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Dukascopy Review
- 70+ Pairs
- A+ Mobile App
- Fast Payouts
- Low Deposit
Editors Summary
With years of history to offer and a solid reputation, Dukascopy also has the financial capital to protect your investment and regulation by one of the strictest regulatory bodies. They are geared more towards the heavy investor rather than those who like to dabble with a bank guarantee for those who deposit over $100,000., If you are a serious investor looking to benefit from a range of trading tools and excellent spreads, then this is a contender for you.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Introduction
Dukascopy is an award-winning Forex, CFD and options broker, based in Geneva, Switzerland with subsidiaries in Europe and Japan. Regulated by the Swiss Financial Market Supervisory Authority (FINMA), they have been offering Forex services to traders since 2014. With their proprietary platform, available on both mobile and desktop, they are committed to providing a quality experience.
With over 60 currency pairs and a wide range of tools, Dukascopy offers trading on their JForex3 platform, which is supported on both desktop and mobile. Highly experienced traders can enjoy low spreads and access to research and analysis while new traders can use the educational tools to assist them with their trades.
It may sometimes seem that there is an information overload, especially when you arrive at the home page of Dukascopy but don't let this deter you. We have researched and investigated all aspects of trading with this broker, and our team of experts have tested the platform to ensure that we provide you with a detailed review to assist with your choice and help you make an informed decision.
Account Types
While you will see a table listing various benefits for differing deposit amounts, don't let this confuse you. This only refers to Fix API and bank guarantees which you get with a larger deposit of $100,000. The only real difference is whether you open a European account or a Swiss version which require different levels of deposit.
Opening an account is simple, but you must have your identification verified to use the site, and you have to deposit funds before you are given access to the site via your login details.
Live Account
The Forex European account only requires a minimum deposit of $100. To open a Swiss account, you will need a minimum of $5,000. There are minimal benefits that open up with a more significant deposit. For example, if you deposit $100,000, you get bank guarantees. You can choose to open an account either on the JForex platform or on the MT4 trading platform.
Demo Account
When you choose to open an account with Dukascopy, you can select between a live and a demo version. If you want to choose the demo version, because there is no exchange of funds involved, you do not need to verify your identity. The demo platform is free to use and allows you to trade using virtual funds. Many beginners, and those who want to test the site, use it to practise techniques and strategies and to familiarise themselves with the trading platform.
Trade Features And Payouts
Dukascopy offer several features that are competitive with other brokers. These include:
Leverage
When it comes to margins, the default setting for leverage is set at 1:100. This is during regular trading hours. If you wish to request higher leverage then you can get up to 1:200 on request. Initially, leverage may be restricted at the discretion of Dukascopy and the client to 1:20 or 1:50.
Spreads
The spreads are some of the most competitive you will find and are especially good with the more major currency pairs. In fact, with the more popular pairs, you will find spreads as low as 0.1 pips which makes this broker a prevalent one with serious investors. One of the good things about Dukascopy is that they publish their historic spreads and everything is very transparent.
Stop Loss
There are a few trading orders to choose from, including the popular Stop Loss order and Take Profit orders. All are designed to help you maximise your success and stop you from losing too much on a trade. A Stop Loss order means that if you predict a price and the price moves in the wrong direction, the platform will automatically exit the trade when it reaches a certain point. A Take Profit order means that you can exit it once your price has been met.
Platform Types
Essentially there are two platforms to choose from when selecting to trade with Dukascopy. The first is their award-winning JForex platform. This is run from a web-based browser and does not require a download. It is available on Windows and iOS on desktop and as an app on Android and iOS for mobiles and tablets. Secondly is the popular MetaTrader4 which is subject to different trading conditions to the JForex platform and has different leverage, currencies etc.
Bonuses And Promotions
Dukascopy offers you the chance to receive a 10% bonus on the equity of your account which is subject to certain conditions. During the 30 days since the last deposit, self-trading clients can apply for this bonus. There is also an anniversary bonus of up to 100% of the equity and a volume trading discount commission programme of up to 20%.
All bonuses relate to the equity in your Forex account. In addition to this, there are refer friend incentives and regular promotions and contests.
Mobile Trading
You only have to type "Dukascopy" into the App Store or Google Play to see just how many various apps there are. There is a Swiss Forex app which gives you real-time FX quotes and news then there is the JForex trading app which allows you to download and trade on the go from a mobile or tablet.
There is also a Dukascopy community and a social networking app. In addition to this, the mobile site is optimised if you prefer to use a web-based platform as opposed to an app.
With a solid reputation, they also have the financial capital to protect your investment
Deposits And Withdrawals
With the European account, you only need to deposit a minimum of $100. With the web-based account, this increases to $5,000. Making deposits using a bank transfer, credit or debit card or a bank guarantee doesn't incur any fees from the broker, but you may incur charges for deposits in certain currencies from a third-party provider.
It should be noted that you won't receive your login details until after your funds have been cleared. The same methods can be used to make a withdrawal.
Special Features
The low spreads offered by this broker are perhaps one of their most reliable and most popular features along with their excellent mobile offering. With so many apps across the platforms and such a wide selection of supported apps, you really can achieve everything you need on the move.
For those looking to expand their knowledge, there is a wealth of educational information and research to assist with your trades. Their comprehensive range of trading tools also makes for much more enhanced trading experience.
Customer Support
Customer support is available 24 hours a day, 6 days a week in various formats. As you move around the site, the chatbox will expand to ask if you need any help. It is available, like the website, in many different languages.
You will also find a link to send a message along with the Geneva address and telephone numbers towards the bottom of the site. Communication via Skype is also an option. There is an FAQ section where you will find the answers to the most commonly asked questions.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
Dukascopy
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Email:
[email protected]
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Phone:
+3 716 739 9000
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Address:
Dukascopy Europe IBS AS, Lacplesa iela 20a-1, Riga, LV-1011, Latvia
Conclusion
There is a lot to like about this particular broker. With years of history to offer and a solid reputation, they also have the financial capital to protect your investment and regulation by one of the strictest regulatory bodies. They are geared more towards the heavy investor rather than those who like to dabble with a bank guarantee for those who deposit over $100,000.
The JForex platform offers an excellent, all-round, web-based experience, and the mobile trading is well supported too. In addition to this, they also provide the MT4 platform for those who want something different. The only criticism that we would suggest is that the site is very busy and can be quite tricky to navigate. If you are a serious investor looking to benefit from a range of trading tools and excellent low spreads then this is a contender when choosing the right broker.
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Frequently Asked Questions
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Is Dukascopy legit, will they scam me?
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With a long-established history and an excellent reputation, their FINMA regulation means that you can trade with confidence that your money is in safe hands.
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Do they have a decent mobile or tablet app?
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It has to be said that they offer a comprehensive set of apps that provide an excellent all-round mobile trading experience on any device.
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What bonus do they offer for new traders?
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There are a few bonuses on offer, but at this current time, there are no welcome bonuses as such. There are however anniversary bonuses, equity bonuses and various contests.
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Can I start trading on a free demo account?
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Dukascopy regular a demo account that is free to use and easy to sign up to so if you fancy trying out the platform before you commit any funds then you can do so easily.
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What's the min. deposit and ideal trade amount?
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The minimum deposit for a European account is $100 or $5,000 for a Swiss account. You can trade 0.1 of a lot (10,000 currency pairs) for 30 cents.
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Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.
