Dukascopy Review
Introduction and Background information
Dukascopy is a forex brokerage firm founded in 2004 and is located at Route de Pré-Bois 20 ICC, Entrance H 1215 Geneva 15, Switzerland. Although it runs a bank alongside being a forex broker, it is not publicly traded. The parent firm Dukascopy Trading Technologies Corp was founded by Dr. Andre Duka. The Dukascopy Bank was launched in 2010 and has over 148 million Swiss francs (CHF) in assets as of June 30, 2019. Also, traders of the broker’s Swiss entity are eligible for 100,000 CHF in insurance protection from the regulatory compensation fund esisuisse.
Account types
Dukascopy offers the Forex ECN account. For practice purposes, they also offer Demo accounts. The maximum leverage allowed by Dukascopy is 1:200, with a minimum trade size of 0.01 lots and a minimum deposit amount of $100.
Instruments
Dukascopy offers a total 653 instruments for trading covering forex and CFDs. A total of 60 forex pairs are offered by Dukascopy and 593 CFDs which includes commodities, indices, cryptocurrencies, and stocks. Dukascopy also offers its own cryptocurrency the Dukascoin for trading.
Education
Traders can learn about forex and the trading platforms by engaging the educational content available on the Dukascopy website. In addition to this, Dukascopy also has a TV which broadcasts news. Dukascopy also streams market news from Reuters.
Regulation
Dukascopy is regulated by the Japanese Financial Services Authority (JFSA) and the Swiss Financial Market Supervisory Authority (FINMA). These two forex regulators are tier-1 regulators, meaning they hold the brokers to high standards.
Dukascopy offers different trading platforms to their clients. Trading platforms offered by Dukascopy are MT4, and proprietary desktop and web-based trading platforms. The flagship proprietary trading platform of Dukascopy is called JForex 3. The JForex 3 desktop platform is loaded with 291 technical indicators and 24 drawing tools. It is available for both Windows and Mac. The web-based platform however, can boast of only 67 indicaators.
Just like MetaTrader the JForex 3 also supports algorithmic trading, custom indicators, cloud storage, and VPS services to run trading systems round the clock.
For mobile trading, there is a JForex Trader mobile app apart from the MetaTrader mobile that allows trading on mobile devices.
Dukascopy also offers social trading.
Deposit and Withdrawals
Method of depositing funds in your Dukascopy account are through bank wire, bank guarantees, Maestro, Neteller, Skrill and other cryptocurrencies.
The only withdrawal method allowed is bank wire.
Fees (spreads/commission)
Dukascopy is a top-tier broker that charges low spreads on trades. Dukascopy also charges a commission on its ECN account. This causes the overall spread for the instrument to be aroung 1 pip given the average spread on EUR/USD for example is 0.3 lots. The commission rate results in an additional 0.7 pips added to the spread. This leads to the 1 pip estimate.
Execution
Dukascopy executes orders through STP technology and does not have a dealing desk. Dukascopy also offers ECN accounts.
Customer Support
Dukascopy offers client support and can be contacted via phone, email, or live chat. The phone number for Dukascopy is +41 22 799 4888.
Promotion
Dukascopy offers little promotion.
Conclusion
In conclusion, Dukascopy is a good broker, with a solid reputation among forex traders for their honest services.
