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Dukascopy Bank SA Review 2024

Last updated Jun 10, 2024
Dukascopy Bank SA is trusted. Tested via live trading.

Highlights of Dukascopy Bank SA

Dukascopy Bank SA Logo
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyETFStocksBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4JForex
Deposit/withdrawal:
Apple Pay Logo
Skrill Logo
Neteller Logo
Swift Logo
SEPA Logo
Visa Logo
Mastercard Logo
compare Dukascopy Bank SA trading accounts

Dukascopy Bank SA is a Swiss broker with a long history and an excellent reputation. The broker is regulated by the Swiss FINMA, which ensures a high level of reliability and security for clients.

Dukascopy Bank SA provides access to a wide range of trading instruments, including currency pairs, CFDs on stocks, indices, and cryptocurrencies. The innovative JForex trading platform, along with support for MetaTrader 4, allows traders to use advanced tools for analysis and trading. Additionally, clients can benefit from high-quality technical support and various analytical resources for successful trading.

Pros and Cons of Dukascopy Bank SA

Pros

  1. Wide range of trading assets.
  2. High-quality trading platforms.
  3. Quality technical support.
  4. Diverse analytical tools.

Cons

  1. Fees for deposit and withdrawal.
  2. Insufficient educational materials.

Dukascopy Bank SA Broker Overview

Foundation Year2010
Official Websitehttps://www.dukascopy.com
Regulated in CountriesSwitzerlandMore Details
Minimum Deposit
  • 1000 USD
Spreadfrom 0.1 points
Max Leverage1:200
Trading Assets
  • Forex
  • Indices
  • Cryptocurrency
  • ETF
  • Stocks
  • Bonds
  • Precious Metals
  • Energy Carriers
  • Soft Commodities
Trading Platforms
  • MetaTrader 4
  • JForex
Email Support
  • support@dukascopy.bank
Hotline Phones
Social Media

Dukascopy Bank is a Swiss financial organization that provides banking, online brokerage, and trading services to European and Asian clients. They focus on offering contracts for difference (CFD), Forex, binary options, and cryptocurrencies for their growing user base.

Dukascopy Bank SA is in the top 10 of the following ratings:

Dukascopy Bank SA Review Summary

In our Dukascopy Bank SA broker review, we conducted a comprehensive analysis, evaluating various aspects of the company's operations, such as trading platforms, commissions, available markets and products, analytics, educational materials, and technical support. Each section was rated on a 5-point scale using our unique methodology.

If you want to learn more about how we conduct the evaluation and what criteria we use, you can review our broker evaluation methodology.

We hope our review will help you decide when choosing a broker for trading in the financial markets. Continue reading to learn more about Dukascopy Bank SA and determine if this broker meets your requirements and expectations.

Reliability and Regulation

Rating:5/5
Legal EntityRegulator

Dukascopy Bank is considered a safe platform, as it operates as a bank and is regulated by the Swiss Financial Market Supervisory Authority (FINMA). At the same time, the holding has licenses to carry out brokerage activities in Japan and Europe.

Below is a list of companies through which Dukascopy provides its brokerage services to traders:

  • Switzerland: Dukascopy Bank SA
  • Japan: Dukascopy Japan K.K
  • Latvia: Dukascopy Europe

Account Opening

Rating:4.5/5

The account opening process at Dukascopy is organized efficiently and conveniently. It includes clear steps, from visiting the official website to verification, which usually takes 24 hours or less. The option to confirm identity via video call adds convenience and speeds up the process.

The speed and simplicity of the process make it accessible for most traders, although the minimum deposit of $1000 may be a barrier for some new or small investors.

How to open an account?

Here is a step-by-step guide to opening an account with Dukascopy:

  1. Visit their official website
  2. Start the registration process
  3. Fill in the required information
  4. Upload documents for verification
  5. Wait for the verification process to complete
  6. Start trading

Registration can be completed online.

Verification

The identity verification process can usually be completed within 24 hours or less, especially if the user's identity can be confirmed via video call.

Minimum Deposit

Dukascopy Bank SA sets a minimum deposit threshold of $1000 to open a trading account. This parameter can be essential when choosing a broker, especially for new and small investors. The set minimum deposit underscores the bank's serious approach to trading and ensures a certain level of commitment from the trader. However, it can also limit access to the platform for those not ready to invest such an amount of funds from the outset.

Account Types

Rating:4/5

Dukascopy offers a universal ECN account, suitable for individuals and legal entities, with the ability to trade various assets, including CFDs, Forex, cryptocurrencies, and precious metals. With 24 different base currencies and flexibility in choosing strategies, this account offers many opportunities. However, the lack of cent accounts and fixed spread accounts may limit options for some traders, and certain features are only available with a specific account balance. Additionally, the availability of binary options, contests, and an Islamic account adds flexibility.

Trading Account

Dukascopy Bank SA offers its clients an ECN account.

ECN
Account CurrencyUSD, EUR, GBP, CHF, PLN, AUD, CAD, CNH, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, RON, RUB, SEK, SGD, TRY, ZAR, XAU
Minimum Deposit1 000 $
Trading PlatformsMetaTrader 4JForex
Spreadfloatingfrom 0.1 pips~ 0.3 pips
Commission per Tradeper $1M turnover~ 35 $
Trading AssetsForexIndicesCryptocurrencyETFStocksBondsPrecious MetalsEnergy CarriersSoft Commodities
Opened Positionsup to 1000
Leverage1:10-1:200
Margin Call / Stop Out100% / 50%
Order ExecutionECN
Demo Account
Islamic Account
Register

To successfully manage your trading account, you must pay attention to leverage and the minimum deposit. Speaking of leverage in general, the maximum leverage offered by Dukascopy reaches 1:200. At the same time, you can open an account with a starting capital of $1,000.

Demo Account

Dukascopy offers the opportunity to try trading on a demo account for 14 days. This is an excellent chance for new traders to get acquainted with the platform and try to trade Forex and CFDs without the risk of losing real funds.

Islamic Account

Dukascopy Bank offers swap-free accounts that comply with the religious rules of Islam. These accounts exclude the overnight swap commission typically charged as the price difference for "rollover close" and "rollover open" transactions. Instead, both rollover transactions are executed at the same price, and the client does not pay additional interest for open positions at the end of each trading day.

However, to prevent abuse, Dukascopy implements specific precautionary measures:

  1. Additional Commission. Clients with a swap-free account pay an extra 5 USD per million USD for currency and 7.5 USD for precious metals and CFDs.
  2. Deficit Regulation. If the difference between the additional commission and the swap amount is negative, and the account balance does not cover this deficit, Dukascopy may block further trading.
  3. Terms of Use. Dukascopy reserves the right to change the terms of the swap-free account, refuse or cancel its use, and withdraw funds to cover the deficit.

Following specific procedures, clients can activate or cancel swap-free conditions at any time.

Binary Options

Binary options are a simple and attractive way to trade in the financial markets. Dukascopy offers a wide range of binary options with various features and capabilities.

Binary options on Dukascopy Bank SA
Binary options on Dukascopy Bank SA

Types of Binary Options at Dukascopy Bank SA

  1. Up/Down: The trader determines whether the underlying price will go up or down by the end of the contract.
  2. Touch: FX currency pair options with two strike prices set at the option's open price level.

Trading Automation

Traders can automate part of their trading activity using related option contracts and strategies such as Winning (trend following) and Martingale (doubling the bet after a loss).

Contract Duration

Dukascopy offers various currency pairs with a minimum contract duration of 3 to 10 minutes and a maximum of up to 22 hours 59 minutes.

Advantages of Binary Options at Dukascopy Bank SA

  • Payout up to 90%: The possibility of obtaining high profits.
  • Simple Trading: Ease of mastering and use.
  • Diversity of Markets: A wide choice of currency pairs for trading.
  • Transparent Quotations: Fair and open prices.

PAMM Accounts

Dukascopy Bank SA offers an advanced PAMM account system, allowing clients to appoint a professional trader to manage their accounts. This service is based on a unique environment that includes the following key features:

  1. Professional trading platform. High-quality platform with access to various trading orders, including stop-loss and limit orders.
  2. Advanced PAMM environment. Flexible and robust system for managing portfolios and accounts.
  3. Multi-currency account management. The ability to manage accounts in different currencies through a single pool.
  4. Professional reporting. Detailed reports for clients and traders, ensuring complete transparency.
  5. Secure payment processing. A secure payment system between clients and traders.
  6. Individual Stop Loss level. The ability to set a Stop Loss level for each account separately.
  7. Wide range of risk management tools. Integration with the Swiss regulatory system and access to SFWX liquidity - Swiss FX Marketplace.

PAMM accounts at Dukascopy provide a favorable environment for investment, combining cutting-edge technology, flexibility, and security. This makes them an attractive choice for both experienced account managers and investors seeking professional management of their funds.

Contests

Dukascopy Bank SA actively encourages traders to participate in various Forex contests, making trading profitable, fun, and socially engaging. With an annual prize pool of approximately $138,000, the broker offers numerous opportunities to win cash prizes.

1. Live Trader Contest

  • Rewards: $1,500 weekly.
  • Features: More fun from trading with minimal restrictions.
  • Goal: Competition in live trading with the opportunity to win cash prizes.

2. Strategy Contest

  • Rewards: $5,000 monthly.
  • Features: Challenge the Forex market by creating a profitable automated strategy.
  • Objective: Compete in developing and applying trading strategies with the opportunity to win significant cash prizes.

3. Perpetual Demo Account

  • Features: One-click registration for community members. Unlimited demo account provided it is used at least once every 14 days.
  • Objective: To provide an opportunity to practice and participate in demo contests without risk.

These contests offer beginners and experienced traders a unique opportunity to demonstrate their skills and earn additional prizes.

Commissions

Rating:3.7/5

The trading fees and commissions charged by this broker are at an average level. In addition, besides trading commissions, traders should consider non-trading fees, in particular, the inactivity fee.

Trading Commissions

Commissions vary depending on trading volume and the financial instrument traded.

Spreads and Swaps

For trading on the Forex market, the commission starts from 1 pip for the EUR/USD pair, including the standard commission rate and average spread.

Swaps from Dukascopy Bank SA can be considered below average compared to competitors. Below are the swaps in pips for major currency pairs.

AssetAverage spreadSwap longSwap short
AUDUSD1.0 pips-3.22 pips0.31 pips
EURUSD0.2 pips-5.73 pips2.66 pips
GBPUSD0.8 pips-2.49 pips-1.45 pips
NZDUSD1.1 pips-1.56 pips-1.14 pips
USDCAD1.2 pips-1.37 pips-4.31 pips
USDCHF0.9 pips7.15 pips-10.63 pips
USDJPY0.5 pips19.59 pips-24.91 pips

When trading CFDs on individual stocks, indices, and ETFs, commissions typically amount to 0.10% of the transaction value, with certain minimums depending on the geographical location of the exchange.

Additionally, accounts holding physical gold pay a fixed commission of 1% per annum on the average balance of their gold reserves.

Per Trade Commission

The standard commission is $3.5 per lot on MT4 ($35 for every $1 million).

Below is the commission per lot for the EURUSD pair at different Forex brokers:

BrokerIC MarketsRaw SpreadPepperstoneRazorDukascopy Bank SAECNVantageRawRoboforexECN
Commission per lot$3.5$3.5$3.78$3$2.16

However, it should be noted that Dukascopy Bank SA offers a flexible commission structure, which can be reduced with higher trading volumes and net deposits.

Below is a table of Forex transaction commissions based on net deposit and trading volume over 30 days.

Net Deposit or Equity (in USD)

Trading Volume (in USD)

Commission per 1 Million Turnover (in USD)

< 5,000

< 5 million

35

≥ 5,000

≥ 5 million

33

≥ 10,000

≥ 10 million

30

≥ 25,000

≥ 25 million

25

≥ 50,000

≥ 50 million

18

≥ 250,000

≥ 250 million

16

≥ 500,000

≥ 500 million

15

≥ 1,000,000

≥ 1 billion

14

≥ 2,000,000

≥ 2 billion

10

≥ 3,000,000

≥ 3 billion

5

Account Inactivity Fee

An inactivity fee is charged for dormant (inactive) accounts to cover any expenses incurred in reaching out to the account holder, with a minimum charge of 500 Swiss Francs (CHF).

Discount Program

Dukascopy Bank offers an attractive discount program for its self-trading clients, allowing them to receive a 20% discount on the volume of trading commissions. This program is available to clients for 30 days after the last account funding and is associated with specific traded volume requirements.

How to Apply for the Discount

Clients can apply for the discount through the trading platform in the "Portfolio – Account Settings" menu. The application must be submitted within 30 days from the date of the last incoming transfer (deposit), and there should be no outgoing transfers (withdrawals) after that deposit.

Turnover Requirements

When applying for the discount, the discount will be credited to the account after reaching the required traded volume, 30,000 times the account balance. The volume must be contacted within 1 year from the date of application.

Cancellation of Discount

The discount may be canceled in case of an outgoing transfer from the account, failure to meet the turnover requirements within 1 year, or the client voluntarily discontinues participation in the program. Upon cancellation, any accrued discount will be considered forfeited.

Deposit and Withdrawal

Rating:3.5/5

Dukascopy Bank SA provides various methods for account funding and withdrawal. However, the commission for most operations is 2.5%, which may seem high compared to other brokers. The timing of fund crediting varies from instant to one business day for most methods, although bank transfers may take longer. The inability to use cryptocurrencies for deposits or withdrawals may also be a limitation for some traders.

Account Funding Methods

Dukascopy accepts various payment methods for the initial deposit.

Payment SystemCurrenciesDeposit FeeOperation Limit
Apple PayApple Pay
all
2.5%
SkrillSkrill
all
2.5%
NetellerNeteller
all
2.5%
SwiftSwift
USDEURRUB
0%
SEPASEPA
all
0%
VisaVisa
all
2.5%
MastercardMastercard
all
2.5%

A minimum deposit of $1,000 is required to open a trading account with Dukascopy Bank SA, while the minimum deposit for European clients at Dukascopy Europe is $100.

Payment card deposits are usually credited within one business day, while bank transfers may take longer.

Deposits from electronic wallets are often credited instantly, but in some cases, crediting may take up to 24 hours.

Withdrawal Methods

To withdraw funds from your Dukascopy account, you can use the same funding methods as for deposits. The withdrawal fee depends on the method you choose.

Payment SystemCurrenciesWithdrawal FeeOperation Limit
NetellerNeteller
все
2.5%
SkrillSkrill
все
2.5%
SEPASEPA
EUR
0%+ 3.5 EUR
SwiftSwift
USDEURRUB
0%
MastercardMastercard
все
2.5%+ 1.5 EUR
VisaVisa
все
2.5%+ 1.5 EUR

Both the account funding fee and the withdrawal fee charged by this broker seem high compared to other brokers, which is a disadvantage of trading with Dukascopy.

However, transfers between accounts at Dukascopy Bank or within the Dukascopy group are free, while various commissions apply to the bank's multi-currency accounts.

Markets and Products

Rating:4.7/5

Dukascopy Bank SA offers a wide range of markets and many different financial products. These include spot Forex pairs, cryptocurrencies traded via CFDs, and other CFD products covering a broad spectrum of financial instruments.

However, the leverage at Dukascopy Bank SA is not the highest, which may not suit traders with a high-risk appetite.

What markets are available?

Here is a brief description of the portfolio of financial instruments available with Dukascopy:

BrokerIC MarketsDukascopy Bank SAPepperstone
Forex616097
Precious Metals7520
Energy Carriers544
Soft Commodities8616
Indices252026
Stocks21751081986
ETF3851108
Bonds103
Cryptocurrency211830

Additionally, Dukascopy offers the opportunity to trade binary options. This allows a trader to profit from very short-term price fluctuations, similar to how CFDs work, but with higher payout ratios and shorter holding periods.

Binary options are available only for 18 Forex pairs, including AUD/JPY, EUR/USD, GBP/USD, USD/JPY, and others.

Leverage

Leverage may vary for different types of instruments.

Trading InstrumentMax. Leverage for Retail Traders
Forex
1:200
Precious Metals
1:50
Energy Carriers
1:20
Soft Commodities
1:30
Indices
1:50
Stocks
1:10
ETF
1:10
Bonds
1:30
Cryptocurrency
1:5

By default, the maximum leverage for trading Forex is 1:100. Upon a trader's request, Dukascopy Bank SA may set the leverage to 1:200.

Trading Platforms

Rating:4.5/5

Dukascopy provides high-quality and functional trading platforms, ensuring traders' flexibility and various tools for effective trading.

JForex

Dukascopy's proprietary trading platform, JForex, is designed for manual and automated trading - i.e., algorithmic trading.

The platform includes 250 technical indicators and tools. It features an economic calendar, a news feed, an auto-trading function, and a multilingual interface. Coding for the auto trading function can be done using Java programming, although traders can also place their trades manually.

JForex desktop and mobile platform
JForex desktop and mobile platform

The JForex Web 3 platform is a web-based trading platform that operates on cloud computing and includes 46 different indicators, an automated trading strategy feature, real-time market news, calendars, and other exciting additions while requiring low technical specifications.

JForex Web 3 platform
JForex Web 3 platform

The JForex trading platform is also available for Android and iOS smartphones.

MetaTrader 4

Dukascopy also supports MetaTrader 4, the most popular trading platform to date.

Mobile version of MT4
Mobile version of MT4

Order Types

Dukascopy platforms offer a wide selection of trading orders:

  • Market order
  • Limit order
  • Stop order
  • Stop loss
  • Stop limit
  • Trailing stop

Dukascopy also has some unique types of orders, such as:

  • OCO
  • IFD
  • Bid/Offer

It is important to note that all trades executed on Dukascopy are done through Dukascopy SWFX - Swiss FX Marketplace. The bank created this marketplace to ensure high liquidity and instant execution of trades with Dukascopy.

Analytics

Rating:5/5

Dukascopy's research tools can be described as high-quality and very diverse, as the platform provides both fundamental analysis and technical analysis reports, which help traders develop trading ideas.

Additionally, the JForex platform features a news feed, an economic calendar, and its own Dukascopy TV channel, a high-quality media outlet that constantly broadcasts high-quality video content with interviews, market commentary, and other exciting presentations and relevant financial information.

Dukascopy TV
Dukascopy TV

Other tools include the Dukascopy SWFX Sentiment Index, average spread tracker, position size calculators, Forex holiday calendar, pivot point report, and many other valuable tools that should help you constantly develop new trading ideas.

Education

Rating:3/5

Education at Dukascopy Bank SA is primarily limited to video tutorials on how to use the JForex platform. These tutorials cover various aspects of setting up and using the platform, including changing the time, color scheme, and size of objects. Although the broker used to conduct seminars in the past, they are currently not held, and webinars are extremely rare.

Schedule of webinars on Dukaskopy Bank SA
Schedule of webinars on Dukaskopy Bank SA

Educational materials at Dukascopy are limited and do not offer a wide range of resources for traders of different skill levels. The lack of regular webinars and seminars reduces opportunities for direct interaction and learning from experts. While useful for newcomers to the JForex platform, the video tutorials do not provide a deep understanding of trading strategies or market analysis.

Customer Support

Rating:4.5/5

Dukascopy offers 24/6 customer service via phone, email, and chat. According to reviews, traders speak of a positive experience when seeking help from this broker, using all three communication channels.

The average waiting time for phone calls is 2 minutes, while chat responses are primarily instantaneous.

  • Customer Support: +41 22 799 4888
  • Real-time Trading: + 41 22 799 4848
  • Account Holder Support: + 41 22 799 4838

Conclusion

Dukascopy Bank SA is a broker with a long history and a good reputation. The company provides its clients with a wide range of services and products for trading in international financial markets. The broker has reliable trading tools, including modern trading platforms and access to liquidity from its bank. In addition, Dukascopy Bank SA ensures a high level of security and confidentiality of its clients' data, making it one of the most reliable brokers in the market. Dukascopy Bank SA is an attractive option for traders looking for a reliable partner for successful trading in the financial markets.

FAQ

Is Dukascopy Bank SA legit?

Yes, Dukascopy Bank SA is a legitimate broker. It is regulated by the Swiss Financial Market Supervisory Authority (FINMA), ensuring a high level of reliability and security for its clients.

Which country is Dukascopy Bank SA from?

Dukascopy Bank SA is from Switzerland.

Is Dukascopy Bank SA an ECN broker?

Yes, Dukascopy Bank SA operates as an ECN (Electronic Communication Network) broker.

How does Dukascopy Bank SA make money?

Dukascopy Bank SA makes money primarily through spreads and commissions on trades.

Is Dukascopy Bank SA good for beginners?

Yes, Dukascopy Bank SA is good for beginners. It offers a demo account, educational resources, and a user-friendly trading platform that can help new traders learn and practice trading.

Does Dukascopy Bank SA offer a demo account?

Yes, Dukascopy Bank SA offers a demo account for users to practice trading without risking real money.

How can I open an account with Dukascopy Bank SA?

To open an account with Dukascopy Bank SA, you need to visit their website, complete the online application form, provide the necessary documentation, and fund your account.

How can I delete my Dukascopy Bank SA account?

To delete your Dukascopy Bank SA account, you need to contact their customer support team and follow the required procedure for account closure.

What is the minimum deposit for Dukascopy Bank SA?

For individual accounts, the minimum deposit is typically $1000.

What is the maximum leverage on Dukascopy Bank SA?

The maximum leverage on Dukascopy Bank SA is 1:200.

How do I deposit funds in a Dukascopy Bank SA account?

You can deposit funds into a Dukascopy Bank SA account using various methods such as bank wire transfer, credit/debit cards, and other online payment systems supported by the broker.

How do I withdraw money from Dukascopy Bank SA?

To withdraw money from Dukascopy Bank SA, you need to log in to your account, go to the withdrawal section, select your preferred withdrawal method, and follow the instructions provided.

Does Dukascopy Bank SA provide VPS?

No, Dukascopy Bank SA does not provide VPS (Virtual Private Server) services.

Is Dukascopy Bank SA suitable for scalping?

Yes, Dukascopy Bank SA is suitable for scalping. It offers competitive spreads and fast execution, which are essential for scalping strategies.

Is Dukascopy Bank SA suitable for auto-trading?

Yes, Dukascopy Bank SA is suitable for auto-trading. It supports automated trading strategies through its JForex trading platform.

Is Dukascopy Bank SA suitable for hedging?

Yes, Dukascopy Bank SA is suitable for hedging. It allows traders to open multiple positions in the same instrument to manage risk.

Is Dukascopy Bank SA suitable for spread betting?

No, Dukascopy Bank SA does not offer spread betting services. It focuses on Forex and CFD trading.

Visit Dukascopy Bank SATrading CFDs carries high risks. You may lose all invested funds

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.