Losses can exceed deposits

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Dukascopy Review

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Dukascopy is a forex and CFD trading broker. They give traders access to a wide variety of instruments in several markets like currencies, indices, shares and etfs. For commodity traders, they offer a range of energies, metals and agriculturals.

Pros

  • Segregates client funds
  • Established in 1998
  • Regulated by FINMA & FSA
  • Min. deposit from $5000

Cons

To open a live account, you’ll need a minimum deposit of at least $5000. Alternatively, Dukascopy offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by . Dukascopy puts all client funds in a segregated bank account and uses tier-1 banks for this. Dukascopy has been established since 1998, and have a head office in Switzerland.

Before we dive into some of the more detailed aspects of Dukascopy ’s spreads, fees, platforms and trading features, you may want to open Dukascopy ’s website in a new tab by clicking the button below in order to see the latest information directly from Dukascopy.

Visit Dukascopy

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Dukascopy screenshot Open a demo account

Losses can exceed deposits

What are Dukascopy's spreads & fees?

Like most brokers, Dukascopy takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on Dukascopy’s website. The colour bars show how competitive Dukascopy' spreads are in comparison to other popular brokers featured on BrokerNotes.

Dukascopy
EUR/USD (Average: 0.7 pips) 1.8 pips + $10.00 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 2.3 pips + $10.00 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 1.7 pips + $10.00 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 1.7 pips + $10.00 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 1.7 pips + $10.00 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 2.3 pips + $10.00 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 2.5 pips + $10.00 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 1.4 pips + $10.00 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, Dukascopy’s minimum spread for trading EUR/USD is 1.8 pips - which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Dukascopy vs. similar brokers.

See all Spreads

How much does Dukascopy charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Dukascopy at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $8.1. Here’s a rough breakdown of the fees and how this compares against IG & Forex.com .

Dukascopy IG Forex.com
Spread from: $ 1.00 $ 6.00 $ 10.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 1.00 $ 6.00 $ 10.00
$5 more $9 more
Visit Dukascopy Visit IG Visit Forex.com

All fees/prices are for informational purposes and are subject to change.

General Fees

  • Dukascopy does charge inactivity fees
  • Dukascopy doesn’t charge withdrawal fees*

Commissions

  • Dukascopy does charge commission on CFD shares

What can you trade with Dukascopy?

Dukascopy offers over different instruments to trade, including over currency pairs. We’ve summarised all of the different types of instruments offered by Dukascopy below, along with the instruments offered by IG and Forex.com for comparison.

FX / Currencies Dukascopy IG Forex.com
# of forex pairs offered 90 80
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs Dukascopy IG Forex.com
# of commodities offered 34 12
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs Dukascopy IG Forex.com
# of Stocks offered 8000 220
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See Dukascopy's InstrumentsSee IG's InstrumentsSee Forex.com's Instruments

What’s the Dukascopy trading experience like?

1) Platforms and apps

Dukascopy offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. Dukascopy also offer their custom SWFX Trader platform.

Dukascopy Screenshot

Dukascopy also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See Dukascopy 's platforms

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Accounts offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

Dukascopy allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As Dukascopy offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.

As a market maker, Dukascopy may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that Dukascopy offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer

3) Client support

Dukascopy support a wide range of languages including Chinese, English, French, German, Italian, Japanese, Polish, Portuguese, Russian, and Spanish.

Dukascopy has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with Dukascopy

As Dukascopy is regulated by FINMA & FSA , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Dukascopy’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Dukascopy you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.dukascopy.com/ on 01/11/2019.