- Name : Dukascopy
- Website : dukascopy.com
- Established : 1998
- Regulation : FINMA
- Country : Switzerland
U.S. Clients Allowed :
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See our list of recommended brokers that do accept US traders.
Dukascopy ReviewDukascopy Review
Dukascopy Bank SA, regulated by FINMA, is a Swiss Forex broker that offers both personal retail Forex trading and binary option accounts. They also have an extensive business to business department and provide partnership opportunities to banks, financial institutions and client referral bonuses. Dukascopy has been around since 2004 and the company prides itself on the security of its funds, no price manipulations and speedy executions.
The new Dukascopy landing page is so chock-a-block full of information that while doing this Dukascopy review, I didn’t know where to look first.
In addition to the SWFX - Swiss FX & CFD Marketplace, which is a live price listing of the major currencies, there are dozens of other features to click on and enjoy, including a series of interviews with financial figures, market and industry forecasts, midday snapshots of the markets and much more.
In addition, there are trading ideas on different currencies and other assets, a timely technical analysis and a choice of market research articles to read. Also on the same page is an update on what is happening at Dukascopy that might be of interest to an investor.
Dukascopy Bank SA offers currency and precious metal trading to retail and institutional clients. It promises equal liquidity and quotes for all clients. All types of trading are allowed, including scalping, there are different trading commissions depending on the account size and monthly traded volume, and deposits are protected by Swiss government in the amount of $100,000 per client.
The accounts at Dukascopy are listed according to the amount of money deposited. The basic account starts with a minimum of $100, the next one, $5000, followed by the $100,000 and $250,000 accounts.
Most of the instruments are traded on a 24 hour basis without interruption, from market opening on Sunday, 21:00 GMT during Summer Time (22:00 GMT during Winter Time) until market close on Friday, 21:00 GMT during Summer Time (22:00 GMT during Winter Time). The following instruments have trading breaks during the trading session.
I was pleased to see that Dukascopy offers a demo account for both Forex and binary option traders. There is also an Islamic account for followers of Sharia laws.
An interesting feature at Dukascopy is the ability for accounts to be opened by simply scanning traders’ passports. Deposits of up to $10,000 can be done in the same way.
Dukascopy 10 Years Anniversary
The bonuses and promotions at Dukascopy are never ending, though there is a chance that they can change at any moment due to tightening regulation worldwide. Over the years the brokerage has offered different opportunities for traders, from 10% bonuses to 100% bonuses, and we recommend that you check out the site yourself to see what their current offers are.
Live clients are encouraged to share their Dukascopy trading experience with their friends. Should a referred friend become a live trader with Dukascopy Bank, the account holder will enjoy a 100% discount for a future trading commission until the full amount of the discount (100 USD) is reached. The commission discount will be credited on a daily basis starting from the moment the referred friend has performed the first trade.
Promotions at Dukascopy at the time of this review included a monthly competition amongst traders with $16,000 quarterly prizes and the Signal Provider Grand Prix where $11,500 is given out on a quarterly basis to traders who show the best and most consistent trading results for that period.
The Trader of the Year competition pays out $5000 quarterly to traders with the highest monthly average profitability for at least 6 months and there is a Social (Mirror, Signal) Trading Contest for successful investors who copy trades of the best Signal Providers. $2000 is given out monthly.
There are even more fun contests but they are too numerous to list. However, I can’t help mentioning the Miss Dukascopy contest where girls from all over the world can compete. This competition rates intelligence and knowledge as well as looks and the winner receives a whopping $350,000! Currently the Dukascopy website advertises a contestants’ prize pool of over two million dollars.
Dukascopy offers a series of educational video tutorials that explain the various aspects of its trading platform such as leverage, managed accounts and more. It offers live webinars on a consistent basis in several different languages. Seminars are sometimes available in different parts of the world. When doing this review, there were no scheduled seminars.
Dukascopy TV has about 20 different stations with interesting programs such as Market Glance, Building Blocks, Crash Dummy Dollar and more. The extent of their TV offerings is astounding. From news to entertainment, music, interviews, and much more, someone interested in the financial world could spend hours just in this section of their website. Dukascopy also offers others the opportunity to incorporate this section into their own websites. Dukascopy TV is even accessible in several languages.
Dukascopy Bank trading platforms provide access to Swiss Forex Marketplace (SWFX). There are several different platforms. All platforms support a wide range of trading orders, such as Market, Limit, Stop, Take Profit, Stop Loss, Stop Limit, Trailing Stop, Place Bid/Offer, OCO, IFD etc. “Slippage Control” functionality, allows controlling maximum price slippage on execution.
There are two trading modes available on the platforms: “Net Position” and “Hedging” mode. “Hedging” mode allows the trader to keep different direction positions for the same trading instrument, with possibility to “Merge” them. “Net position” mode displays all orders for the same currency pair in one position.
The Java platform is designed for manual trading and is organized to simultaneously display all necessary trading information without switching between different windows. In addition, traders can benefit from various technical analysis, market research tools that are integrated into the platform and instant communication with a live trading support team.
The JForex platform is recommended for manual and/or automated trading. This platform is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. The main functionality and interface of the platform are similar to those of Java platform.
A third party bridge is available for traders wishing to use the popular MT4 platform.
The company also offers a web trading platform with instant market access and mobile platforms for Android, and other smartphones.
The Web Binary Trader is the binary options trading platform offered at Dukascopy and has numerous features of its own including predetermined payouts and risks; in-the-money contracts yield starting from 70% of the paid premium and up to 90%; small trading amounts starting from as low as USD 1 and no commissions or hidden fees.
Trading can be done securely online through one click trade to an unlimited number of accounts. Trading can also be done over the telephone.
Although Dukascopy doesn’t provide direct access to the popular Metatrader4 platform they do allow connectivity to that platform through third party providers.
Dukascopy Bank SA offers customer service 6 days each week via email and phone. Chat support is available during working hours and users can contact the company via Skype instead of incurring the expense of an international call. I must mention that the Chat screen was somewhat bothersome as it stayed on the whole time I was doing this review and often covered much of the reading material. There was no way to close it. In addition, through their website, clients can easily submit a call back request and they will receive a call back from the Dukascopy customer service department.
Because of Dukascopy’s banking history, it is able to offer a host of features that are often unavailable with other Forex or binary options brokers. New traders may be overwhelmed with the different features available upon opening the first page but everything is neatly set up and clearly explained. Both new and experienced traders should have no trouble using this broker. Customers can benefit greatly from all the information available on the site before they even invest a cent. All of this information is also available in many different languages to make this one of the most extensive Forex websites in the world.
- Numerous platforms and features
- Both demo and Islamic accounts
- Good customer support
- Inability to close chat
- Somewhat overwhelming website
Review info: Dukascopy
Review Date: 2017-04-04
Rating : 4
Reviewed By : Sara Patterson (Google+)