Abstract:Dukascopy is an online broker and bank headquartered in Europe. Users can trade forex, CFDs and binary options on the brokers JForex 3 platform or MetaTrader 4 (MT4).
General Information & Regulation
Dukascopy is an online broker and bank headquartered in Europe. Users can trade forex, CFDs and binary options on the brokers JForex 3 platform or MetaTrader 4 (MT4).
The Geneva-based brokerage was founded in 2004 by Dr Andre Duka and his partner, Veronica Makarova. It serves retail clients with a license from the Swiss Financial Market Supervisory Authority (FINMA).
Its subsidiary, Dukascopy Europe, caters to the European market under the oversight of the Financial and Capital Market Commission (FCMC).
In 2006, the company launched its banking arm, offering current accounts and credit card services. In 2015, Dukascopy extended its e-banking reach, acquiring Alpari Japan K. K., a bank regulated by the Financial Services Agency of Japan (JFSA).
Dukascopy Europe IBS AS is investment brokerage company which is 100% owned by Swiss Forex bank Dukascopy Bank SA. In accordance with White Label Agreement with Dukascopy Bank SA, Dukascopy Europe provides to its clients an access to the Swiss Foreign Exchange Marketplace on the same conditions which are available to the clients of Dukascopy Bank.
Market Instruments
Duskacopy boasts a 500+ instrument list across a range of markets all from the 8 categories which you can chose from, Starting with: Forex, Crypto, Indices, Bonds, Energy, Commodities, Stocks and ETFs.
Account & Leverage
Dukascopy offers a forex and CFD trading account plus a binary options trading account. There is a swap-free account for Islamic traders. Managed accounts are also available, with a Percent Allocation Management Module (PAMM), customer reviews of which are positive.
Dukascopy offers demo accounts for forex and binary options trading using the JForex 3 and MT4 platforms.
Standard leverage of 100:1 (30:1 on the weekend) is applied to retail accounts by default. However, use of leverage and margin requirements are agreed during account opening, with a maximum leverage of 200:1 available. A margin calculator can be found on the brokers website.
Trade Size
The minimum lot size is 1,000 of the base currency.
Spreads & Commissions
Dukascopy scores fairly well when it comes to live spreads and trading fees. Average spreads for popular currency pairs, such as the EUR/USD and USD/JPY are around 0.3/0.4 pips.
A default commission rate of 0.7 pips brings the average total trading cost to approximately one pip, which is similar to other providers.
Trading Platform
Available to Dukascopy traders is the brokers proprietary platform, JForex 3, the industry popular MetaTrader 4, plus the Web Binary Trader system for binary options trading.
JForex 3
The JForex 3 platform is excellent for technical trading and automated strategies. Its available as a desktop download or can be accessed via web browser. Online charts, 24 drawing tools, and over 270 indicators and chart studies allow traders to analyse market sentiment.
JForex 3 is particularly good for automated trading. Cloud storage and VPN services allow strategies to run around the clock.
A comprehensive historical tick data feed, dating back to 2003 and developed on a Python API is also available. And not only is the quality of data high, but it can be exported for further analysis.
Overall, take the JForex platform vs the proprietary and white label systems offered by the likes of Interactive Brokers (IB), FXCM, NinjaTrader, Saxo Bank and CMC Markets, and Dukascopys software more than holds its own.
MetaTrader 4
A third-party bridge allows Dukascopy traders to use the industry-standard MT4 system. So traders more comfortable viewing forex data, gold charts and live price quotes on MT4, can do so. An economic calendar, widgets and advanced charting tools are also available on MT4.
Web Binary Trader
For binary options, Dukascopys Web Binary Trader promises straightforward market access. One-click trading is available and users benefit from predetermined payouts and risks.
In-the-money contract yields start from 70% of the premium paid up to 90%. Trading amounts start as low as $1 and there are no commissions or hidden fees.
Its a clean, intuitive platform that makes trading binary options a user-friendly experience.
Deposit & Withdrawal
Duskacopy.com customer reviews are mixed when it comes to the deposit and withdrawal options available. For deposits, users are restricted to prepaid debit and credit cards plus bank transfer.
The minimum deposit is $100 and payments incur a 1.2% to 2.5% fee. Card payments are the fastest option and are normally processed within one working day, while bank transfers can take up to two business days.
Users have more choice when it comes to withdrawals. On top of plastic debit/credit cards and bank accounts, Skrill, Neteller and Bitcoin can be used. There is no minimum withdrawal, however, the cost of withdrawal can reach $50.
Withdrawal times range from same day to three business days, which is fairly prompt but perhaps unsurprising given that
Customer Support
Dukascopy customer service operates 24/5 in 12 different languages. So whether youre from Europe, Indonesia, India, Ukraine or the UAE, support is available via:
Dukascopy Europe IBS AS
Lacplesa iela 20a-1, Riga, LV-1011, Latvia
Email – support@dukascopy.com
Tel: +371 67 399 000