Dukascopy Forex Broker is a Swiss online broker that was founded in 2004. The company offers a wide range of trading services to its clients, including forex, CFDs, and binary options. In this Broker Dukascopy review, we will provide a comprehensive analysis of the broker’s platform, tools, and services.
Overview of Dukascopy Forex Broker
Company Background
Founded in 2004 in Geneva, Switzerland
Provides online trading services for forex, CFDs, and binary options
Offers multiple trading platforms, including JForex, MT4, and a mobile app
Has offices in various locations worldwide, including Switzerland, Japan, and Hong Kong
Licenses and Regulations
Regulated by the Swiss Financial Market Supervisory Authority (FINMA)
Registered with multiple regulatory authorities, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC)
Awards and Recognitions
Dukascopy Forex Broker received several awards, including “Best Forex ECN/STP Broker” by the UK Forex Awards and “Best Forex Bank” by the China Forex Expo
Recognized for its trading technology, such as winning the “Best Trading Platform” award at the 2020 Forex Awards.
Advantages and Disadvantages
Account types and features
Dukascopy Forex Broker offers two main account types: a Live Trading Account and a Demo Account.
The Live Trading Account requires a minimum deposit of $1,000 and offers access to a wide range of trading instruments, including forex, CFDs, and binary options.
This Account operates on an ECN model, providing traders with low spreads and high liquidity for competitive pricing and execution.
The Live Trading Account offers two subtypes: a Standard Account and a Professional Account. The Professional Account requires higher minimum deposits but offers lower commission fees and higher leverage ratios.
The Demo Account allows traders to practice trading with virtual funds without risking real money.
The Demo Account provides access to the same trading platforms and instruments as the Live Trading Account, enabling traders to test their strategies in a risk-free environment.
Both account types offer access to advanced trading platforms, including JForex and MT4, equipped with a variety of tools and features to help traders make informed decisions.
Dukascopy also offers Islamic Accounts for clients who adhere to Islamic finance principles, which do not involve interest payments. These accounts are available upon request and require documentation for verification.
Deposits and withdrawals
Dukascopy offers a variety of deposit options, including bank wire transfers, credit/debit cards, and e-wallets such as Skrill and Neteller.
Deposits can be made in multiple currencies, including USD, EUR, GBP, JPY, and CHF.
Deposits are processed quickly, usually within one business day, and there are no deposit fees charged by Dukascopy.
Dukascopy also offers a unique “Bank Guarantee” deposit option, which provides extra security for clients by guaranteeing the return of their deposit upon request.
Dukascopy allows withdrawals through the same methods used for deposits, including bank wire transfers, credit/debit cards, and e-wallets.
Withdrawal requests are typically processed within one business day, and there are no withdrawal fees charged by Dukascopy.
However, some withdrawal methods may incur fees from the corresponding payment provider, and clients should check with their provider for more information.
Dukascopy also allows clients to transfer funds between their trading accounts and external bank accounts, making it easy to manage their finances.
Clients may be required to provide additional documentation for verification purposes before making withdrawals, which is a standard industry practice for security reasons.
Trading platforms
Dukascopy offers several trading platforms to suit the needs of different types of traders, including JForex, MT4, and a mobile app.
JForex is a multi-functional trading platform with advanced features such as automated trading, customizable charts, and a range of technical analysis tools.
JForex is available in desktop, web, and mobile versions, providing flexibility and accessibility for traders on the go.
MT4 is a popular trading platform among forex traders. Known for its user-friendly interface, extensive charting capabilities, and support for expert advisors (EAs).
Dukascopy offers a customized version of MT4 called “MT4 Bridge“. Which allows traders to access Dukascopy’s ECN liquidity pool while using the MT4 platform.
Dukascopy’s mobile app offers traders access to their trading accounts on-the-go, providing real-time quotes, order management, and customizable charts.
The mobile app is available for both iOS and Android devices. And offers features such as price alerts, news updates, and push notifications.
All of Dukascopy’s trading platforms offer a range of order types, including market orders, limit orders, and stop orders, as well as various risk management tools to help traders manage their positions effectively.
Dukascopy also offers a range of trading APIs for advanced traders and institutional clients who wish to integrate their own trading systems with Dukascopy’s infrastructure.
Trading conditions
Dukascopy has competitive trading conditions, including low spreads and high liquidity due to its ECN model.
Spreads for major currency pairs start from as low as 0.1 pips. Making it one of the most cost-effective brokers in the industry.
Dukascopy charges a commission on trades, which varies depending on the account type and trading volume.
Maximum leverage ratio of 1:200 for forex trading. Which is in line with industry standards and allows traders to take larger positions with a smaller amount of capital.
Dukascopy offers trading in other financial instruments, such as CFDs and binary options, with competitive conditions and flexible margin requirements.
Access to a wide range of trading instruments, including over 60 currency pairs, precious metals, commodities, indices, and cryptocurrencies.
Fast and reliable trade execution, with an average execution time of 20 milliseconds.
Provides traders with advanced trading tools and features, such as algorithmic trading, automated strategies, and customizable trading indicators.
Operates in a transparent and fair manner, with no requotes or slippage, ensuring that traders receive fair and equitable trading conditions.
Conclusion
Overall, our Broker Dukascopy review shows that the broker is a reliable and trustworthy platform for traders. With its user-friendly trading platform, wide range of trading tools and features, competitive fees and charges, and excellent customer support, Dukascopy is an excellent choice for traders looking to trade forex, CFDs, and binary options. While the product offerings are limited, the broker’s strict security protocols and negative balance protection make it a safe and secure platform for traders.
