Dukascopy Review 2022

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Dukascopy is a Swiss-based forex, CFD, and binary options broker with tight spreads and MT4 trading.

Awards
  • Best for Cryptocurrency trading in UAE, 2022
  • Best FX Research, 2022
  • Best ECN Broker for Beginners, 2021
  • Best Bank Broker, 2020
  • Best Technical Analysis Platform, 2020
  • Best Forex Trading Apps, 2019
Bonus10% equity bonus
InstrumentsForex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options
Demo AccountYes
Min. Deposit$100
Payment Methods
Min. Trade0.01 lots
Regulated ByFINMA, FCMC, JFSA
MetaTrader 4Yes
MetaTrader 5No
cTraderNo
OmniTraderNo
AlgoTraderYes
TradingViewNo
Trading CentralNo
AutochartistNo
eSignalNo
STP AccountNo
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountYes
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS, Android & webtrader
Margin TradingYes
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionYes
VPS HostingYes
TournamentsNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingYes (EAs & FIX APIs)
Social TradingNo
Copy TradingNo
Trade SignalsNo
Islamic AccountYes
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • TRY
  • SEK
  • NOK
  • DKK
  • CHF
  • PLN
  • HUF
Inactivity Fee$40
Guaranteed Stop LossNo
Stock Exchanges
  • Australian Securities Exchange
  • CAC 40 Index France
  • DAX GER 40 Index
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Hang Seng
  • Japan Exchange Group
  • Nasdaq
  • S&P 500
  • SIX Swiss Exchange Trading
Commodities
  • Cocoa
  • Coffee
  • Copper
  • Cotton
  • Gasoline
  • Oil
  • Palladium
  • Platinum
  • Sugar
CFD TradingUse CFDs to speculate on popular assets without taking ownership of the underlying asset.
CFD FTSE SpreadVariable
CFD GBPUSD Spread1.16 Av
CFD Oil Spread5.3 Av
CFD Stocks SpreadFrom 0.1
CFD Leverage1:200
Forex TradingDukascopy offers FX trading on over 60 currency pairs.
Forex GBPUSD Spread1.1
Forex EURUSD Spread0.1
Forex EURGBP Spread0.9
Forex Assets63
Crypto TradingTake positions on popular cryptos against the US Dollar
Crypto SpreadFrom 0.1
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • ADA
  • AVE
  • BAT
  • BCH
  • BTC
  • CMP
  • DSH
  • ENJ
  • EOS
  • ETH
  • LNK
  • LTC
  • MAT
  • MKR
  • TRX
  • UNI
  • XLM
  • YFI
Binary OptionsBinary options are available on 18 forex currency pairs.
Payout Percent90
Ladder OptionsNo
Boundary OptionsNo
Risk Warning – Your capital is at risk

Dukascopy is an online ECN broker and bank headquartered in Europe. Users can trade forex, CFDs and binary options on the broker’s JForex 4 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.

Company Details

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.

Trading Platforms

Available to Dukascopy traders is the broker’s proprietary platform, JForex 4, as well as the popular MetaTrader 4 platform. For those interested in binary options trading, there is also the Web Binary Trader system.

JForex 4

The JForex 4 platform is excellent for technical trading and automated strategies. It is available as a desktop download or alternatively, it can be accessed via web browser. Online charts, 24 drawing tools, and over 250 indicators and chart studies allow traders to analyze market sentiment.

When we used Dukascopy’s JForex 4, we found it was 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.

Dukascopy ratings
JForex

MetaTrader 4

A third-party bridge allows Dukascopy traders to use the industry-standard MT4 system. This means traders that are 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 is reassuring to see that Duksacopy has made the MT4 platform available, along with leading names including ZuluTrade, Pepperstone, Oanda, and XTB.

Note, Dukascopy traders cannot use the MetaTrader (MT5) system.

Dukascopy review
MetaTrader 4

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.

Dukascopy broker review
Binary Options Webtrader

Assets & Markets

Duskacopy boasts a 500+ instrument list across a range of markets, including 19 cryptocurrency pairs.

Assets include:

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 is applied to accounts where no positions are taken after a year.

Dukascopy Leverage

Standard leverage available up to 1:100 (1:30 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 1:200 available.

A margin calculator can be found on the broker’s website.

Mobile App

The Dukascopy mobile app receives positive reviews. Available on iOS and APK devices, the app comes with integrated market signals, customizable 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, while using Duksascopy’s mobile app we found that there are research tools and newsfeeds, plus live chat support should you encounter any forex trading issues.

Mobile users can also receive updates about events on their trading accounts as well as notifications about market triggers and user’s custom set price levels. However, these alerts incur a fee of 0.07 EUR. The service is available to all live traders.

Dukascopy mobile trader
Mobile App

Deposits & Withdrawals

Duskacopy.com customer reviews are mixed when it comes to the deposit and withdrawal options available.

For deposits, clients can use prepaid debit and credit cards as well as bank transfers. The broker has also added eWallet options such as Skrill and Neteller in addition to cryptocurrency funding.

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 similar options when it comes to withdrawals. Plastic debit/credit cards, bank transfers, Skrill, Neteller and Bitcoin can be used. There is no minimum withdrawal, however, the cost of a withdrawal can reach $50.

Withdrawal times range from same day to three business days depending on the method used.

The addition of popular payment methods, such as PayPal, plus a reduction in deposit and withdrawal fees would improve Dukascopy’s payments rating.

How To Place A Trade

To place a trade with Dukascopy, clients will need to visit the broker’s website and complete a few steps:

Demo Accounts

Dukascopy offers demo accounts for forex and binary options trading using the JForex and MT4 platforms. Register for a demo account on the broker’s website to receive login credentials.

You will then be able to test the platforms and strategies on a range of global markets and indices such as the S&P 500 or Nasdaq, using historical and real-time data.

Dukascopy Forex Community members can now apply for an extended demo account which can be used for up to 28 days, whereas standard demo accounts are available for just 14 days.

Deals & Promotions

Dukascopy offers several bonuses. A 10% equity bonus can be applied 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, our review was satisfied that Dukascopy is trustworthy and there have been no known regulatory violations.

Additional Features

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 40.

Dukascopy TV

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 Trading

Automated traders can rest assured that algorithmic trading is available at Dukascopy through the JForex 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 live charts technical analysis
Trading Tools

Account Types

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

Advantages of opening an account with Dukascopy include:

Drawbacks

Disadvantages to Dukascopy’s offering are:

Trading Hours

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.

Customer Support

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:

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.

Security & Safety

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.

All clients are, however, protected up to  100,000 CHF against insolvency of Dukascopy Bank by esisuisse.

Dukascopy Verdict

Dukascopy is a solid online broker, offering a decent range of products, including CFDs, forex and binary options. Our experts found that the brokerage is particularly good for automating strategies and experienced traders due to the volume discounts. Follow the sign-up link below to create an account.

Accepted Countries

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.

Compare Dukascopy

Compare Dukascopy with similar brokers that accept traders from your location. Among available brokers these are the most similar to Dukascopy:

  1. Quotex – Quotex offers a proprietary web platform that has digital options and trading signals.
  2. Pocket Option – Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.
  3. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
  4. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, and energy, as well as stock indices. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.

Dukascopy Comparison Table

Compare Dukascopy With Similar Brokers
Dukascopy Quotex Pocket Option IG Group InstaForex
Rating 4.4 4.2 4.4
Markets Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $100 $10 $50 £250 €200 to €50,000 (depending on account type)
Minimum Trade 0.01 lots $1 $1 0.1 lots 0.01 Lots
Regulators FINMA, FCMC, JFSA IFMRRC FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin CySEC
Bonus 10% equity bonus 30% Deposit Bonus 50% Deposit Bonus
Education No No No Yes No
Platforms MT4 MT4 MT4, MT5
Leverage 1:200 1:30 1:30 for retail clients, 1:500 for professional
Payment Methods 9 10 25 6 10
Detailed Comparison Dukascopy vs Quotex Dukascopy vs Pocket Option Dukascopy vs IG Group Dukascopy vs InstaForex
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Compare Trading Instruments

Compare Dukascopy Trading Instruments
Dukascopy Quotex Pocket Option IG Group InstaForex
Binary Options Yes Yes Yes No No
Ladder Options No No No Yes No
Boundary Options No No No No No
CFD Yes No No Yes Yes
Forex Yes Yes No Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes Yes Yes
Oil Yes Yes No Yes Yes
Gold No Yes No Yes Yes
Copper Yes No No Yes No
Silver No Yes Yes Yes Yes
Corn No No No No No
Crypto Yes Yes Yes Yes Yes
Futures No No No Yes No
Options No No No Yes No
ETFs Yes No No Yes Yes
Bonds Yes No No Yes No
Warrants No No No No No
Spreadbetting No No No Yes No
Volatility Index No No No Yes No

Dukascopy vs Other Brokers

Compare Dukascopy with any other broker by selecting the other broker below.

Dukascopy vs

The most popular Dukascopy comparisons:

  1. Dukascopy vs Interactive Brokers
  2. Dukascopy vs FXCM
  3. NinjaTrader vs Dukascopy
  4. Dukascopy vs Saxo Bank
  5. Dukascopy vs CMC Markets
  6. Dukascopy vs ZuluTrade
  7. Dukascopy vs Pepperstone
  8. Oanda vs Dukascopy
  9. Dukascopy vs XTB

FAQ

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 will 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 with tight spreads and MT4 trading.

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