Dukascopy Review 2023
- DayTrading Review Team
Dukascopy will appeal to active day traders with fee rebates and the JForex platform for automated trading.
Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
and 6 more
Binary Options Trading
Dukascopy offers binary options on currency pairs, stocks and indices, alongside powerful trading tools and market insights. User gets flexible contract sizes and deposits are protected by EU law, though the $1000 starting investment is higher than alternatives.
With 60+ currency pairs available, Dukascopy offers enough majors, minors and exotics to keep most forex traders happy. The broker also offers high leverage up to 1:100 – a good amount to see from a reputable and regulated broker. Currency traders have access to excellent software, including MT4 and JForex.
Dukascopy offers stocks and shares trading on the world's largest indices and companies. Users have access to North America, Europe and the Pacific region with competitive pricing. The broker's market research, including its technical and fundamental analysis, trading ideas and TV channel, are standout features for us.
Dukascopy offers highly leveraged CFDs with rates up to 1:200. A wide selection of asset classes are available, including currencies, equities, commodities, ETFs and cryptos. Spreads are also tight starting from 0.1 pips and traders get 24/7 support.
Take positions on popular cryptos against the US Dollar. Traders can go long or short with decent leverage up to 1:5. Clients of Dukascopy are also protected to the tune of CHF 100'000 in the event of broker insolvency.
- 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
- Dukascopy offers trading on a powerful proprietary platform plus the popular MT4
- The broker hosts its own TV channel, alongside various educational materials and an active online community
- Binary options are available as well as CFDs, providing straightforward up/down predictions on global assets
- Heavily regulated brokerage including oversight from Swiss FINMA
- Multiple account currencies including USD, EUR and CHF
- There is a joining bonus and volume discounts
- Full range of investments including cryptos
- Low minimum deposit of $100
- Time-consuming registration process
- No Islamic trading account
Dukascopy is an online ECN broker and bank headquartered in Europe. Users can trade forex, CFDs and binary options on the broker’s JForex, MetaTrader 4 (MT4), or webtrader platforms. This review will detail Dukascopy’s offering, covering minimum deposit and margin requirements, withdrawal options, trading tools, spreads, 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.
Dukascopy offers a good selection of trading platforms. Account holders get access to the broker’s proprietary platform, JForex, as well as the well-known MetaTrader 4 platform. For those interested in binary options trading, there is also the Web Binary Trader system.
The JForex 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, we found it was particularly good for automated trading. Cloud storage and VPS 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.
How To Place A Trade At Dukascopy
To place a trade with Dukascopy, clients will need to visit the broker’s website and complete a few steps:
- Click on ‘trading’ from the left-hand menu and then select ‘create order’ at the bottom
- Enter the order details, including:
- Account number
- Buy or sell
- The name or ticker of the security
- The size of the trade (e.g. the number of shares)
- The type of order (limit or market to limit)
- Your limit price
- Validity (good til cancel, good for day or good til date)
- Confirm the order
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.
On the downside, Dukascopy traders cannot use the MetaTrader 5 (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.
Assets & Markets
Duskacopy boasts a 500+ instrument list across a range of markets, including 19 cryptocurrency pairs. The addition of binary options, in particular, means that the broker stands out amongst many alternatives.
- 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 is applied to accounts where no positions are taken after a year.
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.
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.
Deposits & Withdrawals
Duskacopy.com reviews are mixed when it comes to the deposit and withdrawal options available.
The minimum deposit is $100 and most payments incur a 1.2% to 2.5% fee, which is a downside vs competitors. 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. Again, this is less competitive than other leading brokers.
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 Make A Deposit
- Sign into your Dukascopy account
- Navigate to ‘Account’ and then ‘My Account’ from your computer. Alternatively go to ‘Account Settings’ from the app
- Click on ‘Deposit’
- Select a payment method from the list of supported transfer solutions
- Input the deposit amount, currency and account information
- Confirm the deposit and follow any on-screen prompts from your payment provider.
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.
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.
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.
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. This is a standout resource which is not offered by many established brokers.
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, 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 profile. There is a swap-free account for Islamic traders. Managed accounts are also available, with a Percent Allocation Management Module (PAMM), 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.
How To Register For A Dukascopy Account
- Sign up at Dukascopy
- Fill in basic contact details such as name, email address and telephone number
- Respond to the email that will be sent by the broker requesting your job situation, income and source of capital
- Submit proof of your identity and address. You may also need to send a video for identification purposes
- Dukascopy will review the application and confirm whether your live account has been activated
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 bank and platform 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 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.
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.
- Wire Transfer
- Samsung Pay
- Credit Card
- Debit Card
- Apple Pay
- Bitcoin Payments
|Minimum Trade||0.01 Lots|
|Regulated By||FINMA, FCMC, JFSA|
|Mobile Apps||iOS, Android & webtrader|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Yes (EAs & FIX APIs)|
|Guaranteed Stop Loss||No|
CFD Trading Details
|GBPUSD Spread||1.16 Av|
|Oil Spread||5.3 Av|
|Stocks Spread||From 0.1|
Forex Trading Details
Cryptocurrency Trading Details
|Crypto Spread||From 0.1|
|Crypto Auto Market Maker||No|
Binary Options Trading Details
|Expiry Times||3 minutes – 1 day|
Compare Dukascopy with similar brokers that accept traders from your location. Among available brokers these are the most similar to Dukascopy:
World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Go to World Forex
Videforex – Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
Go to Videforex
RaceOption – RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.
Go to RaceOption
Dukascopy Comparison Table
|Markets||Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options||Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts||Binary Options, CFDs, Forex, Indices, Commodities, Crypto||Binary Options, CFDs|
|Minimum Trade||0.01 Lots||0.01 Lots||$0.01||$0.01|
|Regulators||FINMA, FCMC, JFSA||SVGFSA||–||–|
|Bonus||10% Equity Bonus||100% Deposit Bonus||20% to 200% Deposit Bonus||20% – 200% Deposit Bonus|
|Platforms||MT4, AlgoTrader||MT4, MT5||TradingView||TradingView|
Compare Trading Instruments
Compare the markets and instruments offered by Dukascopy and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
|Expiry Times||3 minutes – 1 day||1 minute – 7 days||5 seconds – 1 month||5 seconds – 30 days|
Dukascopy vs Other Brokers
Compare Dukascopy with any other broker by selecting the other broker below.
The most popular Dukascopy comparisons:
- Dukascopy vs Interactive Brokers
- Dukascopy vs FXCM
- NinjaTrader vs Dukascopy
- Dukascopy vs Saxo Bank
- Dukascopy vs Pepperstone
- Oanda vs Dukascopy
- Dukascopy vs XTB
Is Dukascopy Good For Day Trading?
Dukascopy is a sensible pick for active day traders. Tight spreads are available on popular assets like major forex pairs, plus 20% commission discounts are available for active traders. Reliable and fast trade executions are also faclitated through the firm’s trading platforms and liquidity providers.
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 Safe?
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). These are all good signs that the brokerage is trustworthy and relatively secure.
With that said, online trading is inherently risky so do not risk more than you can afford to lose.
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 Dukascopy, 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 an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.|