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Dukascopy Review

Steven Hatzakis

Steven Hatzakis | November 20th, 2019

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.

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 is the only weak spot in an otherwise great offering.

Top Takeaways for 2019

After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on Dukascopy:

  • Dukascopy is a regulated bank that is authorised by two tier-1 regulators, making it a safe (low-risk) broker to trade forex and CFDs.
  • Dukascopy's JForex 3 platform suite is highly dynamic and vibrant with features, including an extensive range of charting tools and automated trading capabilities. Thanks to JForex 3, Dukascopy won our No 1 awards for both Best Desktop Platform and Best Mobile App.
  • Dukascopy finished Best in Class (top 7) for numerous categories, including Cost, Tools, Research, Active Trading, Social Copy Trading, and Cryptocurrency Trading.
  • Dukascopy offers competitive pricing for active traders and has an impressive trading community supported by multiple resources and research.
  • Dukascopy's weak spot is customer service. The broker finished 18th (out of 23) in our national testing from locations across the United Kingdom.

Overall Summary

FeatureDukascopy
Overall 4 Stars
Trust Score90
Offering of Investments 3.5 Stars
Commissions & Fees 4.5 Stars
Platform & Tools 4.5 Stars
Research 4.5 Stars
Mobile Trading 4.5 Stars
Customer Service 3 Stars
Education 4 Stars

Is Dukascopy Safe?

help 90
Trust Score

Dukascopy is considered low-risk, with an overall Trust Score of 90 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

FeatureDukascopy
Year Founded2004
Publicly Traded (Listed) No
Bank Yes
Tier-1 Licenses2
Tier-2 Licenses0
Tier-3 Licenses0
Trust Score90

Offering of Investments

Rank: 16th (of 28)

Dukascopy offers a total of 653 symbols to trade across multiple markets covering forex and CFD traders with 60 forex pairs and 593 CFDs. Dukascopy also offers cryptocurrency trading with CFDs on significant crypto assets, and the actual underlying (non-CFD) across its own launched cryptocurrencies.

Dukascopy Bank: Dukascopy Bank has over 148 million Swiss francs (CHF) in assets on its balance sheet as of June 30, 2019. Also, traders of the broker's Swiss entity are eligible for 100,000 CHF in insurance protection from the regulatory compensation fund esisuisse.

Dukascoin: Dukascopy offers CFDs on bitcoin and ethereum, and further embraced blockchain technology with the launch of its proprietary cryptocurrency named Dukascoin (DUK+).

FeatureDukascopy
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)60
CFDs - Total Offered593
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

Commissions & Fees

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

Account tiers: 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.

Spread data: Using average spreads of 0.30 pips on the EUR/USD for the US trading session during Q3 2019, combined with the default commission rate of 0.70 pips per round turn, the all-in cost equates to 1 pip and is comparable to other brokers with commission-based pricing, such as Saxo Bank.

Swiss versus EU entity: 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 and related investor compensation limits, is that the minimum at the EU entity is much lower at just $100. At the same time, the Swiss entity requires $5,000 – unless you are a Swiss resident, in which case, the minimum drops to $1,000.

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Platforms & Tools

Overall, it’s clear that Dukascopy understands trading technology and provides traders the tools they need to succeed. Dukascopy’s flagship platform is JForex 3, a desktop and web-based platform that supports both Windows and Mac. While some forex traders may prefer MetaTrader 4 to a proprietary platform built in house, JForex 3 stands on its own and is our No. 1 trading platform for 2019.

JForex 3 desktop is rich with trading tools and easy to use. It’s also fantastic for technical traders, offering 24 drawing tools, 291 technical indicators (67 for the web version), and the ability to import custom indicators. Pros aside, it's worth noting that zooming in and out of charts on the desktop platform was not as fluid as other platforms tested.

Algorithmic trading: JForex 3 competes well with MetaTrader, as it supports algorithmic trading, custom indicators. Moreover, users have access to cloud storage and VPN services 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.

Advanced features: 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. This feature is convenient to quickly cancel all orders, and something you would typically see used by high-frequency traders and available only via API.

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Research

When it comes to forex research, Dukascopy delivers an excellent experience for traders, thanks to a diverse range of research tools in its JForex3 platform for desktop, web, and mobile.

Research tools at Dukascopy include streaming market news from Reuters and MarketPulse, a live economic calendar with consensus forecasts, market sentiment indicators, technical pattern analysis, and automated trading systems within the charting experience.

Dukascopy TV: Dukascopy TV is a 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.

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Mobile Trading

Overall, Dukascopy’s JForex Trader app is the best in the industry, propelling Dukascopy to the top of the podium for mobile trading in 2019. During tests on my Samsung Galaxy S8+ Edge, several premium features immediately stood out in the app, including integrated market signals and patterns alongside a pivot point tool.

Charting: JForex Trader 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.

Advanced features: Additional strong points in the app include the level-two quotes and several related order types, including conditional and bid offer orders, which are available when placing a trade. Strategies can also be selected from a repository within the mobile app that includes strategies created by Dukascopy community members.

Research: The JForex Trader mobile app has an impressive range of research tools, including several pre-defined screens and a clean, customizable view of marker movers, which are adaptable 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.

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Customer Service

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)

Final Thoughts

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.

About Dukascopy

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, Dukascopy acquired a Swiss banking license in 2010 and launched Dukascopy Bank.

The Dukascopy group today employs over 260 staff and offers forex and CFD traders competitive pricing and access to 60 forex pairs and 593 CFD markets on its proprietary JForex platform suite.

Dukascopy Trading Features

FeatureDukascopy
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Dukascopy Research Features

FeatureDukascopy
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Dukascopy Mobile App Features

FeatureDukascopy
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave Yes
Forex Calendar Yes

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about 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 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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