Dukascopy: Review, Analysis and Complete Guide
Dukascopy is known all over the world as one of the first brokers on the Forex market. Founded in Geneva in 2004, it has become the leading exponent of Swiss online trading brokers.
Thanks to brokers like Dukascopy, small investors have been able to access online trading on the Forex market. This is a safe broker, in which after creating your account you can invest your money in an intelligent way, as long as you are well informed.
In the next paragraphs you will discover what are the characteristics that distinguish Dukascopy from other brokers, according to the experts’ opinions. You will learn how online trading works, and what are the smart moves to make.
Dukascopy Pros and Cons
- As a member of the Swiss banking group, security and liquidity are guaranteed.
- Free demo account option for beginners
- It is compatible with mobile devices, Windows, Mac and Linux.
- It is possible to open a bank account.
- It provides a lot of extra tools for online trading and investing.
- Too much information on the website can confuse newbies.
- It does not accept Paypal as a payment method.
Dukascopy Financial Products
By investing in Dukascopy, your trading operations are supported by the Swiss government. In addition, this broker has many tutorials on its website to prevent its customers from making false steps.
Stocks and financial products
- Currencies: Dukascopy stands out on the currency market, or Forex trading, according to users’ opinions. The reason is that it offers its clients spreads from 0.1 pips for currency pairs like EUR/USD and EUR/JPY.
- Energy: through Dukascopy you can make online trading in oil and gas. The instruments from which you can choose to invest are BRENT.CMD/USD, LIGHT.CMD/USD, GAS.CMD/USD and DIESEL.CMD/USD.
- Indices: through this broker you can trade the CFD indices of the most important companies in the world. You can trade DEU.IDX/EUR, GBR.IDX/EUR, ESP.IDX/EUR, AUS.IDX/AUD, HKG.IDX/HKD, FRA.IDX/EUR and USATECH.IDX/USD.
- Shares: you can trade shares in the best German companies for a leverage of 1:10. You can invest in multinationals of German origin such as: Adidas, Allianz SE, HUGO BOSS AG, Deutsche Bank AG and BASF SE.
- Bonds: Among the bonds that appear in CFDs, the most important are those offered by the German, British, and American governments. The instruments are: BUND.TR/EUR, UKGILT.TR/GBP and USTBOND.TR/USD.
- Raw materials: with Dukascopy you can trade with gold, silver, copper, cotton, soy, orange juice, coffee, cocoa and white sugar.
- ETFs: through this broker you will be able to trade in funds quoted on the American stock exchange. Users’ opinions recommend investing in the following pairs: DIA.US/USD, EFA.US/USD, EWJ.US/USD, EZU.US/USD.
Since their emergence, cryptomonies have increased in value over the years. Dukascopy offers the opportunity to invest in two cryptomontages. Whether you decide to invest in Bitcoin or in Ethereum, below you will find the characteristics of both cryptomon currencies.
One of the reasons why users’ opinions recommend this broker is because it offers a trading of crypto-currencies without a digital wallet. This way, all operations are more protected.
Another advantage of cryptomoney trading is that leverage allows you to trade more than the traditional initial currency amount. In this way, you can earn much more money, although the risk is much higher.
Whether you decide to trade Bitcoins or Ethereum, the minimum trading step is 0.1, and the pip value is 1.00 USD. The margin requirement is 33% and the leverage is 1:3 for both Bitcoin and Ethereum.
In turn, investing in Bitcoin or Ethereum has a maximum exposure of 30’000 USD. The only difference between investing in Bitcoin and Ethereum is that the minimum contract size in Bitcoin is 0.2, while in Ethereum it’s 1.
Dukascopy offers different account types for its clients, depending on their preferences when trading. As in other brokers, the accounts vary from each other according to the amount of money you want to deposit.
- Demo account: this is a free account for investing with fictitious money. It is an option offered by Dukascopy for those who are new to trading, and thus have access to the possibility of entering the Forex market without risk.
- ECN Forex Accounts: This account is ideal for those who wish to trade currencies and precious metals. The platform that Dukacopy uses for this account is JForex 3.
- MT4 Forex Account: You can download the MT4 platform for PC. Through this account you will be able to trade Forex with a leverage of 1:100, starting from 0.01 lots.
- PAMM Account: the Percentage Managed Funds Module offers your clients the possibility to open an account managed by an External Administrator, designated by each client.
How to Open an Account at Dukascopy
Opening an account at Dukascopy is really simple and safe. You can open a demo account, or a real account. The users’ opinions recommend at the beginning to experience the trading from the demo account, because it is safe and without risks.
To open an account with this Swiss broker you must follow no more than three steps. The three requirements are simply to accept the broker’s conditions, establish your identity, and then transfer funds to your new Forex trading account.
As you can see, opening an account at Dukascopy is really simple, but above all safe. All your data and transactions will be protected after the broker verifies your identity.
The opinions of the clients of this broker for trading and operations of Forex currency, recommend to follow certain steps. In order to open an account quickly, the users’ opinions advise to provide all personal information per line and make an initial deposit of at least 1,000 USD.
Requirements and verification
In order to open an account in Dukascopy and start trading on the Forex market, it is necessary to fill in some online forms. Then, from the broker you will be sent an e-mail to corroborate your identity.
User feedback recommends completing identity verification through the broker’s application. This involves a “video-identification” that lasts approximately fifteen minutes. The “Dukascopy Connect” app is available in the App Store and Google Play.
If you already have a Swiss bank account, the verification process is even easier. You simply need to send an email to your Account Manager with a copy of your ID, a recent 4×4 photo and a service receipt that is no longer than three months old.
Once your account for trading in Forex has been approved by the broker, Dukascopy will send you the steps to follow to transfer your money. In this way, you will be able to make the corresponding deposits and start investing in this broker.
All users’ opinions agree on the importance of experiencing Forex trading on a demo account. Fortunately, Dukascopy offers this possibility for 14 days. This way you can trade safely and without risk before investing real money.
To open a demo account in Dukascopy, you just have to fill in a form with your name and surname. In turn, you need to provide your email, a phone number, and select a language to trade. Finally you should choose between JForex, MT4 or Binary accounts.
The advantages of trying out a broker’s services through a demo account are countless. Experts’ opinions constantly confirm this, as it is the best way to learn how to invest money safely in trading operations.
Dukascopy is divided into three locations to offer services in the different continents of the planet. In this way, depending on where you live, you will have to open an account in Dukascopy Bank, in Dukascopy Europe, or in Dukascopy Japan.
On the one hand, Dukascopy Bank does not allow residents of the following countries to open accounts: Japan, USA, Myanmar, South Sudan, Cuba, Sudan, North Korea, Iran and Syria.
The headquarters of the broker operating in Japan, only to those who reside there. Finally, Dukascopy Europe does not open accounts to those who reside in the countries listed here:
- Central African Republic
- South Sudan
- United States
- Sierra Leone
- Syrian Arab Republic
How to Use Dukascopy
You can invest in this broker through different platforms. You must remember that Dukascopy is not only a broker, but also operates as a traditional bank with the support of the Swiss government. The opinions of its clients agree that it is a very organized website.
To trade on the Forex market through this broker, you can access the platforms from your computer as well as from your smartphone. Dukascopy is compatible with Windows, Linux and Mac, as well as with the mobile operating systems iOs and Android.
All Dukascopy platforms provide access to the Swiss Foreign Exchange Market (SWFX) for secure Forex trading. You can choose between the JForex platforms, or the traditional MT4 platform.
If you prefer not to download any application, you can choose to trade with JForex Web 3 from its website. You will have the multi-platform interface, the immediate communication service and the JForex market analysis tools.
However, the experts’ opinions recommend installing the JForex platform. This way, updates will be done immediately and you will have access to the demo account. JForex 3 is compatible with Windows, Mac and Linux
For professional traders, it’s best to have JForex on your smartphone. Dukascopy has developed such a platform that brings the comfort of the computer to the screen of your smartphone.
It is compatible with both iOS and Android operating systems. The only requirement is to have access to an Edge, 3G, or Wi-Fi connection.
Research and Visualization Tools
Dukascopy is a broker that stands out from others by the amount of tools it has in favor of its clients. Through this broker it will be much easier for you to get into the operation of trading and how to invest in Forex.
On the official website, you can check all the resources that Dukascopy provides. Although the opinions of its users recommend going little by little, you will be able to find a lot of information.
On the broker’s website you will find everything from interviews with trading professionals from around the world to tutorials on how to invest in Forex. Dukascopy is characterized by informing its clients in the most complete way possible, so that they can invest safely and with full knowledge of the market.
All the tools offered by Dukascopy are listed on the left side of the website. In this way, it is really easy to access all the available information (slides, online charts, real-time bonuses).
Deposits, Withdrawals, Fees and Limits of Dukascopy
Deposit Methods and Minimum Deposit
To deposit money in Dukascopy and start trading and Forex market, this broker offers two methods. You can deposit your money through credit or debit cards, as well as through bank transfers.
You must remember that it is imperative that Dukascopy can corroborate your identity. In addition, the initial deposit must be 100 USD. However, to open an account quickly, users’ opinions recommend to deposit not less than 1000 USD.
Once you decide to withdraw your dividends from this broker, the only way is by bank transfer. The currencies that Dukascopy takes into account as base currencies to make a withdrawal are EUR, USD, GBP, AND CHF.
Rates and Commissions
Depending on the activity carried out through this broker, one or the other fee will correspond. For those who wish to trade through the MT4 platform, the commission will be $1 per MT4 lot.
For the broker’s clients who have appointed an external agent or proxy, the commission will be up to 100 USD for every 1,000,000 USD traded. Currently, in Dukascopy Bank SA, the adjusted quotation consists of 0.5% commission.
For cryptomonies such as bitcoin, Dukascopy can charge an extra fee for downtime after seven days. This commission is equivalent to 1% of the bitcoin deposit. If the client has more than one account with bitcoins, the fees will be charged separately.
Deposit limits depend on where you created your account. If your account belongs to Dukascopy Europe, the initial amount should be 100 USD. If your account belongs to Dukascopy Bank SA, the initial deposit should be 1000 USD.
As for currency extraction, this Swiss broker does not set a limit. The only possible restriction will be tied to the available liquidity held by Dukascopy at the time of extraction.
Is Dukascopy safe?
It’s a Swiss broker, backed by the Swiss government. There is no doubt about it that this is one of the safest places to invest your money. All opinions agree that Dukascopy is a broker for transparent and secure trading.
With more than 15 years of experience in the Forex market, Dukascopy is regulated by FINMA, FSA and FCMC. As a broker that also operates as a Swiss bank, it has a CHF 100,000 backing from the Swiss government.
In addition, Dukascopy Europe is regulated by the ESMA regulations, which allows it to operate as a European broker in trading cryptosystems such as bitcoins and Forex. The funds of European residents are covered up to 20.000 EUR.
Dukascopy uses a compensation scheme according to the Investor Protection Act and the Investor Compensation Directive. The amount of compensation depends on whether the account is held with Dukascopy Bank SA or with Dukascopy Europe
In case the client loses money for a transaction that should be guaranteed by the broker in Dukascopy Bank SA ,the compensation will be 100.000 CHF. If the client had an account with Dukascopy Europe, the compensation will be 20.000 EUR.
One of the characteristics that distinguish Dukascopy from other trading brokers is that it guarantees a serious and responsible price distribution. In this way, no matter how much volume is in your account, for Dukascopy all its clients are equally important.
All clients of this broker have access to Dukascopy TV. In this way you can learn in an entertaining way how to trade on the Forex market. It also offers the possibility to access webinars, where you will be able to learn about crypto currencies such as bitcoin, for example.
Dukascopy has a very good quality customer service. You will be able to contact the team of this broker by phone, by email, or by the live chat window of their website. As it operates in so many countries, you will be able to count on customer service in more than ten languages.
Opinions of Dukascopy
Before investing your money in Forex trading or bitcoins, it is always important to listen to the users’ opinions. Customers will always give feedback, which in the end will serve to know if we are investing our money in a safe place.
Dave P. commented on his experience: “He’s a great broker. The whole team is made up of professionals who are dedicated to solving your problems and accompanying you in the process. I plan to stay in Forex, so I plan to stay with Dukascopy.
Abel T. has also expressed himself in the following terms: “Dukascopy has one of the best platforms for trading. In comparison with other brokers, the spreads are really low, and the performance of the professional team is really great”.
Rudolph G. used the following words: “The quality of this broker is unparalleled. I’ve been trading Forex and bitcoins for years, and Dukascopy is the best broker I’ve ever come across.”
Dukascopy Alternatives and Competitors
Although Dukascopy meets all the requirements you can look for in a broker, there are many other brokers where you can trade on Forex. Each broker has specific features that may be right for you. Below you will find a list with more options:
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Dukascopy is undoubtedly one of the most secure and reliable brokers in the world of Forex trading. In addition to its services as a broker, it also operates as a bank backed by the Swiss government, which guarantees security of a different kind compared to other brokers.
As a broker regulated by the Swiss government, it is not subject to ESMA rulings. For this reason, the leverage is higher, and binary trading is possible.
Dukascopy provides its customers with many tools and information to invest through knowledge and reason. Dukascopy TV is a proof of this, of the broker’s imperative to inform through tutorials and webinars everything about the trading market.
One of the cons is that the shares offered are from exclusively German companies. Although Dukascopy has an ease of use for trading novices, the most significant gains are for those who handle volumes of more than 100,000 USD per account.
However, there are many more pros than cons to this broker. Traders’ opinions have always shown a positive balance, so it is a highly recommended broker for trading and operating in Forex.
Dukascopy technical data and characteristics
|Countries where it is regulated||28|
|Time to open account||1 day|
|Trading Rates||0.10 per cent|
|Bank card deposit|
|Deposit with electronic wallet|
|Demo account available?|
|Easy to use platform?|
Frequently Asked Questions about Dukascopy
Dukascopy is a Swiss bank which also functions as a broker for trading on the Forex market. It is a broker that has the support of the Swiss government, which allows trading in currencies, crypto-currencies such as bitcoins, raw materials, energy, bonds and shares.
This broker for trading on the Forex market works through the JForex and MT4 platforms. You can install the JForex program on your desktop, or browse from the web. JForex is also compatible with iOS and Android smartphone operating systems.
To sell on Dukascopy you should do it through JForex or MT4 platform. You will have to wait until your asset has a higher value than the initial one in which it was acquired. It is advisable to sell at the moment you think it is appropriate, without following any external advice.
The way to make money in Dukascopy is through trading operations. You can trade with seven assets: energy, currencies, crypto currencies (bitcoin and ethereum), commodities, Forex, bonds and shares.
However, it is important to bear in mind that these actions involve a very high risk when investing without prior knowledge. While it is possible to make money very quickly, even faster money can be lost.
Dukascopy is a 100% secure broker. The only way to lose money is by investing incorrectly. All your operations will be protected by the Swiss government.
Dukascopy is regulated by FINMA. Furthermore, it complies with ESMA’s opinions, so it can operate within the European Union.
If you’ve made it this far, you can draw your own conclusions about the advantages and cons of trading on Forex, and trade with bitcoins and CFDs. You can make a lot of money, as well as lose it.
For this reason, it is advisable that you continue your education about trading in general and the Forex market through more reviews at Wallet Adviser. Welcome to the world of trading and the Forex market!