Dukascopy

Is Dukascopy reliable? This XM forex broker review tells you everything you need to know. Find out informations about spreads, commissions, no deposit bonus, account types, regulation, withdrawal methods and more...
7.3/10 (Expert Score)
Product is rated as #19 in category Forex Brokers

Based in Geneva in Switzerland, Dukascopy is having offices in Dubai, Riga, and Hong Kong. Currently, Dukascopy Group employs over 300 staff. The broker is providing internet and mobile-based services whether that was trading in forex and CFDs and binaries.

The Dukascopy forex broker comes from a company that dates back to the 90s. Dukascopy Trading Technologies Corporation was founded in 1998 by the mathematician Dr. Andre Duka.

Founded on 2 November 2004 in Geneva by Andre and Veronika Duka, Dukascopy has developed their own platform SWFX , in addition to using one of the best when it comes to trading forex, which is MT4.

Then the Dukascopy Trading Platform was developed by this company. Also in 2004 Dukascopy forex broker was founded by Andre Duka. In 2010, this brokerage acquired a banking license in Switzerland and started operating as Dukascopy Bank.

7.3Expert Score
Good

I reviewed Dukascopy based on the following criteria.

TRUST
8.5
COMMISSIONS AND FEES
7
CUSTOMER SERVICE
6
PLATFORM & TOOLS
6.5
PRODUCT PORTFOLIO
8.5
PROS
  • Well-regulated broker
  • Tight spreads and low commissions
CONS
  • Payment methods are limited
  • Account types are limited
  • Minimum deposit is high in FINMA-regulated broker

One of the points that I would like to mention when writing a Dukascopy review is the history and process of this broker. Many investors are wondering about Dukascopy account types, spreads, bonuses and deposit and withdrawal methods.

However, it is also important to know that the company is based on a technology company that develops the trading platform. This is also reflected in Dukascopy’s trading platform and condition

An award-winning broker who has won awards from all over the world with clients varying from different countries around the globe. The recent award the broker has won is the best cryptocurrency trader in the UAE 2022 and the best ECN broker for beginners 2021.

As you can see in the table below, Dukascopy group consists of 3 subsidiary companies. One of these is Dukascopy Bank, the original company established in Switzerland in 2004. So it is regulated by FINMA, the Swiss watchdog.

Regulation

Dukascopy Bank Regulation

Anyone who trades in the forex and CFDs markets knows how distinguished it is to have a regulatory license in the world’s biggest market. Where liquidity is super high yet the risks are also high. From fraud to scams and bankruptcy or holding off your funds, without regulation, nothing is protecting your investment funds and process.

And what better organization to understand that concept better than a financial bank group is Dukascopy.

Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities firm.

The deposits of the clients of Dukascopy Europe are protected by EU regulation in the amount of up to €20.000 for each client. This means you get compensation and extra protection over your funds which is an advantage since that option of protection isn’t provided by all regulatory services with the brokers.

In addition to the protection of your funds, there’s also the guarantee of keeping your account segregated and separated from the operational funds and assets from the broker so in case any financial crises are to happen, you’d ensure the safety and the separation on your investment and funds from all that. Dukascopy Bank has no risky securities, no real estate property and does not provide any credit.

dukascopy review

The company we know as a Dukascopy forex broker is actually a group of companies. There are 3 subsidiary companies in this group. The types of accounts, minimum deposits and maximum leverage offered by these companies are different. This actually exists in other forex brokers, but it is not confusing that the differences are at a lower level.

Dukascopy group consists of 3 subsidiary companies. One of these is Dukascopy Bank, the original company established in Switzerland in 2004. So it is regulated by Swiss Financial Market Supervisory Authority – FINMA, the Swiss watchdog.

There is also a company regulated by the Japanese Financial Services Authority – JFSA for Japanese market. This company also emerged in 2015 with the acquisition of Alpari Japan.

All these licenses have been authorized by reputable regulators. FINMA, Swiss watchdog, has quite strict rules. FINMA regulated brokers have very difficult rules to achieve this license. For example, the company has to keep at least CHF 20 million as net capital. It’s about $20 million. In addition, investors’ funds are guaranteed up to CHF 100,000.

As you can understand from all of this, Dukascopy is a very reliable broker in terms of regulation and protection. Especially, FINMA-regulated Dukascopy Bank offers advanced reliability and protection to its investors.

Account Types

Dukascopy Account Types

Dukascopy offeres 2 types of accounts in trading Forex and CFDs which are called

Forex ECN account: this account is having a Dukascopy minimum deposit of $100 where currencies like  USD, CHF, EUR, GBP, AUD, CAD, CNH, CZK, DKK, HKD, HUF, ILS, JPY, NOK, PLN, RON, RUB, SEK, SGD are accepted too. The lot size in that account differs according to the traded asset used.

So for example, if you’ll trade in forex and currencies, where the minimum traded lot is 1000 units which represents a micro lot. Lot size 1 unit (ounce) for gold, 50 units (ounces) for silver, 0.01 unit (coin) on BTC/USD with step 0.01, 1 unit (coin) on ETH/USD with step 0.1, 10 unit(coin) on LTC/USD.

The forex ECN account is operated on SWFX platform, which is an advanced technology platform developed for expert traders. The Platform provides special functions and tools that have been created in order to suit sophisticated needs and provide additional protection to clients against market spikes.

You can trade with this platform on both swap free accounts and Demo accounts.

Forex MT4 account: this account is different from the ECN account as its operated on the MT4 trading platform which is the most used and preferred platform in the forex market. The account currency available here is USD, EUR, GBP, CHF, PLN. With the maximum leverage offered of 1:30 where the margin call level is 100%.

There are fees applied to the accounts with Dukascopy. In addition to the standard fees, $0.5 per 1 MT4 lot ($5 per $1 million) is charged for trading on MetaTrader 4 platform.

Generally, the fees acquired by the broker mainly depend on the volume commission rate. The volume commission rate is expressed in USD per 1 million USD traded. And the table below shows the different rates.

I can say that spreads are pretty competitive, but if you get higher funding, commissions will be also lower. For instance,  for $ 5.000 net deposit or equity, commission will be $3.3 per lot and $3 with $10.000 equity.

Funding Methods

Dukascopy Funding Methods

The funding options into your forex and CFD account with Dukascopy are effortless considering the variety of options provided by the broker.

Bank wire transfers through swift or SEPA are available which approve deposits with AUD, USD, CHF, EUR, GBP, CAD, CZK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY and ZAR.

And SEPA accepts deposits in EUR.

In addition, you can fund by credit or debit cards whether that is Mastercard, Visa, Maestro, and Visa Electron. The maximum amount accepted in one transaction through a payment card is $18.000 or equivalent in another currency.

E-wallet options like Neteller and Skrill are present to use. Cryptocurrencies too are available like Bitcoin (BTC), Tether (USDT), or Ether (ETH).

One special option for funding with Dukascopy is the bank grantees option which provides flexibility to the banks’ clients and allows you to keep the funds with your trusted bank in order to access them immediately when required. Dukascopy Bank accepts bank guarantees for deposits starting from $100.000.

Bonuses

Dukascopy Bonuses

5 types of different bonuses are offered with Dukascopy which is a great advantage for the broker to the traders in order to increase the clients’ who want to open an account and trade to meet the requirements of the bonuses.

Note that each bonus would have different terms and requirements that need to be met to make the trader eligible for the bonus.

These bonus programs are

  • Equity Bonus: offers a 10% bonus to self-trading accounts. Where the application for this bonus is done within 30 days of the last credit added to the client’s accounts. Bonus subscription entails conditions on traded volume which shall be reached within 1 year after the Bonus is credited to the client account. Deposit operation should be the last thing that took place on the account. There should be no withdrawals after the deposit.
  • Discount program: also called Volume Trading Commission Discount Program. This type of bonus offers a 20% discount within 30 days of crediting the account. same as the equity bonus, the last transaction done on the account should be a deposit operation, and no withdrawals should be done after that to be eligible for the bonus. The Discount applies only to volume trading commissions paid by the clients after their successful subscription to the program.
  • Experience sharing: Dukascopy offers a reward to encourage their clients to share their true opinions about the quality and functionality, usability, opportunities, and other aspects of the services offered by the bank with their friends. In case the reports and opinions ended up with new lives accounts open through them, the experience sharer gets to share the award with their friends.
  • Anniversary Bonus: the broker is offering a 100% bonus to celebrate its 11th anniversary, one important condition to get that bonus is to have that the total sum of all incoming/outgoing funds for the last 30 days on the account applying for the bonus to be positive. 
  • Change your broker bonus: this bonus also goes with the name diversify your broker, and it’s when you’re already an active trader that might be trading with another financial broker in the forex and CFD market and then take your business to Dukascopy bank to trade. It’s not a must to have your accounts with other brokers closed to be eligible for this bonus. The bonus offers a 50% discount for a lifetime on volume commissions. One condition only is a must-meet to have this bonus forever, you’ll need to get proof of an active, or recently used forex and CFDs trading account from your organization.

Trading Instruments

Dukascopy bank Trading Instruments

There are different instruments and products to trade with when dealing with Dukascopy as it provides a good verification of the trading tools used in just a single account. These instruments include:

Commodities: which include UK Brent Oil, US Crude Oil, Natural gas, and more. In addition to agricultural products that you can trade in which include Cotton, sugar, cocoa, and more. Metals are also available like Platinum and Palladium.

Indices: the world’s stock market indices are available to trade including Hong Kong Index, Germany 40 Index, UK 100 Index, US 30 Index, and more.

Bonds: you can trade German government bonds, UK government bonds, and US government bond which are all issued by the governments of their countries.

Stocks: Here you can trade with the world’s leading companies’ stocks including Adidas, Amazon, eBay, and more.

EFTs: trade the most liquid exchange-traded funds(ETFs) from all over the globe including SPDR Dow Jones Industrial Average ETF, SPDR S&P 500 ETF, iShares TecDAX UCITS DE ETF, and more.

Customer Service

Dukascopy Customer Service

There are so many ways to get in touch with client support and to me, it’s a great advantage to the clients since it provides easy access to support when needed. You can send a message, chat through the live chat service, or request a call back in case you weren’t able to get through or you’re out of time. Or even you can report an issue and the assigned team will handle it and get in touch with you to inform you of the result of their investigations.

In all cases, there’re so many ways to get support and all means are available along with the broker’s address if you wanted to pay a visit and have some free time on your hands. Yet due to the covid-19 pandemic, the visits are a bit restricted, so I’d advice getting in touch first to get the recent updates about the physical to the offices and they’d help you with all the updates on the regulations of the company.

All client support services are available 24 hrs 5 days a week to make sure they got you covered any time you want.

You can send an email on info@dukascopy.eu, or call : +371 67 399 000.

Conclusion

Conclusion

The broker, in my opinion, has met a few of the major checkpoints that need to be viewed before getting into funding or considering even opening an account with any broker.

Dukascopy has a regulation from FINMA which is a great name in the financial organization’s regulator based in Switzerland. the broker itself is a big organization started as a bank and that alone ensures that the broker is aware of the importance of segregated accounts and compensation schemes, which are 2 guaranteed options to have through your account with Dukascopy.

2 different account types on 2 different trading platforms were reviewed in this Dukascopy review, along with having the maximum leverage offered of 1:30. Different trading instruments are offered, and different means of account funding and withdrawals provide varsity to the clients. From debit and credit cards, e-wallet options, and of course, bank wire transfers. Cryptocurrencies are also offered for funding to make the transaction easier and faster.

Dukascopy minimum deposit of $100 is available which is equivalate to the average of the market. With 5 different bonuses offered and an efficient customer service set in place that can be contacted through different means whether that was by call, email, or even a live chat or a call back service.

I think the broker has come to a point to say that it’s okay to trade with Dukascopy knowing that your funds will be safe.

If you have any other comments, please write to me in the comments section.

Forex Brokers Lab
1 Comment
  1. Trading forex for 6 year, worked with numerous forex brokers, I observe that Dukascopy is the best forex broker. Due to the fact that of below factors:

    1- This is a reputable broker, Dukascopy is also a Bank, so you will not to worry about your fund. Strong regulated broker.

    2- Dukascopy organizes numerous forex contests, so that Traders can make profit or practical experiences without taking any risk. They generate trading techniques thank to these contests.

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Hello to everyone. Forexbrokerslab is my personal blog where I compare reliable forex brokers. I’ve been in forex trading since 2009 and I’m still learning. I have traded with the most popular forex brokers, including the most unknown ones in any regulation and many different account types. So I think I have enough knowledge to compare brokers. You can learn about forex brokers by reviewing my blog.

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