Dukascopy Review and Tutorial 2020
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|Dukascopy Facts & Figures|
Dukascopy is a Swiss-based forex, CFD, and binary options broker
• Best Forex Trading Apps, 2019
• Best Platform & Mobile Trading, 2018
• Best Forex Bank, 2018
• Best Forex ECN/STP Forex Broker, 2018
• Best Provider of Liquidity, 2017
• Best Trading Platform, 2016
• Binary Options Broker of the Year, 2015
|Bonus||10% equity bonus|
|Instruments||Forex, CFDs, binary options, indices, shares, commodities, metals, cryptocurrencies, bonds|
|Min. Trade||0.01 lots|
|Regulated By||FINMA, FCMC, JFSA|
|Auto Trading||Yes - EAs are compatible|
|Stocks Spread||Start from 0.1|
Dukascopy offers FX trading on over 60 currency pairs
Bitcoin, Ethereum and Litecoin CFDs
|Spread||Start from 0.1|
|Coins||BTC, ETH, LTC|
Dukascopy is an online broker and bank headquartered in Europe. Users can trade forex, CFDs and binary options on the broker’s JForex 3 platform or MetaTrader 4 (MT4). This review will detail Dukascopy’s offering, covering minimum deposit and margin requirements, withdrawal options, trading tools, spreads, leverage, and more.
The Geneva-based brokerage was founded in 2004 by Dr Andre Duka and his partner, Veronica Makarova. It serves retail clients with a license from the Swiss Financial Market Supervisory Authority (FINMA).
Its subsidiary, Dukascopy Europe, caters to the European market under the oversight of the Financial and Capital Market Commission (FCMC).
In 2006, the company launched its banking arm, offering current accounts and credit card services. In 2015, Dukascopy extended its e-banking reach, acquiring Alpari Japan K. K., a bank regulated by the Financial Services Agency of Japan (JFSA).
The net worth of the Duskacopy Group has grown over the years with the company now employing over 300 people in offices across Geneva, Zurich, Kiev, Tokyo, Hong Kong, Kuala Lumpur, and Riga, Latvia.
Available to Dukascopy traders is the broker’s proprietary platform, JForex 3, the industry popular MetaTrader 4, plus the Web Binary Trader system for binary options trading.
The JForex 3 platform is excellent for technical trading and automated strategies. It’s available as a desktop download or can be accessed via web browser. Online charts, 24 drawing tools, and over 270 indicators and chart studies allow traders to analyse market sentiment.
JForex 3 is particularly good for automated trading. Cloud storage and VPN services allow strategies to run around the clock.
A comprehensive historical tick data feed, dating back to 2003 and developed on a Python API is also available. And not only is the quality of data high, but it can be exported for further analysis.
Overall, take the JForex platform vs the proprietary and white label systems offered by the likes of Interactive Brokers (IB), FXCM, NinjaTrader, Saxo Bank and CMC Markets, and Dukascopy’s software more than holds its own.
A third-party bridge allows Dukascopy traders to use the industry-standard MT4 system. So traders more comfortable viewing forex data, gold charts and live price quotes on MT4, can do so. An economic calendar, widgets and advanced charting tools are also available on MT4.
As the industry’s leading software, it’s reassuring to see Duksacopy have made the MT4 platform available, along with leading names including Zulutrade, Pepperstone, Oanda, and XTB.
Note, Dukascopy traders cannot use the MetaTrader (MT5) system.
Web Binary Trader
For binary options, Dukascopy’s Web Binary Trader promises straightforward market access. One-click trading is available and users benefit from predetermined payouts and risks.
In-the-money contract yields start from 70% of the premium paid up to 90%. Trading amounts start as low as $1 and there are no commissions or hidden fees.
It’s a clean, intuitive platform that makes trading binary options a user-friendly experience.
Instruments & Markets
Duskacopy boasts a 500+ instrument list across a range of markets:
- Binary options
- Stocks & shares
Spreads & Commissions
Dukascopy scores fairly well when it comes to live spreads and trading fees. Average spreads for popular currency pairs, such as the EUR/USD and USD/JPY are around 0.3/0.4 pips.
A default commission rate of 0.7 pips brings the average total trading cost to approximately one pip, which is similar to other providers.
With that said, the broker does tier its spreads and commissions according to trading volume, so active users benefit from discounts. For example, overnight rollover fees are reduced for frequent traders with swap rates published on the ‘Overnight Policy’ page.
Note, an inactivity fee of up to $40 a year is applied to accounts where no positions are taken after a year.
Standard leverage of 100:1 (30:1 on the weekend) is applied to retail accounts by default. However, use of leverage and margin requirements are agreed during account opening, with a maximum leverage of 200:1 available. A margin calculator can be found on the broker’s website.
The Dukascopy mobile app is excellent. Available on iOS and APK, the app comes with integrated market signals, customisable alerts and seamless chart operations.
46 technical indicators are available, which is above average for mobile accounts. You also get level-two quotes, multiple related order types, plus a library of strategies from the Dukascopy community.
In addition, there are research tools and newsfeeds, plus live chat support should you encounter any forex trading issues, for example.
The only notable drawback is that mobile users will be charged a fee for using over 20 SMS message alerts in a month.
Duskacopy.com customer reviews are mixed when it comes to the deposit and withdrawal options available. For deposits, users are restricted to prepaid debit and credit cards plus bank transfer.
The minimum deposit is $100 and payments incur a 1.2% to 2.5% fee. Card payments are the fastest option and are normally processed within one working day, while bank transfers can take up to two business days.
The minimum lot size is 1,000 of the base currency.
Users have more choice when it comes to withdrawals. On top of plastic debit/credit cards and bank accounts, Skrill, Neteller and Bitcoin can be used. There is no minimum withdrawal, however, the cost of withdrawal can reach $50.
Withdrawal times range from same day to three business days, which is fairly prompt but perhaps unsurprising given that Dukascopy is a bank.
The addition of popular payment methods, such as PayPal, plus a reduction in deposit and withdrawal fees would improve Dukascopy’s payments rating.
Dukascopy offers demo accounts for forex and binary options trading using the JForex 3 and MT4 platforms. Register for a demo account on the broker’s website to receive login credentials.
You’ll then be able to test the platforms and strategies on the S&P 500 or Nasdaq, for example, using historical and real-time data.
The only drawback is that demo accounts are available for just 14 days, whereas unlimited demo accounts are available at some brokers.
Deals & Promotions
Dukascopy offers several bonuses. A 10% equity bonus can be applied for within 30 days of the last account deposit. A volume trading discount is also available and can reduce costs by up to 20%.
In addition, a 100% account deposit is available. Finally, if you refer a friend to Dukascopy using the ‘Introducing Broker’ scheme, you can bag a 100% discount on trading commissions, up to $100.
The total value of active trading bonuses cannot exceed $50,000 per account. Also, bonus requirements dictate that certain volume thresholds must be met within a year, and can be up to 30,000 times the account equity (including the bonus amount), at the time the bonus was applied for.
Overall, bonuses are reasonable, but more attractive offers can be found at other brokers. Still, it’s worth keeping an eye on the Dukascopy ‘Bonus’ page for news of no deposit bonuses and registration offers.
Regulations & Licensing
Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA), who are particularly strict. In fact, securities dealers in Switzerland must also be licensed as a bank. Dukascopy’s clients are protected up to CHF 100,000 in the event the broker goes bankrupt.
Dukascopy is regulated in Europe by the Financial and Capital Market Commission (FCMC). And although the broker is not regulated by the UK’s Financial Conduct Authority (FCA), its license to operate in Europe means it can offer products to citizens from the UK.
Licensing conditions state that Dukascopy must keep client funds segregated from company capital. Negative balance protection is also in place to ensure users cannot lose more than their initial deposit.
Regulations do, however, prohibit Dukascopy from offering its services in certain countries, including to US residents.
Overall, this review is satisfied that Dukascopy is trustworthy and there have been no known regulatory violations.
Dukascopy offers a decent breadth of additional tools. Newsfeeds from Reuters and MarketPulse are available, so too is a live economic calendar with forecasts.
The brokerage also runs trading contests where traders can see how they compare to peers. In addition, the website houses a selection of guides and webinars to help traders get to grips with certain instruments or markets, such as the Dax 30, for example.
A special mention goes to the Dukascopy TV channel. The Geneva-based TV studio and its reporters interview industry experts and discuss market sentiment to keep users in the loop with the latest market updates.
Automated traders can be rest assured that algorithmic trading is available at Dukascopy through the JForex 3 platform and FIX APIs. Python script examples and how-to documentation are available on the website. Automated strategies can be back-tested against historical data before they go live.
On the downside, Dukascopy does not have a local VPS, although a hosting program is available for a monthly fee. Also, social copy trading isn’t available at Dukascopy which could be a limitation for some new traders.
Overall though, the broker has a generous range of additional tools.
Dukascopy offers a forex and CFD trading account plus a binary options trading account. There is a swap-free account for Islamic traders. Managed accounts are also available, with a Percent Allocation Management Module (PAMM), customer reviews of which are positive.
We would have liked to see a tiered account system, with additional benefits extended to those depositing and trading more, but the current system does make choosing an account straightforward and volume bonuses can be applied for.
Note, Dukascopy is a true ECN broker and not a market maker.
Benefits of opening an account with Dukascopy include:
- Choice of trading platforms, including MT4 and Dukascopy’s proprietary JForex 3 system
- Over 500 tradable products, including forex, CFDs and binary options
- Dukascopy TV available to educate and up-skill traders
- Trusted brand licensed in multiple jurisdictions
- Decent leverage levels of 200:1 available
Disadvantages to Dukascopy’s offering are:
- Average registration bonuses and promotions
- Limited account types and payment options
- Lack of dual-factor authentication
The majority of Dukascopy products are available 24 hours a day, opening at 21:00 on a Sunday GMT (22:00 during Winter Time) and closing with the market on 21:00 GMT at Friday (22:00 GMT during Winter Time).
The broker runs a fairly seamless service, so users don’t have to adapt to a holiday schedule at different points in the year.
Dukascopy customer service operates 24/5 in 12 different languages. So whether you’re from Europe, Indonesia, India, Ukraine or the UAE, support is available via:
- Live chat – found in the bottom right-hand corner of the broker’s website
- Email – email@example.com
- Telephone – +41 22 799 4888
You can expect to get through to customer support within a couple of minutes and representatives are able to deal with most queries, including login issues, such as ‘account locked 823’ and ‘authentication failure 801’ error messages. There are also responsive MT4 and JForex community forums that are able to answer most technical platform questions.
To stay up to date with the latest Dukascopy news, keep an eye on their social media channels:
Note, the jobs and affiliates portals can be accessed from the bottom of the broker’s website.
Dukascopy follows industry-standard security procedures, including website encryption to protect sensitive client data. The MT4 trading platform uses a one-time-password (OTP). However, the security on the JForex platform is limited. Bringing in dual-factor authentication would better protect users.
Is Dukascopy A Good Broker?
Dukascopy is a solid online broker, offering a decent range of products, including CFDs, forex and binary options. This review finds that the brokerage is particularly good for automating strategies and experienced traders due to the volume discounts.
Dukascopy accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Dukascopy from Afghanistan, Iran, United States, Belgium, Israel, Canada.
Is Dukascopy legit?
Dukascopy is a legitimate and trusted broker, attracting thousands of traders from around the world. It offers a superb proprietary trading platform, volume discounts, and its own TV channel for learning.
Is Dukascopy regulated?
Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA), Europe’s Financial and Capital Market Commission (FCMC), and Japan’s Financial Services Agency (JFSA).
How do I withdraw money from Dukascopy?
From your account area, navigate to the payments section and hit ‘Withdraw’. Payments can take up to three days and are subject to a fee of up to $50.
How can I open an account with Dukascopy?
The account opening process at Dukascopy is straightforward and paperless. Head to the broker’s website, select an account from the ‘open account’ bar on the left and follow the on-screen instructions. You’ll need to submit some basic information and make a video identification.
How does the Dukascopy margin call work?
A margin call means your account does not meet the margin requirements needed to increase your account exposure. As a result, clients will only be able to execute trades that will reduce exposure, by exiting or hedging against existing positions. Dukascopy will not automatically cancel bid/offer orders that increase exposure.
|Dukascopy is a Swiss-based forex, CFD, and binary options broker|