Review Dukascopy

Founded in 1998
Headquarters in Switzerland

There are many online forex and CFD brokers that have just appeared with the last year or two, and then there are the brokers like Dukascopy that literally invented the industry of online brokers.

Mathematician Dr. Andre Duka founded Dukascopy Trading Technologies Corp. all the way back in 1998 and a year later in 1999 he developed the Dukascopy trading platform. It would not be until 2004 however when he and his partner Veronika Makarova would launch Dukascopy as a Swiss broker located in Geneva. Soon after, in 2006, the pair would develop the Swixx FX Marketplace, leading Dukascopy to obtain a banking license in 2010 and launch Dukascopy Bank.

As you can see it has been a long road, and now in 2021 the Dukascopy Group has over 300 employees and offers some of the best trading conditions for the forex and CFD markets on its proprietary JForex platform.

Dukascopy QuickLook

Below you can find further details regarding what to expect if you become a client of Dukascopy.

Dukascopy Pros and Cons

Pros

  • Multiple tier-1 regulators
  • Choose from MetaTrader 4 or proprietary JForex platforms
  • Excellent research and educational resources.

Cons

  • $1,000 minimum deposit
  • Limited cryptocurrencies offered
  • The broker website can be overwhelming

Broker Regulation

Dukascopy is probably one of the most tightly regulated of CFD and forex brokers. Their primary regulation comes from the Swiss Financial Market Supervisory Authority (FINMA) and Dukascopy is registered as both a bank and securities firm. As a tier 1 authority, FINMA provides a solid regulatory framework for Dukascopy. One of the requirements of that regulation is that client deposits are all insured up to CHF 100,000. Dukascopy is also fully audited internally by PKF and externally by KPMG, one of the Big Four accounting firms. Both auditing firms report results directly to FINMA.

Dukascopy is also a member of the Swiss Bankers Association and the International Swaps and Derivatives Association (ISDA).

Dukascopy Europe IBS AS, the Latvia based and EU licensed investment brokerage company, is regulated by the Financial and Capital Market Commission of Latvia (FCMC). The Japanese operating subsidiary, Dukascopy Japan KK, is regulated by the Financial Services Agency of Japan (JFSA) as a Type-1 licensed broker.

Account types

Dukascopy does not mess about with various account types and tiers. Instead, it offers two nearly identical account types that are primarily differentiated by the client’s choice of trading platform. So, clients can choose between a MetaTrader 4 trading account, or an account that uses the broker’s proprietary JForex platform.

Another difference is which operating subsidiary the client trades with. Dukascopy has a $1,000 minimum deposit, but when clients choose Dukascopy Europe IBS AS they can open an account with as little as $100. There are also differences in available leverage between the two, with Dukascopy offering 1:200 leverage, while Dukascopy Europe IBS AS is limited to maximum leverage of 1:30 based on the European Union MiFID rules.

Dukascopy also offers Islamic swap-free accounts, multi-currency accounts, and even gold accounts. Demo accounts are also available for traders new to Dukascopy to be able to test the trading conditions, or for current traders to test out new strategies without risking their own capital.

Trading Platforms

As mentioned above it is possible to use the award winning MetaTrader 4 platform when trading at Dukascopy. One limitation for those who choose this platform is that it only supports trading in forex and commodities.

The majority of traders choose to go instead with the proprietary JForex platform. This in-house developed platform provides traders with all the tools needed for success. And it has both desktop and web-based versions that are supported for both Macs and Windows PCs. Plus it was selected as Best Technical Analysis Platform of 2020 by The Technical Analyst.

Dukascopy Trading Platforms

JForex desktop is rich with trading tools and easy to use. It is also fantastic for technical traders, offering 24 drawing tools, 291 technical indicators (67 for the web version), and the ability to import custom indicators. One of the more unique features found in the platform is the “Cancel All” button. This conveniently cancels all orders, and is a great feature for high frequency traders.

Of course there is also a mobile version of the JForex platform available for both Android and iOS users. This mobile version gives traders all the power of the web-based platform right at their fingertips. Keep you trading power with you no matter where you go.

Algorithmic traders who might typically use MetaTrader 4 for its Expert Advisors will also be pleased the hear that JForex supports custom indicators and algorithmic trading. And Dukascopy provides access to VPS solutions to enable algorithmic trading 24-hours a day. Traders can also take advantage of the JStore, where there are hundreds of tools and apps available for the JForex platform.

Available Assets

Duskacopy makes over 500+ individual assets available to their clients across a broad range of eight different asset classes. Just look at everything traders are able to choose from:

  • CFDs
  • Oil
  • Gold
  • ETFs
  • Metals
  • Bonds
  • Indices
  • Commodities
  • Binary options
  • Stocks & shares
  • Cryptocurrencies

The inclusion of such a diversity of assets makes it easier to find trading opportunities no matter what the markets are doing. Included in the available assets are more than 60 currency pairs, CFDs on Bitcoin, Ethereum and Litecoin cryptocurrency pairs, CFDs on a number of agricultural commodities, energies, and metals, CFDs on 19 major global indices, CFDs on more than 50 ETFs, and CFDs on over 30 of the largest global equities.

Education and Research

Very few brokers come anywhere near the research offerings you will find at Dukascopy. There is a wide range of tools that are included with the JForex platform, which can help traders find the most success from their trading efforts.

The research tools you can find at Dukascopy include streaming news feeds from MarketPulse and Reuters, a live economic calendar that also provides consensus forecasts, indicators for market sentiment, tools for technical pattern analysis, and automated trading systems that run right off the charts.

One of the top offerings from the broker is its Dukascopy TV service. This is a professional television studio based in Geneva that produces and broadcasts economic and financial news as well as market insights and analysis from the in-house Dukascopy journalists. The content delivered is both relevant and insightful and is considered to be extremely educational for traders of any experience level.

Deals & Promotions

Dukascopy has a number of bonus programs and promotions that can help add to the capital available to clients. One of the most utilized is the deposit bonus, whereby clients can apply for a 10% bonus to the last account deposit, so long as the request is made within 30 days of that deposit and no other transactions (i.e. withdrawal) has occurred after the deposit. There is also a volume trading discount that can be used to reduce trading costs by 20%.

Dukascopy Deals & Promotions

Currently Dukascopy is also running an anniversary bonus program whereby traders are able to apply for a 100% bonus to their total account equity. Terms are similar to those for the deposit bonus, and there are limitations on withdrawals of the bonus funds. In addition, traders can only receive active trading bonuses up to the value of $50,000 per account. In some cases traders are required to place trades of 30,000 times the account equity when the bonus is applied for to be able to withdraw bonus funds. This volume must be met within 1 year of receiving the bonus.

Customer Service

Customer support is available 24/7 and is available via phone or callback request, e-mail, and live chat. An FAQ section is also available that answers many of the more common questions new clients might have.

Phone: +41 22 799 4838

Webform: Contact Us Form

Email: support@dukascopy.com

In Conclusion

Dukascopy has a long and reputable history, and it is easy to recommend them as an excellent choice for new or advanced traders. The broker provides some of the best research in the industry, along with excellent trading conditions, and a powerful proprietary trading platform that rivals top platforms like MetaTrader 4 or 5. And if clients prefer they can stick with the tried-and-true MetaTrader 4 platform.

There is a wide variety of assets to choose from here and clients can access a demo account and a dedicated customer service team to answer any questions or concerns that come up. Dukascopy has also won a number of awards over the years, and continues to excel now rather than simply resting on its laurels.

We still recommend doing your own research when choosing a broker, but recommend you give Dukascopy a close look if you need an online CFD and forex broker.

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Contact us directly for further inquiries about our products and services.



 
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