swaps and Derivatives Association (ISDA) member
- No US clients
- Restricted leverage
- High commissions
- No MetaTrader 5 (MT5)
- Withdrawal fees
- Demo account expires after 14 days
- Limited funding options
In this detailed Dukascopy review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Founded in 2004, Dukascopy is an online Swiss bank and forex/CFD broker, with its headquarters located in Geneva, Switzerland. They have other global offices located in Tokyo, Moscow, Kiev, Riga and Hong Kong.
The broker offers forex, indices, stocks, ETFs, options, bonds, commodities and cryptocurrencies for trading. The platforms available are sophisticated, yet user friendly and include comprehensive trader tools. All trading strategies are permitted which includes scalping, hedging and automated trading using robot software.
The broker promises direct market access (DMA), low spreads and instant executions. Dukascopy states that it does not in any way manipulate prices or trade executions. The Dukascopy bank offers ECN liquidity to client orders. The bank is connected to other world banks where large orders are instantly hedged within the network. Thus, millions can be traded within seconds.
The broker also offers numerous trading tools, training resources and daily analyses by in-house analysts. Dukascopy has also won about 21 awards because of outstanding services in the areas of trading platform, ECN trading and general brokerage operations.
Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Dukascopy is licensed as a bank and a broker. The bank’s Japanese branch is also regulated by the Japanese Financial Services Agency (JFSA).
Investors’ deposits are protected by esisuisse; a deposit insurance scheme for Swiss banks. If for whatever reason the bank becomes insolvent, eligible clients’ funds are insured for up to CHF 100,000.
Dukascopy is a member of the International Swaps and Derivatives Association (ISDA) which is an organisation that promotes high standards and integrity in the derivatives market. It is also a member of the Swiss Bankers association. These reputable organisations add to the credibility and reliability of the brand.
All Dukascopy’s financial records are audited by KPMG; a reputable international auditing firm. Transparency is the Bank/broker’s philosophy and investors’ funds are in safe hands.
Clients who are residents of some countries including the United States, Belgium, Israel and Canada are not allowed to register for Dukascopy services. Some Dukascopy broker features and products mentioned within this Dukascopy review may not be available to traders from specific countries due to legal restrictions.
JForex Trading Platform
This is an advanced trading platform developed by Dukascopy. The platform offers lots of tools for traders’ analysis as well as access to the Swiss Forex Marketplace (SWFX). The JForex platform was built with the JAVA programming language and is available on Windows, MAC and Linux computers. It also has a web version and mobile version. Here are some of its functions:
- Available in over 12 languages.
- Supports automated trading.
- Economic calendar is accessible from the platform.
- Over 65 technical indicators and 25 analytical tools.
- Account management options including account funding
- News and calculators are available on the platform.
JForex Web Version
The major advantage of the web version is that it runs on all operating systems and requires no downloads. Also, it is always the latest version of the software that needs no updates. JForex website is best supported on modern browsers such as Google Chrome, Safari and Opera. It maintains most of the features of the desktop version except automated trading and the ‘net position’ mode.
JForex Mobile trader
The JForex trader is available for iOS and Android devices. It can be downloaded on iOS 7.0 or later. It has most of the features of the desktop version of the platform. With the app, traders can monitor the price of all assets and enter, modify or close trade positions. Clients can also perform their fundamental or technical analysis. Here are some of the JForex mobile app features:
- Forex market news and economic calendar which are important for fundamental analysis.
- Access to Dukascopy TV.
- Live connection to servers, currency quotes and charts.
- Order management and risk management features.
- Push notifications.
MetaTrader 4 (MT4)
The MT4 platform has become a standard among brokers and traders as well. This is because of its popularity, numerous extensions and simplicity. Dukascopy MT4 is available on windows PC and mobile devices. Some of its features are outlined below:
- Allows clients to automate their strategies using Expert Advisors (EAs).
- Customisable market watch window, interface, charts and templates.
- 30 inbuilt technical indicators which can be extended through plugin apps.
- Live quotes on the market watch and charts.
- One-click trading and trading from charts.
- Technical analysis using multiple chart types on up to 9 timeframes.
- Multiple order types
- MetaEditor for developing EAs, indicators and scripts in the MQL programming language.
- Alert notifications via the platform, SMS and email.
Dukascopy Trading Tools
Dukascopy LP PAMM Accounts
These are accounts managed by Dukascopy bank. The minimum investment capital is $1,000 and Dukascopy charge no performance or management fees. Investors’ funds automatically act as liquidity providers on the Swiss Forex Marketplace (SWFX) and earn from the spread. It should be noted that past account performance is by no means a guarantee of future performance.
These are accounts managed by other traders. An investor chooses a manager who trades on his behalf while managing multiple accounts. Dukascopy provides all the necessary technological tools for clients to find managers, allocate funds to them and receive daily reports. The broker also provides all the tools needed by the manager. It should again be noted that past account performance is by no means a guarantee of future performance.
The JForex Application interface (API) is designed for developing software applications for the JForex platform using Java programming language.
This is prepared daily on different assets. It uses the price action of the selected instrument to predict the next price movement. Technical indicators are also used to analyze the charts of the instruments. The analysis is courtesy of Dukascopy Bank SA.
This section gives trading information based on major economic releases and financial news.
This gives clients ideas of which instruments to look out for based on its history, technical analysis or other relevant information. It is regularly updated on the website usually more than once per day.
SWFX Sentiment Index
This shows the ratio of the long and short positions opened by traders. The most popular assets are represented on the Sentiment Index. Sentiment analysis is often used as part of a contrarian trading strategy.
The video updates are automatic, high quality and cover a range of different trading topics. It can be installed as a widget on a website or blog.
These calculators help a trader determine rollover charges, commissions on trades and estimated profits or losses. This is an important tool to help a trader make a calculated risk before embarking on trades.
FX Market Signals
The trading signals are updated frequently on selected currency pairs. The signals are based on support/resistance levels, figure level, intraday level and sharp moves.
This is a calendar that shows the time for economic events that have impact in the market. These events happen from different countries around the world. Clients can filter the economic calendar by impact, country, and currency or they can perform a search.
The wiki section of the Dukascopy website contains training articles and tutorial videos. The training covers forex and CFD trading, managed accounts, development of platform tools as well as training videos and more.
Webinars are available every week day via the broker’s YouTube channel. They primarily focus on the daily market movers and expected price action.
Dukascopy offers over 600+ trading instruments on its platform. There are approximately 60 currency pairs, 11 commodities, 19 indices, 3 bonds, over 520 stock CFDs, 43 ETFs and 2 cryptocurrencies.
Dukascopy Accounts & Fees
The following individual accounts are available to Dukascopy clients.
Forex ECN Account
The minimum opening balance is $100 for only Dukascopy Europe clients. But for Dukascopy Bank SA, it is $1,000. This account is for the JForex trading platform. The maximum leverage is 1:200 and the spread for the EURUSD starts from 0.1pips. All spreads are variable and the account is available in 24 currencies. Commissions are charged depending on the trading platform, trading volume and the assets traded.
Forex MT4 Account
This is the account designed for trading forex and CFDs on the MT4 platform. The base currency can be in USD, EUR, GBP, CHF or PLN. The maximum leverage is 1:100. Additional commission of $1 per lot is charged for using the MT4.
Binary Options Trading Account
This account is for digital option traders. No commissions are charged.
Demo accounts are provided at zero risks with a virtual balance of up to $1 million. The demo account is available on all platforms. Unfortunately, demo accounts expire after 14 days.
As broker fees can vary and change, there may be additional fees that are not listed in this Dukascopy review. It is imperative to ensure that you check and understand all of the latest information before you open a Dukascopy broker account for online trading.
The multilingual customer support team operates from the different offices. The support team can be reached via telephone, email and web chat. ‘Call back’ request form, ‘Send us a message’ form and ‘Report an issue’ form are all available on the website and can be used to reach the support team with your specific request.
There is a support forum which contains a lot of information on trading strategies, client discussions and automated trading educational resources.
Dukascopy Deposit & Withdrawal
Bank Wire Transfers
Transfers between Dukascopy accounts are free. Deposits to trading accounts through bank wire transfer are free. But international withdrawals are charged $50 per withdrawal.
This method can be used for both deposits and withdrawals. The base currency must be in USD.
Being a bank, Dukascopy accepts bank guarantees for deposits beginning with $100,000.
All major credit/debit cards are accepted for deposits and withdrawals. Card deposits are charged at 2% while withdrawals are charged €1.5 + 2.5%. Dukascopy bank cards are free for both deposits and withdrawals.
The acceptable payments are Skrill and Neteller. Skrill deposits and withdrawals are charged at 2.5%. Neteller deposits or withdrawals of $40 and below attract a fee of €1 while above $40 is charged at 2.5%.
Dukascopy Account Opening
Only a few minutes is required to open a Dukascopy account. Click on “Open Live Fx Account” on the website. A page displays informing the prospective trader that 3 steps are involved:
- Filling the registration form and accepting the contract terms.
- Identity verification.
- Funding your account.
Start the process by entering the amount you wish to invest and selecting individual, joint or corporate account. Then, fill the registration form which is in four steps.
Dukascopy is a bank and a broker that offers its services over the internet. The bank has access to the SWFX where client orders are executed at best rates. Dukascopy is regulated as a broker and as a bank in Switzerland and Japan. They have all financial records audited.
The award winning JForex trading platform is powerful and replete with tools needed by a trader to ease his research, analysis and orders. Also, the widely accepted MT4 is equally accepted. Both the JForex and the MT4 platforms are available for mobile trading on Android and iOS devices. Both platforms support automated trading and a wide variety trading styles and strategies.
Dukascopy offers over 600+ tradable assets for trading on the platforms. The broker deploys ECN trading which helps to ensure tight spreads and swift execution speeds. Being a bank, payments are accepted in over 20 base currencies.
The broker also presents lots of training resources in form of articles, videos and webinars. Market news and analysis is presented daily.
However, the online payment options are limited. The demo account is only for 2 weeks. The withdrawal fees are high and the leverage offered may be too restricted for some investor’s needs.
Investing in such instruments involves a high degree of risk of loss. Before trading on margin you should be aware of the risks involved due to the fluctuation in the value of such instruments’ prices, which can cause fluctuations in the value of your investment.