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Dukascopy Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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In 1998, mathematician Dr. Andre Duka founded Dukascopy Trading Technologies Corp, which led to the development of the Dukascopy trading platform in 1999. Together with his partner, Veronika Makarova, Dr. Duka founded Dukascopy in 2004 as a Swiss brokerage house in Geneva.

After the development of the Swiss FX Marketplace in 2006, which is an eco-system supporting traders with the firm’s apps and platform infrastructure, Dukascopy acquired a Swiss banking license in 2010 and launched Dukascopy Bank.

The Dukascopy group today offers forex and CFD traders competitive pricing and access to 64 forex pairs and 357 CFD markets on its proprietary JForex platform suite, which supports algorithmic trading and is compatible across nearly all operating systems and devices.

Review Summary

Rank: 8th (of 28)

Thanks to its JForex platform suite, Dukascopy provides forex traders industry leading trading tools and market research, which includes our favorite mobile app for 2019. Customer service and a narrow offering are the only weak spots in an otherwise great offering.

Benefits

  • JForex desktop platform is highly dynamic and rich with features.
  • Extensive range of charting tools and automated trading capabilities.
  • Competitive pricing for active traders.
  • Impressive trading community resources and research.

Considerations

  • $5,000 minimum at Dukascopy Bank for non-Swiss residents.
  • Customer support has room for improvement to match quality of product offering.
  • Crypto CFD offering not available during weekend session.

Is Dukascopy Safe?

help 84
Trust Score

Dukascopy is considered average-risk, with an overall Trust Score of 84 out of 99. Dukascopy is not publicly traded, does operate a bank, is authorised by two tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Dukascopy is authorised by the following tier-1 regulators: Japanese Financial Services Authority (JFSA) and Swiss Financial Market Supervisory Authority (FINMA). Learn more about Trust Score.

Regulations Comparison

FeatureDukascopyeToroPepperstoneIG
Year Founded2004200720101974
Publicly Traded (Listed) No No No Yes
Bank Yes No No Yes
Tier-1 Licenses2226
Tier-2 Licenses0104
Tier-3 Licenses0000
Trust Score84887999

Commissions & Fees

Rank: 6th (of 28)

In terms of all-in cost of trading, Dukascopy competes near the top among forex brokers that support automated trading and active trading programs.

Benefits

  • Dukascopy offers one account type for FX trading under its Forex ECN account, where the execution method can vary between agency and dealing desk. While the spreads are the same for all clients in the ECN account, the added commission rates you pay will vary depending on your trading volume, balance, and net deposits.
  • Using average spreads of 0.32 pips on the EUR/USD for the US trading session during Q4 2018, combined with the default commission rate of 0.70 pips round turn, the all-in cost equates to 1.02 pips and is comparable to other brokers with commission-based pricing, such as Saxo Bank.

Considerations

  • Traders can open the ECN account either with Dukascopy Europe or Dukascopy Bank in Switzerland. The main difference between these two entities, besides regulatory jurisdictions, is that the former can be done with as little as $100, while the latter requires $5,000 – unless you are a Swiss resident, in which case, the minimum drops to $1,000.
  • Dukascopy’s discount program refunds 20% of commissions paid, but only if you trade 30,000 times your equity (in terms of volume) within one year, and comes with strict trading conditions.

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Further Reading

Fees Comparison

FeatureDukascopyeToroPepperstoneIG
Minimum Initial Deposit$100.00$200$200.00£250.00
Average Spread EUR/USD - Standard1.023.001.160.750
All-in Cost EUR/USD - Active0.420N/A0.8600.363
Active Trader or VIP Discounts Yes Yes Yes Yes
Commissions & Fees 4.5 Stars 3.5 Stars 4 Stars 4.5 Stars

Platforms & Tools

Rank: 4th (of 28)

Overall, it’s clear that Dukascopy understands trading technology and provides traders the tools they need to succeed. While most forex traders prefer MetaTrader 4 to a proprietary platform built in house, JForex 3 stands on its own and competes with the best on the market.

Benefits

  • Dukascopy’s flagship platform is JForex 3, a desktop and web-based platform that supports both Windows and Mac. While MetaTrader4 (MT4) is offered, the JForex suite is the overwhelming favorite among traders.
  • JForex 3 desktop is rich with trading tools and easy to use. It’s also fantastic for technical traders, offering 24 drawing tools, 313 technical indicators (62 for the web version), and the ability to import custom indicators.
  • JForex 3 competes well with the MetaTrader, as it supports algorithmic trading, custom indicators, and also provides cloud storage for clients who require a VPN to run their trading systems on a 24-hour basis.
  • Dukascopy also provides an app store with hundreds of apps that traders can use with the JForex 3 platform suite.
  • In addition to the close all button, which is common in the industry, Dukascopy takes it a step further than most brokers with the ‘cancel all button,’ a useful feature to quickly cancel all orders, a feature normally used by high-frequency traders and available only via API.

Considerations

  • None.

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Further Reading

Tools Comparison

FeatureDukascopyeToroPepperstoneIG
Virtual Trading (Demo) Yes Yes Yes Yes
Proprietary Platform Yes Yes No Yes
Desktop Platform (Windows) Yes No Yes Yes
Web Platform Yes Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes No Yes Yes
MetaTrader 5 (MT5) No No Yes No
cTrader No No Yes No
Charting - Indicators / Studies (Total)51675122
Charting - Drawing Tools (Total)31143117
Charting - Trade From Chart Yes No Yes Yes
Watchlists - Total Fields76712
Order Type - Trailing Stop Yes Yes Yes Yes
Platform & Tools 4.5 Stars 4 Stars 3.5 Stars 4.5 Stars

Customer Service

Rank: 18th (of 28)

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <2 minutes
  • Average Net Promoter Score: 4.9 / 10
  • Average Professionalism Score: 4.9 / 10
  • Overall Score: 3.3 / 10
  • Ranking: 18th (23 brokers)
  • View Infographic

Research

Rank: 4th (of 28)

When it comes to forex research, Dukascopy delivers an excellent experience for traders.

Benefits

  • Dukascopy offers a diverse range of research tools in its JForex3 platform for desktop, web, and mobile, including streaming market news from Reuters and MarketPulse, a live economic calendar with consensus forecasts, market sentiment indicators, and other research tools that help investors make educated trade decisions.
  • Dukascopy TV, the broker’s focal point for research content generation, is a fully staffed professional TV studio in Geneva that broadcasts news from in-house reporters who conduct interviews and market analysis. Not only is the content relevant and insightful; it is also professionally created and educational, making it beneficial for all clients, regardless of skill set.
  • Other research tools include pattern analysis and automated trading systems within the charting experience.

Considerations

  • None.

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Further Reading

Research Comparison

FeatureDukascopyeToroPepperstoneIG
Daily Market Commentary Yes Yes Yes Yes
Forex News (Top-Tier Sources) Yes No Yes Yes
Weekly Webinars Yes No No Yes
AutoChartist No No Yes Yes
Trading Central (Recognia) No No No No
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs Yes Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 4.5 Stars 3 Stars 4 Stars 4.5 Stars

Mobile Trading

Rank: 1st (of 28)

Overall, Dukascopy’s JForex Trader app is the best in the industry, propelling Dukascopy to the top of podium for mobile trading in 2019.

Benefits

  • During tests on my Samsung Galaxy S8+ Edge – there were several premium features that immediately stood out in the app, including integrated market signals and patterns alongside a pivot point tool. JForex Trader also has robust charting with several customizable parameters and alerts that can easily be added from the same screen.
  • Charting operated seamlessly and was rich with options such as a list of 46 technical indicators – which is above the industry average for mobile trading.
  • Additional strongpoints in the app include the level-two quotes and several related order types, including conditional and bid offer orders, which can be used when placing a trade. Strategies can also be selected from a repository within the mobile app that includes strategies created by Dukascopy community members.
  • In the research domain, the JForex Trader Trader mobile app has an impressive range of useful tools, including several different pre-defined screens and a clean, customizable view of marker movers, which can be refined across four time frames ranging from hourly to monthly. There is also a pattern-recognition tool for trading ideas, organized neatly next to the other research categories.

Considerations

  • None.

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Further Reading

Mobile Apps Comparison

FeatureDukascopyeToroPepperstoneIG
Android App Yes Yes Yes Yes
Apple iOS App Yes Yes Yes Yes
Trading - Forex Yes Yes Yes Yes
Trading - CFDs Yes Yes Yes Yes
Alerts - Basic Fields Yes No Yes Yes
Watch List Yes Yes Yes Yes
Watch List Syncing No Yes Yes Yes
Charting - Indicators / Studies3053026
Charting - Draw Trend Lines Yes No Yes Yes
Charting - Trend Lines Moveable Yes No Yes Yes
Charting - Multiple Time Frames Yes Yes Yes Yes
Charting - Drawings Autosave Yes No No Yes
Forex Calendar Yes No No Yes
Mobile Trading 4.5 Stars 4 Stars 3 Stars 4 Stars

Offering of Investments

Rank: 16th (of 28)

The following table summarizes the different investment products available to Dukascopy clients.

Offering Comparison

FeatureDukascopyeToroPepperstoneIG
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)64475991
CFDs - Total Offered35714493115000
Cryptocurrency traded as actual No Yes No No
Cryptocurrency traded as CFD No Yes Yes Yes
Offering of Investments 3.5 Stars 4 Stars 3 Stars 4.5 Stars

Other Notes

After launching cryptocurrency trading as a CFD on bitcoin and ethereum, Dukascopy further embraced blockchain technology by announcing the launch of its own cryptocurrency, Dukascoin, alongside a stablecoin called Dukasnotes, which is currently pending regulatory approval in Switzerland.

Final Thoughts

Rank: 8th (of 28)

Dukascopy Bank is a great choice for highly experienced traders, as the broker offers excellent tools, research, and competitive rates for active traders. Drawbacks include weaker customer service and a narrow offering of markets available for trading.

All variables considered, Dukascopy finished in 8th place Overall (out of 28 brokers) in our 2019 Review, earning its spot among the highest rated forex brokers in the industry.

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. How we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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