Dukascopy Review –  Is it a Scam or Legit Forex Broker

What is Dukascopy?

Dukascopy is a Swiss innovative online bank based in Switzerland and operating since 2004, providing online and mobile trading, banking and other financial services through developed technological solutions. The primary technology used by the broker is SWFX – Swiss FX Marketplace, Dukascopy’s ECN proprietary technical solution and registered trademark.
Dukascopy brand name wholly owns Dukascopy Europe IBS AS a European licensed brokerage company based in Riga and the SIA Dukascopy Payments licensed payment and e-money company, a Type-1 licensed broker located in Tokyo operated as Dukascopy Japan.
In addition to Geneva Headquarters, the bank operates offices in Zürich, Riga, Kyiv, Moscow, Kuala Lumpur, Hong Kong and recently opened an office in Dubai.

Is Dukascopy a good broker?

In addition, apart from the trading services, Dukascopy Bank provides highly competitive conditions for currency exchange through current accounts that give e-banking facilities, credit cards and an increasing range of banking products.
This means traders can receive competitive trading solutions and enjoy banking services from the leading Swiss bank.

Is Dukascopy safe or a scam

No, Dukascopy is a securities broker with FINMA Switzerland regulation and high-security standards. It is considered low-risk trading for Forex and CFDs brokers.
Is Dukascopy legit? Yes, Dukascopy is regulated by the Swiss Financial Market Supervisory Authority FINMA as a bank and a securities dealer. Due to its international presence, the bank holds authorization from FCMC regulatory in Latvia and FSA Japan, along with approval in Dubai by DFSA and others that allow fully legit procedures, including banking and trading option.
How are you protected? Specified by the nature of the Dukascopy business, processes, and transactions, you as a trader can be assured of its transparent trading conditions in full compliance with the strict requirements. Therefore, customers and their funds are protected by various governmental institutions, which is crucial in a positive choice towards the broker.

Leverage

Leverage levels that allow trading through considerable amounts of your account balance open vast opportunities yet may hide some higher risks of losing funds too. Therefore, you should carefully learn how to use it smartly. As for the Dukascopy, along with its obligations towards the regulatory requirements,

* the standard allowed leverage level set by FINMA is 1:30 for Forex instruments. In addition, Dukascopy offers an excellent possibility for their trader throughout the use of a specifically designed tool Dukascoin, a unique opportunity to utilize extra Equity and leverage bonuses embedded directly in the heart of the Dukascoin reward programs.

Accounts

The Dukascopy account types vary only by client type. This means there is an individual account, Joint Account (designed for two individuals) and a Corporate Account.
How to open an account

Instruments

In addition to trading on Forex, precious metals and CFD trading (on various underlying assets including Stocks, commodities and Indices), Dukascopy Bank provides a trading platform for binary options on stocks and Forex, including a good selection of Cryptocurrencies.
The exciting part is that trading instruments available with various conditions according to their class, similar to Forex and CFD or even Cryptocurrencies, are in separate categories defining requirements for trading and risks involved. You can learn all details via review forex and CFD tag available on the Dukascopy website.
Yet, for the binary options, be sure you understand all the applied conditions and risks involved. As such, this instrument might be unavailable for some individuals.

Dukascopy range of market

Fees

Dukascopy pricing and fee structure offer different options between the instruments you’re willing to trade since Dukascopy divide it into the section Forex, CFDs, Binary and Cryptocurrencies, so each will define its fee structure.
Generally, the fee is inbuilt into the total commission defined as Volume commission according to Net Deposit, to Equity you trade and according to traded volume.
FeesDukascopy FeesBDSwiss FeesPlus500 FeesDeposit FeeNoNoNoWithdrawal FeeNoNoNoInactivity FeeYesYesYesFee rankingLowHigh Average

Spreads

Forex fees built into a Basic spread for popular pair EUR/USD is averaging at 0.2 pips is the same for all clients, yet the added commission rates will vary depending on trading volume and balances. Alike, the very lowest deposit range will add on 35$ for 1 million traded and 52.5$ for CFDs and Metals, which all in all ranked as low fees among the industry.
As an example and for your reference, see below the comparison table for defined commissions, along with a snapshot of the applicable conditions. Also, for better understanding, you can see another popular broker BDSwiss.

Trading Fees of Dukascopy vs Similar BrokersAsset/ PairDukascopy SpreadBDSwiss SpreadPlus500 SpreadEUR USD Spread0.2 pips1.5 pips0.6pipsCrude Oil WTI Spread562Gold Spread302529BTC/USD Spread6020000.35%Snapshot of trading Commission
RolloverAnother trading cost, which is a rollover or overnight fee, is diverse by Regular, Advanced and Premium rollover policies that apply different rates that ensure higher trading turnover for clients results in better conditions.
Non-trading feesThe account opening and maintenance is free of charge, yet if you denominate your account in Gold, you will need to pay custody fees. Recalling again to be sure you verify fee conditions on the instrument you are willing to trade so applicable structure will apply.

Payment Methods

Dukascopy Bank allows trading accounts in 23 currencies, including in Gold (USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY, XAU and ZAR).

Deposit options

Along with various account base currencies, you can fund your account by multiple methods that suit you the best. These including

* Payment cards Visa, MasterCard, Visa Electron, Maestro,
* Wire transfers (including cheap and fast SEPA transfers in EUR),
* Via bank guarantees
* E-wallet moreover, there is a possibility of funding in Dukascoins that allows FX/CFD traders to almost double the trading margin compared to traditional funding methods. Besides that, the Dukascoin funding facility creates a unique possibility to earn the fixed high return of Dukascoin deposit programs simultaneously.

What is the minimum deposit for Dukascopy?

The minimum deposit amount for Dukascopy trading is set to 1,000$.
Even though some traders may think it is quite a large amount for a deposit, from the point of balance between the trading conditions and services you get, also considering trading fees and options, this amount should be very reasonable.

Dukascopy minimum deposit vs other brokers
DukascopyMost Other BrokersMinimum Deposit

Withdrawals

As Dukascopy serves its business as a leading Swiss bank, you can also enjoy the benefits of banking while all payments can be made through Dukascopy Bank SA.
In any other way, for the incoming transfers, Dukascopy covers all applicable fees. Yet, the withdrawal of funds for outgoing transfer or withdrawal may occur the charges depending on the currency.
E.g. the USD account will require 50$ fee for SEPA payments or 10$ for payments in Bitcoins to crypto wallets, so be sure to verify those applicable conditions.
How do I withdraw money from Dukascopy? All the money management and transactions are done via your online account area once you open an account with Dukascopy.

Trading Platforms

Dukascopy trading platforms provide access to Swiss Forex Marketplace (SWFX), giving access to CFDs, Forex, Binary and Cryptocurrency trading. At the same time, the media is designed to deliver a quick and robust performance under different market situations.
ProsConsProprietary trading platform JForexNoneUser friendly design and login price alertsMT4 Included Supporting many languages
Technical analysis and powerful features access to MarketPlace

Dukascopy trading platform

Desktop platform

The Dukascopy trading platform (JForex) provides an array of tools for risk management and control over the order execution, including great technical analysis.

JForex platform is recommended for manual or automated trading since designed to combine both along with allowance to test trading strategies based on JAVA. The platform has been developed for trade via iOS or Android devices and through the JForex Web3 interface in the same robust manner.
Web trading PlatformThere is an option to access trading via your browser without any prior downloads or settings, yet a full feature, of course, is available via desktop trading.
All platforms contain a range of trading orders, slippage control functionality that allows controlling the maximum price, and “Net Position” and “Hedging” modes through two trading modes.

Nevertheless, the well-known trading platform MT4, appreciated by many users, remains an option for Dukascope clients. Dukascopy does not provide an MT4 platform to access Swiss Forex Marketplace (SWFX) or some particular instruments, instead designed for CFD trading.
However, customers can use a third-party solution to connect the SWFX to an MT4 environment (third-party provider’s MT4 bridge).
Mobile AppsThere is mobile apps in the package, allowing you to stay on the go, control your positions and even perform simple analysis. You will find a suitable version for your device via the download centre, also can count for quality trading conditions and good support through live chat.

Customer Support

Another one of the significant points to mention within our Dukascopy review is its highly qualified customer support available around the clock and giving relevant answers for any question you may have. We tested its service and scored them at the highest points for quick response, relevance, and overall ranking, which is one of the pros of Dukascopy.

Education

As for the educational support provided, Dukascopy Bank furnishes a range of free financial information and other resources through its website, online television, Freeserve products which are crucial for beginning traders and experienced ones. So overall, we found Dukascopy education at an excellent level for all.
Its active online Dukascopy community with over 130’000 members allows to exchange trading experience, market views and strategies, as well any trader may win prizes in various contests.

Conclusion

Overall, Dukascopy brings a reliable and competitive offer to the market while including truly competitive spreads, along with general pricing and various programs that bring them to one of the best options for trading. The platform solution, strategy optimisation, and automated trading capabilities create powerful technical scope. Traders of any level will find its benefit in the company. The broker’s impressive trading community with resources and research materials and numerous contests that are diverse even to the trader’s hobbies. Along with excellent support by their multiple teams worldwide and plenty of research sources, manifold learning and analytical data.

Dukascopy is a highly secure and trusted broker. It is a regulated Swiss Bank with an excellent reputation. The account opening is accessible. There are numerous trading opportunities, ECN accounts, access to high leverage, a great range of trading tools and user-friendly platforms. Education, support and funding methods are also perfect.
On the negative side, proposals vary according to the entity, and higher deposits might suit more advanced traders.

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About the Author

Justine Glover

Justine Glover is a seasoned financial analyst and forex trader with over a decade of experience in the financial markets. Holding a Master’s in Finance from the University of Chicago, Justine has worked with several leading brokerage firms, developing trading strategies and economic models. Her insights have been featured in major financial publications, including Forbes and Bloomberg. She is now living in Gstaad, Switzerland.

Disclaimer: Risks of Trading

In our review of Capitalix, we have examined several different characteristics, and it is easy to see why it has become one of the better trading platforms on the market. With low fees and trading costs, it’s also easy for beginners to get started.>

However, you should still consider the risks with this type of broker. When you use a trading platform where you trade CFDs, there is always a risk of losing money, but the risk will be higher if you start using leverage.

Therefore, limit your trading to smaller lots and don’t go in with more capital than you can afford to lose. It’s also important not to overdo it with leverage, even though it sometimes feels tempting. The risk is that you always lose more than necessary.

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