In this video we will review Dukascopy Forex Broker.
Dukascopy Bank, a Swiss online bank and brokerage, was founded in 2004 in Geneva, Switzerland.
Currently, It maintains complete oversight of three operating subsidiaries and is one of the most innovative brokers in operation today.
The broker is regulated under The Swiss Financial Market Supervisory Authority (FINMA), the Financial and Capital Market Commission of Latvia (FCMC) and he Financial Services Agency of Japan (JFSA)
Assets and Markets
Users who hold accounts or thinking to open an account on Dukascopy Broker can trade more than 800 accents across 7 asset classes, but to be more precise those are :
Currencies , with spreads starting at 0.1 pips and leverages of up to 200:1
11 Commodities, such as Brent Oil, gas copper and soft commodities like Sugar coffee and cotton
20 Indices CFD’s from around the world , such as Australia 200, Uk100a nd US30 Index
3 Bonds, the US, UK and German Government Bonds
More than 700 stock CFDs from around the world with leverages up to 10:1
50 ETFS from USA, France, Germany, Hong Kong.
And last but certainly not least, 18 cryptocurrencies, including Bitcoin, Ethereum, and litecoin.
Looking at Dukascopy we realized that the same type of account is offered to all their clients but we did spot a few different sub accounts.
The Forex/ CFD account is the first one we noticed, in which clients can trade Currencies and precious metals. For such an account the minimum deposit is 100 for European clients.
The commissions are depending on the deposit amount each client will deposit and they start from 35$ per million in volume for currencies and 52.5$ for precious metals cfds. The lowest they can go is 5 and 7.5$ respectively but for a net deposit of 3 million and above.
Another type of account is the MT4 Account which as you guessed it you will be trading on the metatrader 4 platform exclusively. The same commissions structure applies in this account type as well, with the difference that the comissions starts way lower and at 8$ per 1 USD round lot for currencies and 11.5$ per lot for metals and CFDs.
Gold Accounts, Clients may open self-trader and current accounts in non-deliverable gold. Keep in mind that Physical gold cannot be withdrawn from the gold account; instead, the holder will receive its equivalent in any currency listed above. The possibility to transfer non-deliverable XAU or to convert holdings into physical gold is subject to negotiations. To open such an account clients need to contact their account manager,.
Last the Managed Account, which is a technical solution enabling the client to appoint a trader on the account. Dukascopy offers, some perks to those accounts such as:
Different trading orders including stop-loss and limit orders
Advanced PAMM environment
Trading on accounts with differing base currencies as one pool
Professional reporting for clients and traders
Facilities for payments between clients and traders
Individual Stop Loss Level for each account
Dukascopy supports 2 trading platforms, Jforex and MEtatrader 4.
Jforex trading platform,which you can use on the web or downloaded on your desktop or mobile, is a solid trading platform, and in our video on how to create and use an account on Dukascopy, we include a tutorial in it, which will demonstrate how to login, how to place orders and in general how to use the trading platform. You can find the video on the description.
When it comes to Metatrader 4 , if you are not familiar with it, we have created dedicated and detailed videos for both desktop and mobile versions . You can find the videos on your screen or in the description below.
When it comes to deposit and withdrawing funds, Dukascopy supports the following options:
Wire transfer, payment cards such as visa, mastercard and visa electron,
Ewallets such as skrill and teller
Cryptocurrencies , Bitcoin, Ethereum and Tether and Finally they accept bank guarantees.
Expanding into fees, the bank transfers are free, but payment cards fees are between 1.5% – 2.5%, and the 2.5% applies for apple pay, skrill and nettler. On a positive note the deposit through crypto has no additional fees.
When withdrawing funds different fees applies depending on the withdrawal option, for bank transfer that is around 50$, for bank transfer but for crypto accounts 50Euro or 0.5% whichever is higher, payment cards 1.5 EURO + 2.5%, skrill and Netteler 2.5%, and last withdraws is crypto are at 30$.
Duckaskopy has 3 Bonus types, the equity bonus, the volume trading commissions discount program and the anniversary bonus.
The equity bonus gives the opportunity to users to get a 10% Bonus of the account equity for self trading accounts. Clients can apply for a Bonus during 30 days since their last credit on their account
The Discount Program, offers its self trading clients the possibility to get a 20% discount on volume trading commissions
And last the anniversary bonus, clients have the opportunity to get 100% Bonus of the account equity.
Users can contact customer service via email, phone, and live chat and whatsapp. Their service is operational 24 hours a day , 7 days a week!
So let’s have a look at the pros and cons of Dukascopy Forex Broker.
Starting with the pros:
It is a well Regulated Broker
Been around for more than18 years
Offers more than 800 assets across 7 asset classes
Metatrader 4 and Jforex trading platforms supported
Decent amount of funding options, with Cryptocurrencies to be among them
3 Bonus Types – Equity/ Volume trading commision discount program and Anniversary bonus
And last 24/7 customer support
On the cons now:
US Clients not allowed
Only type of account basically with a few variations
Quite high commissions
Metatrader 5 platform is not supported
And last Withdrawal fees are somewhat high compared to other brokers
Overall Dukascopy Broker is a well regulated forex broker that has been operating for more than 18 years. To open an account you can click the link below the video or watch our dedicated video “how to create, verify and use an Dukascopy Broker account”.
Thank you for watching Dukascopy review, we really hope that helped you decide if this is the right broker for you.