Last update: 22 July 2020
6 min read
Non-recommended broker
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Dukascopy review

22 July 2020

This broker was not featured in our 2023 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.

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Dukascopy is right there among the best of the lot in the Forex trading market, having been a consistent and reliable service provider throughout its many years of exposure to the financial markets. Dukascopy has more than a decade’s worth of experience in Forex brokerage and allied services, although its founders have been involved in the financial markets since the early 1990s. Dukascopy is one of the very few Forex brokers that are registered as a full-fledged banking institution under the careful guidance and regulatory supervision of the FINMA, Switzerland. Forex brokers in Switzerland are only allowed to operate as banks that are required to satisfy a number of regulatory and capital requirements, in order to provide a safe and secure FX brokerage services to investors from across the globe. Switzerland is one of the very few nations in the world that takes the matter of regulation very seriously indeed, which has enabled clients to be confident in the fact that their investments are protected under the watchful eyes of the Swiss regulatory authorities.

Dukascopy Broker Locations & Brief Description Of Regulatory Status

Dukascopy offices are scattered across Europe and the Asia-Pacific, with its representative offices located in Geneva, Hong Kong, Tokyo, Shanghai, Kiev, Moscow, Kuala Lumpur, and Riga. Each branch entity is established as a stand-alone brokerage that has a region-specific brokerage model to suit a particular country’s specific regulatory policies. On the whole, Dukascopy offers one of the best Forex trading accounts that is loved and promoted by hundreds of thousands of clients from around the world. Dukascopy was a big name in the US financial markets until the recent regulatory changes imposed by the NFA and the CFTC on Forex trading, which has forced the company to wrap up its US operations to concentrate on providing top-class brokerage services to traders from the rest of the world. Dukascopy’s Swiss brokerage establishment is incorporated as a bank that is required to satisfy high minimum capital requirements to ensure that the broker does not face any insolvency issues due to the volatility in the markets. Dukascopy was one of the very few brokers to have remained relatively unscathed during the Swiss Franc crisis of 2015, which saw numerous brokers ending up in bankruptcy due to the significant negative positions from clients and the subsequent liquidity problems due to the highly volatile movement in the CHF. Dukascopy was able to maintain its customers’ positions and write off all negative balances, owing to the vast reserves of funds that are kept apart for the maintenance of the broker’s operating capital. The FINMA also stipulates money protection laws that require Swiss FX brokers to deposit their clients’ trading capital in segregated accounts, which are protected by the Swiss Government for up to CHF 100,000. Therefore, all traders do get the best of protection and safety for their trading accounts, especially if they open their account through the broker’s Swiss brokerage.

Does Dukascopy Offer Access To A Broad Range Of Financial Instruments?

Dukascopy offers access to more 1500 different stocks, 100 different currency pairs, and even provides a broad range of other financial products such as binary options, CFDs, spread betting, and ETFs. Dukascopy’s huge presence in different key economic locations throughout the world has enabled the broker to partner up with leading liquidity providers and global stock exchanges to deliver one of the most comprehensive trading accounts on the planet. Therefore, it is up to a trader to choose the financial instruments and products according to their trading preferences.

Why Are Dukascopy Trading Accounts Expensive?

Dukascopy Forex accounts are only expensive for their Swiss website, which require a minimum deposit of $5000, but you can open a Forex trading account for as low as $100 through the company’s other European or Asian platforms. However, the maximum Dukasopy leverage is 1:100 for all account holders, which is introduced to prevent traders from over leveraging their investments in the Forex markets. 1:100 is not a significant amount of leverage when compared to brokers that offer as much as 1:3000, but they are significantly more risky than traditional stock trading that offers only a maximum of 1:10 or 1:20 leverage. The broker also tweaks its minimum margin requirements (by changing the leverage) for its other financial products according to the market requirements, and traders can get a fair idea about all the trading conditions on a particular asset through the broker’s official website.

What Are The Dukascopy Trading Costs?

dukascopy blogDukascopy is an ECN broker that offers tight spreads at an average of 0.2 pips on currency pairs such as the EUR/USD and the USD/JPY. Dukascopy consistently offers the lowest spreads and trading costs in the market by connecting their traders directly to global liquidity providers, which in turn gives their clients access to the best quotes and instant pricing without any market lag. Of course, there is a commission of $3.5 per lot traded, which can be decreased to $2.5 per lot if a trader deposits more than $25,000 to his trading account. There is sufficient reason for both small and large traders to enjoy the best trading conditions that have the most economical trading costs among all overseas financial companies. Since Dukascopy is based on an ECN model, clients get direct market access that is devoid of any conflicts of interest between a broker and its clients. Unlike a market maker, Dukascopy does not become a counterparty to their trader’s positions, which should prevent traders from worrying about any broker scams or fraudulent activities. Dukascopy accounts can be funded using credit/debit cards, bank wires, and e-wallets. All deposits and withdrawals may have additional fees for transfer that can cost anywhere between 1 to 3% of the transaction amount. At times, the broker might cover these fees for deposits, but withdrawal costs are to be borne entirely by the trader. Therefore, enquire about the costs of financial transactions before making a deposit or withdrawal, as you may lose a significant amount of money if you are not careful.

Dukascopy Trading Platforms

Dukascopy clients can access their trading accounts through the JForex or the MT4 trading terminals, both of which are accessible on both desktop and mobile trading platforms. Dukascopy mobile traders may use the WebTrader for remote access to their trading interfaces or use the Dukascopy mobile apps that are available for both iOS and Android. The MT4 and the proprietary JForex are excellent for desktop trading, which offers one of the best direct market access trading access through dedicated ECN bridges with the lowest latency and superfast connections. Dukascopy supports a wide range of social trading strategies and automated trading through the respective EAs and social trading platforms that are getting increasingly popular in the Forex market. Forex money managers and hedge funds can also use the PAMM technology for managing multiple accounts or investments, thereby providing complete support for all types of professional traders and institutional investors. Dukascopy is certainly a reliable Forex broker that offers top-notch services that are backed by legendary Swiss reliability. There may be a few drawbacks such as a higher minimum deposit requirement for Swiss FX trading accounts and a sluggish customer service channel, but all minor drawbacks are eclipsed by the top-quality Forex trading accounts that give you the best value for your investments.
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