Dukascopy Review – How Does Dukascopy Work?

DukasCopy Review

Dukascopy is a Swiss-based bank offering traditional bank accounts along with trading services. Clients can trade through the branch, as well as have their savings and checking accounts.

Founded in 2004 in Geneva, Switzerland, the brokerage has quickly become very popular amongst traders in the country. This bank offers its services globally, supported by the three licenses that they are in compliance with, those being:

  • FCMC
  • JFSA

Along with being licensed by multiple regulatory agencies, this trading firm also has offices distributed globally: 

  • Geneva – Headquarters
  • Zürich
  • Riga
  • Kiev
  • Moscow
  • Kuala Lumpur 
  • Hong Kong

Along with that, we strongly recommend that you read this analysis of licensed brokers at HFM HF Markets, FBS Broker, and Flatex.

Pros and Cons of Dukascopy

Even though this brokerage has a high initial deposit of $1000 there are a number of positives that might just make it worthwhile. Offering MetaTrader 4 is definitely high up on the list of positives for a broker that has its own proprietary trading platform.

Pros  Cons 
MetaTrader4 is available even though Dukascopy offers a proprietary platform called Jforex High Initial Deposit of $1000 
ECN is available   
Automated and social trading is available   
Well Regulated   
The broker invests in the education of their clients   

Dukascopy Quick Overview

When looking at the Dukascopy Trading firm it is important to keep the following things in mind. They require different minimum deposits for EU and non-EU traders.

Primarily non-EU traders have a minimum deposit of $1000 and EU investors have a much lower minimum of $100.

Traders should also be aware that even though this broker offers the proprietary Dukascopy Jforex trading platform, clients can opt to use the MetaTrader4 platform. 

Official Website Dukascopy.Com
Headquarters Switzerland, Geneva
Found in 2004
Product Offered Forex, CFD, Crypto, Binary Options, Banking Service
Minimum Initial Deposit $1000 CHF and $100 for EU traders
Meta Trader 4 (MT4) Yes 
Meta Trader 5 (MT5) No
Trading Fees Dependent on trading volume and equity 
Minimum Trade $1
Inactivity Fees Yes 
Withdrawal Fees $0
Customer Support 24/7

Dukascopy License and Regulation

The Dukascopy brokerage is a global trading firm that is regulated by reputable regulatory agencies:

  • FSA
  • FCMC
  • JFSA

These licenses allow the broker to provide their services globally, excluding the United States of America as they are not regulated by the SEC or FINRA. Traders can rest assured that their investments are safe as regulated brokerages are highly unlikely to tamper with market prices. 

This is because acquiring a license from a regulatory body requires the broker to be in compliance with the rules put in place by the regulator in order to protect the clients of the trading firm.

Dukascopy Trading Platforms Available

Dukascopy Trading Platforms

For more experienced traders, deciding which brokerage to go with can come down to the platform that is offered. In this case, Dukascopy, JForex (their proprietary platform) is on offer, alongside the beloved industry-standard MetaTrader4. 

JForex Desktop Platform

The JForex desktop version is designed with automation in mind. This software is built around traders who would like to automate their trade with the help of trading strategies built with the Java language. The software offers a number of useful tools:

  • News
  • Calendar of economic events 
  • 250 indicators and chart studies
  • Automated trading 

JForex Web Platform

The full version of the proprietary software is also available in the WebTrader format.

MetaTrader 4 Platform

This beloved industry-standard software hardly needs an introduction, with nearly endless customizability this software allows the user to tailor it to their needs precisely.

MetaTrader4 offers a Desktop version, WebTrader, and a mobile app all of which allow users to enjoy the full functionality of the software regardless of the way they choose to access it.

Mobile Trading Platform

Users can choose between using the industry standard MT4 or the proprietary Dukascopy Jforex mobile apps for trading on the go. 

Dukascopy Account Types

One of the most important things clients should look for when choosing between brokers is what benefits and drawbacks different account types offer so that they can choose the one most well-suited to their needs.

This brokerage offers a single account type that offers maximum leverage of 1:100, the commissions that get charged for this account type are reasonable. 

 Dukascopy Demo Account

The demo account offered by Dukascopy is a valuable tool for anyone who is new to forex trading. This gives traders the option of testing out the platform and “playing around” with it before risking any of their own money. Essentially, this is a chance for traders to learn from their own mistakes for free. 

Dukascopy Deposits & Withdrawals

  It is crucial that clients pay attention not only to the amount that the broker requires as a minimum deposit but also to the payment methods that they offer.

In terms of payment methods, Dukascopy is a little limited as they do not accept payments made via e-wallets like Neteller, Skrill, or PayPal. They do, however, accept other legitimate forms of payment:

  • Debit Card 
  • Credit Card 
  • Wire Transfer

Clients should make sure that any money they deposit to a broker, regardless of how legitimate it might appear to be, is made via credit card.

This allows for the possibility of chargeback if an issue should arise for any reason. It is worth mentioning that the Dukascopy brokerage does not charge a withdrawal fee to their clients.

Available Customer Support at Dukascopy 

When it comes to customer support, this trading firm really shines. Clients of Dukascopy can access the customer support staff 24 hours a day, 5 days a week in the following ways: 

  • Live Chat 
  • Filling out a form that will let a staff member know what the best way to contact you is

It is apparent that the customer service staff of this broker are knowledgeable and well-suited to help their clients even with the most complex questions/issues.

Dukascopy Research and Education

It is clear that this trading firm puts a large emphasis on the education of its clients. The broker provides the following educational materials:

  • Economic Calendars
  • Webinars
  • Dukascopy TV
  • Online News 
  • Forex Calculators 
  • Free Demo Account 

With all of the resources available, this brokerage really sets up its clients for success by providing all of the necessary information that a novice trader could need, neatly wrapped up in one place.

Clients can find the links to each of these educational resources under the “Market Info” tab on the homepage of the Dukascopy website (Dukascopy.Com).

Clients who are new to the world of forex trading should put the demo trader to use before they start making investments with real money.

This can help new traders learn the platform and ins and outs of making trades without risking any of their own money.

Dukascopy Summary

All in all, this brokerage is legitimate and safe for traders to use to make their investments. All of the Dukascopy reviews mention the investments that the trading firm makes in the quality of their client’s trading experience.

This is visible by the substantial amount of educational and research resources provided, all of which could prove useful to novice and pro traders alike.

Another segment where this is apparent is the well-thought-out and smooth customer support experience.

Overall, Dukascopy is a good place for traders who are getting their start in forex trading, as this broker puts in the necessary effort on their end to provide a high-quality trading experience.

FAQs About Dukascopy Broker

How To Open An Account with Dukascopy?

By going to the broker’s website, traders can open an account with Dukascopy. Opening an account does require some form of identification.

Is This Broker Good for Beginners?

This broker offers a demo account and a large selection of educational materials. Pros and beginners alike should feel right at home.

Is It Safe And Secure At Dukascopy?

Dukascopy is a well-regulated broker that is in compliance with regulations from multiple regulatory agencies.

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