Independent Broker Review Dukascopy
A Quick Look at Dukascopy
Dukascopy is a Swiss Forex and CFD broker with multiple options for traders. Along with trading services, they also offer other banking services of interest to FX traders, corporations and institutions. Services apart from FX and CFD trading include but are not limited to foreign exchange, credit cards, and e-banking.
Dukascopy FX clients enjoy deep ECN liquidity, spreads as low as 0.1 pip on major pairs, stop-loss and limit orders, instant execution for all accounts, and the ability to deposit in 23 currencies.
Dukascopy operates its brokerage on two principles. The first is that all client have equal opportunity to consume or provide liquidity to the market, the second is that all clients have access to the same pricing through its single data feed.
Dukascopy Bank was founded in 1998 and is headquartered in Geneva, Switzerland. It is the parent company of the Dukascopy Group which includes Dukascopy Europe IBS AS and Dukascopy Japan K.K. Both subsidiaries are white-labels of Dukascopy, Dukascopy Bank ensures proper liquidity and risk mitigation at the group-level. The group offers FX, CFD, and Binary Options trading with direct connection to the Swiss FX market. The Dukascopy Bank address Route de Pré-Bois 20, ICC, Entrance H, 1215, Geneva 15, Switzerland. They have offices in five cities around the globe; Geneva, Riga, Kiev, Tokyo, and Hong Kong.
Regulations & Licenses
- Dukascopy Bank is registered with and regulated by Swiss FINMA
- Dukascopy Bank is a signatory of The Convention of Swiss Banks and Securities Dealers on the Insurance of Deposits.
- Dukascopy Europe is registered and regulated by ESMA, the European Securities and Markets Authority.
- Dukascopy Europe is registered with Cysec to offer cross-border services.
- Dukascopy Japan is registered and regulated by Japan's FCA.
Forex/Standard Accounts – Dukascopy clients with Forex or Standard Accounts can trade FX and CFDs using the JForex platform. These accounts feature equal liquidity for all traders, all form of trading (news, scalping, hedging etc.), accounts in 23 currencies, account insurance up to 100,000 CHF, ECN liquidity, and floating costs based on account size and activity.
MT4 Accounts – Dukascopy also supports trading on the MT4 platform. The downside is that the available assets, trading conditions (order types), and fee structure is different from the standard Forex Account. MT4 clients are limited to trading FX pairs with leverage of 1:100. MT4 clients will enjoy trailing stops, hedging, and the use of EA's.
Bank Accounts – Dukascopy.com offers a Standard (web-based) and mobile e-banking solution for its trading clients. There is no fee to open or close the account but there may be a maintenance fee if no trading or foreign exchange transactions are made in a six-month period. This is true for FX, CFD and Binary Options trading.
Gold Accounts – Dukascopy Bank clients can deposit in physical gold if they choose. There is no cost to open the account but Dukascopy charges a 1% annual maintenance fee for custodial services.
Fees, Costs & Spreads
- Commissions - Dukascopy will charge a commission on each trade depending on the trade type and size of the trade, the clients initial deposit, and current equity. In the case that Dukascopy's algorithm results in two or more possible fees only the lowest will be charged to clients. The base commission is $35 USD per million USD traded for FX trades with account below $5,000.The base commission for CFDs is $52.5 per trade. Commission can be as low as $10 to $15 for high rollers.
- Single-Stock CFD Trades – The commission of single-stock CFD trades is only 0.1% of the trade size in most cases. The commission on U.S. stocks is $0.01 with a $10 minimum.
- External Manager – Commissions on accounts using an external manager are much higher than for standard accounts.
- Binary Options – Binary options are not charged commissions, but traders will be charged a small premium with each trade. The premium is subtracted from client accounts before trades are place, if the account cannot pay the premium trade sizes are automatically adjusted.
- SMS Fees – Dukascopy's clients are charged a small, 0.07 EUR fee for all SMS messages they receive.
- Withdrawals Fees – Outgoing transfers are charged a fee based on the client’s base currency. This amounts to 25 EUR, 50 USD, or 15 GBP. Bitcoin withdrawals are charged the equivalent of USD 10.
- Foreign Exchange Fee – The base fee for foreign exchange is 1.0% of the transaction value for all exchanges less than 10,000 of the base currency. Fees decline with larger exchange sizes. The fee for exchanges greater than 1,000,000 of the base currency are charged only 0.05%.
- Bitcoin Storage Fee – Dukascopy charges 1% every 7 days for all Bitcoin deposits.
- Overnight Policy – Dukascopy charges overnight rollover fees based on the currency involved and the target rate of the central bank that issues it. Traders who typically hold less than 20% of their trades overnight are charged a competitive rate while more active overnight traders receive premium pricing.
- Discount Program – Clients can get a 20% discount on Standard trading fees upon request. The condition is that no withdrawals can be made for 1-year from the time the discount is applied.
Dukascopy will accept deposits in 23 global currencies, Bitcoin and gold. Deposits are insured up to 100,000 CHF per account.
- Wire transfers – Dukascopy usually receives wire transfers within 2 days of issuance.
- Credit/Debit Cards – Deposits made by CC or DC are instant providing certain conditions are met. The name on the card must match the name on the account and deposits cannot exceed $10,000 USD. Dukascopy does not charge a fee for deposit but the banks processing partner will. Fees for deposit transfers run 1% to 2% of the base currency.
- Bitcoin – Accounts designated BTC fundable are issued a BTC wallet and charged 1% fee every seven days.
Dukascopy's standard trading platform is the JForex platform. JForex is a Java powered web-based platform that does not require a download. Dukascopy also offers clients the opportunity to trade on the MT4 platform or on their mobile trading platform.
- JForex – is recommended for manual and automated trading and traders interested in back testing their strategies. It is an advanced trading packaged suitable for beginners and experienced traders. Clients can use over 250 technical indicators and studies, chart-trading, and multiple chart types. Chart types include Bar, Candle, Renko, Point and Figure, and Line Break.
- JForex 3 – An newer version of JForex optimized for quick access and fast trading. This platform is a streamlined version compared to the original JForex and does not have all the same features.
- Mobile – Dukascopy clients can trade from their phones and tablets using the JForex mobile trading app for iOS or Android.
- MT4 – MT4 is recommended for traders already using the platform or those who only want to trade leveraged FX.
- Binary Desktop Platform – A downloadable desktop trading platform for Dukascopy Binary Option clients.
- FX – Clients can trade all major and minor pairs and most exotics.
- Energy – CFD contracts include Brent, WTI, diesel, and Natural Gas
- Precious Metals – CFD contracts include gold, silver, and copper.
- Soft Commodities – CFD contracts include Orange Juice, Soybeans, Cotton, and Coffee.
- Indices – CFD contracts are available on 19 major global indices including the Dollar Index and most major EU equities indices.
- Bonds – Dukascopy has CFD contracts on most government bonds offered by the U.S., UK, and Germany.
- Shares – Dukascopy lists single-stock CFD contracts on most blue-chip companies on global indices.
- ETFs – Clients may trade most ETFs listed on the U.S. exchanges.
- Binary Options – There are 17 FX pairs available for Binary Options clients.
Dukascopy clients can use a comprehensive list of order types including limit orders, stop-losses, take-profits, one-cancels-other, and trailing stops. Clients using the MT4 platform will enjoy many but not all of the same order features.
Notifications and Alerts
Clients can set alerts to trigger via email, on-screen, audibly, or through SMS message. SMS messages are charged $0.07 per message.
Risk Management Tools
Include stop-losses and trailing stops as well as 23 tools for traders.
Trading Tools and Analysis
- JForex Platform – includes multiple chart types, customizable time frames, over 250 analytical tools, and a back-testing feature.
- Trading News – Dukascopy has six channels of trading news including Market News, Trade Ideas, Expert Commentary, Technical and Fundamental Analysis, and Dukascopy TV.
- Trading Tools – Dukascopy website has 17 tools for traders. Tools include Trade Calculators, Sentiment Index, market leader boards, position size calculator, and a pivot point calculator.
Education and Training
Dukascopy does not have an education or training center but it does have some other features attractive to clients. One is the ability to open managed accounts, the other is the Dukascopy community. The Dukascopy Community is where clients can interact, learn from each other, and participate in contests.
Customer support is available 24/6 via email, chat, or phone call. Contact requests are answered within minutes in most cases.
- Main phone (24h): +41 22 799 4888
- Live trading (24h): + 41 22 799 4848
- Live client support (24h): + 41 22 799 4838
- Fax: + 41 22 799 4880
- Email via website submit form only
Partners and B2B
- White Labels – The Dukascopy White Label service is a way for businesses and institutions to add or open FX trading services for new or existing clients.
- Business Introducer – The Business Introducer solution is for market gurus, thought leaders, internet influencers, and web-publishers to capitalize on their traffic. Business Introducers can earn as much as 50% of Dukascopy's commissions for qualified business.
- External Service Providers – Business and institutions that are not engaged in FX/CFD brokering may partner with Dukascopy. The partnership allows the External Service Provider to offer Dukascopy services alongside their own and earn commissions on qualified trading.
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