- Leverage: (100:1)
- Scalping: Allowed
- Spreads: 0.33-0.37p + Fixed Comm.
- Regulation: FINMA (Swiss)
- History: Clean
- User Feedback*
- Compensation Scheme**
Dukascopy is one of the best ECN broker choices one can make. With ultra low spreads of 0.33-0.37 pips, plus a fixed commission per lot, these are conditions that are extremely favorable to traders. On top of that, it boasts a 3.69 rating over at Forex Peace Army with 100 reviews (NO OTHER FOREX BROKER HAS BETTER RATING THERE). When you take into account the fact Dukascopy is actually a bank rather than a broker, with a **strong compensation scheme up to 100,000 CHF, there’s no doubt it is worth testing at the very least. Please note minimum deposit is $5,000 for non-Swiss residents.
- Company: Dukascopy is the trading name of Swiss Forex Bank, Dukascopy Bank SA.
- Founded: In 1998.
- Payment Options: Credit & Debit Cards and Wire Transfer.
- Platforms: JForex, Java, Web, Mobile Platforms and bridging support for MT4.
- Accounts available in: AUD, CAD, EUR, GBP, JPY, CHF, SGD, PLN and USD.
- Minimum Deposit: $100 for Swiss residents, $5,000 for non-Swiss residents.
- Regulation: FINMA the Swiss financial regulators.
- Social Trading: N/A.
- Support Options: Callback, E-Mail, Phone & Skype.
Dukascopy offers its clients a wide range of different platforms, with Dukascopy offering the very powerful JForex trading platform to their clients which supports automated trading and is a pretty good platform in my opinion. There is then a Web based version of the Dukascopy platform which while not quite as impressive as the full JForex platform, is still very powerful and perfectly adequate for the majority of traders needs. The lack of a MetaTrader platform is noticeable and may potentially put some traders who are big fans of the platform off Dukascopy, however this can be overcome as it is possible to use a bridging solution to link Dukascopy to MT4. Mobile trading applications are available for those using either Android or Apple devices allowing traders to manage their positions on the move.
- Leverage: Up to 1:100.
- Scalping: Allowed.
- Expert Advisors: Allowed only through third party bridge.
- Hedging: Allowed
- Trailing Stops: Yes.
- Spreads: ECN, average spread on EUR/USD 0.33-0.37 pips.
- Commission: Around $3.5 per Lot.
The trading conditions on offer are pretty impressive at Dukascopy, with both scalping and hedging being allowed. I believe Expert Advisors can also be used to trade with Dukascopy however as Dukascopy doesn’t offer its own version of MetaTrader 4, trading with Expert Advisors is only available through a MetaTrader bridge. Trailing stops are also allowed and as an ECN broker Dukascopy offers some of the most competitive Foreign exchange spreads around meaning that you would be hard pressed to find a better deal. Of course as an ECN brokerage, traders to have to pay commission on each trade placed. From the charts on the Dukascopy website it appears that commission per lot traded works out at around $3.50 which is pretty reasonable. Commission decreases with volume traded and account size as well so very large traders will be paying very low rates of commission.
- Number of Currency Pairings:
- Other instruments: Precious Metals.
Dukascopy as ECN broker is heavily focused on Forex as you would expect. Those who want to trade a wide variety of instruments would be better of looking elsewhere. What Dukascopy does well is provide a professional trading environment for the serious Forex trader. Dukascopy however does offer a selection of precious metals for it’s clients to trade, which does add some limited diversity to their offering.
- Contact Methods: Phone, Skype, Callback & E-mail.
- Telephone Numbers: Selection of European offices each with local numbers. Trading issues, Swiss number only.
- Support Languages: Arabic, English, French, German, Japanese and Russian.
Customer support at Dukascopy is very good and the bank has a strong reputation for providing a high level of customer care. Support is available in a number of different languages and I have heard only good things about the level of customer service provided by the staff working at the bank. It is also possible to get into contact with staff at the bank through a number of different contact methods which make it easy for those who aren’t based in Switzerland to have their problems or queries dealt with. Overall, Dukascopy offer a high quality of customer care and shouldn’t leave to many people wanting.
- Regulated: By FINMA of Switzerland
- MiFID: No, but still accepts European clients.
- Accepts US Traders: No.
- Regulatory Record: No fines or disciplinary action taken ever taken against Dukascopy.
Dukascopy obtained regulation as a Swiss bank in 2010, after the law in Switerzland was changed meaning that Swiss Forex brokerages had to become regulated as banks. Since becoming regulated by the FINMA, Dukascopy has maintained a completely clean regulatory record and is audited by international consultancy group KPMG. While Switzerland is outside of MiFID, the bank still readily accepts European clients and is a member of the Swiss regulators compensation scheme which insures depositors funds up 100,000 CHF in the even that Dukascopy was to collapse. All of this should put potential customers of the bank at ease.
Dukascopy is a good option for the serious Forex trader, the $5,000 minimum deposit limit for non-Swiss residents may be a little steep for many. For those who are serious about Forex trading and are looking for an ECN Brokerage Dukascopy is a very good choice. It is one of few brokers which insures depositors funds up 100,000 CHF, as a part of the Swiss bank compensation scheme. This is one of the best perks that could be offered by a forex broker, and in this case, a bank.
The only thing that may put some traders off, is the lack of a Dukascopy MetaTrader solution meaning that those who want to trade using Expert Advisors will have to find a suitable bridging solution, as well as low leverage of only 1:100.
What did you think of our Dukascopy review? If you have had any experiences with the brokerage please feel free to share your experiences in the comment section.