Dukascopy Bank is a Swiss financial institution founded in 2004. Dukascopy provides banking, online brokerage, and trading services for clients in Europe and Asia. They focus on offering Contracts for Difference (CFDs), Forex, binary options, and cryptocurrencies for their growing user base.
This trading platform is considered safe as it operates as a bank and is regulated by the Swiss Financial Market Supervisory Authority (FINMA). At the same time, it also holds licenses to operate as a brokerage firm in Japan and across Europe.
The following is a list of the companies through which Dukascopy provides its brokerage services to traders:
- Switzerland: Dukascopy Bank SA
- Japan: SIA Dukascopy Payments
- Latvia: Dukascopy Europe IBS AS
Here are the top findings on Dukascopy:
- Dukascopy is a Swiss bank and trusted online broker regulated by 2 top-tier jurisdictions. This makes it a safe broker for CFD and Forex trading.
- Their portfolio of financial products is decent. It should suffice most traders needs
- One of Dukascopy's main appeal is their advanced trading platform. This includes the Universal JForex platform and the JForex 3 platform. This platform was specifically designed for desktop and provides an enhanced trading experience.
- This broker also supports Meta Trader 4 and their proprietary platforms also support automated trading strategies such as algo trading
Why should you read this review?
Dukascopy is not the only online brokerage firm out there, as there is a large number of trading platforms available. fIt can take you a while to browse through them all to identify the best online broker that suits your needs the most. This review should give you an good overview of Dukascopy, how it works and what they offer.
Through this review, we will provide you with key insights on how Dukascopy trading platform works. We will cover their fees, minimum deposits, available financial instruments, along with many other interesting and useful details. You can then make an informed decision on who you choose to trade with. Other great alternatives to Dukascopy are Plus500 and eToro. For low fee forex trading, Pepperstone and Avatrade are great.
Here is what we cover in our review:
- Main advantages of trading with Dukascopy Bank
- How safe it is to trade with Dukascopy
- Opening an account with Dukascopy Bank
- Depositing and withdrawing money with Dukascopy
- Financial products offered by Dukascopy – CFDs, forex
- User experience and features of Dukascopy's trading platform
- Third-party platforms supported by Dukascopy (MetaTrader 4, etc)
- Trading fees charged by Dukascopy Bank
- Research tools available
- Educational materials available (demo account, tutorials, eBooks, etc)
- Dukascopy's customer service review
Dukascopy's proprietary trading platform is called JForex and it is designed for both manual and automated trading -i.e. Algo trading.
The platform features 250 technical indicators and studies. It includes an economic calendar, a news feed, an auto-trader feature, and a multi-language interface. The coding of the automated trading feature can be done by using Java programming language, even though traders can also place their trades manually.
The JForex Web 3 platform is a web-based trading platform that works via cloud computing and features 46 different indicators, an auto-trading strategy feature, live market news, calendars, and other cool add-ons, while requiring low technical specifications.
Additionally, Dukascopy also designed a JForex platform for mobile trading and it is available for both Android and iOs smartphones.
Finally, this broker also supports Meta Trader 4, which is a popular third-party trading platform.
Web-Based Platform – JForex Web 3
The JForex Web 3 platform is the web-based version of Dukascopy's trading system. This cloud-based platform has a user-friendly interface and features 46 different technical indicators, a news feed, an economic calendar, and manual and chart trading capabilities.
Multiple languages are available for users and the platform's low technical requirements makes it a good alternative that should work fine if you have a decent internet connection.
Even though the design is not very modern, the search capabilities and other features are intuitive enough to provide the user with a comfortable trading experience.
Desktop platform – JForex 3
The JForex 3 desktop platform is a feature-rich version of the web version. It adds 200 additional technical indicators to the toolbox, along with the auto-trading feature provided by Dukascopy's forex trading interface.
Additionally, this platform supports external plugins and it is available for Windows, Mac, and Linux operating systems. For most purposes, the trading experience is far better with the desktop version than with the web-based platform.
Mobile trading app
JForex's mobile trading app is available for both Android and iOs and it provides a decent trading experience for users. Not all features are available due to the natural limitations of phone screens. Trading reports and trades can be placed by using the app, and the same orders available for other versions are available for the mobile version as well.
Additionally, charts, news, Dukascopy sentiment indicators, and many other research tools can also be accessed via the app. The auto-trader feature is available for the desktop version only.
Markets & Products Offered
Dukascopy offers a selection of 653 different financial products. These include: spot forex pairs, cryptocurrencies traded via CFD, and other CFD products covering a wide range of financial instruments.
This is a summary of the portfolio of financial instruments available with Dukascopy:
- 60 currency pairs (spot)
- 3 cryptocurrencies (BTC, ETH, LTC)
- 11 commodities (including energy and soft commodities)
- 19 stock indexes
- 3 bonds
- Many Individual Stocks from many countries
Additionally, Dukascopy offers the possibility of trading binary options. This allows the trader to profit from very short-term price fluctuations, similar to how CFD works but with higher payout ratios and shorter holding periods.
Binary options are only available for 18 forex pairs including AUD/JPY, EUR/USD, GBP/USD, and USD/JPY, among others.
Trading fees and commissions charged by this broker are very competitive. Fees vary, depending on the trade volume and the financial instrument being traded.
For forex trading, fees start at 1 pip for the EUR/USD pair including the default commission rate and the average spread.
For individual stock, indexes, and ETF CFDs trading commissions are usually 0.10% of the value of the trade, with certain minimums applicable based on the geographical location of the exchange.
There's a $1 standard fee per 1 MT4 lot ($10 for every $1 million traded).
Additionally, accounts holding physical gold pay a 1% flat fee per year on the average balance of their gold holdings.
For dormant accounts (inactive), any costs incurred in reaching out to the holder of the account will be charged with a minimum charge of CHF 500.
Dukascopy platforms offer a wide range of trade orders:
- Market Order
- Limit Order
- Stop Order
- Trailing Stop
Dukascopy also has some unique order types like:
- Place Bid/Offer
These are specifically suited for certain trades.
It is important to note that all trades made with Dukascopy are made via the Dukascopy SWFX – Swiss FX Marketplace. This is a marketplace introduced by the bank to provide strong liquidity and instant execution for trades made with Dukascopy.
How to Open An Account?
Here are the steps to open an account with Dukascopy:
- Visit their official website
- Start the registration process
- Fill out the needed information
- Upload the verification documents
- Wait for the verification process to be completed
- Start trading
Registration can be done online. The identity verification process can usually be completed within 24 hours or less, especially if the user's identity can be verified via video. Dukascopy offers the same account for both individuals and companies. The account allows them to trade with CFDs, forex, cryptocurrencies, and precious metals directly.
All methods and strategies of trading are available for all of the accounts, and there are 24 different base currencies that users can pick for their accounts to avoid conversion fees, including USD, JPY, EUR, AUD, CAD, CHF, and even certain exotic ones like PLN and RON.
It is important to note that the amount deposited in the account will limit or enable the trader to access certain features of Dukascopy's platform.
For example, accounts with a balance lower than $100,000 will not be able to access the bank's FIX API or the bank's guarantees according to the information provided by Dukascopy's website.
Dukascopy accepts various funding methods for the initial deposit and subsequent capital inflows.
A minimum deposit of $1,000 is required to open a trading account with Dukascopy Bank SA, while the minimum deposit for European clients is $100.
Deposits made via bank transfer, Bitcoin or Ethereum do not generate a deposit fee while payment card such as credit cards and debit cards generate a 1.2% fee for EUR, GBP, and CHF, 1.5% for transactions in NOK, CZK, PLN, or SEK, 2% for USD transactions, and 2.3% for transactions in RUB, JPY, and CAD.
Meanwhile, deposits made via Neteller cost 1 EUR or 2.5% – whichever higher – and deposits made via Skrill generate a 2.5% flat commission on the amount deposited.
Deposits made via payment card are generally credited within one business day while bank transfers may take a bit longer.
Crypto and e-wallet deposits are often credited instantly but may take up to 24 hours to be credited in some cases.
The same funding methods available for deposits can be used to withdraw money from your Dukascopy account. Withdrawal fees vary depending on the method you select.
For bank transfers, the cost of withdrawing is calculated in pips and starts at 2.3 pips for CHF bank transfers.
Meanwhile, the cost of withdrawing money to a payment card is 1.5 EUR plus a 2.5% flat commission, while the cost of withdrawing money to Skrill or Neteller is 2.5%.
Finally, the cost of withdrawing money in Bitcoin is USD $10.
Both deposits and withdrawal fees charged by this broker seem to be high compared to other brokers, which is a downside of trading with Dukascopy.
However, transfers within accounts in Dukascopy Bank or entities within the Dukascopy Group are free of charge while different fees apply for the bank's Multi-Currency Accounts.
Dukascopy research tools can be qualified as high-quality and are very diverse, as the platform provides both fundamental analysis and technical analysis reports that help traders in coming up with trading ideas.
Additionally, the JForex platform features a news feed, an economic calendar, and their proprietary TV channel Dukascopy TV, which is a high-quality media outlet that constantly pushes high-quality video content featuring interviews, market commentaries, and other interesting appearances and up-to-date financial information.
Other tools include the Dukascopy SWFX Sentiment Index, a tracker of average spreads, forex calculators, position size calculators, trading breaks calendar, movers & shakers forex, and a pivot point level report, among many other nice tools that should help you to come up with new trading ideas constantly.
Dukascopy education is good. There are many tutorial videos and webinars available on their website and YouTube Channel.
Additionally, traders can open a demo account before committing their money with Dukascopy. This is a 14-day demo account with a limited trading balance, a transparent pricing environment, attractive spreads, and a leverage ratio of 200:1.
Dukascopy offers 24/6 customer service via phone, e-mail, and live chat, and traders have reported a positive experience in reaching out to this broker by using all of the three channels.
For phone calls, the average waiting time is 2 minutes, while live chat responses in most cases were instant.
Dukascopy reviews for customer service ranked the firm at 18th place among a list of 23 brokers.
Our Score: 4.7/5
Dukascopy Bank is a Swiss bank with more than 16 years in business. This broker is regulated by two top-tier agencies in Switzerland and Japan. Dukascopy offers a wide range of spot forex pairs, CFDs, and precious metals for traders. This broker has a 4-star rating on Trustpilot as well.
Payment protection is provided for Swiss accounts for up to CHF 100,000 deposits and for European clients for up to EUR 20,000. A minimum deposit of $1,000 is required to open an account with Dukascopy except for European clients, who can open an account with only $100. The online registration process is quick and the identity verification procedure can be completed in less than 24 hours.