Dukascopy Review 2020

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Overview

Dukascopy is one of the most popular and well-known forex brokers established in 2004 in Geneva Switzerland. It operates under the Swiss banking license, and it is regulated by the Swiss financial market supervisory authority (FINMA). Dukascopy offers a wide range of trading instruments, several features, and functionalities, which are helpful for both new and experienced traders. This broker provides services on CFD trading on stocks, commodities and offers binary options trading as well. The users can also access their banking services, which allow them to transfer money between the accounts for free. Besides, a trader can open a virtual or a plastic Dukascopy card that can be used for ATM withdrawals and online and offline payments.

Dukascopy Review 2020 - OverviewDukascopy Review 2020 – Overview

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What is Dukascopy?

  • As per our Dukascopy review, Dukascopy Bank is a Swiss financial establishment founded in 2004, which offers services in banking, trading, and online brokerage for Europe and Asia clients. They mainly focus on offering CFDs (contract for difference) binary options, Forex, and cryptocurrency trading, for its customers.
  • As per the review, we can say that the Dukascopy trading platform is safe, and the Swiss financial market supervisory authority regulates it,  and it also operates as a bank. Further, it holds licenses to operate as a brokerage company across Europe and Japan.
  • Dukascopy Bank offers extremely competitive tools for its users through its current accounts, which provides credit cards, e-banking facilities, and a wide range of banking products. This implies that the users can receive competitive trading solutions and enjoy several banking services from the leading Swiss FX bank.

Pros and Cons of Dukascopy

Let us see a few Pros and Cons of this broker –

Pros

  • Dukascopy is regulated by FINMA and FSA
  • It offers a wide range of tradable assets which include forex, cryptocurrencies, commodities, and several more.
  • It is regulated under a swiss banking license and by Japan FSA
  • Dukascopy offers its users high leverage of 1:200
  • It offers a proprietary trading platform described as Jforex
  • Dukascopy provides a wide range of research tools, banking services, bonus, and trading contests for its traders

Cons

  • This platform charges inactivity fees from the traders when they are inactive for over some time
  • This platform is not  FCA regulated
  • Some of the educational tools and products are limited on the platform
  • The minimum deposit is $1000, but the traders from Dukascopy Europe can should add a minimum deposit of $100

Features

Let us discuss a few general features of this trading platform –

  • Dukascopy provides several unique features to enhance the trading environment offered by them. Besides, some of the important features are LP PAMM wealth management, which is known as an income generation program that is based on the bank’s cryptocurrency Dukacoin, Dukascopy TV, and visual JForex.
  • Dukascopy clients can access the bank’s latest proprietary trading platform described as JForex and Metatrader 4, which can be used on IOS, and Android operating systems. This broker also offers an exhaustive range of research trading tools, which includes the Dukascopy TV, and it also offers a wide range of trading contests and several bonus programs for its traders. One of the major highlights of this broker is it offers a leverage of 1:200.
  • As per our Dukascopy review, we can say that this broker offers near-identical types of accounts for all its traders only with a slight difference. One of the major differences is that the client can choose the MetaTrader 4 platform or the proprietary platform of Dukascopy, JForex platform.
  • Furthermore, Jforex 3 platform competes well with Metatrader, which also supports algorithmic trading and offers trading indicators. The traders can access cloud storage and VPN services, which can be used to run the trading systems 24 hours. This broker also provides an app store with several apps that can be used by the traders in Jforex 3 platform.
  • Dukascopy operating subsidiaries are well known and regulated. The platform’s minimum deposit is $1000, and the clients from Europe can deposit $100.
  • This broker offers robust charting facilities with several customizable settings and alerts that can be easily added on the screen. The chatting facilities can be operated seamlessly, it also offers technical indicators for trading and mobile trading for its traders.
  • As per our Dukascopy review, we can say that JForex trader mobile apps offer a wide range of research tools that include various predefined screens that can be customized based on the traders’ convenience. It can also be adaptable over four different time frames starting from hourly to monthly. There is also a pattern recognition tool that can be used for getting trade ideas that are very well organized.
  • One of the unique features of Dukascopy is, it offers a maximum leverage of 1:200, but their European leverage might vary depending on the client. It also offers multi-currency accounts, gold accounts, and swap-free Islamic accounts that are available to its clients.

Risk Warning – Trading CFDs on margin, Forex, precious metals by using leverage is not suitable for everybody. Investing in these instruments involves a high risk of loss. Before trading, you should be aware of the various risks involved and only trade what you can afford to lose.

Fees

The trading fees comprise commission and spreads that vary depending on the equity deposit and trading volume. EUR/USD  offers up to 0.1 pips. Metatrader 4 trading accounts include $1 commission for a lot, and CFD commissions start from $35 per $1,000,000 in commodities and currencies. Besides, swap rates apply to overnight leveraged positions. 

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Products offered

As per our Dukascopy review, this broker offers an excellent choice of trading assets, which includes currency pairs, equity, commodities, binary options, index, ETFs, bonds, and cryptocurrencies. It offers several currency pairs, commodities, equities, Index CFDs, and several more.

Benefits

Dukascopy offers several benefits for its traders and some of them are discussed below – 

  • Dukascopy provides different types of the trading platform which includes Metatrader 4, and  proprietary JForex 3 platform.
  • It offers more than 500 tradable instruments, which include binary options, CFDs, and Forex.
  • It offers Dukascopy TV where it helps the traders to educate and upskill their forex trading knowledge.
  • This broker is licensed in various jurisdictions, and it offers a leverage of 1:200 for its clients.

Unique Features

Let us discuss some of the unique features offered by the platform, which are given below – 

  • Spreads

Dukascopy spreads are very competitive; the traders find it very good when they pair with major currency pairs. If the currency pairs are very popular, the traders will find the spreads as low as 0.1 pips, which is reasonable. One of the major advantages of Dukascopy is, the bank is very transparent and publishes its historic spreads for its users.

  • Leverage

With regards to margins, the default setting is 1:200 for leverage; this can be used for regular trading hours. If the trader requests for higher leverage, then they can get up to 1:200 by request. Moreover, leverage might be limited to the sole discretion of this broker.

  • Stop Loss

Some of the Dukascopy trading orders include stop loss and take profit orders. These are designed to help the traders maximize their success and stop them from losing their funds by trading a stop-loss order. This means if a trader predicts price and if the price moves in the opposite direction, the site will exit the trade automatically; when it reaches a specific point like take profit order means, the trader can exit the order when the price is met.

Platform Types

If you are planning to trade with Dukascopy, it offers two trading platforms to choose from. The first one is JForex platform, which is an award-winning, that can be run from a web-based browser, and it does not require download. It is available on IOS and Windows on desktop and has an app for IOS and Android for tablets and mobiles. The second one is the most popular MetaTrader 4, which offers a different set of trading conditions and has different currency leverage and many more.

Risk Warning – Trading CFDs on margin, Forex, precious metals by using leverage is not suitable for everybody. Investing in these instruments involves a high risk of loss. Before trading, you should be aware of the various risks involved and only trade what you can afford to lose.

Order Types

 As per our Dukascopy review, it offers a wide choice of trade orders, which are given below – 

  • Limit order
  • Market order
  • Stop order
  • Stop-limit
  • Stop-loss
  • Trailing stop

Opening an Account

  • Opening an account with Dukascopy is very easy, and the trader can open an account with the minimum deposit of $1000, while the European account requires as low as $100 as a minimum deposit.
  • Moreover, for opening an account, the trader should have their identification verified for trading, and they have to deposit the funds before they access the website through their login credentials.
  • After opening the account, the users should choose the amount they would like to deposit and the type of account they need to start trading. It offers individual accounts, joint accounts, or corporate accounts.
  • When this is done, the users are asked to provide their details and their financial information, account type, and account profile. Dukascopy offers CFD and Forex demo trading accounts. Besides, users can deposit their funds in various currencies when using their Forex platform to trade.

e-Banking Account

Customers can access banking services and have Swiss fx and e-banking accounts that can be linked to their mobile apps.. This helps the clients to transfer money across accounts for free, and they can also have plastic or virtual Dukascopy cards. They can use it for offline and online payments and also for ATM withdrawals.

Funding the Account

  • There are four methods for funding the account with this broker; besides, they have a different type of associated and clearing fee.
  • Dukascopy Bank accepts deposits with a wide range of currencies for forex trading. One of the quickest and simple ways to fund the account is through wire transfer, which is cleared in 1- 2 working days.
  • Dukascopy does not charge any fees when the trader is using credit and debit cards for account funding. It does not charge any fees for funding the account, but some commissions are charged by the third party or partner banks.

Types of the trading platform

JForex Desktop Platform

  • As per our Dukascopy reviews, we can say that the JForex desktop platform offered by Dukascopy is its universal trading software, which is designed for manual and automated trading and uses Java programming language. The trader can use a demo and a live account of the program on Linux, Mac, and Windows without installation.
  • Further, the Jforex platform’s features are well-suited for experienced users, while the new users find this broker a bit overwhelming. It offers quick start manuals, and several video tutorials are available for their reference anytime. Some of the features of this broker include – 
  • It offers several trading indicators and research studies.
  • It provides an economic calendar with the latest news and events in the forex.
  • This broker offers advanced charting, range bars, line break charts, and several more.
  • It provides multilingual support and an interface.
  • This broker offers its support in several languages, which include Arabic, Bulgarian, English, Chinese, French, Czech, Korean, German, Russian, Spanish, and several more. 

JForex Web Platform

  • Dukascopy offers a JForex web platform that is designed for immediate market access which has similar trading features just like the JForex desktop platform; with slight differences in the platform.
  • It is suited for users who would like to trade easily with fewer features. Moreover, new users find the JForex web platform simple to use, as it offers some of the most common features for its users. Some of the features are –
  • Several trading indicators and technical chart studies
  • The customers can have quick access to manual and automated trading
  • It offers economic calendars and live market news
  • Offers multilingual support and interface

MetaTrader 4 Platform

One of the most advantageous features of Dukascopy is it offers a Metatrader 4 trading platform connected to FX marketplace. This helps the traders trade seamlessly in the forex market by using manual or automated trading or taking advice from expert advisors and trade. Trading commissions differ when the trader uses the Metatrader 4 with this broker.

Mobile Trading

As per our review, Dukascopy provides the JForex trading platform on both Android and IOS operating systems. Users can have the benefit of using web-based and desktop platforms. Some of the trading features are – 

  • Dukascopy TV
  • Economic calendar
  • Technical charts and indicators

Web Binary Trader

  • If you are trading binary options, Dukascopy offers Web Binary Trader, which offers access to the FX marketplace. Besides, it also offers one-click trading, which is available for the trader’s benefit.
  • The trader can start trading with the minimum amount as low as $1, and this platform does not charge any hidden fees or commission.
  • Dukascopy platform is intuitive, and it makes trading in binary options a very user-friendly experience.

How to Open An Account?

Opening an account with Dukascopy is very simple and easy. The steps regarding how to open an account are described below –

  • The first step would be to visit the website of Dukascopy, and the trader needs to register on the website.
  • The registration process involves filling out personal information such as name, email address, and phone number, which must be verified.
  • The next step would be to verify and upload the required documents requested by the broker.
  • After the verification process, an account is opened, and the trader can start with live trading. 
  • The registration process can be carried out online, and the trader should also note that the identity verification process can be completed in 24 hours, especially if the identity is verified through a video. 
  • This broker offers the same account for individuals and companies; the account offered by Dukascopy allows the users to trade with Forex, cryptocurrencies, CFDs, and precious metals.

Demo Accounts

As per our review, we can say that Dukascopy offers its users demo accounts for binary options and Forex trading. They can use MetaTrader 4 and JForex 3 platforms. The trader can register on the website, and once it is done, they can activate the demo trading account. By using the demo account, the users can test the trading strategies by using the website’s historical and real-time information. One of the major drawbacks is that these accounts are available only for 14 days when compared to other brokers who offer demo accounts for unlimited periods.

Deposits

  • Dukascopy accepts several funding methods for initial deposits and capital inflows. Moreover, a trader needs to add a minimum deposit of $1000 to open a trading account with this broker. 
  • The minimum amount to deposit for European clients is $100, and it offers few deposit options like bank transfer, Skrill, Neteller, and several more.
  • Deposits made through Neteller cost 2.5% or 1Euro, whichever is higher, and the deposits made through Skrill cost 2.5% flat commission on the deposited amount.
  • The deposits that are made through payment cards are credited in 1 business day, while deposits made through bank transfers take a much longer time.
  • Deposits made through e-wallet and crypto are credited immediately, but it may take up to 24 hours to be reflected in their account. 

Withdrawals

  • As per our review, we can say that the funding methods used for deposits can also be used for withdrawal. Besides, withdrawal fees depend on the methods used by traders. Using a bank transfer, the withdrawal cost is calculated in pips, which starts at 2.3 pips.
  • Moreover, the withdrawal cost for a payment card is 1.5Euro with a 2.5% flat commission, while the withdrawal cost for Neteller or Skrill is 2.5%, and the withdrawal cost for Bitcoin is USD 10.
  • As per our review, we can say that this broker’s withdrawal and deposit fees are a bit high. When compared to its competitors, this is considered as a limitation of trading with Dukascopy. 

Bonus programs

Dukascopy offers several Bonus programs for its users. Some of them are discussed below –

  • Equity Bonus

Dukascopy Bank SA provides unique opportunities for the users so that they can get a 10% bonus of the account equity for the self-trading accounts. The users can apply for a bonus within 30 days from their last credit on their account. Moreover, a bonus subscription offers conditions on the traded volume, and within one year, the bonus will be credited to the account. 

Dukascopy Review 2020 - Bonus ProgramsDukascopy Review 2020 – Bonus Programs

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  • Volume trading commission discount program

This bank offers the self-trading clients to get a 20% discount on the trading volume commissions. The clients can apply for a discount in 30 days since their account last credited.

  • Anniversary Bonus

Dukascopy, while celebrating its 10th anniversary, offers its traders an opportunity to get a 100% bonus of their equity account. Traders can apply for a bonus within 30 days since their last amount is credited on their accounts. The subscription applies to certain conditions on the traded volume, which shall be credited to the client account within one year.

  • Refer your friend

Clients who are trading on the platform are very welcome to share their trading experience with their friends and family and they can invite them to do the trading with this broker. If a trader refers to a friend, they enjoy a 100% discount for their future trading activities and commissions.

Research and Educational Tools

As per our review, we can say that this broker offers its users many research and educational tools, written content, technical charts, and it is presented in a good format. The resource material can be accessed on the website, and Dukascopy TV also offers various sources of information and several trading tools to help the users to trade manually. This provides the users the much-needed information; it also offers video tutorials that provide topics related to the bank services, general educational content, and the webinars.

Customer Support

  • Dukascopy offers several ways to contact their customer service, and it is highly knowledgeable and dedicated. Moreover, the users can leave direct messages using the website and proceed with live chat 24×5 days a week for trading support. 
  • They can also use the online form provided on the website for a callback, email, fax, or contact them through the phone.
  • The website of Dukascopy provides support such as live chat and phone support, which is offered in 16 languages, which includes English, Spanish, Polish, German, Italian, Russian, Chinese, and several more.

Wrap up

To conclude, we can say that Dukascopy is the best choice for advanced traders, as this broker provides research, unique features and tools, and competitive rates for its users. It also offers a demo account, a dedicated customer service, various types of trading platforms, which can be used by different types of traders for trading. It has also won several awards, and it is best in class across six categories, such as features and tools, commission and fees, crypto trading, mobile, and overall, for the year 2020. Yet, the trader needs to do their research and analyze before proceeding with any type of CFD trading.

FAQ’s

1. Is the Dukascopy legit?

Ans. As per our review, we can say that Dukascopy is a trusted and legitimate broker, who has several thousands of users around the world. It also offers its proprietary JForex trading platform, TV channel for learning, bonus, and promotion for its users.

2. How to withdraw money from Dukascopy?

Ans. Dukascopy supports some of the payment options such as wire transfer, credit card, debit cards, Neteller, Skrill, Bitcoin, Ethereum, and several more.

3. Is Dukascopy a regulated broker?

Ans. Dukascopy is regulated by financial authority FINMA (Swiss Financial Market Supervisory Authority) as a securities dealer and a bank and also by JFSA (Japan’s financial services Agency)

4. What is the minimum amount to deposit at Dukascopy?

Ans. The minimum deposit for the Swiss-based division of Dukascopy requires $1000, while European based subsidiary needs a minimum deposit of $100. 

Risk Warning – Trading CFDs on margin, Forex, precious metals by using leverage is not suitable for everybody. Investing in these instruments involves a high risk of loss. Before trading, you should be aware of the various risks involved and only trade what you can afford to lose.

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