Investor Protection & Regulations
“Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and operates with a Swiss banking licence.”
Dukascopy offers a high level of regulatory oversight from two globally-recognised financial regulators. The broker is regulated as a bank and securities dealer by the Swiss Financial Market Supervisory Authority (FINMA), as confirmed on the regulator’s website shown below:
Dukascopy Japan K. K. and Dukascopy Europe, Dukascopy Bank’s subsidiaries, are also licensed and regulated by Japan’s Financial Services Agency (JFSA) and by the FKTK accordingly. Their authorisation can be found directly on the JFSA’s website, under the Financial Instruments Business Operators section, in the Financial Instruments Business Operators tabs. This opens a PDF, or Excel file of authorised companies, as the screenshot below confirms:
According to the broker’s website, Dukascopy adds further protection to clients by:
- Insuring client funds up to a fixed amount, in accordance to Swiss banking regulations under the esisuisse deposit insurance scheme.
- Slippage control. Dukascopy offers a ‘slippage control function’ where you can preselect the maximum amount of negative slippage on the execution price of an order.
- Hedging any clients’ trades instantly with other liquidity providers who include the likes of Bank Of America, Commerzbank, Nomura, Barclays and others.
- Appointing KPMG SA as a statutory auditor.
- Appointing PKF Certifica SA as an internal auditor.
- Public Financial Accounts.
“Dukascopy offers trading on more than 600 tradable assets covering Forex ECN trading, CFD trading on Indices, Stocks, Commodities, Bonds, ETFs and Cryptocurrencies as well as Binaries.”
A wide range of asset classes and products are available to trade on with Dukascopy, with more than 50+ ECN Forex pairs, 18 Binaries from SWFX, 10 Commodity CFDs, 18 Stock Index CFDs, 500 Single Stock CFDs, 2 Bond CFDs and 2 Cryptocurrency CFDs*.
Below is a list of just some of the available markets for trading:
||Stock Index CFDs
||UK Brent Oil
||Australia 200 Index
||US Crude Oil
||Spain 35 Index
||Hong Kong Index
||Germany 30 Index
||Switzerland 20 Index
||UK 100 Index
||US 500 Index
||India 50 Index
|Single Stock CFDs
|London Stock Exchange Group PLC
|Berkshire Hathaway Inc B
||UK Long Gilt
*Details regarding the available assets are taken from the Dukascopy website and are correct at the time of this review.
Trading costs such as spreads and commissions vary depending on the instrument being traded and the trading platform being used which are both discussed further down this review. For example, according to the broker’s average spreads table the average spread on EURUSD for a quarter in 2019 can be as low as 0.28 pips in the European session and as high as 0.34 in the Asia session, as shown below:
“Dukascopy offers advanced and professional traders live Forex ECN and CFD trading accounts, as well as a Demo account across their own advanced, proprietary trading platform JForex, Web, iOS, Android and MetaTrader 4 to trade on multiple asset classes including Forex ECN, Binaries and CFDs on Stocks, Indices, Commodities and Cryptocurrencies.”
Dukascopy’s Forex ECN and CFD trading accounts are aimed at advanced and professional traders who are interested in trading with a Swiss bank and its liquidity providers. However, accounts can be opened by both retail and professional traders easily from Dukascopy’s homepage.
The Live Forex ECN & CFD Trading Account
This account is suitable for those who are interested in trading on different asset classes such as Forex ECB, Binaries and CFDs on Indices, Stocks, Commodities and Cryptocurrencies across the broker’s own professional JForex trading platform, Web, iOS and Android operating systems as well as MetaTrader 4.
It takes three simple steps to open a Live Forex ECN & CFD Account:
After starting the opening process by clicking on step one, users are then asked to choose the amount they would like to start trading with and what type of account they want: Individual, Joint Account or Corporate Account:
The minimum deposit is $1,000. For users wanting to deposit less they can put in their chosen amount and are then redirected to open an account with Dukascopy Europe which is an EU subsidiary of Dukascopy Bank.
Users are then asked for their personal details:
Then users are asked about their status and financial information:
Then users are asked about who the beneficial owners are:
Users are then asked to setup their account profile such as what type of account they would like to open:
Clients can deposit funds in a variety of currencies when using their own JForex trading platform:
Users are then asked to verify their identity which can be done through downloading the Dukascopy Connect 911 app from the Google Play store or Apple App store. This is the fastest way as it uses video-identification so accounts can be opened in just one hour but generally within one day.
The Demo FX Trading Account
Dukascopy offers a 14-day Forex and CFD demo trading account, as the screenshot of the account opening shows below:
Dukascopy do not accept clients from USA or Belgium.
Deposit & Withdrawals options
“Dukascopy offers four unique ways for individuals to fund their trading accounts including Wire Transfer, Credit and Debit Cards, Bitcoins and Dukascoins.”
There are four unique ways individuals can fund an account with Dukascopy. They all have different associated fees and clearing times.
- Wire Transfer. Dukascopy accept deposits in a wide range of currencies. It is the quickest and easiest way to fund an account as funds are usually cleared within 1-2 business days.
- Credit & Debit Cards. While Dukascopy does not charge any fee for account funding, there are commissions from partner banks.
- Bitcoin. Trading accounts have the possibility to deposit and withdraw funds via Bitcoin (BTC).
- Dukascoin. Trading accounts have the possibility to deposit and withdraw funds via Dukascoins (DUK+).
Dukascopy have an impressive range of currencies that can be used as deposits, including:
There are transfer fees that clients should also be aware of with Dukascopy. Incoming transfers and transfers within Dukascopy are free of charge. However, outgoing transfers have various fees depending on the currency so it is worth checking the broker’s website for more details.
Web & Desktop Trading Platforms
“Dukascopy offers five different platforms to trade on that all provide access to the Swiss Forex Marketplace. This includes their own advanced, proprietary JForex Desktop, JForex Web, iOS and Android platforms, as well as MetaTrader 4.”
Traders with Dukascopy can access a wide variety of markets across a wide variety of different trading platforms. While the broker offers MetaTrader 4, they also have their own very impressive, professional-grade, proprietary trading platform called JForex.
The Dukascopy JForex Desktop Platform
Dukascopy’s JForex desktop platform is its universal trading software designed for manual and automated trading in the JAVA programming language. Traders can use a live and demo version of the programme on Windows, Mac and Linux without installation:
The JForex platform is feature rich and well suited for advanced traders. While beginner traders may find the level of features daunting, there are quick start manuals and video tutorials available. Some of the extra features of the JForex desktop platform include:
- 250 trading indicators and studies.
- Calendar of economic events and news.
- Advanced charting on Renko, range bars, line break charts and point and figure charts.
- Multi-language interface and support.
- Automated trading on a user’s machine or strategy server.
Here is a screenshot of Dukascopy’s JForex trading platform:
The platform is supported in multiple languages including: Arabic, Azerbaijan, Bulgarian, Chinese, Czech, English, French, Georgian, Korean, German, Hungarian, Italian, Japanese, Persian, Polish, Portuguese, Romanian, Russian, Spanish, Turkish, Ukrainian.
The Dukascopy JForex Web Platform
Dukascopy’s JForex web platform is designed for instant market access with similar trading features to the JForex desktop platform but some differences as well. The web-based platform seems to support the most commonly used browsers:
The JForex Web platform is well suited for traders who prefer easy access to trade but less features.
Beginner traders may find the JForex Web platform more simpler to use as it offers the most common features of a trading platform, such as:
- Quick access for manual and automated trading.
- 46 trading indicators and chart studies.
- Workspaces saved to cloud.
- Live market news and economic calendars.
- Multi-language interface and support.
The MetaTrader 4 Platform
Dukascopy also offers the well-known MetaTrader 4 trading platform with a direct connection to the SWFX Marketplace. This allows traders who are already familiar with the platform to move over seamlessly for manual trading or through expert advisors that are popular with MetaTrader.
However, trading commissions differ when using the MetaTrader 4 platform with Dukascopy. Currently, $1 per 1 MT4 lot is charged on top of Dukascopy’s standard fees for trading on the MetaTrader 4 platform.
Mobile Trading Platforms
“Dukascopy offers JForex trading on Apple’s iPhone, iPod Touch and iPad, as well as the Android operating system.”
Dukascopy offers JForex trading on both iOS and Android operating systems. Users can replicate some of the main trading features offered through the desktop and web-based platform, such as:
- Instant order execution.
- Stop orders / Limit orders / OCO orders.
- Economic calendars.
- Live charts with technical analysis.
- Dukascopy TV.
- And more.
However, there are some differences between each of the trading platforms on Web, iOS and Android:
“Users of Dukascopy have access to a wide variety of different trading features such as a professional-grade Automated Trading API and Visual Strategy Builder program.”
Clients trading with Dukascopy are offered a unique set of additional trading products and services to aid in their trading portfolios. These include:
- Visual JForex Strategy Builder. This program has been designed for traders to become ‘Forex programmers’ in just 30 minutes. Users can learn to build an automated strategy with just a few mouse clicks in Dukascopy’s Visual Strategy Builder.
- JForex App Store. Traders can access Dukascopy’s JForex App Store to find other traders and programmers. Here users can access a large library of strategies and indicators.
- FIX API. Professional traders can access Dukascopy’s FIX API to receive real-time feeds from the Swiss Forex Marketplace for automated trading activities.
Commissions & Spreads
“There are a variety of unique trading fees and commissions when trading with Dukascopy which differ to other brokers.”
When trading Forex ECN or CFDs – which are not single stock CFDs – Dukascopy will charge the lowest amount of commission calculated from the Net Deposit, Equity and Traded Volume.
The volume commission is calculated on a daily basis at every settlement time and the defined rate will be applied on the following trading day. Some of the rates can be found below:
Trading Commissions Based on Net Deposit Amount:
|Volume Commission in USD per 1 million USD
|Deposit with Dukascopy Bank
|Net Deposit (in USD equivalent)
||Precious metals, CFDs*
*Charges are different for Single Stock CFDs and Binary Options as explained further down the article.
Here is an example of calculating commission rates:
Trading Commissions For Single Stock CFDs
||EUR 0.10% of trade value
||GBP 0.10% of trade value
||USD 0.02 per share
Trading Commissions For Binary Options Trading
Clients who trade binary options with Dukascopy pay a premium according to the contract size. This premium is automatically debited by the bank from the client’s account, prior to opening any binary options contract.
Trading Commission for MetaTrader 4
In addition to the standard Dukascopy fees, users of the MetaTrader 4 platform will be charged $1 per 1 MT4 lot which is the equivalent of $10 per 1 million. The volume commission is charged on the opening of a trade and is calculated for a round turn transaction (in and out).
There are other fees to consider when trading with Dukascopy, that are not as common with other brokers, such as dormant account fees.
Dukascopy spreads vary depending on the instrument and time of day. However, Dukascopy have an Average Spreads widget where traders can view the highest and lowest spread amount on a given day for Currencies and CFD instruments, as the screenshot shows below:
From the table above the minimum spreads are highly competitive.
Bonus & Promotions
“Dukascopy offers a wide variety of bonuses and promotions including Equity Bonuses, Discount Programmes and more. However, bonuses and promotions do change over time.”
While bonuses change over time, Dukascopy are currently – at the time of writing – offering several bonus and promotional programmes:
- The Dukascopy Equity Bonus.
- The Volume Trading Commission Discount program.
- The Experience Sharing Program.
- A 10-year anniversary bonus.
More details regarding these bonuses and the other currently active promotions can be found on the broker’s website.
“Dukascopy offers 24 hours a day, 5 days a week client support and trading support by phone, email, call-back and live chat.”
There are multiple ways in which Dukascopy offer customer support. Clients can:
- Direct message through their website.
Live Chat 24 hours a day, 5 days a week for trading support.
- Request a call-back using their online form.
- Email or Fax.
- Phone: Live trading (24h): + 41 22 799 4848 / Live client support (24h): + 41 22 799 4838
The website and support, such as phone and chat, are offered in multiple languages covering sixteen different languages including English, German, Spanish, Polish, Russian, Italian, Chinese and more.
“Dukascopy offers a wide and impressive range of unique and advanced market tools and information not found elsewhere such as Dukascopy TV, SWFX Sentiment Index, Calendars, Forex Calculators, COT Charts and FX Market Signals.”
While the JForex desktop and web-based platforms offer access to market research, economic calendars and news items, the Dukascopy website offers an even bigger range of advanced trading tools, as the screenshot below shows:
Not only do Dukascopy offer trading ideas, market news and technical and fundamental analysis, they also offer a huge variety of advanced trading tools such as the SWFX Sentiment Index, COT Charts, Pivot Point Levels, Position Size Calculator and more.
Here is an example of their SWFX Sentiment Index:
They also offer a live TV channel called Dukascopy TV which covers a wide variety of topics such as Featured Programmes, Forecasts & Analysis, Live Webinars from the Dukascopy Research Team, as well as covering Events:
“Dukascopy offers lots of manuals and tutorial videos on its professional-grade, proprietary JForex trading platform. Unfortunately, it is lacking in educational resources in learning to trade.”
While Dukascopy offers a wide variety of trading tools, there is a distinct lack of educational resources in learning to trade. This makes the wide variety of trading tools meaningless to beginner traders who do not know how to use them.
However, when viewing the trading platforms there is a wealth of information available in helping to use a platform such as a quick start manual and video tutorials.
“The level of functionality offered in Dukascopy trading platforms, accounts and additional services, is more than adequate for the experienced trader.”
From our observations, the services offered by Dukascopy are more suited to traders with some trading experience rather than complete beginners. While opening a live Forex ECN and CFD trading account is relatively simple, the advanced functionality of their trading platforms and unique way in calculating commission costs is more suited for professional traders but can easily be learnt through their instructional videos and live chat support.
The use of a demo trading account is extremely valuable for beginner traders to test drive the trading platforms and tools on offer. The wide range of markets available for traders may seem daunting to some but useful to others. Unfortunately, there is little educational material on offer to help in learning to trade these different asset classes. Having said that, what is available is helpful to learn and understand the JForex trading platform in more detail which offers unique advantages in itself such as access to the Swiss Forex Marketplace and the ability to trade with a broker licenced and regulated as a Swiss bank.
Is Dukascopy regulated?
Yes, Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as both a bank and a securities dealer. In addition, Dukascopy Japan K. K., Dukascopy Bank’s subsidiary is regulated by Japan’s Financial Services Agency (JFSA).
Where is Dukascopy based?
Dukascopy is headquartered in Geneva, Switzerland.
How does Dukascopy make money?
As Dukascopy operate an ECN dealing desk model, the broker makes money through the spreads and commissions of trading activities.
How do I deposit in Dukascopy account?
Funds can be deposited into a trading account in four unique ways, including Wire Transfer, Credit and Debit Cards, Bitcoins and Dukascoins.
What is the min. deposit for Dukascopy?
The minimum deposit to fund a live Forex ECN and CFD account is $1,000. If trading with their white label partner Dukascopy Europe IBS, the minimum deposit is $100.
How do I withdraw money from Dukascopy?
Withdrawals can be made from Dukascopy through your account manager or account management area online. Transfers within Dukascopy are free of charge. However, outgoing transfers have various fees depending on the currency.
What is the max leverage in Dukascopy?
The maximum leverage offered by Dukascopy is 1:200. If trading with their white label partner Dukascopy Europe IBS, the maximum leverage offered is 1:30, in line with ESMA regulations.
How do I open an account with Dukascopy?
An account can be opened at the click of a button on the Dukascopy website and can be done in just three steps.
Does Dukascopy use MetaTrader?
Yes, Dukascopy does offer MetaTrader 4.
“Dukascopy provides a unique offering to trade with a licenced Swiss bank which offers more than 600 tradable assets including Forex ECN, with access to 1:200 leverage on a professional-trade, proprietary trading platform with advanced features and compatibility on PC, Mac, Web, iOS and Android.”
Dukascopy provides a highly unique offering for traders. This includes the ability to trade with a broker regulated in Switzerland with access to 1:200 leverage and wide variety of bonuses and promotional offers. Both the beginner and advanced trader may enjoy the ability to trade on more than 600 tradable assets across Forex ECN, Binaries and CFDs on Stocks, Indices, Commodities and Cryptocurrencies with highly competitive spreads.
While Dukascopy’s professional-grade, proprietary JForex trading platform is hugely impressive with a wide range of benefits and features, some beginner traders may find it requires a steeper learning curve compared to other platforms. However, there is a wealth of educational guides on using their JForex platform as well as the use of free demo trading account.
Dukascopy also offers a wide range of advanced trading and research tools including the SWFX Sentiment Index, Market News and Research, Calendars, Forex Calculators, COT Report and Dukascopy TV. While the educational resources on learning to trade are lacking, traders with some trading experience may well be interested in the unique offerings of this Swiss bank and broker.
- Forex ECN, Forex MT4 and Binaries accounts.
- CFDs covering international stocks, indices, commodities, bonds and cryptocurrencies.
- Trade with a licenced Swiss bank with 1:200 leverage.
- Multiple trading platforms such as JForex, MT4, Web, iOS and Android supported by a wide range of free trading tools.