Dukascopy – rview of the trading platform

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Dukascopy swiss forex, cfd trading platform review

✅ This Trading Platform is available in United States

Dukascopy is, in fact, the Swiss online bank (DukascopyBank), which, as a bank and as a securities dealer, is regulated by the SwissFinancial Market Supervisory Authority (FINMA). DukascopyBank has been operating in the financial market since 2004 and has a head office in Switzerland. This broker provides active traders, hedge funds and banks with the ability to make transactions in the Forex market. Also, the company has offices in Geneva, Hong Kong, Shanghai, Riga, Kiev, Moscow, Kuala Lumpur and Tokyo. Since 2020, Dukascopy has added to its arsenal the possibility of trading binary options.

As a broker, Dukascopy uses NO Dealing Desk and STP technologies, in addition to auto-trading in the ECN environment. Also, the broker assures all its customers that all their accounts, without exception, go directly to SWFX (Swiss FX Marketplace). And this gives everyone, having the same level of liquidity, regardless of the size and / or type of the trading account, an automatic guarantee of access to the same quotes, which, according to the company, excludes fraud.

Dukascopy provides services such as: trading in the Forex market, VisualJForex is a strategy designer, JForex API is a service for developing individual software applications, SWFX is a trading platform with access to a decentralized market, Investing, Social trading, Internet banking, Affiliate programs, and Training.

TRADING PLATFORM

Speaking of trade and trading platforms, the broker offers access to:

SWFX (Swiss Forex Marketplace) – will appeal to experienced players.
JForex is a platform ideally suited as development and testing of trading strategies both in the mode for manual trading, and for auto-trading, using the API service.
Java – allows you to monitor the positions on the chart with tools for technical analysis, which is perfect for manual trading.
Web-platform – well suited to adjust the frequency of updates of quotations of the market.
SWFX Trader for Apple iOS and Android and Swiss Forex Trader HD for iPad.

TRADING ACCOUNT FROM Dukascopy

The trader has the opportunity to open a trading account in USD, EUR, AUD, GBP, CHF, CAD, JPY, PLN, RUB, DKK, HKD, ZAR, NOK, NZD, TRY, SEK, SGD and MXN. But first, to open a real account, the broker provides an excellent opportunity to bargain on the Demo account. If you have decided and want to open a real account, then the initial replenishment of the deposit must be 100 USD- for European customers of DukascopyEurope and from 5,000 USD for customers of DukascopyBankSA.
Trader is available to trade in the form of trading on news, scalping, hedging, etc. Spread – from 0.2 points. The commission with CFD will be 10 EUR, and for currency pairs will depend on the volume of transactions.
Important note: The broker charges the account maintenance fee from each trader in the amount of 0-200 CHF per year, and also has the right to open a trading account – if there was no activity for 360 days.

TRADING INSTRUMENTS AND BINARY OPTIONS FROM Dukascopy

First, when making a deal on binary options, the trader will have to pay a premium for the amount of the contract itself. But, what is noteworthy here, is that the broker does not charge any more commissions after that. The following tools are available for the trader:
– Currency pairs (55 pcs.),
– Precious metals (2 pieces),
– CFD for goods (4 pcs.),
– CFD for indices (12 pcs.),
– CFD for shares.

In the context of binary options, the broker offers trading in binary options for currency pairs, binary options for the trading session and for shares, as well as paired binary options for indices and shares.

The minimum bid for binary options is 1 USD. Also, the expected yield from transactions on standard binary options will be 70-90%, and for paired binary options, as well as binary options for the trading session fluctuates in the range from 50% to 70%. For the duration of the contract for standard binary options, the minimum value is 1 minute, and the maximum value is 23 hours 59 minutes. But, in the case of binary options for the trading session and paired – is equal to the duration of the trading session itself, where the underlying asset can not be chosen by the trader himself. Here we use the trading platform – WebBinaryTrader.

With regard to incentives and bonus programs, the broker provides for the participation of traders in the “Jubilee Bonus” program. This program allows you to get a bonus of 100% balance of the trading account for 30 days after the last payment.

INPUT / OUTPUT OF FUNDS FROM ACCOUNT

Replenishment of the trading account, as well as withdrawal of funds from it, is possible by bank transfer (1-2 business days) or debit card (Maestro, Visa Electron), credit card (MasterCard, Visa), (within 1 working day ). But, the broker does not accept bank checks or cash for replenishment of account.
(!) Important: Remove the physical gold from the account denominated in gold, perhaps only in currency equivalent.

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The maximum amount of replenishment by credit or debit card is CHF 10000 / USD 10000 / EUR 8000 / GBP 7000 / CAD 10000 / JPY 1000000 / PLN 34000 / SEK 70000 / NOK 70000 / CZK 200000 / RUB 500000 depending on the currency. In addition, the commission of the partner bank levies a commission: – 1.2% of the transaction amount in EUR, GBP or CHF; – 1.5%, for operations in NOK, CZK, PLN or SEK; – 2% for transactions in USD and 2.3% for transactions in RUB, JPY and CAD.

TRAINING

The broker constantly conducts webinars broadcast on Dukascopy TV – the company’s website, and seminars in various cities, on topics chosen by the clients themselves. In addition, everyone can view educational videos for free.

CONCLUSION

The advantages of Dukascopy are:
– Reputation of a reliable and trusted broker, which is regulated by FINMA
– Low trading volumes, spreads and deposits
– Zero commissions
– Wide range of trading instruments
By cons are:
– Difficulties with opening a trading account
– Limited choice of means of input / output of funds
– The broker does not render services to clients from Belgium.

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Dukascopy Review

A great fit for market professionals and high volume traders

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  • AccountMinimum: $100
  • Fees: EUR/USD 1.06 pips average spread
  • Bestfor: Market professionals and high volume traders

Founded in 2004, Geneva-based Dukascopy Bank now offers a full range of banking services in an addition to a large brokerage operation focused primarily on contracts for difference (CFDs). They also own and operate the unique Swiss FX Marketplace (SWFX) ECN. Separate divisions in Geneva, Switzerland and Riga, Latvia provide services for Switzerland (which is not an EU member) and the rest of Europe.

The broker does an excellent job disclosing its higher-than-average trading costs and fees in a relatively small product catalog. A generous active trader’s discount program offers an upgrade path to lower commissions and spreads, while a home-grown trading platform is on par with Metatrader 4, which features a subset of currency pairs and higher commissions. That’s unfortunate because neither interface provides all the customization features required by mid- to upper-level account holders. The broker doesn’t offer U.K. or Irish spread betting, denying clients the special tax advantages that affords.

Proprietary JForex platforms

iOS and Android sync with desktop

Small product catalog

Higher-than-average trading costs

No two-factor authentication

Trust

The broker is licensed in Switzerland through Swiss Financial Market Supervisory Authority (FINMA) and in the EU through Financial and Capital Market Commission of Latvia (FCMC). The Swiss division protects clients up to CHF 100,000 in case of broker default while EU protection is limited to EUR 20,000. They offer no additional layers of coverage through private insurers. ESMA rules dictate negative balance protection but no similar commitment was found in the Swiss fine print. Slippage can be controlled through platform settings but only on the buy side, and they offer no guaranteed stop-loss protection.

Security features are lacking in the Java-based JForex desktop and web platforms as well as mobile apps, with no two-tier authentication, but the Metatrader desktop does permit one-time passwords (OTPs). Extensive documentation on best execution policies and average spreads builds confidence but disclosures admit the broker’s SWFX ECN acts as a counterparty to trades, similar to a dealing desk, raising conflict of interest issues.

Desktop Experience

The proprietary JForex 3 desktop platform includes hundreds of indicators, advanced charting, historical testing, real-time news, and embedded customer support. On the other hand, customization is weak, with no ability to pop out charts or build complex desktops and watchlists. The web version of the Java-based software triggers security warnings in Chrome and other browsers, but a standalone version requires no Java installation. The web version is also hampered by a reduced feature set that includes less than 50 indicators. Order types are too basic in all platforms, lacking sophisticated conditional routing found at rival European brokers. Metatrader 4 offers an alternative but lists fewer currency pairs while incurring higher commissions.

Mobile Experience

JForex mobile versions allow easy synching between platforms with well-organized menus but fewer charting features and limited customization. Order types are too basic, like desktop and web versions, with limited conditional routing. There’s no two-tier authentication, and the broker charges fees if clients process more than 20 SMS message alerts per month. This is a throwback to an earlier Internet era, with little or no justification in 2020.

The unique Dukascopy Connect 911 app allows to clients to manage accounts, access community content that’s also available at the website, and chat with support. The app is hampered by large quantities of nonfinancial content that include an anonymous dating function, distracting clients seeking quick answers to market, platform, or account-related issues.

Research Tools and Insights

The broker offers comprehensive research materials written or streamed by knowledgeable in-house analysts, frequently updated at the website and within the mobile apps. The impressive Dukascopy TV features hundreds of timely video clips as well as a comprehensive archive, well-organized menus, and a dedicated search function. Clients can download tick data, review social sentiment, read news culled through complex content filters and examine dozens of fundamentally or technically-oriented trading ideas. Materials are well-organized but can be overwhelming, raising the need for a single launch page rather than numerous submenus.

Education

The site contains no dedicated educational section, with the majority of tutorial materials embedded within research content, FAQs, or video sections. It’s possible to find that information by hunting and pecking through multiple topics, but the experience is likely to be frustrating for newer traders seeking to build skill sets. Meanwhile, product sections and trading platforms point to limited “how-to” articles and videos about forex, CFD, index, and cryptocurrency trading venues.

Special Features

Traders can execute automated and algo strategies through JForex and FIX APIs. Platforms permit hedging while both JForex and Metatrader support historical back testing. The broker offers no local VPS but Metatrader users can access their hosting program for a monthly fee. Active traders, professionals, and institutions can access a suite of products that support direct-market access (DMA) and more advanced charting programs.

The SWFX Sentiment Index compiles buy and sell information on orders passing through the ECN but the JForex platforms do not support social or copy trading, forcing clients to work with Metatrader Expert Advisors or hook up an API. A comprehensive community site is mostly focused on leisure and other non-market topics, making it harder for serious-minded traders to gauge customer sentiment, build skill levels, or develop new strategies.

Investment Products

Dukascopy Bank provides a relatively small product catalog, with 61 currency pairs; 500 plus share CFDs; 24 index, bond, and commodity CFDs; and two cryptocurrency CFDs. Forex is traded only through CFDs and the broker offers no futures contracts, forward contracts, spot markets, or options coverage. Orders are routed through the SWFX ECN whenever possible, with that venue accessing multiple liquidity providers through a central marketplace. Although the ECN is designed to avoid conflicts of interest, the fine print states the venue acts as a counterparty.

Commissions and Fees

Commissions and spreads are calculated through a declining tier system, with clients categorized by monthly trading volume, net deposit, or bottom-line equity. Dukascopy Bank bases segmentation on the highest of the three values in case of a conflict. Commission costs are clearly documented next to each tier on a trading fees page, but finding average spreads requires a review of daily, monthly, or quarterly SWFX execution data through a widget. That information should be also documented on the trading fees page because it can represent a healthy reduction in transaction costs.

The broker charges a $20 fee in addition to possible bank or credit card charges for withdrawals, one of the highest among European brokers. Withdrawal fees are disclosed on a fee schedule page that’s separate from the trading fees disclosure. Withdrawal procedures are buried within a supplementary wiki, which lowers trust levels because it fails to disclose the fee or how long it takes for clients to receive funds.

Customer Support

The broker provides standard 24/5 support through local or toll-free phone as well as live chat that can be accessed by prospective or active clients. Questions can also be sent via online message function or email. Three chat inquiries at different times of day were answered promptly. They maintain active social media portals as well as a dedicated support forum for JForex and automated trading. Curiously, the web-based forum isn’t linked directly on the website, forcing a trader to use the search function or access it through the trading platform.

What You Need to Know

Dukascopy Bank offers a great fit for market professionals and high-volume traders, with extensive research materials and an excellent discount program to bring bottom-line costs in line with more competitive European brokerages. However, the smaller-than-average product catalog isn’t likely to suit all trading styles. Higher-than-average trading costs could undermine new and small-sized retail account holders, who may have to look elsewhere for building skill levels due to weak educational resources. Even so, smaller traders with growing accounts may wish to stick around, due to the robust community and generous upgrade path to lower costs.

Methodology

Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of six months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on their platforms, costs and fees, security, the mobile experience and customer service. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.

In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices.

Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.

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