Registration, financial regulation
Dukascopy Bank SA is regulated by FINMA (Swiss Financial Market Supervisory Authority), and also has the status of an investment bank and provides a full range of financial services. Note that getting such a license from the Swiss regulator is extremely difficult.
The broker has subsidiaries: Dukascopy Europe IBS AS (for countries of jurisdiction EEA, FCMC license). Dukascopy Japan (JFSA license) and SIA Dukascopy Payments (EC license for payment transactions and electronic payments). For a list of countries where the company and its affiliates do not provide their services, see www.dukascopy.com.
Warranties and insurance
The investments of each client are protected by the Swiss Bank Deposit Insurance Program («Swiss banks and securities dealers’ agreement regarding deposits protection») in the amount of up to CHF 100000 in case of insolvency of Dukascopy Bank SA. Customer deposits at Dukascopy Europe are protected by EC regulation up to €20000. The broker does not offer the services of private insurance companies. ESMA rules prescribe protection against negative balances, but this is not the case in a standard contract with a Dukascopy client.
Note that the verification procedure when opening an account is quite complicated, the legality of income is carefully checked and the broker has the right to refuse a potential client without an explanation.
Dukascopy Bank offers more than 500 trading assets: Forex, cryptocurrencies, indices, stocks, bonds, Dukascopy binary options, energy, metals, Dukascopy spread betting. The broker does not offer British and Irish stocks.
Dukascopy minimum deposit: in Dukascopy Europe − $ 100, in Dukascopy Bank SA− $ 1000.
The broker strictly segments customers by trading volume, net deposit or net profit. The package of services, including the size of the spread/swap/dukascopy commission, StopLoss/TakeProfit levels, is different for each category of customers. The currency of the trading account: USD, CHF, EUR, GBP, JPY, AUD, and 12 other not very popular options.
A dukascopy demo account is available for 14 days.
Be careful: for inactivity, the company charges a fine, usually in the amount of 1% of the balance of the deposit. The dukascopy minimum balance on the account cannot be less than 20 CHF. The broker closes trade deposits with insufficient balance for making a payment without warning.
The standard leverage for currency trading assets is offered 1: 100 but can be reduced at the initiative of the client (for example, to 1:50 or 1:20) or increased to 1:200. On exotic currency pairs, for example, EUR / CZK or EUR / HKD, the leverage is not more than 1:10. During an unstable market, leverage decreases automatically.
The maximum open position volume and lot size are also limited: for example, the minimum trading lot size is 1000 units of the base currency for currency pairs, 1 ounce of gold, 50 ounces of silver, 0.2 coins per BTC / USD.
There is a trust management service LP PAMM (annual income forecast of 11.15% and an approximate Sharpe ratio of 1.11).
Customers can open a trading account, as well as a current account for non-deliverable gold (XAU London). If a client wants to replenish an account or make a withdrawal of funds, Dukascopy Bank offers an attractive exchange rate.
Dukascopy Bank leverages Swiss FX Marketplace’s patented technology solution − the world’s largest ECN liquidity pool. By the way, the ECN trademark also belongs to Dukascopy. All customers receive the same liquidity and quotes. Automated trading of Dukascopy Forex is available through the DukascopyJForex API, FIX, Visual JForex (strategy constructor), JStore (trading application storage) APIs. The broker does not offer local VPS, but customers who prefer Dukascopy Metatrader can access their hosting for an additional fee. Due to liquidity restrictions during non-market hours, trading may be interrupted and special trading conditions will apply.
The broker offers its software − the Dukascopy JForex trading platform, as well as the standard Dukascopy MetaTrader 4. The JForex interface may seem more complex, although it contains hundreds of indicators, advanced charts, the ability to test, news and built-in technical support for customers.
The web version of Java-based JForex software triggers security warnings in Chrome and other browsers. Mobile versions of JForex provide synchronization between platforms but have much fewer features. JForex does not have two-level authentication. The Dukascopy Connect 911 app allows customers to manage their accounts, access online community content and chat with technical support.
Deposit and withdrawal
Dukascopy Bank SA gives priority to non-cash payments: to replenish deposits and withdraw funds, it offers bank transfers, credit and payment cards (MasterCard, Visa, Visa Electron, Maestro, Dukascopy Payments, Dukascopy Connect), but can change the list of accepted cards without prior notice. Payments are made without commissions, but for the safety of the client, the maximum amount of transfer from payment cards is limited (specify the amount on the website). Crypto currency trading accounts are replenished in BTC. Replenishment using electronic payment systems is not officially offered, but such options are possible after agreement with a personal manager.
The company has a bank guarantee scheme, which can be issued for several trade deposits from $ 100,000. Options for financing an account through a bank guarantee are considered individually.
The broker provides standard round-the-clock support (phone, dukascopy live charts, messengers, e-mail, ticket system) and supports active portals on social networks, as well as a special forum for supporting JForex and automated trading. Curiously, the web forum is not directly related to the website, which forces the trader to use the search function or access it through the trading platform.
There is no standard textbook Dukascopy trading, it is assumed that the company’s customers do not need this. The bulk of the training materials is included in the built-in software help, in analytical content, FAQ and video content. The quality of the training materials Dukascopy wiki − is high.
Information support and social communications
The broker offers unique analytics and promising market research, updated on the website and in mobile applications, as well as effective filters for finding news on external information resources.
In addition to the economic calendar, for brokers of technical analysis, the broker offers various financial widgets, calculators, Dukascopy Forex trading signals, COT charts, etc. For example, the mood index SWFX, which analyzes the entire flow of transactions passing through ECN.
The price history of the main trading assets accumulated by Dukascopy is considered to be a reference − you can Dukascopy tick data download archives for the last 20 years for free.
The company offers Dukascopy Forex TV, for technical support and market analysis service, officially registered as a private telecommunications company. As part of the Geneva Forex Event project, information briefings are constantly held for traders.
Bonuses & Promos & Partnership
Dukascopy Swiss Bank conducts active, but non-aggressive advertising effectively communicates with social networks. The broker offers a bonus of 10% -20% of the size of the deposit within 30 days after replenishment of the deposit, which can be withdrawn after the conditions for trade turnover are met. Anniversary and prize bonuses are offered in the same amount. The partner program «Invite a Friend» ($ 100) is working, various competitions are regularly held with an impressive prize pool.
Аnd look how well that turned out?
If you are ready to invest at least $ 10000-20000 in the market, then Dukascopy Bank SA is an ideal choice: large deposits receive favourable trading conditions, additional technical tools, bonuses, insurance and other preferences. The company is interested in client trading for a long time and successfully, and not lose his capital in several transactions and leave the market forever. So small brokers and novice traders are not interested in this broker, and even experienced traders with an average level of capital can disappoint higher trading costs.
Overall assessment from the point of view of the prospective client: 92 marks out of 100
You are free in your final choice and let it be the right one!