Dukascopy Review

Alyaziah Hayat | March 30, 2022

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.

Broker Pros / Cons
  • Regulated
  • 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

Summary

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 Awards

Dukascopy Awards

Regulation

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.

Platforms

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.
Dukascopy JForex Trading Platform

Dukascopy JForex Trading 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.
Dukascopy JForex Mobile Trader

Dukascopy JForex Mobile Trader

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 MT4 Trading Platform

Dukascopy MT4 Trading Platform

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.

PAMM Accounts

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.

Dukascopy PAMM Account

Dukascopy PAMM Account

JForex API

The JForex Application interface (API) is designed for developing software applications for the JForex platform using Java programming language.

Technical Analysis

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.

Fundamental Analysis

This section gives trading information based on major economic releases and financial news.

Trading Ideas

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.

Dukascopy TV

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.

Forex Calculators

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.

Economic Calendar

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.

Dukascopy Economic Calendar

Dukascopy Economic Calendar

Education

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 Webinars

Dukascopy Webinars

Markets

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.

Accounts

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

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.

Support

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 Support Forum

Dukascopy Support Forum

Funding

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.

Bitcoin

This method can be used for both deposits and withdrawals. The base currency must be in USD.

Bank Guarantees

Being a bank, Dukascopy accepts bank guarantees for deposits beginning with $100,000.

Credit/Debit Cards

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.

e-wallets

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%.

Signup

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 Account Opening Form

Dukascopy Account Opening Form

FAQ

What is the Dukascopy minimum deposit?

The Dukascopy minimum deposit amount is $100.

How do I deposit money into Dukascopy?

Dukascopy clients can easily deposit funds into their live trading accounts using the following payment methods: wire transfer, credit/debit cards, Bitcoin, Skrill, Neteller, and more.

What are Dukascopy’s deposit fees?

Dukascopy does not charge any deposit fees, but clients may be required to pay some currency conversion fees when they make deposits in another currency.

How do I withdraw money from Dukascopy?

You can withdraw funds from your Dukascopy account through wire transfer, credit/debit cards, Bitcoin, Skrill, Neteller, and more.

What are the Dukascopy withdrawal fees?

Dukascopy does not charge any withdrawal fees, but some payment methods may charge transaction processing fees.

What is the Dukascopy commission fee?

Dukascopy offers commission fees starting from $7.

Are there any Dukascopy inactivity fees?

Dukascopy does not charge any inactivity fees. This means that Dukascopy is unlike other brokers that would charge clients high fees for keeping their accounts inactive for a prolonged period.

What are the Dukascopy account types?

Dukascopy offers two live trading account options: Forex ECN account and Forex MT4 account.

Is there a Dukascopy demo account?

Yes, Dukascopy has a demo account option. It is a practice account preloaded with virtual funds to allow clients to test out the broker’s platforms without risking any of their funds.

What are the Dukascopy spreads?

Dukascopy offers low spreads from 0.2 pips on the major currency pairs.

What is the Dukascopy leverage?

Dukascopy has a leverage of up to 1:200 available for clients who qualify.

Do Dukascopy allow hedging, scalping, news trading & automated trading?

Yes, Dukascopy do not impose any specific restrictions on trading styles. Therefore, all trading strategies and styles are welcome, including automated trading, hedging, and news trading.

Is there a Dukascopy Islamic account?

Yes, Dukascopy offers Islamic accounts to Muslim clients who cannot pay swaps.

What are Dukascopy trading instruments?

Dukascopy clients can trade and invest in forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, options, and more.

How do I open a Dukascopy live account?

To open a live trading account, click the “Open Live Fx Account” button on the homepage of the broker’s website. Then, fill out the account application form correctly and submit it.

How do I verify my Dukascopy account?

You can verify your Dukascopy account by providing proof of identification and up-to-date proof of address, no more than six months old.

What is Dukascopy’s trading platform?

Dukascopy provides clients with the sophisticated MT4 trading platform available in desktop, web, and mobile versions. In addition to the MT4 trading platform, Dukascopy clients are also provided with the intuitive JForex trading that is available as a WebTrader and a mobile app that can be downloaded from Android and iOS app stores.

Where can I download the Dukascopy platform?

You can download the Dukascopy trading platforms directly from the broker’s website or the relevant iOS and Android app stores.

Where is Dukascopy located?

Dukascopy is based in Switzerland.

Is Dukascopy regulated?

Yes, Dukascopy is authorized and regulated by various financial authorities, including FINMA and FSA.

What countries does Dukascopy not accept?

Dukascopy services are not available in countries where the offer of such products is prohibited or restricted by laws.

Is Dukascopy a Scam?

No, Dukascopy is not a scam. The broker is strictly by various regulatory authorities.

How can I contact Dukascopy support?

You can contact the client support team can be reached via various contact channels, including telephone, email, and webchat. In addition, there are also “request feedback” and “call-back” forms on the broker’s website.

Compare

Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
Founded200619742007
RegulatedASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSAFCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFFASIC, CySEC, FSA, SCB
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
SpreadsFixedVariableVariable
Leverage1:4001:2001:500
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit Broker

Conclusion

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.

Dukascopy Logo

Min $100 Deposit

Dukascopy Bank is a licensed bank & online broker. They provide 600+ trading instruments on the JForex & MT4 platforms, along with trading tools, analysis & research to assist traders.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Alyaziah Hayat
I had previously been forex trading for about 2 years and I now mainly focus on writing forex-related content. I also deal with cryptocurrencies and other financial assets in this industry. I've dealt with several brokers, assets, EA robots, and everything that this industry has to offer.

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