Dukascopy is one of the largest global ECN brokers. It is a subsidiary of Switzerland’s Dukascopy Bank SA.
The company was founded in 2004 and registered in Switzerland, Geneva. It has representative offices in Hong Kong, Riga, Moscow and Kiev.
Initially the broker provided services only to large financial institutions – banks, investment funds etc. Currently numerous private traders and investors from many countries of the world are among the company’s clients.
Deposits and Withdrawals
Customers of Dukascopy can use the following methods to deposit and withdraw their funds:
- Visa, MasterCard credit cards;
- Bank transfer.
The company charges no commission, but bank partners collect 2-2.5% charges for every transaction.
Clients can open a live account in one of 18 currencies, including all world’s main currencies and some exotic currencies, such as:
- Turkish Lira;
- South African Rand;
- Singaporean Dollar;
- Hong Kong Dollar;
- Mexican Peso.
Dukascopy has a Swiss registration and is a subsidiary of one of the world’s major innovative banks specializing in global investment projects financing. Dukascopy Bank SA does not grant consumer loans. All its financial operations are low risk.
This could be quite enough to prove high liquidity and reliability of Dukascopy. Nevertheless, the company is a licensed broker and its financial activity is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
As for reliability and liquidity of the broker, it is also worth mentioning that apart from its parent bank Dukascopy is closely cooperating with the world’s largest liquidity providers, including major international banks and investment funds.
Dukascopy is paying huge attention to the safety of customer assets. Apart from using segregated accounts and common (among self-respecting brokers) hedging strategies, the company developed a unique deposit protection system. According to the company’s internal rules, deposits from $100 to $4 999 USD are insured for EUR 20 000. Deposits above $5 000 USD are insured for CHF 100 000.
Bonuses and Promotions
To motivate traders, Dukascopy is offering several bonus and discount programs.
- Volume Trading Commission Discount Program – 20% discount. The program gives a possibility to get a 20% discount on volume trading commissions entailing conditions on traded volume which shall be reached.
- Equity Bonus. An opportunity to get a 10% bonus of the last credit on the account. Bonus subscription entails conditions on traded volume which shall be reached within 1 year after the bonus is credited on the client account;
- Refer Your Friend. For every new customer invited, a trader receives a 100% discount on future trading commission till the full amount of the discount ($50 USD) is reached. The friend referred should open an account and make the first live trade;
- Anniversary Bonus. Clients have an opportunity to get 100% bonus of the account equity. The required traded volume is equal to 50 000 multiplied by the total account equity at the time the bonus application is submitted. The required traded volume should be reached before the deadline – 1 year since receiving of the bonus. The total amount of currently active bonuses on one trading account cannot exceed $10 000 USD.
Trading Accounts Types
Dukascopy customers can trade on the following accounts:
- FIX API;
They differ mainly in the size of deposit. Whereas the minimum deposit for Retail Account is $1 000 USD, for VIP Account it is no less than $500 000 USD.
Other parameters of the accounts are identical.
Trading Platforms Types
Dukascopy is offering the following trading platforms:
- Universal trading platform JForex. This powerful software can be used for both manual and automated trading.
- Java platform is designed for manual trading.
- Dukascopy МТ4. This is MT4 platform modified by the company specialists.
Corporate software SWFX Trader is worth special mention. This web terminal is the most powerful ECN terminal on the opinion of many specialists.
Trading on any platform, customers can manage their accounts both from PC and mobile devices.
Dukascopy gives much attention to information and technical support of its clients. Customer service is available 24 hours a day during the Forex market hours. Customer service channels are as follows:
- Multiline phone in Switzerland, Latvia and Russia (with a call back option);
- Live chat on the company’s official website.
Customer support representatives will promptly answer any question regarding the broker’s scope of activity. Customers can ask a question and get an answer in the following languages:
Besides, there is plenty of information analysis content on the company website. The company specialists developed educational programs for training beginner traders and enhancing skills of experienced traders. There are both text format programs and video tutorials.
The company systematically conducts webinars on different topics.
Pros of Trading with Dukascopy
Dukascopy has a number of features setting it apart from even first-class European brokers. These are as follows:
- Transparent pricing patterns;
- Accurate translation of five-digit quotes;
- Transactions are processed directly on the broker’s platform, with no intermediaries;
- Wide choice of orders (Place Bid/Offer, Market, Limit, Take Profit, Stop Loss, Trailing Stop, Stop, OCO, Stop Limit, IFD);
However, Swiss Forex Marketplace (SWFX) is widely regarded as the company’s main strength. This advanced technological solution for Forex trading was developed and introduced by the company specialists. Today SWFX is a major pool of ECN liquidity available to large banks, hedge and investment funds as well as big individual investors.
The only disadvantage of the company traditional for large international brokers is bureaucracy. Account opening can take from 1 to 2 months.
Okerla: It’s absolutely in a Swiss manner, everything is clear and right in time. I’ve been working with Dukascopy for two years and have no complaints. Everything is accurate, clear and timely.
SeropFX: Although my IQ is above medium, it was a real difficulty to look into Dukascopy corporate terminal, I only learned how to make orders. Everything is so complicated.
Fred1985: I recommend Dukascopy to all. Minimum deposits and commissions are high indeed. But I must say execution accuracy and precision and safety of assets are much worth it.
It is always difficult to evaluate something of high quality, of really high quality. By rule we have to find “a fly in the ointment”, which is not quite easy.
One can speak about virtues and advantages of Dukascopy forex broker ever so long. Every trader irrespective of its level will find here everything it needs.
As for the company’s disadvantages, they result from its major strengths. It is surely very tiresome to wait for verification for two months. At the same time, this approach allows the company to ensure high safety of customers’ assets.