Dukascopy Bank Editor’s Verdict
Dukascopy Bank, a Swiss online bank and brokerage, was founded in 2004 in Geneva, Switzerland, after having been in development for six years. It maintains complete oversight of three operating subsidiaries and is one of the most innovative brokers in operation today.
Numerous platforms and features
Both demo and Islamic accounts
Good customer support
Inability to close chat
Somewhat overwhelming website
Technology fulfills a primary role at Dukascopy; in 2019, it became the first Swiss bank to offer its own cryptocurrency, Dukascoin.
Headquarters Switzerland Year Established 2004 Execution Type ECN/STP Minimum Deposit $100 Trading Platforms(s) MetaTrader 4, Proprietary platform, Web-based Signals US Persons Accepted? Islamic Account Segregated Account Managed Accounts Support Hours 24/7 Customer Support Demo Account
Regulation and Security
The Swiss Financial Market Supervisory Authority (FINMA), a Tier 1 authority, provides the regulatory framework for Dukascopy Bank. Client deposits are insured up to CHF100,000 by esisuisse, per standard requirement for Swiss banks as well as securities firms. PKF is the internal auditor of the group, while KPMG, one of the Big Four accounting firms globally, conducts the external audit. Both report their result directly to FINMA. Dukascopy is additionally a member of the Swiss Bankers Association and the International Swaps and Derivatives Association (ISDA).
Dukascopy Europe IBS AS, the Latvia based and EU licensed investment brokerage company, is regulated by the Financial and Capital Market Commission of Latvia (FCMC). SIA Dukascopy Payments, also based in Latvia, is a European licensed payment and e-money company, handling financial transactions on behalf of its parent company. The Japanese operating subsidiary, Dukascopy Japan KK, is regulated by the Financial Services Agency of Japan (JFSA) as a Type-1 licensed broker.
Dukascopy is a well-regulated broker and offers superior client protection.
Trading costs consist of spreads and commissions, which vary depending on net deposit, equity, and trading volume. The EUR/USD carries a minimum mark up of 0.1 pips. MT4 trading accounts include a $1 commission per standard lot. CFD commissions commence from $35 per $1,000,000 in trading value for currencies and commodities; the CFD commission decreases as the equity increases. Equity CFD commissions vary based on the market but are generally 0.10% of the trade value, except for US shares which are priced at $0.02 per share. Islamic accounts carry an extra charge of $5 and $7.5 per $1 million in trading value for currencies and precious metals, respectively. Swap rates on overnight leveraged positions apply. Corporate actions impact equity, index, and ETF CFDs, and are passed through to client portfolios.
Dukascopy carries a complex but competitive and transparent pricing environment.
What Can I Trade
Dukascopy maintains an excellent selection of assets which consist of currency pairs, commodities, equity and index CFDs, cryptocurrencies, bonds, ETFs, and binary options. The 61 currency pairs provide pure Forex traders with acceptable exposure, while eleven commodities add diversification opportunities. Equities from 14 countries are offered, complemented by 19 index CFDs. While only three bonds and three cryptocurrencies are available for trading, 43 US-listed ETFs round up the asset selection.
Asset selection at Dukascopy is suitable for new retail traders as well as small fund management firms.
Dukascopy offers a near identical account type to all traders with a few notable differences. The primary difference is the selection of the trading platform, where clients may opt for an MT4 trading account or the broker’s proprietary JForex platform. Another significant difference is the selection of the operating subsidiary. Dukascopy requires a minimum deposit of $1,000, but Dukascopy Europe IBS AS accepts clients from as little as $100. The last notable difference is in respect to maximum leverage which is 1:200 at Dukascopy while Dukascopy Europe IBS AS is confined by EU rules to merely 1:30. Gold accounts, multi-currency accounts, and swap-free Islamic accounts are equally available.
The Swiss-based division grants excellent trading conditions.
|Guaranteed Limit Orders|
|Interest on Margin|
|Guaranteed Stop Loss|
Traders may choose between the retail favorite MT4 trading platform, provided as the most basic version only, or the proprietary JForex trading platform. Both fully support automated trading solutions and provide clients with access to Dukascopy’s SWFX-Swiss FX Marketplace. MT4 only allows Forex and commodity trading, while multi-asset traders will manage accounts at the technologically advanced JForex alternative platform.
The SWFX-Swiss FX Marketplace ensures traders have access to superior pricing and liquidity.
Dukascopy features a multitude of unique features to enhance the core trading environment besides the essential SWFX-Swiss FX Marketplace. Among the most notable features are LP PAMM Wealth Management, an income generation program based on the bank’s cryptocurrency. Dukascoin, Visual JForex, and Dukascopy TV.
LP PAMM Wealth Management relates to Dukascopy managed accounts.
The launch of Dukascoin resulted in the addition of new income-generating programs.
Visual JForex allows for the simple development of automated trading strategies.
Dukascopy TV adds additional value to day-to-day trading operations.
Research and Education
Traders are provided with extensive research, consisting of written content and charts, in a well-presented format. The Trading Ideas main page is where all the research material can be accessed. Dukascopy TV is another source of valuable information, while numerous trading tools enable manual traders to find their next trade. The JStore maintains automated trading strategies and add-ons. Dukascopy video tutorials cover three topics related to the bank’s services, while webinars provide the general educational content.
Trading Ideas feature technical and fundamental analyses.
Technical Analysis grants manual traders a quick overview of buy and sell signals.
The JStore caters to automated traders and trading platform improvements.
Video tutorials introduce three Dukascopy services to clients.
Webinars deliver broad-based educational content.
Customer support is available 24/7 and is accessible via phone or callback request, e-mail, and live chat. An FAQ section is also available.
Bonuses and Promotions
Dukascopy offers traders an equity bonus, a volume discount program, an experience sharing incentive, and an anniversary bonus. Terms and conditions apply.
Dukascopy offers a range of bonus programs.
Opening an Account
A four-step online application processes new account openings. Account verification is mandatory to comply with regulator mandated AML/KYC requirements. Dukascopy 911 Connect is an app developed for identification purposes.
The Account Opening Procedure is standard for the industry.
Deposits and Withdrawals
Dukascopy supports bank wires, debit and credit cards, Skrill, Neteller, Bitcoin, Ethereum, and bank guarantees. Processing times vary, and third-party fees may apply.
Dukascopy is a Swiss-based bank and one of the most innovative and technologically advanced brokers, serving clients around the world since 2004. A competitively priced cost structure and asset selection make this ECN broker a primary choice. Traders may operate portfolios in the MT4 trading platform or the proprietary multi-asset JForex trading platform. SWFX-Swiss FX Marketplace ensures deep liquidity, further enhancing the core trading environment for both manual traders and automated trading solutions. Numerous trading tools and unique features add tremendous value, and the research division is excellent by any standard. Dukascopy became the first Swiss bank to launch its own cryptocurrency, Dukascoin, confirming its commitment to technology and innovation. The continuous addition of new services and a range of bonus programs complement the most comprehensive overall offers available in today’s market. It is an ideal choice for new traders to asset management firms.
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