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Dukascopy Review and Tutorial 2021

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Facts & Figures

Dukascopy is a Swiss-based forex, CFD, and binary options broker

Awards

• Best Forex Trading Apps, 2019
• Best Platform & Mobile Trading, 2018
• Best Forex Bank, 2018
• Best Forex ECN/STP Forex Broker, 2018
• Best Provider of Liquidity, 2017
• Best Trading Platform, 2016
• Binary Options Broker of the Year, 2015

Bonus 10% equity bonus
Instruments Forex, CFDs, binary options, indices, shares, commodities, metals, cryptocurrencies, bonds
Demo Account Yes
Min. Deposit $100
Pay Methods Mastercard, Neteller, Samsung Pay, Wire Transfer
Min. Trade 0.01 lots
Regulated By FINMA, FCMC, JFSA
MetaTrader 4 Yes
MetaTrader 5 No
cTrader No
ECN Account No
DMA Account No
Mobile Apps Yes
Auto Trading Yes
Social Trading No
Copy Trading No
Trade Signals No
Islamic Account Yes
CFD
FTSE Spread 166
GBPUSD Spread N/A
Oil Spread 5.1
Stocks Spread Start from 0.1
Leverage 1:200
Forex

Dukascopy offers FX trading on over 60 currency pairs

GBPUSD Spread 1
EURUSD Spread 0.3
EURGBP Spread 0.9
Assets 63
Cryptocurrency

Bitcoin, Ethereum and Litecoin CFDs

Spread Start from 0.1
Coins BTC, ETH, LTC
Risk Warning – Your capital is at risk

Dukascopy is a bank and an online broker headquartered in Europe. Users can trade forex, CFDs, and binary alternatives on the broker’s JForex 3 platform or MetaTrader 4 (MT4). This review will detail Dukascopy’s offering, covering least deposit and margin requirements, withdrawal alternatives, spreads, trading tools, leverage, and more.

Dukascopy Overview

The Geneva-based brokerage was commenced in 2004 by Dr. Andre Duka and his partner, Veronica Makarova. It provides services to retail clients with a license from the Swiss Financial Market Supervisory Authority (FINMA).

Its auxiliary, Dukascopy Europe, caters to the European market under the oversight of the Financial and Capital Market Commission (FCMC).

In 2006, the organization launched its banking arm, offering current accounts and credit card services. In 2015, Dukascopy extended its e-banking reach, gaining Alpari Japan K. K., a bank that the Financial Services Agency of Japan (JFSA) regulates.

Duskacopy Group’s net worth has developed over the years, with the organization currently employing over 300 people in offices across Kiev, Geneva, Zurich, Tokyo, Kuala Lumpur, Hong Kong, and Riga, Latvia.

Trading Platforms

Available to Dukascopy traders is the broker’s proprietary platform, JForex 3, the business well-known MetaTrader 4, or more the Web Binary Trader system for binary alternatives trading.

JForex 3

The platform is excellent for automated strategies and technical trading. It’s available as a desktop download or can be accessed through a web browser. 24 drawing tools, online charts, and over 270 indicators and chart studies permit traders to analyze market sentiment.

JForex 3 is especially useful for automated trading. Cloud storage and VPN services permit strategies to go nonstop.

A comprehensive, authentic tick information feed dating back to 2003 and developed on a Python API is additionally available. And not exclusively is the status of data high, yet it tends to be exported for further investigation.

Overall, take the JForex platform versus the proprietary and white label systems presented by the likes of FXCM, NinjaTrader, Saxo Bank, CMC Markets, and Interactive Brokers (IB), and Dukascopy’s software more than stands its ground.

MetaTrader 4

An outsider bridge permits Dukascopy traders to utilize the industry-standard MT4 framework. So traders more open to review forex information, gold charts, and live price quotes on MT4 can do as such. Widgets, an economic calendar, and advanced charting tools are additionally accessible on MT4.

As the industry’s driving programming, it’s consoling to see Duksacopy have made the MT4 platform accessible, alongside driving names including Zulutrade, Pepperstone, Oanda, and XTB.

Note, Dukascopy traders can’t utilize the MetaTrader (MT5) framework.

Web Binary Trader

For binary alternatives, Dukascopy’s Internet Binary Trader guarantees direct market access. A single tick trading is accessible, and users profit with foreordained payouts and dangers.

In-the-cash contract yields begin from 70% of the premium paid up to 90%. Trading amounts begin as low as $1, and there are no commissions or secret charges.

It’s a perfect, natural platform that makes trading binary choices a user-friendly encounter.

Instruments and Markets

Duskacopy flaunts a 500+ instrument list across a scope of markets:

  • CFDs
  • Oil
  • Gold
  • ETFs
  • Metals
  • Bonds
  • Indices
  • Commodities
  • Binary Options
  • Stocks and shares
  • Cryptocurrencies

Spreads and Commissions

Dukascopy scores genuinely well with regards to living spreads and trading fees. Average spreads for mainstream currency pairs, like the EUR/USD and USD/JPY, are around 0.3/0.4 pips.

A default commission pace of 0.7 pips brings the average all-out trading cost to approximately one pip, which is like different suppliers.

All things considered, the broker does level its spreads and commissions as indicated by trading volume, so dynamic clients benefit from discounts. For instance, overnight rollover fees are decreased for successive traders with trade rates distributed on the ‘Overnight Policy’ page.

Note, an inertia fee of up to $40 a year is applied to accounts where no positions are required following a year.

Leverage

Standard leverage of 100:1 (30:1 toward the end of the week) is applied to retail accounts naturally. Be that as it may, utilization of leverage and margin necessities are concurred during account opening, with the greatest leverage of 200:1 accessible. A margin calculator can be available on the broker’s site.

Mobile App

The Dukascopy mobile app is amazing. Accessible on iOS and APK, the app accompanies integrated market signals, customizable alarms, and seamless chart tasks.

46 specialized indicators are accessible, which is better than expected for mobile accounts. You likewise get level-two quotes, different related request types, plus a library of systems from the Dukascopy people group.

Also, there are research tools and newsfeeds, plus live chat backing should you experience any forex trading issues, for instance.

The notable solitary drawback is that mobile clients will be charged a fee for utilizing more than 20 SMS message alarms in a month.

Payment Methods

Duskacopy.com client surveys are blended with regards to the deposit and withdrawal choices accessible. For deposits, clients are limited to prepaid debit and credit cards plus bank transfers.

The base deposit is $100, and payments incur a 1.2% to 2.5% fee. Card payments are the quickest alternative and are ordinarily prepared inside one working day, while bank transfers can take up to two workdays.

The base part size is 1,000 of the base currency.

Clients have more decisions with regard to withdrawals. On top of bank accounts and plastic debit/credit cards, Skrill, Neteller, and Bitcoin can be utilized. There is no base withdrawal. Notwithstanding, the expense of withdrawal can come to $50.

Withdrawal times range from the very same day to three workdays, which is genuinely prompt; however, it may be obvious given that Dukascopy is a bank.

The expansion of mainstream payment methods, like PayPal, plus a decrease in deposit and withdrawal fees would further develop Dukascopy’s payments rating.

Demo Accounts

Dukascopy presents demo accounts for forex and binary alternatives trading utilizing the MT4 platforms and JForex 3. Register for a trial or demo account on the broker’s site to get login credentials.

You’ll then, at that point, have the option to test the platforms and procedures on the S&P 500 or Nasdaq, for instance, utilizing historical and real-time information.

The solitary drawback is that demo accounts are accessible for only 14 days, while limitless demo accounts are accessible at certain brokers.

Deals and Promotions

Dukascopy offers a few bonuses. A 10% equity bonus perhaps be applied for within 30 days of the last account deposit. A volume trading markdown is likewise accessible and can diminish costs by up to 20%.

Furthermore, a 100% account deposit is accessible. At last, in the event that you allude to a companion to Dukascopy utilizing the ‘Introducing Broker’ scheme, you can pack a 100% rebate on trading commissions, up to $100.

The all-out worth of dynamic trading bonuses can’t surpass $50,000 per account. Likewise, bonus necessities direct that specific volume thresholds should be met inside a year and can happen to be up to 30,000 times the account equity (counting the bonus sum) at the time the bonus was applied for.

In general, bonuses are sensible. However, more alluring offers can be found at different brokers. All things considered, it merits watching out for the Dukascopy ‘Bonus’ page for information on no deposit bonuses and enrollment offers.

Regulations and Licensing

Dukascopy is directed by the Swiss Financial Market Supervisory Authority (FINMA), who are especially strict. Indeed, securities dealers in Switzerland should likewise be authorized as a bank. Dukascopy’s customers are secured up to CHF 100,000 on occasion the broker fails.

Dukascopy is controlled in Europe by the Financial and Capital Market Commission (FCMC). And, albeit the broker isn’t directed by the UK’s Financial Conduct Authority (FCA), its permit to work in Europe implies it can offer items to citizens from the UK.

Licensing conditions express that Dukascopy should stay with customer funds segregated from the capital. Negative balance protection is likewise set up to guarantee clients can’t lose more than their underlying deposit.

Regulations do, nonetheless, deny Dukascopy from offering its administrations in specific nations, including to US inhabitants.

By and large, this audit is fulfilled that Dukascopy is dependable and there have been no known administrative violations.

Additional Features

Dukascopy offers a good expansiveness of additional tools. Newsfeeds from Reuters and MarketPulse are accessible, so too is a live economic calendar with forecasts.

The brokerage likewise runs trading challenges where traders can perceive how they contrast with peers. Likewise, the site houses a choice of guides and webinars to assist traders with getting grasps with specific instruments or markets, like the Dax 30, for instance.

Dukascopy TV

An exceptional notice goes to the Dukascopy Station. The Geneva-based television studio and its correspondents talk with industry specialists and examine market sentiment to keep clients on the up and up with the latest market refreshes.

Automated Trading

Automated traders can have confidence that algorithmic trading is accessible at Dukascopy through the JForex 3 platform and FIX APIs. Python script models and how-to documentation are accessible on the site. Automated systems can be back-tested against historical information before they go live.

On the disadvantage, Dukascopy doesn’t have a nearby VPS, albeit a hosting program is accessible for a month-to-month expense. Additionally, social duplicate trading isn’t accessible at Dukascopy, which could be a restriction for some new traders.

Generally speaking; however, the broker has a liberal scope of additional devices.

Account Types

Dukascopy presents a forex and CFD trading account in addition to a binary choices trading account. For Islamic traders, there is a swap-free account. Overseen accounts are likewise accessible, with a Percent Allocation Management Module (PAMM), customer audits of which are positive.

We would have got a kick out of the opportunity to see a tiered account framework, with extra benefits stretched out to those saving and trading more. However, the current framework makes picking an account directly, and volume bonuses can be applied for.

Note, Dukascopy is a genuine ECN broker and not a market creator.

Benefits

Benefits of having an account with Dukascopy include:

  • Choice of trading platforms, with MT4 and Dukascopy’s exclusive JForex 3 framework
  • Over 500 tradable items, including forex, CFDs, and binary choices
  • Dukascopy television is accessible to instruct and up-skill traders
  • Trusted brand-authorized in multiple purviews
  • Decent leverage levels of 200:1 accessible

Drawbacks

Hindrances to Dukascopy’s offering are:

  • Average enrollment bonuses and promotions
  • Limited account types and payment alternatives
  • Lack of dual-factor authentication

Trading Hours

Most of the Dukascopy items are accessible 24 hours per day, starting at 21:00 on a Sunday GMT (22:00 in Winter Time) and shutting with the market on 21:00 GMT on Friday (22:00 GMT in Winter Time).

The broker runs genuinely seamless assistance, so clients don’t need to adjust to a vacation plan at various focuses in the year.

Customer Support

Dukascopy customer administration works 24/5 of every 12 distinct languages. So regardless of whether you’re from Europe, Indonesia, India, Ukraine, or the UAE, support is accessible through:

  • Live chat – available in the bottom right-hand corner of the broker’s site
  • Email – support@dukascopy.com
  • Telephone – +41 22 799 4888

You can hope to break through to customer support in a couple of minutes, and delegates can manage most inquiries, including login issues, for example, ‘account locked 823’ and ‘authentication failure 801’ blunder messages. There are likewise responsive MT4 and JForex people group discussions that can respond to most specialized platform questions.

To keep yourself up to date with the most recent Dukascopy news, watch out for their social media channels:

  • Twitter
  • Facebook
  • YouTube
  • LinkedIn

Note, the positions and partners entries can be gotten to from the bottom of the broker’s site.

Security

Dukascopy observes industry-standard security methods, including site encryption, to ensure touchy customer data. The MT4 trading platform utilizes a one-time password (OTP). In any case, the security on the JForex platform is limited. Acquiring dual-factor authentication would better ensure clients.

Is Dukascopy a Good Broker?

Dukascopy is a strong online broker, offering a decent range of items, including CFDs, forex, and binary alternatives. This survey tracks down that the brokerage is especially good for automating systems and experienced traders because of the volume discounts.

Accepted Countries

Dukascopy acknowledges traders from Australia, Thailand,  SingaporeUnited Kingdom, South Africa, Hong Kong, India, France, Sweden, Germany, Norway, Italy, Denmark, United Arab Emirates, Qatar, Saudi Arabia, Kuwait, Luxembourg, and most different countries.

Traders cannot utilize Dukascopy from Afghanistan, Iran, United States, Belgium, Israel, and Canada.

Alternatives to Dukascopy

In case you are searching for options in contrast to Dukascopy, we have ordered a rundown of the main 5 brokers that are like Dukascopy beneath. This rundown of brokers like Dukascopy is arranged by closeness and just incorporates organizations that acknowledge traders from your area.

ThinkMarkets – ThinkMarkets is multi-regulated forex and CFD broker

OctaFX – OctaFX offers multi-asset trading on a range of platforms and portable arrangements.

IronFX – IronFX offers internet trading in forex, stocks, futures, commodities, and cryptocurrencies

FBS – FBS is a top online broker offering MT4 and MT5 trading across a range of instruments.

Admiral Markets – Admiral Markets is driving Forex and CFD broker offering the MT4 and MT5 platforms

FAQ

Is Dukascopy genuine?

Dukascopy is a real and trusted broker, drawing in thousands of traders from around the world. It offers a superb restrictive trading platform, volume discounts, and its own Station for learning.

Is Dukascopy regulated?

Dukascopy is managed by the Swiss Financial Market Supervisory Authority (FINMA), Japan’s Financial Services Agency (JFSA), and Europe’s Financial and Capital Market Commission (FCMC).

How would I withdraw money from Dukascopy?

From your account region, explore the payments area and hit ‘Withdraw’. Payments can require up to three days and are dependent upon an expense of up to $50.

How might I open an account with Dukascopy?

The account opening cycle at Dukascopy is direct and paperless. Head to the broker’s site, select an account from the ‘open account’ bar on the left, and adhere to the on-screen directions. You’ll have to present some fundamental data and make a video recognizable proof.

How does the Dukascopy margin call work?

A margin implies your account doesn’t meet the margin prerequisites expected to expand your account openness. Thus, customers may have the option to execute exchanges that will decrease openness by leaving or supporting against existing positions. Dukascopy won’t consequently drop bid/offer requests that increment openness.

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