Dukascopy Forex Trade Platform and Broker Review

Dukascopy Forex Trade Platform and Broker Review

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Dukascopy Broker Review

Dukascopy is a broker based in Switzerland, with offices in Zurich, Riga, Kyiv, Moscow, and Hong Kong. In 2015 Dukascopy acquired Alpari Japan and operates it out of Tokyo as Dukascopy Japan Co.  The broker provides traders with access to Forex, indices, metals, stocks, cryptocurrencies, and binary options trading. Dukascopy was founded in 2004 in Geneva, and according to LinkedIn has between 300 and 500 employees.

Is Dukascopy Regulated?

Yes, Dukascopy is regulated as a bank and a securities dealer by the Swiss Financial Market Supervisory Authority (FINMA). 

Dukascopy’s affiliate in Japan is regulated by the Financial Services Agency of Japan (JFSA) and Dukascopy Europe is regulated by the Financial and Capital Market Commission (FCMC). 

Dukascopy Europe is also regulated by the European Securities and Markets Authority (ESMA) but its restrictions will not affect the offer of Dukascopy Bank based in Switzerland and that of Dukascopy Japan based in Japan. 

Is Dukascopy Regulated in the United States?

No, Dukascopy is not regulated in the United States since neither Dukascopy Bank nor Dukascopy Europe opens accounts for the residents of the USA.

Is Dukascopy Regulated in Europe?

Yes. Dukascopy is regulated in Europe as a bank and a securities dealer by the Swiss Financial Market Supervisory Authority (FINMA). Dukascopy Europe is also regulated by the European Securities and Markets Authority (ESMA) although its restrictions do not affect the offer of Dukascopy Bank based in Switzerland. 

Although the broker is not regulated by the UK’s Financial Conduct Authority (FCA), its license to operate in Europe means it can offer products to citizens from the United Kingdom.

Is Dukascopy regulated in a Tier-1 Jurisdiction?

Yes, according to the Dukascopy website, Dukascopy falls under Tier-1 regulation. Dukascopy is authorized by the following tier-1 regulators: the Japanese Financial Services Authority (JFSA) and the Swiss Financial Market Supervisory Authority (FINMA). This jurisdiction gives Dukascopy permission to operate in the following countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is Dukascopy regulated in Tier-2 Jurisdiction?

According to official Dukascopy sources, the broker is not regulated in Tier-2 jurisdiction. Dukascopy is authorized by two tier-1 regulators (high trust), but no tier-2 regulators (average trust), and no tier-3 regulators (low trust).Tier-2 jurisdiction allows a broker to operate in the following countries: the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in Dukascopy?

Dukascopy offers traders its own proprietary platform, JForex 3, the popular MetaTrader 4, and the Web Binary Trader system for binary options trading.

  1. The JForex 3 platform is excellent for technical trading and automated strategies and can be used as a desktop download or via web browsers. Traders can analyze market sentiment with the help of online charts, 24 drawing tools, and over 270 indicators and chart studies.

JForex 3 is ideal for automated trading with cloud storage and VPN services letting strategies run around the clock.

  1. MetaTrader 4 provided by Dukascopy can be used for a direct connection to SWFX Swiss Marketplace. Traders should note that the trading conditions, list of instruments, swaps are different from a standard FX account, which is opened for trading on the JForex platform. Dukascopy traders cannot use the MetaTrader (MT5) system.
  2. Traders can synchronize their workspace by opening the JForex Web platform on any computer with synchronized layout and chart templates. The platform is optimized for quick access with manual and chart trading, 68 indicators and chart studies, automated trading on Strategy Server, live market news and calendars, and a multi-language interface.

Does Dukascopy Have a News Blog for Forex News?

Yes. Dukascopy publishes a free news blog that can be accessed on its official website. This Dukascopy blog consists of community contributions, updated economic news, streamed market news from Reuters and MarketPulse, market sentiment indicators, and a live economic calendar. 

Does Dukascopy Have a Traders Dashboard?

Yes, the Dukascopy Traders Dashboard helps traders to get an overview of current market events, news updates, and movement on the currency markets.

Does Dukascopy Have an Educational Section?

Yes, Dukascopy has educational sections to assist Forex Traders, although a bit difficult to find on the website. Users do not need to have an account with Dukascopy but can access most of the educational content free of charge directly from Dukascopy’s website. 

What is the content of Dukascopy Forex Education?

Dukascopy’s Forex education comprises its own Wiki, Video Tutorials, and Webinars.

The Wiki category comprises articles that cover the following popular topics: 

  1. How to get started and log in – explaining how to login into the trading platform or the online reports.
  2. The JForex User Interface provides a complete introduction to the user interface of JForex.
  3. Forex & CFD Trading
  4. Binary Options
  5. Managed Accounts
  6. Development
  7. Managed Accounts
  8. Binary Option Platform

The video tutorials mainly cover the following topics: 

  1. The first tutorials discuss the use of the Jforex platform, like an overview of the platform, how the workspace is divided into functional areas and how to change time, object size, etc. on the platform.
  2. How to place a market trade in JForex 3.
  3. How to use market overview
  4. How to change the amount for orders
  5. How to place a market trade with definite slippage
  6. How to place a market trade with stop loss/take profit and more.

The Webinar section

Dukascopy Bank is constantly streaming live content about related topics.

  1. The platforms, indicators, news in the market provide added value services for traders. 
  2. Content is provided by the Dukascopy expert analysts and retail traders. 
  3. Dukascopy Bank provides news and introduction in several languages on a regular basis. 
  4. All the Webinars are also hosted on the Dukascopy Webinars Youtube channel.

Dukascopy TV: 

  1. Dukascopy TV is a professional TV studio in Geneva that broadcasts relevant and insightful content like news, market analysis, and interviews from in-house. 
  2. The content is professionally created, educational and beneficial for all clients, regardless of their skills.

Is Dukascopy Legit?

Yes, Dukascopy is a legit forex broker and trade platform. Dukascopy has legal certificates from two Tier- 1 regulators, namely the Japanese Financial Services Authority (JFSA) and the Swiss Financial Market Supervisory Authority (FINMA) to perform forex broker and trading services.

Is Dukascopy Safe?

Yes, Dukascopy is a safe and reliable Forex trade platform in terms of regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA), 
  • By Europe’s Financial and Capital Market Commission (FCMC), 
  • and Japan’s Financial Services Agency (JFSA)

Dukascopy stores client funds safely in segregated accounts with top-tier banks and is not allowed to use client deposits for any of its own business purposes. 

Is Dukascopy a Good Broker?

Yes. According to this Forex Suggest review, Dukascopy is a good broker due to proper security, fast trading speed, regulation, and online support.  Dukascopy has a solid standing as an online broker, offers a decent range of products, including CFDs, forex, and binary options. 

Dukascopy is an ECN broker, operating its in-house developed SWFX-Swiss FX Marketplace. The brokerage is mostly good for automating strategies and experienced traders due to the volume discounts.

A competitively priced cost structure and asset selection make this ECN broker a primary choice. Traders have access to the largest pool of interbank spot forex liquidity available for banks, hedge funds, and institutions for more effective trading. 

For customers’ account safeness, the broker provides secure connectivity through PIN codes, fix IP addresses authorized list, HTTP connection, and case-sensitive login passwords.

Dukascopy offers support to traders through a live chat option that provides direct access to a customer support team member who will respond to all client inquiries. 

What is the Offering of Investment in Dukascopy?

Offerings of Dukascopy can be found below.

Feature Dukascopy
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does Dukascopy have Nasdaq?

Yes, Dukascopy traders can trade CFDs on the Nasdaq 100 Stock Index. The Nasdaq exchange is an electronic global marketplace for trading securities. It was created by the National Association of Securities Dealers (NASD) and Nasdaq100 is the traded shares of the largest 100 companies on the exchange by market capitalization. 

What are the Awards of Dukascopy?

Forex trading platform Dukascopy has won the following awards.

    1. ForexBrokers Best Platform and Tools (2018)
    2. ForexBroker Best Mobile Trading (2018)
    3. China (Shenzhen) Forex Expo’s Best Forex Bank (2018)
    4. London Forex Show’s Best Forex ECN/STP Broker (2018)
    5. IAFT Awards’ Best Provider of Liquidity (2017)
  • China (Shenzhen) Forex Expo’s Best Global Professional Trading Platform (2016)

How to Use Dukascopy for Forex trading?

To use Dukascopy, a forex trader must have an account with the broker and would need the following to open such an account:

  1. A person must be 18 years or older
  2. A copy of a person’s identification documents is needed
  3. The person should have the minimum deposit of $100 (or $5 000 required by the Swiss entity), available

Once a Forex Trader meets the above conditions, he can open a forex trading account and use Dukascopy. 

How to open a Forex trader account with Dukascopy?

To start trading financial instruments online with Dukascopy, a trader has to follow the next easy step-by-step procedure:

  1. Choose “Open live account” on the top of the website, which will take you to a page that reads “register now”:
  2. Fill out the registration form with your details.
  3. Upload documents – scan or photograph your identification document and proof of address and upload them using the link provided. Scans or photos must be of high quality and clearly legible.
  4.  Fund your account with the minimum required amount via your preferred payment method.
  5. Name your Business Introducer (if applicable) when applying for a live account.
  6. If you need assistance regarding the account opening process, you can send an email to [email protected], or phone +371 67 399 000 or ask for a call-back on the website.
  7. After your application has been approved and your account verified, you can start trading.

What are the Forex Trader Account Types with Dukascopy?

Forex trading platform and financial asset management institution Dukascopy offers two very similar account types to all traders. 

The main difference between the accounts is the choice of the trading platform, either an MT4 trading account or the ECN Account with the broker’s proprietary JForex platform. 

The second significant difference is the selection of the operating subsidiary, where Dukascopy requires a minimum deposit of $1 000, and Dukascopy Europe IBS AS requires as little as $100. The third difference is in the maximum leverage which is 1:200 at Dukascopy while Dukascopy Europe IBS AS is confined by EU rules to only 1:30. 

Swap-free Islamic accounts can be opened and managed accounts with a Percent Allocation Management Module (PAMM)are also available. 

Dukascopy Account Types are listed below. 

  • Demo Account 

  • Forex ECN Accounts (JForex platform)

  • Forex MT4 Accounts

  • Swap-Free Account

 

  • Demo Account

Dukascopy offers a demo with the JForex 3 and MT4 platforms and traders can register for it on the broker’s website to receive login credentials. They can for example test the platforms and strategies on the S&P 500 or Nasdaq, using historical and real-time data. This demo account is only available for 14 days.

  • Forex ECN Accounts (JForex platform)

With this account, Dukascopy Europe (EU subsidiary of Dukascopy Bank, Switzerland) offers trading of currencies and precious metals to individuals and institutions. 

  • Such accounts can be opened in the following currencies: USD, CHF, EUR, GBP, AUD, CAD, CNH, CZK, DKK, HKD, HUF, ILS, JPY, NOK, PLN, RON, RUB, SEK, SGD. 
  • Funding options like Bank Guarantees, credit/debit card funding, and more can be used.
  • This account is suitable for professional trading activity. 
  • Deposit size is variable depending on the client profile, with the minimum required initial deposit being $100.
  • Different trading fees and overnight policy are applied depending on account size and monthly and traded volume.
  • Dukascopy Europe clients’ deposits are protected by EU regulation up to EUR 20 000.  

 

  • Forex MT4 Accounts

Dukascopy’s MetaTrader 4 is appreciated by many traders due to no need for third-party bridges and a direct connection to SWFX Swiss Marketplace.

The trading conditions, available instruments, and swaps are different from the ECN FX account.

  • Account Currencies available: USD, EUR, GBP, CHF, PLN
  • Deposit Currencies available: USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY, XAU, ZAR
  • Leverage: 1:30
  • Margin Call Level: 100%
  • Stop Out Level: 50%
  • Hedging and expert advisors are allowed

 

  • Islamic Account

Swap-free accounts are in adherence with Islamic religious principles; therefore the overnight swap cost is not applied and both rollover trades are booked at the same price. The trader will not be credited or debited any interest on any open position in their trading account at the closing of each business day.

To prevent abusive use of swap-free conditions, an additional fee of $5 per 1 million USD for currencies and $7.5 per 1 million USD for precious metals and CFDs is charged to swap-free accounts in addition to the standard volume commission paid by clients. 

How to Withdraw Money from Dukascopy?

To withdraw money from Dukascopy, a trader must do the following:

  • Dukascopy withdrawals can be made through your account manager or account management area online. Transfers within Dukascopy are free of charge but outgoing transfers incur various fees depending on the currency used.
  • Users have a choice when it comes to withdrawals. On top of debit/credit cards and bank accounts, Skrill, Neteller, and Bitcoin can be used. 
  • From his account area, a trader must navigate to the payments section and hit ‘Withdraw’. 
  • Traders must withdraw via the same method used to deposit. 
  • Payments can take up to three days. 
  • There is no minimum withdrawal, however, the cost of withdrawal can reach $50.

How many days do deposits take with Dukascopy?

Card payments to Dukascopy are the fastest option and are normally processed within one working day, while bank transfers can take up to two business days. 

What are the costs and fees with Dukascopy?

Dukascopy trading costs consist of spreads and commissions, which vary depending on net deposit, equity, and trading volume. 

In terms of live spreads and trading fees, the broker competes with the top Forex brokers with average spreads for popular currency pairs, such as the EUR/USD and USD/JPY is around 0.3 or 0.4 pips. A default commission rate of 0.7 pips brings the average total trading cost to approximately one pip.

Spreads and commissions are however adapted according to trading volume, with active users being able to benefit from discounts.

Dukascopy trading fees are the following: 

  • The EUR/USD carries a minimum mark up of 0.1 pips. 
  • MT4 trading accounts include a $1 commission per standard lot. 
  • CFD commissions start from $35 per $1 000 000 in trading value for currencies and commodities and decrease as the equity increases. 
  • Equity CFD commissions vary according to the market but generally are 0.10% of the trade value, except for US shares which are priced at $0.02 per share. 
  • Swap rates apply on overnight leveraged positions.
  • Islamic accounts carry an extra charge of respectively $5 and $7.5 per $1 million in trading value for currencies and precious metals. 

What are the Trading Fees with Dukascopy?

Dukascopy withdrawals are subject to a fee of up to $50 and an inactivity fee of up to $40 a year is applied to accounts where no positions are taken after a year.

The broker does charge swap fees on positions held overnight, except for swap-free accounts which carry an extra charge of $5 and $7.5 per $1 million in trading value for currencies and precious metals respectively.  

What is the minimum deposit in Dukascopy?

The minimum deposit to open an account at the EU entity is $100 while the Swiss entity requires $5 000 unless you are a Swiss resident when the minimum drops to $1 000.

What are the contract specifications in Dukascopy? 

Feature Dukascopy
Forex Trading Yes
CFDs 605
Forex Pairs 60
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 2
Social Trading  Yes

Does Dukascopy have promotional offers?

Yes, Dukascopy has several promotional offers or bonus programs, including an equity bonus, a volume discount program, an experience sharing incentive, and the broker offered an anniversary bonus at its 10 year anniversary. 

Does Dukascopy have a welcome bonus?

No, Dukascopy does not pay a welcome bonus but offers self-trading clients an opportunity to get a 20% discount on volume trading commissions for which they can apply within 30 days since their last credit on their account. Subscription to the discount program requires that traded volume must be reached within one year after subscription, with any withdrawal made before that canceling participation in the program. 

Does Dukascopy have a deposit bonus?

No, Dukascopy does not offer a deposit bonus but several other promotions and ways in which traders with the broker can either gain incentives or discounts. One of these incentives is an equity bonus for self-trading accounts, an opportunity to get a 10% bonus of the account equity. Clients can apply for this bonus within 30 days from their last credit on their account. Bonus subscription involves conditions on traded volume which must be reached within a year after crediting of the bonus and any withdrawal from the account before the required traded volume is reached will cancel the bonus. 

Is there a commission-free trade bonus in Dukascopy?

No, Dukascopy does not offer a commission-free trade bonus. The broker does however offer an Experience Sharing program that rewards traders who are willing to share their experience about Dukascopy's services. The sharer can be rewarded if the shared opinion results in a new Live account opened at Dukascopy. The Sharer will also be able to share the received reward with his friends.  

Is there a VIP bonus with Dukascopy?

No, Dukascopy does not offer a VIP bonus, but all clients can benefit from its competitive trading environment and any of several bonus programs, including an equity bonus, a volume discount program, and experience sharing incentives. 

Can you start trading with no money at Dukascopy?

No, you cannot start trading without money at Dukascopy, because the broker does not offer any deposit bonus. Only after depositing funds according to the respective requirements of Dukascopy EU ($100) or the Swiss entity ($5 000, or $1 000 if you are a Swiss resident), a trader can start trading. 

How does leverage work with Dukascopy?

Leverage can be described as funds borrowed from a broker to allow a trader to increase his or her trading position in order to open larger positions. Leverage can considerably amplify potential profits but can also increase losses. 

Standard leverage of 100:1 is applied to retail Dukascopy accounts by default. However, the maximum level of leverage and margin requirements are agreed to by clients when opening an account, with a maximum leverage of 200:1 available.

The subsidiary subject to the EU regulations has to cap leverage at 30:1 due to the leverage level set by FINMA, but it is possible for EU-based traders to sign up directly with the office in Switzerland to bypass these restrictions.

Where are the headquarters of Dukascopy?

Dukascopy is headquartered at Route de Pre-Bois 20, ICC, Entrance H,1215 Geneva 15, Switzerland.

Who is Dukascopy’s CEO?

The founder and current CEO of Dukascopy are Dr. Andre Duka. Duka was born in Moscow and is a physicist who came to Switzerland in the 1990s to work at Cern in Geneva. During this period he and his partners developed a financial platform that developed into a brokerage house in 2004 and became Dukascopy Bank in 2010. 

What are the social media accounts of Dukascopy?

Traders can follow Dukascopy on the following social media accounts:

  • Twitter
  • Facebook
  • YouTube
  • LinkedIn

How many employees do work for Dukascopy?

Dukascopy has over 300 employees.

What are the opinions about Dukascopy?

Dukascopy is perceived as one of the top broker companies in the world by financial experts and highly rated in trader reviews. Dukascopy was one of the pioneers in online onboarding in Switzerland and is the first licensed bank to set an example with its own crypto coin. Its technology and infrastructure ensure its continued success as an online and retail bank. 

What are Dukascopy Contests?

Dukascopy runs several trading, analytic and fun contests. Forex Contests are performed by brokers who offer them to traders to profit on contest winnings. 

  1. Trading contests

Dukascopy runs a continuous Live Trader contest with a weekly prize fund of $ 1 500 (first place wins $500) and a monthly Strategy contest with prizes to the value of $ 15 000.

  1. Analytic contests

Ducascopy’s monthly contest on community predictions has a prize fund of $ 2000. Clients can monetize their predictions by making at least 10 predictions and be among the top 10

who will share the monthly prize fund?

  1. Fun contests

The broker also runs fun contests, like the Miss Dukascopy contest.

Traders holding accounts can participate by uploading at least 5 photos of themselves. When an application is approved, they can participate in contest activities and win money prizes, flowers, or the title of Miss Dukascopy.

Does Dukascopy have online support?

Yes, Dukascopy has an active online support system.  Forex trade account users can quickly contact the online support team via the chat button on the bottom right-hand side of Dukascopy's official website. They can also send emails or phone the support team.

Does Dukascopy offer demo accounts for Forex trading?

Yes, Dukascopy offers a free demo account for new traders. The demo account can be used for 14 days and opened by following these steps:

  1. Navigate to the demo account registration portal on the broker’s website via the tab at the top of the homepage.
  2. Complete the registration form with your full name, email address, and contact details and choose whether you want to try out the MT4 or JForex account
  3. A confirmation email will be sent to access your demo account. 

Does Dukascopy have a mobile app for Forex trading?

Yes, Dukascopy offers mobile versions of its trading platforms for Android and iOS devices. The Dukascopy mobile app comes with integrated market signals, customizable alerts, and seamless chart operations, with 46 technical indicators available. Traders get level-two quotes, multiple related order types plus a library of strategies from the Dukascopy community. The app features research tools and newsfeeds, plus live chat support. 

Does Dukascopy publish an economic calendar?

Yes, Dukascopy publishes a live economic calendar with forecasts that allow traders to filter the data accordingly to its impact on the market or by country, search by keyword, or examine historical values of the indicators.

Such an economic calendar is useful for Forex traders to remain up to date on relevant economic information that is scheduled to be released and may impact the currency markets. 

What is the communication information of Dukascopy?

  1. Dukascopy Bank SA – 

Head office: Route de Pré-Bois 20, CH-1215 Geneva 15, Switzerland

Phone:   +41 (22) 799 48 88

Fax:   +41 (22) 799 48 80

  1. Riga –  

Dukascopy Europe IBS AS Consolidated Subsidiary: Lacplesa iela 20a-1, Riga, LV-1011, Latvia.

Phone:  +371 (6) 739 90 00

+371 (6) 721 87 24 (for administrative use only)

  +371 (6) 721 87 25 (for administrative use only)

  1. KYIV – 

Representative office of Dukascopy Bank South Africa: Tarasa Shevchenka Boulevard 35,

01032, Kyiv, Ukraine

Phone: +380 (44) 495 20 92

  1. HONG KONG – 

Representative office of Dukascopy Bank South Africa: 17/F, Tower 2, Silvercord, 30 Canton Road, Tsim ShaTsui, Kowloon, Hong Kong

Phone: +852 5804 9375

  1. MOSCOW – 

Representative office of Dukascopy Bank South Africa: Teterinsky per., building 16, floor 1, premise IV, room 2, 109004, Moscow, Russia

Phone: +7 (495) 642 81 21 (for administrative use only)

  1. TOKYO – 

Dukascopy Japan K.K. Consolidated Subsidiary: 6F Ginza Square, 2-14-4 Ginza, Chuo-ku, Tokyo 104-0061, Japan

Phone: +81 (1) 20 077 771

Fax: +81 (3) 4332 7431

  1. Live trading Support (24h):  +41 (22) 799 48 38

+41 (22) 799 48 48