Dukascopy Review – Is Dukascopy.Com A Reliable Broker?
Dukascopy is one of the most popular and well-known forex brokers, established in 2004 in Geneva, Switzerland. It operates under the Swiss banking license and is regulated by the Swiss financial market supervisory authority FINMA.
Besides having a regulation in Switzerland, they are also regulated by FCMC, JFSA, and DFSA. Dukascopy broker provides online trading services, with a focus on foreign exchange, bullion, CFD and binaries, banking, and other financial services through proprietary technological solutions.
In this in-depth and honest Dukascopy broker review, we will give you all the needed information regarding this broker and why you should invest with them. We will also give you a minimum deposit required and as well how you can start your trading journey with them.
|Country of Regulation||Switzerland|
|Products Offered||Forex, CFD and binary|
|Stock Trading Fees Class|
|Inactivity Fee Charged||Yes|
|Withdrawal Fee Charged||No|
|Depositing with Electronic Wallets||Yes|
|Platforms||Web, desktop and mobile|
|Customer Service Channels||Yes|
Is Dukascopy Legit? Regulation and Security
Dukascopy is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities dealer. So, this broker is rock solid in terms of safety and security.
It’s important to state that getting such a license is not an easy task, as applicants must comply with a set of draconian requirements, including a minimum capital requirement of CHF 20 million. On top of that, Swiss forex brokers are obliged to sign the Swiss Banks and Securities Dealers agreement, which protects all customer deposits of up to CHF 100,000.
As we have mentioned, they are not only regulated in Switzerland but in other countries as well. Here is a list of countries where Dukascopy is regulated:
- Dukascopy Bank: authorized by the Swiss Financial Market Supervisory Authority
- Dukascopy Europe IBS AS: authorized by FCMC
- Dukascopy Japan K.K.: authorized by JFSA
- Dukascopy Dubai: authorized by DFSA
Overall, Dukascopy is a legit and regulated company, that provides excellent trading conditions and services.
Dukascopy Fees and Cost
The trading fees comprise commissions and spread that vary depending on the equity deposit and trading volume. EUR/USD offers up to 0.1 pips.
Metatrader’s 4 trading accounts include 1$ commission for 1 MT4 lot, and CFD commissions start from 10$ per 1,000,000$ in commodities and currencies. Besides, swap rates apply to overnight leveraged positions. For accounts with the smallest deposit, equity, or turnover, the commission is 35$.
In comparison to other regulated brokers and the fees they have, this is very good. Their fees are transparent, so you will have no surprises down the road.
Dukascopy Deposits and Withdrawals
Opening an account with Dukascopy is very easy, and the trader can open an account with a minimum deposit of 1000$, while the Dukascopy European account requires as low as 100$ as a minimum deposit.
They offer a big variety of deposit methods, which include:
- Visa or Master debit or credit card
- Wire transfer
- Bank guarantees
When it comes to the withdrawal, there are no fees associated with it. It’s important to remember that each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.
This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times, and a potential currency conversion fee. The conversion fee is dependent on your base currency, your receiving currency, and your payment provider.
In the Dukascopy case, the broker allows you to withdraw your money back to credit and debit cards and bank transfers.
Trading Platforms at Dukascopy
Ducascopy supports the ever-popular MT4 and also offers its proprietary Forex trading platform JForex. The MT4 hardly needs a presentation. This is the most popular trading software, highly praised by traders of all skill levels. The platform has great charting and is especially popular for its automated trading bots, called ExpertAdvisors.
Jforex is their in-house trading software. It is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. This software is available in desktop, web, and mobile versions.
Here are some tools this software offers:
- 250 indicators and chart studies
- Calendar of economic events, news
- Automated trading on the user’s machine or strategy server
- Automated trading historical tester
- Renko, Range bars, Point&Figure and Line break charts
- Mql4 expert advisor converter to JAVA
Besides these two trading platforms, they also offer Binary options trading platforms. Web Binary trader offers access to the FX marketplace. It also offers one-click trading, which is available for the trader’s benefit.
Another great thing is that the trader can start trading with a minimum amount as low as 1$, and this platform does not charge any hidden fees or commissions.
Available Account Types at Dukascopy
Dukascopy offers three types of trading accounts:
- Dukascopy forex MT4 account
- Dukascopy Jforex automated account
- Dukascopy gold account
Dukascopy allows investors to trade spot forex, metals, binary options, and CFDs on bonds, commodities, indexes, stocks, ETFs, and cryptocurrencies through a wide selection of platforms. Dukascopy offers accounts in over 20 currencies plus gold.
Their Jforex platform is best suited to traders who are interested in manual, automated, and/or the development and testing of trading strategies based on the JAVA programming language.
Dukascopy clients are able to open self-trader and current accounts in non-deliverable gold (XAU London). These accounts act as an alternative to purchasing physical gold.
Dukascopy Offers Bonuses and Promotions
Dukascopy offers several bonus programs for its users. They have recently launched a bonus program and here is what it offers:
- Equity bonus
Dukascopy Bank SA provides unique opportunities for users so that they can get a 10% bonus of the account equity for self-trading accounts.
- Discount program
This bank offers self-trading clients to get a 20% discount on trading volume commissions.
- Anniversary bonus
Dukascopy, while celebrating its 10th anniversary, offers its traders an opportunity to get a 100% bonus on their equity account.
- Experience sharing
Clients who are trading on the platform are very welcome to share their trading experience with their friends and family and they can invite them to do the trading with this broker.
- Change your broker
They have recently launched this bonus program where you can get a 50% discount on commission. Traders who have already traded with different top forex brokers but have decided to open an account with Dukascopy can get it.
As per our Dukascopy reviews, we can say that this broker offers its users many research and educational tools, written content, and technical charts, and it is presented in a good format.
The resource material can be accessed on the website, and Dukascopy TV also offers various sources of information and several trading tools to help users to trade manually. This provides the users the much-needed information. It also offers video tutorials that provide topics related to bank services, general educational content, and webinars.
Dukascopy offers several ways to contact their customer service, and it is highly knowledgeable and dedicated. Moreover, the users can leave direct messages using the website and proceed with live chat 24/5 days a week for trading support.
They can also use the online form provided on the website for a callback, email, fax, or contact them through the phone. The website of Dukascopy provides support such as live chat and phone support, which is offered in 16 languages, which includes English, Spanish, Polish, German, Italian, Russian, Chinese, and several more.
Dukascopy Overall Summary
In this Dukascopy review, we talked about this Swiss forex broker that is also a bank. They offer a wide range of financial instruments for trade on its robust JForex platform. Holding an actual banking license, among others, is secure and well-regulated, and offers excellent trading conditions.
Dukascopy also offers a demo account, dedicated customer service, and various types of trading platforms, which can be used by different types of traders for trading. It has also won several awards, and it is best in class across six categories, such as features and tools, commission and fees, crypto trading, mobile, and overall, for the year 2021.
FAQs About Dukascopy Broker
Is Dukascopy a Regulated Broker?
Yes. They are a fully regulated and licensed online brokerage that offers financial services.
How Do I Contact Dukascopy Support?
There are many ways you can do so. Via phone, email, fax, or callback request.
When Was Dukascopy Founded?
They have been founded in 2004 in Geneva, Switzerland, and are both a bank and brokerage.
What Trading Accounts Are Available at Dukascopy?
There is a Dukascopy forex MT4 account, a gold account, and Dukasopy Jforex automated account.
What Are Dukascopy Fees?
MT4 account has a 1$ fee, CFD commission starts at 10$ and for a small deposit or equity, the fee is 35$.