Home » Resources » Dukascopy Review

Dukascopy Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Dukascopy is a Swiss bank that facilitates online trading in addition to providing traditional banking services. The company is well known for its dynamic trading platforms and advanced trading tools.

 However, the brokerage firm seems to be struggling when it comes to the quality of customer services. Also, the available assets to trade are limited. In this piece, I review the broker’s services and features in detail. 

Overview

In 2004, Dukascopy started its operations and gradually grew to be the market leader in providing retail trading services. The company has its headquarters in Geneva, Switzerland. With a team of over 300 employees and 06 regional offices, the broker serves clients worldwide. The company holds regulations in two tier-01 jurisdictions, including Switzerland and Japan. 

Although the company is not listed, it has a large clientele base all over the world. Not to mention, the company also offers deposit insurance of up to 20,000 EUR per client. While the bank allows you to open an account in nearly 20 currencies, there are multiple payment options to fund your account. The minimum deposit to sign up with the broker is $100, and deposits/withdrawals are free of charge.[1]

ProsCons
Versatile trading platforms24/7 customer support
Multiple deposit and withdrawal methods 
Dual regulations
Great research facility
Does not accept US clients 
Limited product portfolio
High commissions
Slow customer support

Who Dukascopy Is For?

Being more than a bank, Dukascopy is a one-stop shop for all types of investors. Besides providing traditional banking services, the company offers its customers a rich trading experience. From a hassle-free signing up process to instant withdrawals, the company ensures smooth operations. 

While user-friendly platforms make it easy for newbies to navigate around, advanced trading tools enable veterans to trade effectively. The company also offers API integration to professional market participants.Risk-averse trading aspirants can use demo accounts to practice unlimited money management strategies before trying their fate under live market conditions. 

Rating: 4/5

Sign up bonus: The broker does not offer any sign-up bonus at present. However, clients can opt for a 10% equity bonus that comes on a conditional basis. 

Is Dukascopy Safe?

Considering the regulatory framework and funds insurance plan, the broker appears safe for investment purposes. While the company keeps clients’ funds separate from its investment capital, an indemnity insurance plan offers sufficient assurance concerning the safety of your funds. Also, advanced security protocols such as SSL web encryption and two-step authentication keep intruders away from your personal and financial information. 

Year founded:2004
Publicly traded: No
Licenses: JFSA and FINMA
Backlist: Nil

Offering of Investments

Dukascopy’s product portfolio doesn’t have too many financial instruments to offer. However, it still provides a diversified range of tradable assets. While clients can trade more than 60 FX pairs, there are a total of 19 stock index tracking CFDs, 06 soft commodities, and 03 bonds available to explore. 

Not to mention, the bank also provides access to its custom launched cryptocurrencies, such as Dukascoin (DUK). Clients have the option to buy or trade them as CFDs. The product range also varies depending upon the country of your residence. For example, crypto CFDs are not available to UK clients. 

Rating: 3.5/5

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)60+
Social Trading / Copy-TradingNo
CFDs instrumentsForex, Stocks, Indices, Metals, Crypto, ETFs

Commissions and Fees

Dukascopy maintains an average costing structure. However, you can have the best pricing available when it comes to active or automated trading. There is only one type of account offered to clients that comes with ECN execution. 

While the broker charges the same spreads from all customers, the commission rate may vary depending upon your traded volume over the past 30 days. Please note that your account balance and net deposits can also have some impact on the commission charged. 

While the average spread on major currency pairs i-e such as EUR/USD remains between 0.27 to 0.28 pips, the total trade-in cost doesn’t exceed 1.0 pips. Undoubtedly, the broker offers the best pricing available around. 

Rating: 4/5

Minimum Initial Deposit$100
Average Spread EUR/USD – Standard0.27 pips
All-in Cost EUR/USD – Active1.0 pips
Minimum withdrawal Not specified

Platforms and Tools

Dukascopy trading platforms are customizable according to individual traders’ needs. Thanks to the JForex – the proprietary trading platform having advanced trading tools and indicators needed for a rich trading experience. 

Clients can access it online as well as via desktop. The platform also supports android and Mac-based mobile phones and tablets. Users can download the JForex mobile platform from Google PlayStore, and Apple Store, respectively. 

Besides being easy to use, the JForex desktop has 290 indicators and 25 drawing tools, making it very convenient for traders to perform detailed technical analyses. Not to mention, the JForex trading platform also allows traders to import other custom indicators. However, the zoom-in and zoom-out feature in the charting option is not as appealing as it should have been. 

Since JForex supports algorithmic trading, it competes with industry-standard trading platforms, such as MT4 on the higher nodes. Also, the Dukascopy cloud storage option and VPN services make it convenient for clients to run their systems round the clock. Taking your trading experience to the next level, the broker also offers a cancel all button, enabling you to cancel all of your active positions at once. 

Rating: 3.5/5

Virtual Trading (Demo)Yes
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Charting – Indicators / Studies (Total)280+
Charting – Drawing Tools (Total)20+
Charting – Trade From ChartYes
Order Type – Trailing StopYes

Research

Dukascopy offers an extensive range of research tools. The research section includes trading ideas, economic calendar, technical analysis, fundamental analysis, and news feed. While trading ideas help traders employ the best trading strategies, the economic calendar enables traders to remain updated concerning an upcoming major economic event. Technical analysis helps traders find the appropriate entry or exit levels. 

Similarly, the fundamental analysis makes traders project the possible impact of a significant economic release on the prices of underlying assets. In the news feed tab, the broker streams market news from MarketPulse Reuters, keeping clients updated on the latest industry developments. 

The company also has a professional TV studio in Geneva where its expert trading professionals broadcast economic news, conduct interviews, and perform market analysis. Whether you are new to forex trading or an experienced trader, the Dukascopy research facility adds value to your knowledge and experience. 

Education 

Unlike other brokers, Dukascopy doesn’t offer an education section separately. Instead, all educational resources are available via the Dukascopy TV. Ranging from featured programs to forecasts and analytics, every piece of information is accessible under the broker’s official TV tab. Clients can access countless video tutorials and trading guides by clicking the education tab available on the broker’s TV page. The broker has classified content into three main categories, including Cryptocurrencies, Tutorials, and Finance. Traders can click their preferred section to explore more material according to their needs. The broker also hosts live webinars enabling traders to interact and learn directly from the company’s investment specialists. Moreover, an archived collection of recorded webinars remain accessible round the clock.

Mobile Trading 

Dukascopy mobile trading app is one of the best trading apps available in 2021. Some premium features such as the market’s integrated signals and pivot point tools pop up immediately after login into the android application. 

The mobile trading app comes with robust charting tools. Traders can customize charting parameters and set price alerts using the same screen conveniently. There are more than 45 technical indicators available through the mobile trading app. 

Dukascopy mobile trading app also features copy trading services and multiple order types, such as bid-offer and conditional offers. The platform’s research tools like pattern recognition for trading ideas and customized views of market movers are also accessible via the mobile trading app. 

Rating: 4/5

Mobile devices Apple and Android
FeaturesWatchlist, charting tools, price alert, one click trading, etc.

Final Thoughts 

Since the broker offers a competitive price structure besides user-friendly trading platforms and excellent research tools, it is best suited for experienced professionals. However, the company’s copy trading service is equally beneficial for novice traders and veterans to generate a steady stream of passive income. 

Frequently Asked Questions (FAQs)

Is Dukascopy an ECN Broker?

According to the information available on the company’s website, Dukascopy provides ECN trade execution through its proprietary registered trademark SWFX – Swiss FX Marketplace. However, some online resources also claim that the company is a market maker. Therefore, it is better to do some research before opening an account with it. 

Does Dukascopy allow hedging? 

Yes, the company doesn’t restrict clients from using all trading techniques, including but not limited to hedging and scalping. 

Can I trade Binary options with Dukascopy?

Yes, the company also supports binary options trading in addition to forex and CFDs. Clients can trade binary options using a dedicated web trader or desktop platform. The company also offers a mobile trading app for binary options traders. 

Does Duskascopy support social trading?

Unfortunately, the company doesn’t support social trading. There is no option for copy traders. 

Can I buy cryptos at Dukascopy? 

Dukascopy only offers CFDs on Bitcoin, Bitcoin Cash, Stellar,  Ether, and Litecoin. Therefore, you can’t buy actual coins at Dukascopy. 

How many currencies does Dukascopy support?

Dukascopy supports nearly 20 currencies, including U.S. Dollars (USD), Swiss Franc (CHF), Euro(EUR), Great Britain Pound (GBP), Canadian Dollar (CAD), Chinese Yuan Renminbi (CNH), Czech Koruna (CZK), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Israeli Shekel (ILS), Japanese Yen (JPY), Norwegian Krone (NOK), Poland złoty (PLN), RON (Romanian Leu), Russian Ruble (RUB), SEK (Swedish Krona), Singapore Dollar (SGD).

Does Duckascopy accept U.S. Clients?

Unfortunately, the broker does not accept clients from the U.S. Also, the services of the broker are not available to clients residing in the following countries.

  1. Afghanistan
  2. Albania
  3. Angola
  4. Barbados
  5. Burkina Faso
  6. Burundi
  7. Bahamas
  8. Botswana
  9. Congo, 
  10. The Democratic Republic of the
  11. Central African Republic
  12. Congo
  13. Cuba
  14. Algeria
  15. Ecuador
  16. Eritrea
  17. Ghana
  18. Guinea
  19. Guinea-Bissau
  20. Haiti
  21. Iraq
  22. Iran, 
  23. Islamic Republic of
  24. Jamaica
  25. Japan
  26. Kenya
  27. Cambodia
  28. Korea, 
  29. Democratic People’s Republic of Cayman Islands
  30. Libyan Arab Jamahiriya
  31. Morocco
  32. Myanmar
  33. Mauritius
  34. Nigeria
  35. Nicaragua
  36. Panama
  37. Philippines
  38. Pakistan
  39. Sudan
  40. Sierra Leone
  41. Senegal
  42. Somalia
  43. South Sudan
  44. Syrian Arab Republic
  45. Uganda
  46. United States
  47. Venezuela
  48. Yemen
  49. Zimbabwe

What is the minimum deposit needed to open an account with Dukascopy?

The minimum deposit amount to sign up with the Dukascopy platform is $100. The broker accepts deposits in 20 currencies as mentioned above. Also, there are no charges on deposits and withdrawals as long as you deposit funds in your account’s base currency. Otherwise, conversion charges may apply. 

How long does Dukascopy take to process my deposits and withdrawals?

Usually, the broker processes deposits and withdrawals on the same day. However, it could take between 1-3 business days depending upon your selected payment method. For example, deposits through wire transfers need more time to get processed as compared to funds transferred through other means. 

Does Duckascopy offer unlimited demo accounts?

No, the company offers a demo account with limited expiry. However, traders can use demo accounts to practice unlimited trading strategies for up to 14 days. After that clients need to open another demo account if required.

Does Dukascopy offer customer services round the clock?

Yes, clients can reach the company round the clock five days a week. However, the company fails to offer first class customer services. Getting connected to the company’s representative and seeking resolution to your query can drive you nuts. Traders may contact the company using phone, email, or live chat service. The company also has a presence on different social media websites, such as Facebook, Twitter, Youtube, etc. 

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
You may also be interested in reading

What Is CBDC?

Central bank digital currencies (CBDCs) have definitely emerged as a hot

Topstepfx Review

Topstepfx offers trading account solutions to those who have mastered trading

FXPRIMUS Review

FXPRIMUS is an international brokerage firm that offers trading services across

Fact checked

ForexToStocks is committed to delivering content that adheres to the highest editorial standards in terms of accuracy, sourcing and objective analysis. 

Every article is written by topic experts with relevant academic credentials in the field of business, accounting and finance – including actual trading experience or someone who is a practitioner in the financial market. 

Before going live, each article is thoroughly reviewed and fact checked by a qualified member of the editorial team. 

Furthermore, we have a zero-tolerance policy regarding any level of plagiarism or malicious intent from our writers and contributors.

 
ForexToStocks articles adhere to the followings standards: 

  1. All referenced links must be from reputable websites and sources.
  2. All quotes, studies, data and significant claims must be referenced to its original sources.
  3. All commentary must maintain a high level of objectivity and provide balanced views.
  4. Content should avoid making claims or recommendations that would put readers financial well-being at risk. 
  5. Any potential conflict of interest must be clearly indicated and disclosed to readers. 

We are aware that our editorial process is not perfect, and we are constantly improving our editorial quality through readers feedback and internal review.  

Our #1 Top rated Forex Trading Platform

WORLD LEADER IN FINANCIAL TRADING SINCE 2010