Dukascopy Europe Review 2024
Brokerage company Dukascopy Europe is a subsidiary of the Swiss online bank Dukascopy Bank SA. In turn, these organizations are part of the large Dukascopy Group holding. The main clients for the broker are private traders from European Union countries, for whom services are provided for online trading, asset management, and trading in binary options and CFDs.
In this material, we will review the broker's activities. This will allow beginners to decide whether to cooperate with this company or to continue searching.
Dukascopy Europe Broker Overview
|Regulated in Countries
|from 0.1 points
Dukascopy Holding has existed since 1998 and is an innovative project that develops and implements comprehensive financial solutions based on mathematical and economic methodologies.
The official website is available in 16 languages. Although the broker is focused on European clients, the website can also be used in the languages of the Eastern group.
Dukascopy Europe Review Summary
In our review of the Dukascopy Europe broker, we apply a meticulously developed evaluation methodology to ensure an accurate and objective analysis of all critical aspects of the broker's activities. This methodology includes a detailed study of commissions, trading platforms, analytics, educational materials, and technical support.
We strive to provide you with all the necessary information to help you make an informed decision about choosing a broker. Continue reading the review to learn more about what Dukascopy Europe can offer you as a trader.
Reliability and Regulation
Dukascopy Europe IBS AS
Dukascopy Europe IBS AS
Dukascopy Europe is an investment brokerage firm operating under a European license from the Financial and Capital Market Commission (FCMC) and regulated by the Swiss Financial Market Supervisory Authority.
The broker is subject to the Investor Protection Law, according to which it adheres to the Investor Compensation Schemes Directive (Directive 97/9/EC), thus guaranteeing all its clients a return of up to 90% of lost funds in the event of non-fulfillment of its obligations, but not more than 20,000 euros per client.
The account opening process at Dukascopy Europe is organized clearly and sequentially, including selecting the account type, filling out the registration form, and identity verification. All stages are well-structured, and instructions are provided clearly, making the process convenient for beginners. Verification is carried out within 24 hours, indicating fast and efficient service.
The registration of a new client occurs in several stages. First, you choose the type of account, indicating whether you are an individual or a legal entity. It is also possible to open a joint account for use by two owners. Next is completing a simple registration form, where personal details must be entered using the Latin alphabet.
Next, details of the client's employment are filled in.
The final stage of personal account registration involves choosing the type and currency of the account according to the instruments you plan to trade, deciding on the preferred language of communication, and familiarizing yourself with the client protection policy.
Subsequently, the client must provide identity verification documents, as withdrawal of funds will not be possible without the verification procedure. Therefore, personal details should be entered using passport data.
The verification process is carried out within 24 hours.
To start trading with Dukascopy Europe, investors must have only 100 US dollars as an initial deposit. This amount makes the company's services accessible to a wide range of traders, including novice investors who may not be ready to invest significant funds immediately.
Broker Dukascopy Europe offers a limited selection of account types. This may not satisfy the needs of diverse traders, especially those looking for more specialized options such as cent accounts, accounts with fixed spreads, or accounts for passive investing (e.g., PAMM accounts, Forex copy trading).
The broker offers only 1 type of ECN account. Interestingly, only residents of Switzerland can become clients of Dukascopy Bank SA with a deposit of less than $5,000, while Dukascopy Europe has no such restrictions. Residents of other countries can open an account with the broker with a minimum deposit of 100 USD.
|USD, EUR, GBP, CHF, PLN
|floatingfrom 0.1 pips~ 0.3 pips
|Commission per Trade
|per $1M turnover~ 35 $
|ForexIndicesCryptocurrencyETFStocksBondsPrecious MetalsEnergy CarriersAgricultural Commodities
|up to 1000
|Margin Call / Stop Out
|100% / 50%
Beginners are recommended to open accounts with a DE broker, while experienced traders may prefer services from Dukascopy Bank SA.
Also, depending on the client's country of residence, the company limits the maximum deposit amount. Such restrictions are applied when opening an 'instant account,' where one can open and access their area through a simplified scheme just by sending scanned copies of their documents.
If the client is registered in the European Union countries, Russia, Australia, Brazil, Canada, India, Korea, China, Mexico, and several other countries, the deposit amount must not exceed $7,500; for residents of other countries, the limit is $2,000.
The broker charges a commission for trading volume levied for each transaction. Its size depends on the deposit length, equity, and trading volume.
Also, Dukascopy Europe restricts the minimum deposit amount, so if you have 20 Euros remaining in your account, all open trading operations will be automatically blocked.
To try their hand at trading in the Forex market, traders can initially open a demo account based on the SWFX trading platform. Such an account is identical in functionality and data flow to real accounts, with the only difference being that orders are executed fictitiously but based on accurate market information.
After registration, the demo account is valid for 14 days.
To register a demo account, one needs to fill out a simple form, where you can also indicate your intention to test binary options trading.
Dukascopy Europe offers a trading account known as a Swap-Free account, which complies with Islamic religious principles. These accounts are exempt from overnight swaps that are usually credited or debited from client accounts when carrying positions overnight.
Features and Conditions
- No swaps. Clients do not earn or lose interest in open positions at the end of each trading day (21:00/22:00 GMT summer/winter time).
- Additional commissions. In addition to the standard commission, Islamic accounts are charged an additional fee of 5 US dollars per 1 million US dollars for currencies and 7.5 US dollars per 1 million US dollars for precious metals and CFDs.
- Protective measures. Dukascopy implements measures to prevent abuse of the swap-free conditions and financial damage, including the possibility of trading suspension in case of a negative difference between the additional commission and the uncharged swap.
The Islamic account can be activated or canceled by the client anytime. Dukascopy Europe reserves the right to modify the conditions of the Islamic account and reject or cancel the use of swap-free conditions at its discretion.
For automated trading, the broker DE offers its clients the ability to download the JForex platform written in JAVA. In addition to automated trading, it allows developing and testing one's strategies based on various currency pairs.
Using accurate tick data, you can visualize your strategies on JForex online and in historical test mode. JForex also provides access to up to 180 trading indicators, making automated trading as profitable and straightforward as possible.
At Dukascopy Europe, the average level of trading fees and commissions.
Trading commissions vary depending on the trading volume and the chosen financial instrument, allowing traders to select the most suitable conditions.
Commission per Trade
The standard commission is $3.5 per lot on MT4 ($35 for every $1 million). However, Dukascopy Europe offers a flexible commission that can be reduced with higher trading volumes and net deposits.
Net Deposit or Equity (in USD)
Trading Volume (in USD)
Commission per 1 Million Turnover (in USD)
< 5 million
≥ 5 million
≥ 10 million
≥ 25 million
≥ 50 million
≥ 250 million
≥ 500 million
≥ 1 billion
≥ 2 billion
≥ 3 billion
But considering the standard commission per trade - $35 per $1 million in turnover- it is average compared to other Forex brokers.
Below is the commission per lot one way for the EURUSD pair at different Forex brokers:
|IC MarketsRaw Spread
|Commission per lot
Spreads and Swaps
Spreads start from 1 pip for the EUR/USD pair, including the standard commission rate and the average spread. Swaps at Dukascopy Europe can be characterized as below average compared to competitors.
Below are the spreads and swaps in pips for major currency pairs.
Accounts that remain inactive for over 180 calendar days are subject to an inactivity fee of EUR 50 every 180 calendar days. However, the fee is not charged if there was at least one open position on the account during the last 180 calendar days. The maximum inactivity fee is capped at EUR 100 for 360 calendar days per client, regardless of the number of trading sub-accounts.
Deposit and Withdrawal
Dukascopy Europe offers limited account funding and withdrawal methods, primarily through bank transfers and credit cards. While there are no fees for funding, some fees apply to withdrawals, and partner banks may incur additional charges.
Significant drawbacks include the lack of options to use e-wallets or cryptocurrencies for transactions. Moreover, the processing times for fund withdrawals are not specified in the client agreement or on the official website, which may cause inconvenience for clients wishing to access their funds quickly.
Methods of Account Funding
Broker Dukascopy Europe offers its clients the following methods for account funding:
USDEURRUB. . .show all
USDEURRUB. . .show all
USDEURRUB. . .show all
There is no commission for funding. The Dukascopy Payments system allows transactions from a mobile phone to top up friends' mobile accounts, create group chats, send encrypted messages, and make voice and video calls.
Methods of Withdrawal
Withdrawals are made only by bank transfer.
0%+ 3.5 EUR
USDEURRUB. . .show all
0%+ 50 USD
Additional commissions may be applicable from partner banks.
Markets and Products
Dukascopy Europe offers a relatively wide range of trading instruments. This makes it attractive for traders seeking diversity in investment opportunities. However, it should be noted that the leverage is relatively low compared to some competitors, especially cryptocurrencies and stocks, which may limit opportunities for traders with high trading ambitions.
What markets are available?
- 59 currency pairs;
- 2 spot precious metals (gold and silver) paired with the US dollar;
- 13 CFDs on commodities (metals, energy, soft commodities);
- 21 CFDs on stock indices;
- 3 CFDs on bonds;
- over 1000 CFDs on stocks from America, Europe, and Asia.
- 51 CFDs on ETFs;
- 18 CFDs on cryptocurrencies.
Leverage may vary for different types of instruments.
|CFD on Stocks
The broad selection of platforms at Dukascopy Europe and their high functionality make trading accessible and efficient. However, adding one or two more specialized platforms could further enhance the broker's offering.
JForex is a multifunctional trading platform offering a plethora of opportunities for traders. It is available in desktop, web, and mobile versions, providing flexibility and convenience in trading.
The JForex platform offers access to 7 asset classes and over 500 trading instruments, including Forex, energy resources, cryptocurrencies, metals, indices, bonds, stocks, and ETFs. It features advanced functions such as slippage control, real-time market depth, and the ability to place various orders.
Traders can enjoy manual, automated, and chart trading, utilize over 250 indicators and charting tools, and analyze economic events directly on the chart. The platform supports 22 interface languages and permits all kinds of strategies, including hedging and scalping.
The mobile version of JForex allows traders to keep their finger on the market's pulse, monitor stop-loss and take-profit levels, analyze and draw on charts, and enjoy a convenient interface where everything is on one screen.
MetaTrader 4 (MT4) is one of the most popular trading platforms in the world, known for its reliability and multitude of features. It offers a wide range of tools for market analysis, automated trading, and portfolio management.
MT4 has an intuitive interface and offers access to various charting tools, indicators, and scripts for trading automation. The platform supports different types of orders and allows traders to create and test their trading strategies using the MQL4 programming language.
MT4 is available for download and installation on various devices, providing flexibility and convenience for traders of all experience levels.
The analytics from broker Dukascopy Europe leave much to be desired, as the information is minimal. The website only presents the latest news from the Dukascopy group of companies and the current exchange rates. Fundamental market analysis tools, such as expert analytics, signals, in-depth market analysis, and other materials that could help traders make informed decisions, are missing. This can significantly hinder the work of both novices and experienced traders accustomed to complex analytical tools.
Dukascopy Europe offers limited educational materials, including video tutorials on trading and using the platform. Educational seminars and webinars were previously held but are not currently being conducted.
The absence of advanced materials such as podcasts, articles, and webinars makes the education section less appealing to experienced traders. Overall, the broker's educational materials provide a basic understanding but could be more diverse and in-depth.
Dukascopy Europe IBS AS provides its clients with 24/7 support, an essential aspect for traders operating across different time zones.
Phone lines. The main phone number for contact is listed on the website, and a 24/7 customer support line is also available (+371 67 399 039). All lines are recorded for client security.
Customer support chat. The broker offers 24/7 support chat, allowing quick, real-time responses to inquiries.
E-mail. Clients can send emails to specialized addresses for various requests and questions. The broker always calls the support service to confirm receipt of essential instructions.
Trader reviews. Based on feedback, traders are generally satisfied with the quality of support they receive from this broker, using all available communication channels.
Dukascopy Europe offers a comprehensive and effective support system that meets the needs of both beginners and experienced traders. Special attention is paid to the security and timely execution of client requests, making this broker a reliable partner in the financial market.
Dukascopy Europe Pros and Cons
- Wide range of trading instruments. A large number of currency pairs, CFDs, metals, and cryptocurrencies.
- High-quality trading platforms. Various platforms with rich functionality are available, including JForex and MetaTrader 4.
- 24/7 customer support. Multiple communication channels and positive reviews about the support.
- Average Commission Levels. Commissions are at an average level, with some additional fees.
- Limited Deposit and Withdrawal Options. Lack of ability to deposit/withdraw via e-wallets or cryptocurrencies.
- Low Leverage. Compared to competitors, the leverage is more lacking.
- Limited Analytics. Access to currency rates is available, but there is a lack of tools and materials for deeper Forex market analysis.
Broker Dukascopy Europe represents a reliable choice for a wide range of traders, from beginners to experienced professionals. With a wide range of trading instruments and quality platforms, it can be beautiful for those who want to diversify their portfolio.
However, some aspects, such as average commission levels and limited account funding options, may make it less attractive to traders seeking minimal costs or specific deposit/withdrawal methods.
Dukascopy Europe suits a broad spectrum of traders, especially those who value quality trading tools and support.