Dukascopy vs Swissquote
Dukascopy and Swissquote are two of the premier Switzerland-based Forex trading platforms. While Dukascopy is a significantly smaller company than its publically-traded competitor, both have a lot to offer all types of Forex traders.
In this Dukascopy vs Swissquote analysis, we outline everything you should know about the two platforms so you can feel comfortable choosing between the two. We dig in to:
|Dukascopy (visit site)
|Swissquote (visit site)
Type of Broker:
|No Dealing Desk
U.S. Clients Allowed:
Commissions / Spreads:
Features and Platforms
JForex, Dukascopy’s Forex trading platform, is available on Mac, Windows, and Linux operating systems. You can also trade through it online as well as on Android and iOS devices. The platform has 250 chart indicators and every popular chart type that you would expect to find on a Forex trading interface.
We recommend Dukascopy for more advanced Forex traders. | Source: Dukascopy
JForex also includes an economic calendar and news feed to help you stay up to date with market trends. If automations are part of your trading strategy, Dukascopy allows you to set them up either on your local device or through its Strategy Server. Additionally, you can test your automations against historical data.
Dukascopy’s JForex is also available on iPad tablets. | Source: Dukascopy
Compared to Swissquote, the Dukascopy platform is more complicated; however, the company provides an in-depth guide and video tutorials to teach you the ropes. Additionally, Dukascopy consistently holds seminars and produces video webinars multiple times a week. Similar to other Forex trading platforms, you can trade via APIs on Dukascopy as well.
The Swissquote Advanced Trader platform contains all the features you need to become a successful trader. It includes 27 indicators, 17 overlays, and news from Swissquote and Bloomberg directly in the interface.
You can customize your Swissquote interface to fit your needs. | Source: Swissquote
One of the most interesting Swissquote features, though, is its automatic pattern detection. The platform automatically recognizes and highlights common chart patterns (if they exist) on each chart and displays the pattern strength. For novice traders, this tool is an ideal way to learn the fundamentals of technical analytics.
Swissquote automatically highlights chart patterns, saving you time. | Source: Swissquote
Swissquote also provides a series of educational videos covering topics from “Introduction to Forex” and “Technical Analysis” to “Risk Management” and “Fundamental Analysis.” Like Dukascopy, Swissquote supports API trading as well.
|Type of Platform:
|MetaTrader 4, Web-based, Other
|MetaTrader 4, MetaTrader 5, Proprietary platform
Guaranteed Stop Loss:
Guaranteed Limit Orders:
Interest on Margin:
|Dukascopy provides around 60 currency trading pairs such as the popular EUR/USD, USD/JPY, GBP/USD, and USD/CHF.
|Swissquote supports slightly more, with over 80 currency trading pairs, dipping into exotic markets like USD/CNH, USD/MXN, USD/RUB, and USD/ZAR.
|In addition to Forex, Dukascopy offers banking services, contracts for difference (CFDs), binaries, and cryptocurrency trading.
|And, the Swissquote market ecosystem also includes precious metals, bonds, commodities, and stock indices.
Typical Spreads and Fees
|The Dukascopy fee schedule is significantly more complex than Swissquote and other competitors. For self-traders, Dukascopy considers three criteria when applying a commission - net deposit, equity, and trading volume. Each attribute contains an associated fee table. If the attributes of your account result in differing fees, Dukascopy charges the lowest one. The rates range from $10 to $35 per $1 million that you trade.
|Swissquote bakes its fees into “all-in spreads,” so you won’t find any commission fees on the platform. The spreads vary depending on the amount you deposit. On the low-end ($50,000 minimum deposit), the spreads start at 1.1 pips. The minimum deposit on Swissquote is $1,000, which will get you spreads starting at 1.7 pips.
Because Dukascopy and Swissquote utilize drastically different methods to calculate fees, you should figure out estimates of what rates your trading strategy would fetch on each platform.
Security and Trust
|Dukascopy launched in 2004 and currently manages 22,000,000 CHF (~$22,357,500) of shareholder capital. The company is a member of esisuisse, insuring up to 100,000 CHF per client.
|Swissquote has over 300,000 clients worldwide and manages 23.8 billion CHF of client assets. The company is publicly traded on the SIX Swiss Exchange, so it must adhere to strict regulations as well as reside under the microscope of public scrutiny.
|Time and again, Dukascopy has received awards for its Forex bank and trading platform. And the company is regularly audited by an outside entity, KPMG, to ensure that it's complying with Swiss laws and trading regulations.
|A recent survey by Ipsos, a global marketing and consulting firm, revealed that Swissquote clients generally are satisfied with the company (5.6 out of 7.0 score) and feel a high level of trust (6.2 out of 7.0).
Dukascopy vs Swissquote – Verdict
Out of these two Forex companies, Swissquote is notably the least intimidating of the two. It implements less complicated fees, and the overall interface is significantly more comfortable to work with. Combine these attributes with the platform’s more extensive selection of markets, and it’s clear that Swissquote has the edge over Dukascopy.
That being said, much of Forex trading is personal preference. So, we recommend that you try the demo accounts on both platforms to see which one works best for you.
Does FXCM or OANDA offer lower pricing?
Traders will find a significantly more competitive pricing structure at Dukascopy. The EUR/USD comes with a spread as low as 0.1 pips, but a $1 commission per standard lot exits for MT4 trading accounts. CFD commissions vary by net deposit, equity, and trading volume, but commence from $35 per $1,000,000. Swissquote starting spreads range between 1.7 pips in the standard account to 1.1 pips in the prime account, representing an unacceptable cost structure throughout.
Is FXCM or OANDA safer for Forex and CFDs trading?
The regulatory environment at both brokers is excellent, maintaining full compliance with the Swiss Financial Market Supervisory Authority (FINMA), a Tier 1 authority. Dukascopy and Swissquote possess licenses and additional oversight for divisions operating globally, with multiple regional offices in essential markets.
Which trading platform is better: FXCM or OANDA?
While both developed their proprietary trading platform, offered alongside the MT4 trading platform, Swissquote has a broader range and more third-party partnerships. Dukascopy provides a better prime trading platform, and traders have access to Visual JForex, allowing for the development of automated trading strategies without the need to code. Manual traders may prefer the third-party MT4 additions of Swissquote and assistance they provide. Dukascopy is the superior choice for automated traders and grants an overall higher quality trading platform.