Founded in 1998,
Dukascopy is a one of a kind Swiss online forex broker and the bank that offers its clients online trading services for currency pairs and Contracts for Differences (CFDs). The broker and bank are based in Geneva, Switzerland with its head office located at ICC, Entrance H, Route de Pré-Bois 20, 1215 Geneva 15, Switzerland. Apart from their Geneva office, Dukascopy also maintains satellite offices in several major cities around the world such as Shanghai, Tokyo, Hong Kong, Riga, Dubai, Moscow, Kiev and Kuala Lumpur.
*This information is not intended for Israel residents
Dukascopy Video Review
VIDEO Dukascopy Regulations
Dukascopy as a Swiss financial services provider comes under the jurisdiction of the Financial Market Supervisory Authority (FINMA). FINMA acts as a supervisory body for the insurance industry, the banking industry and for financial services providers in Switzerland. It is an independent body based in Bern and separates from the federal administration. It reports directly to Parliament. Its duties cover the combating of money laundering, financial restructuring as well as the issuance of licenses to companies or institutions that fall under its jurisdiction. It is also tasked with enforcement duties such as imposing sanctions against erring companies or institutions.
In terms of reliability, Dukascopy has a stellar reputation. Since it first started operations, it has been recognized by the industry for its high-quality services. The numerous awards that Dukascopy has won over the years bear testimony to the efforts that the broker has put into building its reputation up in the online trading industry. The fact that Dukascopy is also regulated by one of the strictest financial regulatory bodies in the world also helps to shore up the reputation of the broker with respect to its reliability. But most important of all, Dukascopy bases its operations on 2 core principles, equal trading rights, and price transparency. By keeping their operations over the years in line with these 2 core principles, traders from all over the world have grown to trust Dukascopy.
Dukascopy Trading Platforms
To give its clients trading access to the financial markets, Dukascopy has provided 2 main types of trading platforms and the Swiss FX Marketplace (SWFX).
The Swiss FX Marketplace and the JForex Platform
The SWFX is Dukascopy’s proprietary trading solution. Connected to the ECN, it allows Dukascopy’s clients to access raw spreads for the forex, commodities and CFDs markets. Using the FIX API, the SWFX system is connected to a network of more than 20 banks. The large pool of liquidity providers allows Dukascopy to provide its clients with unparalleled speed in trade execution and low spreads. Market orders are executed automatically based on Dukascopy’s Straight through Processing business model. The main advantage of trading through the ECN system is the fact that all market participants are on equal footing enabling traders to achieve the best deal possible.
Apart from being able to trade with low spreads at Dukascopy, the JAVA based JForex platform comes with comes with a wide range of integrated trading tools. Users of the JForex platform will be able to manage their trading risks and control their trades more efficiently. For traders who prefer to trade straight of the internet, they can utilize the JForex Web 3 platform. The web-based platform has all the functionalities of the JAVA based platform but is accessible through any updated web browser. This eliminates the need to download and install any software on the part of the trader.
Dukascopy does not offer the popular MetaTrader 4 platform. However, it is still possible to bridge SWFX with the MT4 platform through the use of a third party API. As a note, API for automated trading on SWFX is also provided by Dukascopy.
Dukascopy Mobile Trading
Apart from providing its clients with desktop trading solutions, Dukascopy has also provided them with mobile trading apps which they can install onto their smartphones to enable them to trade on the go. The JForex platform is both available on Google PlayStore and Apple App Store for download.
Dukascopy Trade Types/Instruments
Currently, Dukascopy offers trading in the spot forex markets and CFDs markets. Assets which are available for trading include major currency pairs and some minor pairs for the spot market. For the CFDs market, you can trade in 4 types of commodities 12 types of market indices and more than 300 different types of stocks for the major exchanges around the world.
Dukascopy Account Types
Dukascopy offers their clients several types of trading account based on their specific trading needs. For forex ECN trading, there is a selection of 4 different types of account based on the minimum deposit requirement. These accounts start with a minimum deposit of $100, $5000,$100000 and $250,000. These accounts will allow the individual account holders to trade in forex and CFDs. Apart from the standard trading accounts, traders at Dukascopy also have the option to open a dedicated gold trading account. The Gold trading account allows traders to trade in Gold without having to actually purchase and store it physically.
For money managers, Dukascopy has also provided them with managed account facilities. With the PAMN module, an account manager can manage several trading accounts simultaneously.
Dukascopy Commissions & Spreads
As an ECN type broker, Dukascopy charges its clients a commission on the trades that they execute on their trading platforms. Depending on the assets traded and the amount deposited into your trading account, the commission for volume trades (Per Million USD), ranges from $10 to $35 for currency trades and from $15 to $52.50 for precious metals trades. For stock CFDs, the commission is 0.10% of the trade value for European stocks and $0.02 per share on U.S stocks. Nevertheless, the spreads offered by Dukascopy are competitive, with the minimum spread starting from as low as 0.1 pips for the benchmark EUR/USD. The following table below shows some of the typical spreads that you can expect on the more frequently traded assets on Dukascopy.
Spreads (in pips)
Dukascopy Deposits & Withdrawals Options
For the funding of trading accounts, Dukascopy offers 3 methods, Bank wire transfer, Credit/Debit cards and Bank Guarantee. While Dukascopy does not impose any fees for deposits, third-party payment providers may impose the following fees:
Transactions in CHF, EUR, and GBP will be levied 1.2% of the amount deposited
Transactions in DKK, NOK, PLN or SEK will be levied 1.5% of the amount deposited
Transactions in USD will be levied 2% of the amount deposited
Transactions in RUB, JPY, CAD, and AUD will be levied 2.3% of the amount deposited
Withdrawals at Dukascopy can be done through bank wire transfer, internal account transfer or through your debit card.
Dukascopy Bonuses & Promotions
One of the main attractions of signing up with Dukascopy is the never-ending promotion that the broker is always running. In term of bonuses, Dukascopy is currently offering 2 types of bonuses, the 11
th year anniversary bonus and the equity bonus.
11 th Year Anniversary Bonus
To celebrate its 11
th year anniversary, Dukascopy is offering a 100% deposit bonus Equity Bonus
Traders can also apply for a 10% equity bonus within 30 days of their last deposit.
As for promotional programs, Dukascopy offers 3 kinds of programs:
Volume Trading Commission Discount of 20%
100% discount on trading commission for the Refer Your Friend Program
In aggregate, the value of the prizes in the contests run by Dukascopy totalled more than $2 million dollars. These contests are grouped into 3 categories, Analytic Contests, Trading Contests and Fun Contests. At present, some of the contests which are running include the following:
Fundamental Analysis Contest
Technical Analysis Contest
Trader of the Year
I Love Extreme
Dukascopy Customer Support
To ensure its clients’ trading needs are well taken care of, Dukascopy has made its customer service available 6 days a week. Traders can communicate with the support team through various channels such as email, Skype, Live chat or the telephone. Alternatively, they can also submit a request for a call back by filling up the form on their website.
Comprehensive range of trading tools
Generous promotional offers
Ultra Low spreads
Difficult to navigate on the website
MetaTrader 4 platform not available
Yes, Dukasopy is a regulated broker and a bank under the jurisdiction of the Swiss Financial Market Supervisory Authority (FINMA).
Where is Dukascopy based?
Dukascopy is based in Geneva, Switzerland. Its office can be found at ICC, Entrance H, Route de Pré-Bois 20, 1215 Geneva 15, Switzerland.
How does Dukascopy make money?
Dukascopy makes its money by charging its clients a commission on the trades executed on its trading platforms.
How to deposit in a Dukascopy account?
You can fund your trading account at Dukascopy through bank wire transfer, credit/debit cards or by using a bank guarantee.
How to withdraw money from Dukascopy?
Withdrawals at Dukascopt can be executed through bank wire transfer, internal transfer or through a debit card.
How to open an account with Dukascopy?
To open an account with Dukascopy, you need to fill up the registration form and furnish all the relevant documents required for verification.
Yes, Dukascopy is a reliable broker. It operates not only as a broker but as a Swiss bank as well.
Does Dukascopy use MetaTrader?
No, Dukacopy does not use the MetaTrader trading platforms.
What is Dukascopy’s leverage?
The default leverage is 1:100 but it is possible to increase this ratio to 1:200 upon request.
No, Dukascopy is not a scam. It has an established reputation as a broker and as a bank.
Dukascopy is a safe broker as it follows the industry best practices to safeguard its clients’ information and data. Transactions are also encrypted to prevent unauthorized access by hackers.
Among all the brokers in the online trading industry,
Dukascopy is currently the only broker which holds a banking license from the Swiss authorities. With its status as a bank, not only is Dukascopy able to enhance its reputation, it is also able to provide a whole range of services which no other broker in the industry can come close to competing with. If you are new to online trading, then signing up with Dukascopy will greatly benefit you.