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Dukascopy review and ratings

Established 1998
Location Switzerland Latvia Japan
Regulation FINMA, FCMC, JFSA
Offices Geneva, Riga, Tokyo, Dubai, Hong Kong, Shanghai, Kuala Lumpur, Kiev, Moscow
Broker type STP | ECN | Binary
Leverage up to 1:200
Deposit from 100 USD
Spreads low  low
Platforms Web MetaTrader 4 Specific Binary Platform
Instruments Currencies Crypto Indices Metals Energies Stocks Bonds
Funding methods Wire Transfer Credit Cards

Company information

Dukascopy group includes 3 related companies.

Dukascopy Bank CH - located in Switzerland, regulated by the Financial Market Supervisory Authority (FINMA).
Dukascopy LV - located in Latvia, regulated by the Financial and Capital Market Commission (FCMC).
Dukascopy JP - located in Japan, regulated by the Japan Financial Services Agency (JFSA).

Be aware, LV company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
At the same time, CH bank accepts European traders, so one can open a trading account there.

Availability

Dukascopy group accepts clients from all over the world, excluding USA, Cuba, Iran, Myanmar, North Korea, Sudan and Syria.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for FX trading.

60+ Currency Pairs Based on major and minor world currencies.
1 Crypto Pair Based on Bitcoin.
13 Indice CFDs Based on baskets of different blue-chip stocks.
3 Metal CFDs Based on Gold, Silver and Copper.
4 Energy CFDs Based on Crude Oil (WTI, Brent), Gas Oil and Natural Gas.
2 Bond CFDs Based on UK and German government securities.
500+ Stock CFDs Based on shares of US, UK and EU companies.

CH bank offers the following underlying assets for Binary Options trading.

18 Currency Pairs Based on major world currencies.

Comprehensive review

Founded in 1998, Dukascopy is an online forex & CFD broker headquartered in Geneva, Switzerland. They have 2 subsidiaries operating in the online trading space: Dukascopy Europe IBS AS based in Latvia and Dukascopy Japan K.K. based out of Tokyo. The two subsidiaries are regulated by the financial regulators in their respective countries, and trading conditions therefore vary depending on which local entity a trader signs up with.

It is worth noting that the Latvia-based subsidiary is subject to the new EU regulations, which cap trading leverage at 30:1. However, it is still possible for EU-based traders to sign up directly with the head office in Switzerland, thus bypassing the restrictions imposed by EU regulators.

Dukascopy Bank is a major Swiss financial institution, which as a whole is regulated by the Swiss Financial Market Supervisory Authority (FINMA), both as a bank and a securities dealer. This gives Dukascopy a reputation as a very credible name in the online trading industry. The broker has also received lots of awards over the years, with the more recent ones in 2018 being the “Best Platform & Mobile Trading” and “Best Mobile Trading” from ForexBrokers.com.

Trading instruments offered include forex, CFDs based on cryptocurrencies, indices, bonds, stocks, and commodities, as well as binary options. For forex trading, major currencies like EUR/USD offer spreads from as low as 0.1 pips. Execution is instant, and is by default set to 1:100 when trading with the Swiss-based entity, but can be adjusted upwards to 1:200 upon request.

Total trading fees incurred will differ based on things like trading volume and net deposit amount, but in the event that their fee structure leads to different commission rates, the lowest one will be applied. For trading on MT4, there is an extra charge of $1 per 1 lot.

Trading platforms offered include MetaTrader 4 (MT4) and JForex, which is a trading platform specially designed for automated trading using the JAVA programming language. In addition, this broker has developed a unique trading solution called Swiss FX & CFD Marketplace (SWFX), designed to allow clients to benefit from the swiss tradition of confidentiality and reliable security. Currently, it is connected through FIX API to 20 major banks, offering deep liquidity to the markets.

SWFX also allows an opportunity to hedge clients’ trades with other participants in the same network. This opens the possibility of trading high volume in an automated mode. There are also mobile trading platforms available for both iOS and Android devices.

In terms of trading accounts, Dukascopy’s offering is pretty standard with live and demo accounts, but what’s unique about Dukascopy is its gold account. It is a type of live account that instead of using euros or dollars as the base currency, uses gold (XAU). Clients benefit by getting exposure to the price of gold without the need to physically hold and store it. Withdrawals and deposits can be done in many currencies, with competitive exchange rates.

Perhaps surprisingly, deposits and withdrawals can only be made through credit and debit cards, and bank wire transfers. Transaction fees may be charged by partner banks that vary depending on the currency, ranging from 1.2% to 2.3%. Minimum deposit amounts also varies depending on the account type, but starts from USD 100.

Customer service is generally good with Dukascopy, and is offered via options ranging from social media to a live chat. Clients can also put in a request for callback at their convenience. The hotline provided is manned 24 hours on trading days.

Adequate market information is provided to clients of Dukascopy in the form of updated economic news, charts, trading signals, technical indicators and forex trading calculators for easy and accurate decision-making.

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