This post is also available in: itItaliano

Is DUKASCOPY BANK one of the best Australian Forex Brokers? We conducted an in-depth review in November 2018 to find out the answer and bring it to you!


Another complete and unbiased Review from Engine Forex

Dukascopy Bank SA is an innovative Swiss online bank. It was founded and is based in Geneva, Switzerland, and provides Internet and mobile trading services, banking and other financial services through its own proprietary technological solutions.

The company was established in 2004 and has multiple offices in various regions around the globe, including Zurich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong.

The Dukascopy Group mainly focuses on online and mobile trading services through its own proprietary technology solution and registered trademark Swiss Forex Marketplace (SWFX).


Dukascopy Bank

Our Rating

The overall rating is based on review by our experts

6.5 3.3 1
  • Reliability 7 / 10
  • Spread 8 / 10
  • Customer Service 1 / 10
  • Offers 7 / 10
  • Speed of Execution 8 / 10
  • Uptime 8 / 10

This post is also available in: itItaliano

Dukascopy Bank - Overview

Trading Conditions

  • Max Leverage
    200:1
  • Platform
    MetaTrader4 jForex
  • Min Deposit
    $100
  • Spread
    From 0.2 Pips
  • Cuts out Dealing Desk
    Yes

Methods of deposit and offers

  • Deposit / Withdraw
    VISA , MasterCard Maestro Bank Transfer
  • Welcome offer
    100% bonus
  • Rebates Engine Forex
    Coming soon!

Extras

  • Crypto
    Bitcoin
  • Headquarter
    Geneva

SECURITY, MARGINS AND TECHNOLOGY

SECURITY AT DUKASCOPY BANK

In Summary

  • Regulated by the FINMA
  • Guarantees Negative Balance Protection (Dukascopy Europe)
  • No dealing-desk intervention

Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities dealer.

Dukascopy Bank’s philosophy focuses on maintaining a high level of transparency, security and trust, allowing all its clients to access the same amount of information, reporting and liquidity.

Spreads Comparison

DUKASCOPY BANK
90
PEPPERSTONE
100
THINK MARKETS
80
IC MARKETS
100
CMC MARKETS
60
XM
100

CHARGES AND MARGINS AT DUKASCOPY BANK

In Summary

  • ECN/STP type broker
  • Tiered commission structure
  • Up to 200:1 leverage

Dukascopy Bank keeps it simple by limiting the choice between one type of live account or a demo account. Both retailers and institutional clients can use the demo account to trial the marketplace upon registration for currency and precious metal trading. 

As an ECN/STP type broker, Dukascopy Bank charges its clients a commission on all trades they execute on its trading platforms. 

Depending on account sizes and monthly traded volumes, different commissions and overnight fees are applied. At the base level, trading fees of $7 per lot R/T on Forex trading apply. At the top-tier level, these charges are drastically reduced to $2 per lot R/T for currency trading. 

Here’s an overview of Dukascopy Bank’s highly competitive, tiered commission structure (excluding stocks and indices):

The minimum deposit size of accounts with Dukascopy Europe is $100, while the minimum for Dukascopy Bank SA is $5,000. Several additional features are available depending on the client profile and type of account:

Both money managers and clients looking for managed or investment accounts can benefit from Dukascopy’s PAMM solutions. These PAMM accounts offer sophisticated reporting and risk management tools in addition to the overall unique trading/investment environment.  

TECHNOLOGY

In Summary

  • Unique SWFX technology
  • Proprietary JForex platform
  • NDD or STP
  • Bridge to MT4 option

All Dukascopy Bank’s trading platforms provide access to its Swiss Forex Marketplace (SWFX), which is a unique technological solution for trading that employs a centralized-decentralized marketplace model. Connected to the ECN, it allows access to raw interbank spreads for currency pairs (Forex), commodities and CFD markets.

Using the FIX API, the SWFX system is connected to a network of more than 20 banks. This large pool of liquidity providers allows Dukascopy Bank to provide its customers with an amazing trading environment with high speeds, stable trade execution and very low spreads. Market orders are executed automatically through straight-through processing (STP).

SWFX specialises in institutional liquidity and instant execution. Among the existing 10 Forex marketplaces in the world, Dukascopy SWFX has acquired a unique and outstanding position by combining the liquidity of the world's biggest marketplaces.

Its proprietary JForex 3 trading platform, available on desktop, web-based and Android or Apple iOS apps, enables all types of traders to access Dukascopy SWFX from any device. The implemented universal trading tool allows clients to develop and test trading strategies through JAVA programming.

JForex 3 is a well-developed, easy-to-use platform that allows manual, automated and direct chart trading with more than 250 indicators and charts (on the desktop version; web and mobile versions have fewer indicators and charts available). The platform provides a calendar of economic news and events on all platform versions.

All platforms support a wide range of trading orders, such as Market, Limit, Stop, Take Profit, Stop Loss, Stop Limit, Trailing Stop, OCO, IFD etc. Further, the ‘Slippage Control’ functionality allows users to control maximum price slippage upon execution. 

Dukascopy does not allow direct access to the world’s favourite trading platform, MetaTrader 4; however, it can be used via third-party API solutions to connect Dukascopy’s SWFX Marketplace with an MT4 bridge.

In addition to JForex 3 and MT4 connectivity solutions, Dukascopy offers a web-based and mobile (both Android and iOS) Binary Trader that allows users to exclusively trade binary options.

Trading binary options is commission-free, and contracts start from as low as $1.

Execution of Speed Comparison

DUKASCOPY BANK
90
PEPPERSTONE
100
THINK MARKETS
90
IC MARKETS
100
CMC MARKETS
90
XM
90

CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES

AN OVERVIEW OF DUKASCOPY BANK'S CUSTOMER SERVICE AND CLIENTS

In Summary

  • 24/7 customer support
  • Multi award winning broker
  • Extensive educational section
  • Exclusive promotions, bonuses & contests

Dukascopy offers 24/7 client support via live chat, phone and email. Over many years, Dukascopy Banks has won numerous industry awards including “Best Global Forex Bank”, “Binary Options Broker of the Year”, “The Best Forex Brand” and “Best Forex ECN/STP Broker”.

Whilst dealing with this broker ourselves, we found that their customer service and communication is pretty poor and we can therefore not recommend their service.

It offers traders access to an extensive educational area as well as its own TV and market information news section, which covers a lot of ground for all clients that demand high-end insights and information.

The minimum deposit size for accounts with Dukascopy Europe is $100, while the minimum for Dukascopy Bank SA is $5,000.

The products that are available for trading include currency pairs, stock indices, metals, commodities and international stocks. Cryptocurrency (CFDs) are currently not offered as a trading instrument.   

Apart from bonuses and promotions, Dukascopy further offers a wide range of contests within its impressive Community platform.

FOREX AND OTHER TRADING OPTIONS AT DUKASCOPY BANK

In Summary

  • Large selection of FX pairs
  • 4 commodities
  • 300+ global stocks
  • 12 indices CFDs

Dukascopy Bank offers Forex trading as well as trading in CFD markets. Available tradable financial instruments include major currency pairs and some minor pairs for the Forex spot market. Further, 4 types of commodities, 12 types of stock market indices CFDs, and more than 300 global stocks can be utilized.

Dukascopy Bank offers a maximum leverage ratio of up to 200:1 during business days and 60:1 during weekends, holidays and market off time.

Accounts can be funded via bank wire transfer, credit or debit cards and bank guarantee.

SPECIAL FEATURES OF DUKASCOPY BANK

In Summary

  • Excellent trading platform options
  • Fast execution speeds
  • Attractive spreads starting from 0.2 pips
  • NDD & STP

Fast execution speeds and stable trading environment with no price or execution manipulations thanks to Dukascopy Bank’s unique SWFX marketplace.

Attractive spreads (base spread for EUR/USD and USD/JPY 0.2 pip).

Security of funds promise.

ECN liquidity for all markets such as Forex, Metals, CFDs on commodities, indexes, stocks and binary options.

Own proprietary JForex 3 trading platform with a wide range of features, charting options and indicators.

Universal trading tool allows clients to develop and test trading strategies through Java programming.

Third party bridge to the MT4 solution.

Wide range of trading orders including stop-loss and limit.

Equal prices and liquidity for all clients through single data feed.

Automated trading option based on jForex API and FIX API.

Visual jForex to use for “visual strategy construction”.

18 deposit currencies.

Self-trader and current accounts in non-deliverable gold.

Access to sophisticated analytics and news reports.

PAMM module for money managers.

Gold trading account that allows traders to trade gold without having to purchase and physically store it.

Max Leverage Comparison

DUKASCOPY BANK
200:1
PEPPERSTONE
500:1
THINK MARKETS
400:1
IC MARKETS
500:1
CMC MARKETS
500:1
XM
500:1

IN CONCLUSION

Dukascopy Bank is a solid broker offering an exclusive and innovative trading environment. Spreads are very competitive and so are commissions as well, especially for frequent and high-volume traders. One big minus is their customer service and communication and we would rather recommend other brokers that offer better service and customer care.