The Dukascopy project was initiated in 1998 and turned into a financial institution in 2004. Dukascopy Bank is a Swiss online bank headquartered in Geneva, Switzerland, and offers investing services, banking, and other financial services using unique technical solutions. The Swiss Financial Market Supervisory Authority (FINMA) and Japanese Financial Services Authority (JFSA) regulate Dukascopy Bank as both a bank and a securities business.
Dukascopy has a huge product portfolio of hundreds of trading instruments. The broker offers tradeable securities from various asset classes, including Forex, CFDs (Commodities, Indices, Bonds, Stocks, and ETFs), Binaries (Forex Pairs), and Cryptocurrencies. In addition, Dukascopy provides its proprietary JForex trading platform and MetaTrader 4 on multiple environments. The broker offers trading services at competitive trading costs.
In addition to a variety of markets and investment platforms, Dukascopy offers a wide range of educational resources and research tools. Moreover, the broker offers copy trading, PAMM accounts, and fund management through income generating programs.
Dukascopy Bank is both a bank and an internet broker. They provide over 600 trading products on the JForex and MT4 platforms, as well as trading tools, analysis, and research to help traders. For trading, the broker provides forex, indices, stocks, ETFs, options, bonds, commodities, and cryptocurrencies. The systems provided are advanced while being user-friendly, and they include complete trading tools. All trading strategies, including scalping, hedging, and automatic trading with robot software, are authorised.
Dukascopy is a regulated Swiss broker and has been providing banking and trading services for two decades. The broker offers hundreds of trading instruments with very competitive trading costs and provides multiple trading platforms (JForex and MT4). In addition, the broker provides useful trading tools, including copy trading (PAMM accounts). Moreover, you can get access to a superb set of educational tools such as demo trading, up to date market news and analysis.
The broker has multiple safety measures set for client funds and provides 24/6 multi-lingual customer support. In addition, the company’s financial information is available publicly. Clients can choose from an impressive 24 account base currencies when opening an account. Crypto trading and crypto payment options are also there to help crypto traders. Lastly, Dukascopy allows all types of trading, including hedging and scalping.
On the other hand, Dukascopy does not provide customer support on Sundays and does not offer its services to clients from certain countries, including the US and the UK. Commission fees are comparatively higher, and there are certain deposit and withdrawal fees. Moreover, the broker charges a maintenance fee. I also feel that this may be an overwhelming option for beginners. Lastly, demo accounts expire after 14 days.
- Regulated by FINMA and JFSA
- Hundreds of trading instruments
- Numerous trading tools
- Multiple trading platforms
- JForex Trading Platform
- News & analysis
- PAMM accounts
- 24 base currencies
- esisuisse deposit insurance
- Member of ISDA
- 24/6 support including call-backs
- Multi-lingual support
- Financial information available
- Banking services
- Tight spreads — from 0.1 pip
- ECN liquidity
- Fast order execution
- Automated trading
- Scalping and hedging allowed
- Various educational resources
- Crypto trading & funding
- Demo accounts
- JForex Strategy Builder
- No US clients
- High commissions
- No MetaTrader 5
- Deposit fees for some payment options
- Withdrawal fees
- Demo account expiry: 14 days
- No 24/7 support
- Maintenance fee (Inactivity fees)
- No Islamic accounts
Dukascopy offers hundreds of trading instruments from various asset classes, including, Forex, CFDs (Commodities, Indices, Bonds, Stocks, and ETFs), Binary Options (Forex Pairs), and Cryptocurrencies. The presence of trading instruments from all popular asset classes provides the clients an edge over other retail brokers’ clients who cannot trade all asset classes in one place. However, IG have much more to offer with over 18,000 financial instruments for you to trade online.
Dukascopy Instruments Summary
Commission and Spread Fees
Dukascopy charges a sizeable commission fee for trading that starts from $7 per side. On the bright side, the broker offers very tight spreads starting from 0.1 pip on forex pairs. If you want spreads from 0.0 pips then you could have a look at IC Markets as an alternative option.
|Commission (per standard lot per side)||$7|
Deposit and Withdrawal Fees
Funding via wire transfers and crypto are free of charge, while the broker’s charges for funding through other means are as follows:
- Payment Cards: 1.5% – EEA cards & 2.5% – non-EEA cards
- Apple Pay: 2.5%
- Skrill: 2.5%
- Neteller: 1 EUR or 2.5%
Dukascopy charges different withdrawal fees for different payment methods. Below is a summary:
- Bank Transfers: 20 EUR / 50 USD / 15 GBP
- Bank transfer (crypto exchange): 0.5%
- Payment Cards 1.5 EUR + 2.5% (or currency equivalent)
- Skrill: 2.5%
- Neteller: 1 EUR or 2.5%
- Bitcoins, Ether, Tether: USD 30
Dukascopy has an inactivity fee for dormant accounts: Account Maintenance Fee plus any fees paid by necessary research to re-establish contact, a minimum of CHF 500 but no more than the account balance. To avoid inactivity fees you will need to opt for a broker that does not charge any such as Freedom Finance.
Dukascopy offers its professional in-house JForex Trading platform as well as the popular MetaTrader 4 trading platform on various devices and web browsers. Dukascopy also offers JForex API, FIX API, and visual JForex Strategy builder. In addition, the broker offers copy trading through LP PAMM accounts.
JForex Trading Platform
Dukascopy has created a sophisticated trading platform. The website provides a plethora of tools for traders’ research, as well as access to the Swiss Forex Market (SWFX). The JForex platform was created using the JAVA programming language and is compatible with machines running Windows, MAC, and Linux. There is also a web version and a mobile version. I would say this is more of a platform for professional traders when compared to the user-friendly MT4 platform.
The main advantage of the online version is that it is compatible with all operating systems and does not require any downloads. Furthermore, it is always the most recent version of the programme that does not require any updates. The JForex website works best in contemporary browsers like Google Chrome, Safari, and Opera. Except for automatic trading and the ‘net position’ option, it retains most of the functionality of the desktop version.
JForex trader is compatible with iOS and Android smartphones. It has the majority of the functionality of the platform’s desktop version. Traders may use the trading app to track the price of all assets and enter, change, or close trading positions. Clients may also do fundamental or technical analysis.
Here are a few of its features:
- 31 languages
- Allows for automated trading
- The platform includes an economic calendar
- 65+ technical indicators and 25+ analytical tools
- Account management options, such as account financing
- The site includes news and calculators
- Forex market news and the economic calendar
- Dukascopy TV is available
- Real-time, currency quotations, and charts
- Order management and risk management
- Notifications through push
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is considered the industry standard for both forex brokers and traders. This is due to its popularity, various expansions, and ease of use. Dukascopy MT4 is compatible with both Windows PCs and mobile devices. I would like to see the broker add the newer version in the MT5 platform. You can get access to both MetaTrader platforms via HYCM.
Some of its characteristics are as follows:
- Clients can use Expert Advisors to automate their strategy (EAs)
- Market monitor window, interface, charts, and layouts are all customizable
- There are 30 built-in technical indicators that may be expanded with plugin programmes
- Live quotations and charts are available on the market watch
- Trading with a single click and trading from charts are also options
- Technical analysis on up to 9 periods utilising several chart types
- There are several order kinds
- MetaEditor for MQL programming language EAs, indicators, and scripts
- Notifications are sent via the platform, SMS, and email
JForex API allows you to create bespoke software applications using the Java programming language. Customer systems can be linked to the API client library. It connects with Dukascopy Bank trade servers directly using secure and authorised Internet connections. It is not essential to operate the JForex platform concurrently, but the platform may be used to monitor any activities done by a customer’s system in real-time.
For market participants who are professionals, API connectivity is available at Dukascopy Bank. The FIX4.4 protocol is used by the Dukascopy Bank API. The API is used to get real-time data feeds, submit orders, establish/change/cancel orders, and receive automatic trading activity notifications.
Users will still be able to utilise the traditional Dukascopy Bank trading platforms with their basic capabilities if they connect through FIX API. The position computation mechanism (net/global position mode) used for FIX API accounts, on the other hand, is different. Other brokers with powerful API solutions include FXPIG and Global Prime.
Visual JForex Strategy Builder
In just 30 minutes, you’ll be able to create an automatic approach using this interface. Visual JForex provides powerful and straightforward GUI capabilities — most tasks are completed with a few mouse clicks. Visual JForex lets you to easily construct new ones by dragging and dropping relevant components. Your visual strategy may be used to produce the JForex strategy code. Advanced developers may utilise this functionality to increase the strategy’s performance, while new coders can learn about the JForex API. Stop the operating strategy at any moment or component to check up values or detect errors. Visual JForex displays the algorithm’s direction or ‘flow.’ You can see what’s going on in the strategy without having to stop or halt it. By dragging a variable to the screen, you may look up its value. I have built trading robots using this software and although it is quite clunky, anyone can develop automated systems without programming knowledge. However, they will only run on the JForex platform.
LP PAMM accounts
Dukascopy bank manages these accounts. The minimum investment is $1,000, and there are no performance or management fees charged by Dukascopy. The funds of investors automatically participate as liquidity providers on the Swiss Forex Marketplace (SWFX) and profit from the spread.
These are accounts that are overseen by other dealers. A manager is chosen by an investor to trade on his behalf while managing various accounts. Dukascopy gives customers all of the technology tools they need to discover managers, assign funds to them, and get daily updates. The broker also gives the management all of the tools he or she requires.
It’s worth mentioning that past performance is not a promise for future references. Therefore, it’s advised to do proper research for creating any investment thesis, as it’s the investor’s sole responsibility.
Dukascopy Platforms Summary
|MetaTrader 4 (MT4)||✓|
|MetaTrader 5 (MT5)||x|
The Dukascopy website includes a wealth of instructional and research materials, such as training papers and tutorial videos. The training includes FX and CFD trading, managed accounts, platform tool development, instructional videos, and more. Every weekday, webinars are offered on the broker’s YouTube channel. They are mostly concerned with the daily market movers and the projected price action. However, the broker does not provide Trading Central and AutoChartist. You can get both of these via Forex.com if you are a fan of complex market analysis.
Dukascopy has a Forex community of thousands of members who share their forecasts with each other. Traders can connect with each other through the forums and learn about trading on the Blog as well. In addition, the broker also conducts Trading and Analytic Contests among its clients.
Market News & Research
Market research is done on a daily basis on various assets. It forecasts the upcoming price movement based on the price behaviour of the chosen asset. Technical indicators are often utilised to evaluate instrument charts. Dukascopy Bank SA provided the analysis. Fundamental analysis provides trading insights based on important economic and financial developments. Trading Ideas inform clients about the instruments to seek based on their history, technical analysis, or other important information. It is updated on a frequent basis, generally more than once every day. This can be a great way to get some inspiration for your trading activity.
SWFX Sentiment Index
This graph depicts the ratio of long to short positions opened by traders. The Sentiment Index includes the most popular assets. Sentiment research is frequently utilised in conjunction with a contrarian trading approach. I think this is a really good way to get a feel for what direction the market may be heading.
The video updates are automated, of great quality, and cover a wide range of trade subjects. It may be added to a website or blog as a widget.
These calculators assist traders in calculating rollover fees, transaction commissions, and expected earnings or losses. This is a useful tool for traders who want to take measured risks before engaging in deals.
Forex Market Indicators
The trading signals for certain currency pairings are updated on a regular basis. Support/resistance levels, figure levels, intraday levels, and sharp movements are used to generate the indications.
This is a calendar that displays the dates and times of economic events that have an influence on the market. These events take place in various countries throughout the world. Clients may search the economic calendar or filter it by impact, country, and currency.
In addition, Dukascopy provides multiple research tools, prominent of them are as follows:
- Currency Index
- CoT Charts
- Pivot Point Levels
- SWFX ECN Marketplace
- Historical Data Feed
- Market Watch
- FX Market Signals
- Technical Indicators
- FX Market Hours
- API for Developers
Dukascopy Research and Education Summary
Dukascopy offers and accepts funds via bank (wire transfers), crypto payments, debit/credit cards and electronic payment services in 24 account base currencies. Clients from all over the world may deposit and withdraw funds in their local currencies without paying any currency conversion charges. This is because Dukascopy support a great range of account base currencies.
Dukascopy Funding Summary
The Swiss Financial Market Supervisory Authority regulates Dukascopy (FINMA). Dukascopy is both a bank and a broker. The Japanese Financial Services Agency (JFSA) also regulates the bank’s Japanese branch.
Dukascopy Regulation Summary
|SFC (Hong Kong)||x|
Deposits of investors are insured by esisuisse, a deposit insurance plan for Swiss banks. The broker is a member of the International Swaps and Derivatives Association (ISDA), a non-profit organisation dedicated to promoting high standards and integrity in the derivatives industry. It also belongs to the Swiss Bankers Association. These recognised organisations add to the brand’s reputation and dependability. KPMG, a prominent worldwide auditing agency, audits all of Dukascopy’s financial records.
Dukascopy offers 24/6 customer support via live chat, phone, get a call-back, and email. I must admit, I have not always received the quickest response from them but I guess that is understandable when you consider the size of the company. Other brokers may not have as much of a presence but they can give a more one on one approach, such as BlackBull Markets.
Dukascopy is an online broker and a bank. The bank has access to SWFX, where client orders are executed at the best possible rates. In both Switzerland and Japan, Dukascopy is licenced as a broker and a bank. All financial records have been audited. The award-winning JForex trading platform is robust and equipped with all of the tools a trader needs to conduct research, analyse data, and place orders. In addition, the widely used MT4 is equally accepted. On Android and iOS devices, both the JForex and MT4 platforms are available for mobile trading. Both platforms allow for automated trading as well as a wide range of trading styles and strategies. Dukascopy has hundreds of tradable assets available for trading on its platforms. ECN trading is used by the broker, which helps to ensure tight spreads and quick execution times. Payments are accepted in an impressive 24 base currencies. Overall, I think Dukascopy can be a good choice of broker for those who already have some experience trading or investing online. I feel there are less overwhelming options out there for new traders, Trading 212 being an example.