Pros
  • Deposit protection up to CHF 100 000 per client
  • Large liquidity pool- 20+ banks
  • ECN trading technology
  • low spreads - from 0,1 pips on EUR/USD
  • wide range of free financial information and other attractive resources through its website, Dukascopy TV online television
Cons
  • Leverage up-to 1:200
  • Higher trading commissions for Islamic account traders
  • Each account is given a deposit limit based on the information provided at the account opening
  • Impossible to open new positions on weekends

Reviewed broker: Dukascopy

Established in 1998

Regulation: FINMA (Switzerland), FCMC (Latvia), JFSA (Japan), MiFID (Europe)

Location: Switzerland

Representative offices of Dukascopy are located in Geneva, Hong Kong, Shanghai, Kiev, Moscow, Kuala Lumpur and Tokyo

USA traders: not allowed

ECN trading environment: yes

Trading instruments: forex and CFD

Trading Conditions

At Dukascopy Bank SA, you can trade spot Forex, Metals, Binary Options, CFDs on bonds, commodities, indexes, stocks, ETFs and cryptocurrencies through the same platforms.

Dukascopy Bank has a shareholder capital of CHF 22’000’000 and provides trading services based on the following main principles:

EQUAL TRADING RIGHTS

All clients have equal possibilities to provide and consume liquidity within the trading environment (marketplace business model).

TRANSPARENT PRICING ENVIRONMENT

All clients have access to the same liquidity at equal prices through a single data feed.

Whilst developing its unique trading environment and providing professional CFD / Forex trading services Dukascopy Bank has chosen the following priorities:

  • Attractive spreads (spread for EUR/USD and USD/JPY from 0.1 pips)
  • Security of the funds
  • ECN liquidity (FX, Metals, CFDs on bonds, commodities, indexes, stocks, ETFs, cryptocurrencies, Binary Options)
  • Wide range of trading orders (including stop-loss and limit)
  • Instant execution
  • No price and execution manipulations
  • Equal prices and liquidity for all clients
  • Automated trading based on jForex API and FIX API
  • Visual strategy constructor: visual jForex
  • Deposits accepted in 23 currencies
  • Account funding by using credit or debit cards
  • Self-trader and current accounts in non-deliverable gold
  • 24/6 phone trading support
  • Access to sophisticated analytics and news

Download: yes

Indicators: 277 

Maximum leverage: 1:100

Margin requirement: 1%

Mini account: yes

Demo account: yes (limited to 14 days)

Segregated accounts for client funds: no

Islamic swap free accounts: available

Managed accounts: yes

Commissions on trades: yes, starting at $5 per million traded

Spread types: variable

Minimum trade size: 0.01 lot

Spreads: starting from 0.3 on EUR/USD major currency pair. The spreads are similar to other brokers compared such as Saxo Bank, FXCM, and FxPro

Trading signals: yes

Stop loss/ limit orders: yes

Hedging: allowed

Automated trading: available

Social trading: yes

VPS services: no

MAINTENANCE FEE

The account is not charged Maintenance fees during the first 180 calendar days after opening. After the 180th calendar day, Maintenance fees are charged if no trade/open position or no online currency exchange occurs on any account of the client during a period of 180 consecutive calendar days starting from the 180th day after opening. When Maintenance fees apply, they amount to a maximum of CHF 100 per client (regardless the number of accounts) for each period of 180 consecutive calendar days without trade or online currency exchange meaning that they are charged twice a year at the maximum and can be avoided completely. Moreover, upon request, Maintenance fees are refunded but only as cashback of future fees or binaries premiums.

MARGIN REQUIREMENTS

The default leverage for MT4 and MT5 trading accounts is 1:100. The initial margin is calculated at the trade beginning, and the amount of Free and Used Margin on the MetaTrader platforms is updated in real time.

Dukascopy’s Swaps

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full contract (100,000 units) of the base currency.

Dukascopy’s Commissions

Unlike most brokers, Dukascopy does not have a fixed round-turn commission. Instead, the commission depends on the account balance and traded volume, as shown below. But I determined that even in the worst-case scenario where the equity is below $5000 and traded volume is less than $5 million, the corresponding commission of $3.5 per lot still does not exceed the industry average.

Trading Platforms

MetaTrader 4 and MetaTrader 5 are well-known trading platforms, appreciated by many traders around the world. No need for third-party bridges anymore as Dukascopy now provides a direct connection to SWFX Swiss Marketplace.

Trading platforms: Jforex 3, Metatrader 4, SWFX trader (mobile)

FOREX MT4 ACCOUNTS

MetaTrader 4 is a well-known trading platform, appreciated by many traders around the world. No need for third-party bridges anymore, now you can use a direct connection to SWFX Swiss Marketplace provided by Dukascopy.

TRADING SPECIFICATIONS

SpecificationsDescription
Account CurrencyUSD, EUR, GBP, CHF, PLN
Deposit CurrencyUSD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY, XAU, ZAR
Margin Call Level≤100%
Stop Out Level≤50%
Close ByDisabled
Execution TypeMarket
HedgingAllowed
Expert AdvisorsAllowed
Trailing StopAllowed
Maximum Orders1’000
MT4 Server TimeSummer Time (Daylight-Saving) = GMT+3
Winter Time (Standard) = GMT+2

Web-based: yes, similar to the desktop version but less attractive features mainly because the platform is still Flash-based, which is not supported by main browsers such as Chrome, making this online version of the platform is rather useless in the long run.

Payment Methods

The minimal deposit size of the account with Dukascopy Europe is 100 USD, while the minimum for Dukascopy Bank SA is 1000 USD. 

Dukascopy Bank offers its clients many convenient ways to fund their trading accounts. All new accounts must meet the minimum deposit requirements. Please be aware that Dukascopy Bank will only accept funds if they originate from an account or card belonging to the client.

  • WIRE TRANSFER 
  • PAYMENT CARDS 
  • SKRILL / NETELLER 
  • ACCOUNT FUNDING IN CRYPTO 

Dukascopy clients now have an opportunity to order Swiss Bankers Mastercard cards. The cards by this issuer are available in EUR, USD or CHF and work in Apple Pay, Google Pay, Samsung Pay as well as Garmin Pay and Fitbit Pay. Offering the new card issuer, Dukascopy Bank continues to implement its strategy to build up and diversify payment methods available to its clients.

Educational Material and Promotions

Educational section of Dukascopy offers wide range of steaming fundamental and technical analysis, economic calendar, expert forecasts. There is also Dukascopy TV – an in-house tv channel with feedback from the investors, interviews and latest market updates.

Customer Service

Online chat: available both on website and throughout the trading platform 24 hours a day during trading days

Email support: yes

Phone representatives: yes. Friendly representatives, but below the standards of similar brokers compared and rated

Other means of contact: skype

How was the rating of Dukascopy performed compared to other brokers? 

This 2024 Forex Broker Review  has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on Dukascopy FX broker performance and features. 

Overall our online Dukascopy review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online broker Dukascopy or you find inaccurate details Dukascopy broker review please get in touch with us and the changes will be applied. 

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