Dukascopy Review

Dukascopy Broker Review

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2020-04-04 09:45:00

dukascopy broker review

Dukascopy Bank was founded in 2004. The main office is based in Geneva (Switzerland) and provides trading services in international financial markets. The group of companies includes the Swiss Dukascopy Bank SA (license of the Swiss Financial Market Supervisory Authority (FINMA), the European company Dukascopy Europe IBS AS (license of the Latvian financial regulator - the Financial and Capital Market Commission (FCMC) and the Japanese company Dukascopy Japan KK, which is regulated by the Agency Financial Services of Japan (JFSA). The group also includes the Latvian company SIA Dukascopy Payments, is regulated by FCMC and provides various electronic payment services.

 

First impression

The Dukascopy website has been translated into sixteen languages. Finding the necessary information in all areas of the company’s activities will not be particularly difficult, but it will take time. In addition to a detailed description of trading conditions, the site has sections with various analytical services, and even its own online television.

 

Registration

To register your personal account with Dukascopy, you need to decide which company you want to open an account with. The interest, first of all, is caused by the Swiss and European companies. The difference in the leverage provided and the minimum deposit amount. To register, you must enter reliable personal and contact details in the form, after which instructions for further actions will be sent to e-mail. You will need to print the received documents, sign and send them to Dukascopy by mail. The process of customer verification in the company is mandatory - without this, it is impossible to issue an application for withdrawal of funds. For verification, you must download the scans of a document proving the identity and address of residence. In some cases, you need to go through a video identification by downloading the "Dukascopy Connect" application on your smartphone. After approval of the documents, a trading account will be opened within 1-7 days.

 

Deposit and withdrawal

Dukascopy cash-in / cash-out operations are possible by bank transfer or using payment cards. Important: payments from third parties are not accepted. For crypto accounts, operations with bitcoins are possible. Serious customers with deposits of more than $ 100,000 can provide a bank guarantee, for this the client and the bank issuing the guarantee will need to contact the account manager at Dukascopy for further discussion. Accounts can be opened in the following base currencies: USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD , TRY, XAU and ZAR.

 

Trading conditions

Due to the various requirements of financial regulators, the trading conditions in Swiss and European companies differ markedly. The maximum leverage provided by the Swiss Dukascopy Bank SA is 1: 200 (minimum deposit of $ 1000), in the European Dukascopy Europe IBS AS the maximum leverage is 1:30 in major and 1:10 in minor crosses (minimum deposit of $ 100). More than 40 currency pairs, oil, gas, copper CFDs, 5 agricultural commodities, 18 stock indexes, 2 types of bonds and the most liquid CFD shares of the main global financial markets are available for trading to Dukascopy customers. Dukascopy Bank offers binary options trading for 18 FX currency pairs on the SWFX and CFD trading floors on BTC and ETH.

Dukascopy spreads are quite attractive. So, for example, the average spread for EUR / USD and GBP / USD pairs is 0.3 points and 0.94 points, respectively. Please note that Dukascopy customers are charged a commission for trading operations, the amount of which depends on the size of the deposit, capital and trade turnover.

 

Trading platforms

Dukascopy customers can trade using the JForex 3 platform and MT4 terminal. There are web versions of terminals for trading in a browser, as well as applications for Mac, Apple iOS and Android operating systems. We tested a demo account, the JForex 3 platform provided a stable connection to the server and instant opening of orders. For lovers of trading robots, it is possible to provide access through the API with the ability to trade through individual Java applications. For managers, Dukascopy has an advanced PAMM account environment with great risk control capabilities. At the same time, due to stringent requirements from financial regulators to trustees, Dukascopy does not have a public rating for PAMM accounts.

 

Safety and scam protection

All Dukascopy brand companies are regulated and must comply with the stringent requirements of national regulators. Customer deposits at Dukascopy Bank SA are insured by the Swiss government in the amount of CHF 100,000 per customer. At Dukascopy Europe IBS AS, the client is guaranteed compensation in the amount of 90% of the lost value of financial instruments or losses caused by the failure to perform investment services, but not more than EUR 20,000 for each client.

 

Support service

The company’s client can be contacted by customer support via online chat, by phone (it is possible to order a call back) or via e-mail. Technical support works around the clock five days a week, operators in online chat respond quite quickly.

dukascopy broker review

Conclusion

Dukascopy companies are certainly trustworthy, and non-trading risks for customers are virtually eliminated. Before opening an account, you must understand that the broker is a member of the automatic tax information exchange (AEOI), and all your data will be transferred to the Swiss Federal Tax Administration (FTA). If your country is a member of the AEOI, FTA, the company, in turn, will transfer them to the tax authority of your country. If such transparency does not scare you and you have a desire to have an account with a world-class company, you should pay attention to Dukascopy.

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Damian

Damian

Author

I have been trading Forex for more than 5 years, mostly with manual and automatic trading. I set up advisors for round-the-clock automated trading. I'm sure I can help to establish your trading skills....

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