Dukascopy Dukascopy Bank Review

Dukascopy Bank Review |Dukascopy Forex Broker MT4 and JForex apps
3.9 5 RATING
Find Better Forex Broker
31 REVIEWS

Dukascopy execution and slippage

0.93 pips
 
Slippage is the difference between the price at which the order has been placed and the price at which it has been executed by the broker. The less slippage you get, the better your trading results will be.
 
Our slippage data about Dukascopy is sampled by 10 of the most popular forex trading strategies in Zulutrade.com
1.73 pips

Dukascopy slippage with Kama-spot trading strategy

Kama-spot is a forex trading strategy, based on technical analysis. It trades mainly EUR/USD, GBP/USD and USD/CHF

Average profit:                14.0 pips
Average trade lifespan:  19 hours
Most traded pairs:               EUR/USD, GBP/USD and USD/CHF

 

1.12 pips

Dukascopy slippage with Saved FX trading strategy

Average profit:                  16.0 pips

Average trade lifespan:    1 day

Most traded pairs:                 EUR/USD, GBP/USD, USD/CHF
1.06 pips

Dukascopy slippage with Qurenix trading strategy

Average profit:                  9.0 pips

Average trade lifespan:  5 hours

Most traded pairs:             EUR/USD
1.16 pips

Dukascopy slippage with Forex Cruise Control trading strategy

Average pips/trade:           5.0

Average trade lifespan:   18 hours

Most traded pairs:              GBP/USD
0.99 pips

Dukascopy slippage with For333 trading strategy

Average pips/trade:           12.0

Average trade lifespan:   15 hours

Most traded pairs:              GBP/USD, EUR/USD, AUD/USD
0.51 pips

Dukascopy slippage with Azar Consulting trading strategy

Average profit:                   28.0 pips

Average trade lifespan:   3 days

Most traded pairs:               EUR/USD
1.17 pips

Dukascopy slippage with The Best Player trading strategy

Average profit:                  22.0 pips

Average trade lifespan:   13 hours

Most traded pairs:               EUR/USD
1.07 pips

Dukascopy slippage with Xiaolidao trading strategy

Average pips/trade:           9.0 pips

Average trade lifespan:   1 day

Most traded pairs:               EUR/USD
0.26 pips

Dukascopy slippage with Youron trading strategy

Average profit:                  9.0 pips

Average trade lifespan:   11 hours

Most traded pairs:               EUR/USD, GBP/USD
0.27 pips

Dukascopy slippage with Duanxian(GBP\USD) trading strategy

Average profit:                      10.0 pips

Average trade lifespan:      1 days
 
Most traded pairs:                   EUR/USD, NZD/USD, GBP/USD

Trading Accounts

  

Account type Minimum Initial deposit Minimum trade size Maximum leverage Average Spreads (and Commission)
Standard $5 000 0.01 1:100 0.2 pip +$3.5/lot*

 

*Commission is calculated per standard lot of 100 000 currency base units (per side). Commission discounts offered to clients with higher Equity or Net deposits (details provided below).

 

Dukascopy provides a single account type with leverage up to 1:100, tight variable spreads and a reasonable commission. Micro lots are available for trade and all transactions are executed automatically on its ECN, whatever their size.

 

Besides, PAMM services are also available with this broker. The Percent Allocation Management Module (PAMM) is a technical solution allowing Dukascopy’s clients to have their accounts managed by a trader appointed by them on the basis of a limited trading power of attorney. PAMM solution allows the trader on one trading platform to manage simultaneously unlimited number of managed accounts. 

 

The Companies

 

Company  

Country 

Regulation

Dukascopy Bank SA

Switzerland

FINMA

Dukascopy Europe IBS AS

Latvia

FCMC

Dukascopy Japan K.K

Japan

JFSA

 

Founded in 2004, Dukascopy Bank is a Swiss online bank based in Geneva, Switzerland, providing online trading services (with focus on foreign exchange, bullion, CFD and binaries), banking and other financial services through proprietary technological solutions.

 

The broker has a EU subsidiary, as well as a Japan-based unit (as a result of acquisition of Alpary Japan in the beginning of 2015). In addition to its Geneva Headquarters, Dukascopy Bank has offices in Zürich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong.

 

All Dukascopy customers take advantage of the Swiss Forex Marketplace (SWFX) ECN dealing model. The broker's pricing model is transparent, and so are its operational metrics. To top this up, Dukascopy offers a historical data feed, and market depth monitor as well. 

 

Security of Funds

 

Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities dealer. So, this broker is rock solid in terms of safety and security.

 

Getting such a license is not an easy task, as applicants must comply with a set of draconian requirements, including a minimum capital requirement of CHF 20 million. Moreover, Swiss forex brokers are obliged to sign the Swiss Banks and Securities Dealers agreement, which protects all customer deposits of up to CHF 100,000.

 

The broker’s subsidiaries are also duly regulated: Ducascopy Europe AS is an EU licensed investment brokerage company based in Latvia, and is regulated by the local Financial and Capital Market Commission (FCMC); Dukascopy Japan holds Type-1 license by the Financial Services Agency of Japan (JFSA).

 

Besides, Dukascopy Bank exercises consolidated supervision from Switzerland over its subsidiaries, ensures adequate liquidity, risk diversification and capital adequacy at a Group level.

 

Trading Conditions

 

Minimum initial deposit

The initial deposit requirement of $5,000 is probably a tad off-putting to rookies looking to start with a smaller amount of money, however the broker's educational and research section is outstanding and can probably make a pro trader out of a monkey. Calendars, charts, market news and research, signals, calculators and many other tools are at trader's disposal. 

 

Average Spreads & Commissions

The spreads offered by Dukascopy are variable and pretty tight, averaged 0.2 pips for the EUR/USD pair, but traders also need to pay a commission of $7 per lot round trip. Nonetheless, the cost of trading with this broker is around 0.9 pips per lot for this pair, which is really low and competitive pricing. Most brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD.

In comparison, Swissquote, the only other regulated Swiss broker, provides variable spreads starting from 1.8 pips on EUR/USD (and charges no commission fees).

 

Besides, discounts on commission fees are available to clients with higher net deposits or equity in their accounts:

  

Net Deposit/Equity Commission (per standard lot per side)
≥ $5 000 $3.3
≥ $10 000 $3.0
≥ $25 000 $2.5
 
≥ 10 000 000 $1

 

Maximum Leverage

Dukascopy provides its clients with maximum leverage of 1:100, which is considered a low ratio for the market.  If you need higher leverage levels, many forex brokers offer leverage equal to or exceeding 1:500. Keep in mind, however that higher leverage increases the risk associated with trading on margin. That is why Swissquote also offers leverage up to 1:100 and even advises inexperienced traders to use leverage lower than this.

 

Trading Platforms

 

Ducascopy offers its proprietary Forex trading platform JForex, which provides access to Swiss Forex Marketplace (SWFX). It is available as desktop, web and mobile versions.

 

JForex platform is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. Here are some of the tools and features the platform offers:

 

- 250 indicators and chart studies

- Calendar of economic events, news

- Automated trading on user's machine or Strategy Server

- Automated trading historical tester

- Renko, Range bars, Point&Figure and Line break charts

- Mql4 expert advisor converter to JAVA

 

Dukascopy’s web-based JFrorex. Click to enlarge.

 

Unlike most brokers, Dukascopy does not support the popular MetaTrader 4 (MT4) platform. However, customers are able to use a third-party provider's MT4 bridge.

 

Besides, this broker also offers the possibility of API integration for professional traders (who deposit a minimum of USD 100.000). The Dukascopy API is based on FIX4.4 protocol. The API is used to receive real-time data feed, submit orders, set / modify / cancel orders, and receive automated notifications of trading activities.

 

In addition, Dukascopy offers social trading functionality.

 

 

Methods of Payment

 

Clients of Dukascopy can make deposits to and withdrawals from their accounts via bank wire, debit cards (Maestro, Visa Electron), and credit cards (MasterCard, Visa). Unlike most brokers, Dukascopy does not support e-wallets, such as Skrill, Neteller and PayPal.

 

Conclusion

 

Dukascopy Bank is a Swiss forex broker offering a wide range of financial instruments for trade on it robust JForex platform. Holding an actual banking license, among others, it is secure and well-regulated, and offers excellent trading conditions: very tight spreads and fast ECN execution through the SWFX Swiss FX Marketplace technology. To sum up the above, here are the advantages and disadvantages with regards to this broker.

     

Pros  Cons
Very well-regulated Mediocre leverage levels
Tight spreads and low cost of trading High initial deposit required
ECN environment with deep liquidity  
Automated & Social trading available as well a MT4 bridge   

                         

Latest news about Dukascopy See more...
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
2Dealer
$1 Review Website
UK, Cyprus FCA, CySec MT4 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, Web,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Bulgaria FCA, FSC Web $150 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website
New Zealand FMA MT4 $1000 Review Website

Spread

Variable spreads as low as 0 pips

Typical spreads    EUR/USD - 0.5 | GBP/USD – 1.5 | USD/CHF - 1 | USD/JPY -1

Commissions        $10-18 / 1 mio (depend on traded volume)

Pros

Cons

Very low spreads

 

 

Commissions

Spreads widen up to 20 pip during news

 

Slippage

Pros

Cons

No slippage during normal market conditions

 

Slippage during news releases

 

Requotes

Pros

Cons

No requotes during normal market conditions

'Max Slippage' feature - traders are able to define max market order slippage

 

"Not enough liquidity" message during major news releases - order canceled

 

 

Price feed

Pros

Cons

No spikes

No stop-hunting

No price manipulation 

No

 

  

Platform

                                        3 platforms: Java Platform | Web Platform | JForex Platform + API

Pros

Cons

Very intuitive and ease to handle platforms

Web Platform

Autotrading (JForex platform)

Decent charts

One click dealing 

API

N/A

 

 

 

 

 

Deposit/Withdraw

Pros

Cons

Bank Wire

Bank Guarantee Solution 

Bank Wire

 

Customer service

Pros

Cons

Friendly Customer service reps

Phone

Skype

 E - mail

N/A

 

 

 

Summary

Pros

Cons

Very low spreads

Decent price feed

Rare requotes

User friendly platforms

API 

50,000 minimum deposit

30:1 leverage during weekends

No US regulation

 

 

Traders` reviews for Dukascopy Add review

the best!

My account is with Dukascopy for years now. They are simply the best, never had any problem with them.
You are free to do whatever you would like to do with this forex broker: scalping, news trading, spike trading, you name it. Any trading strategy is allowed. The most important thing, if you make money with Dukascopy, you make real money on a Swiss bank account.

Mario K. 07/04/2016

A good broker, but too much red tape

In general, they are a sound and safe company, but too much red tape. Opening an account with them is tedious. Too highly regulated. Another thing is Dukascopy offers only a third party MT4 that is very expensive. Even if you have made some profits for the day, you will end up in the negative area due to the commission plus the cost of the rented MT4 platform.
Warning: do not use this broker with a bridged Fairtrade mt4 option. The costs are very high. As far as I can see on my account, they charge me for the same open lots every day.

Bob88 07/04/2016

large liquidity & reliability

I am a professional scalper and I use Dukascopy for two main reasons: large liquidity and reliability. I need one-click trading and the guarantees provided by this broker. I’ve been trading with them for 4 years and I am pleased so far.
The only disadvantage of Dukascopy to me is that the maximum leverage provided is just 1:100.

anna c 07/01/2016

Article Contest Complaint

I take part in January Article Contest at Dukascopy.I posted my article on 10/01/2014 02:30 AM .The name of article ""Art of Ichimoku"".
My article was published after Dukascopy expert evaluation. I finished that contest on nr.2 place.I was awarded with 600 USD prize.But on 13/02/2014 same expert,who evaluated my article on 01/01/2014,find now my article as spam and gave my prize to contestant from nr.10 place .
Normaly they must move up all conestants with one place.
Who wants to read more here is my blog with all details :

http://cadnickfx.blogspot.ro/2014/02/dukascopy-find-this-broker-few-years-ago.html

Take care.

Neculai Manea 02/18/2014

I see slippage taking place with Dukascopy

I’ve been trading with Dukascopy for a while now and I have to say that on many occasions I see slippage taking place.

Apart from that, however, I am quite happy with everything else about this broker so I give them a steady 3-star rating.

Valerie 06/25/2012

Dukascopy review: Good platforms but plenty of slippage

Ask Dukascopy customers service to set the demo account initial capital to $1,000 instead of $100,000 and you will see how expensive is to trade with this broker with account smaller than $5000.

Trading during news times ends up with 4-6 pip spread (commission includedd) + 5-10 pips slippage.

Dukascopy released very good iPhone app and their java based JTrader platform has a lot more feature than Oanda's and more user friendly.

Broker as bank it is tentative, but not with that price + bureaucracy.

Zabi 03/09/2012

Best If you have managed account

If you want to open a managed account, Dukascopy Bank is the best choice. They use PAMM system and capital protection is available. After I opened my managed account (managed by Perfecto FX), the personal manager called me within a few hours. He let me know the all necessary details about the account. I compare with other brokers and the spread and comission are very low. They are ECN broker which the best type.

Alex 01/31/2012

The new CFTC rules do not apply to Dukascopy

Dukascopy stands above all Brokers.

I wish to clarify the many questions about whether they will impose the new CFTC rules. The new CFTC Rules. do not apply to banks. Dukascopy is a bank & should be ok until 6/2011.

The one thing you should be aware of is that Dukascopy will change it's leverage requirements based upon time of day or day of week and market liquidity. Usually just on Friday a afternoon...

Alex Findlay

Alex Findlay, EarnForex 10/19/2010

Dukascopy's only disadvantage is the high min deposit

I think the Dukascopy is one of the leader in fx market & they are 100% transperent.

They are no.1.

Only disadvantage is high min. deposit and complicated account opening process but still OK !

Akshay, EarnForex 10/03/2010

Dukascopy is a good forex broker

These guys are excellent.

Unbelievable staff, the platform is quite nice as well.

Jake Neight, GoForex 08/06/2010

Dukascopy: Really solid execution ECN executio

It is really a pleasure to trade on this ECN.

Really solid execution, haven't had a complaint yet.

Besides, they are a bank as well now :D

George-ous, GoForex 07/30/2010

Dukascopy improves execution to offer ECN environment to everyone

Dukascopy keeps on surprising me.

Constantly improving execution and at the same time lowered minimum requirements while offering ECN trading to everyone.

As a matter of fact, they've become a bank and now all the deposits are in safe Swiss hands.

Henry, EarnForex 07/30/2010

Dukascopy became a bank, deposits up to 100 000 CHF are safe

I'm a new trader and initially I was really hesitatant to join them.

Eversince they have become a bank, the deposits up to 100 000 CHF are safe. So for traders who invest less than 100K, this is a safe place to trade.

Harold,ForexRealm 07/28/2010

Dukascopy advantages and disadvantages

Advantages

The company is resident in Switzerland and ARIF is regulated. There is front-office, address is indicated.

Dukascopy Suisse is a broker for the wealthier and financially competent type of client and offers a wide set of services, including different partner programmes.

Many various and high-quality fundamental support is provided.

A perfectly done site with detailed information all at hand.

Disadvantages

A surprising absence of information about key term-of-trades on the site – spreads, overnights, commissions.

fx-reviews.com 06/27/2010

Dukascopy liquidity is much higher now

A couple a years ago this really wouldn't be my first choice for an ECN broker.

But now the things have really improved, the liquidity is much higher than before and no problems getting executed.

Dave, EarnForex 06/03/2010

I got my MT4 strategy converted to Java for Dukascopy's JForex

Finally I got my MT4 strategy converted to Java. To be quite frank this was a horrible experience but now everything is working fine.

Bye bye bucket-shops

Joshua, ForexRealm 06/01/2010

Dukascopy is a Swiss ECN with solid customer service

What can I say. This is a respectable Swiss ECN with solid customer service.

The rest is not that important to me as I am a long-term trader.

John79, GoForex 05/29/2010

Dukascopy IBs started a war who will give highest rebates

I’ve been trading at them for half year. And since then I had no big problems, all other was fastly resolved by Dukascopy support. Yes, the technology they use is quite difficult, but after few days you can enjoy the data that is available. The other thing I enjoyed very much - they have many IB which started a war who will give highest rebates. I started with forextradingchoice.com and now my profit rate is much higher.

Robert, Dailyforex 04/07/2010

SWFX Swiss forex marketplace conflicts of interests

Brochure on Risks in foreign exchange trading on the SWFX Swiss forex marketplace

15. conflicts of interests

The user understands that the business model of the SWFX Swiss Forex Marketplace consists in ensuring best execution for the transactions of the Users and matching the transactions between any of its Users or Counterparties, each trade being instantly hedged with a countertrade. In that respect, on the SWFX Swiss Forex Marketplace, Dukascopy is counterparty of each trade and counter trade, In some circumstances, Dukascopy may not hedge entirely or may not hedge at all certain trades, In such cases, Dukascopy may have opposite positions towards Users.

Risk disclosure and acknowledgment

2. Dukascopy reserves a discretionary right to check any order before execution.

ECN? 04/07/2010

Dukascopy is slipping by as much as a pip every single trade

I must say that I have traded with quite a number of platforms and Dukascopy is but only one of the countless. My experience with other platforms has been used as a yardstick for most of my observations with Dukascopy but am I glad I found them.

I will begin with the negatives. I have experienced some problems pertaining to execution whereby it was slipping by as much as a pip every single trade where the 'single click' manual execution is concerned.

I am positive I am not the only one judging by similar experiences of other traders. I think Dukascopy at least realize and admits that it is a problem. However, traders are told to write to them every single time with the unique transaction ID.

What I do not understand and can't accept is if it is a persisting problem that affects many, why not try and resolve it for good? Do you mean we have to contact your support every single trade since that is what I experience? It is quite a hassle I would like to think.

I feel that they have had very poor liquidity and I was getting slipped regularly. I don't think the slips have favored me much so far but I have been lucky on quite a few. This is especially the case during news time when things go haywire. But then again, I am yet to find a broker that does "deliver" during new time.

Another unfortunate incident that I experienced with Dukascopy was when one of my trades closed down on its own without any prior warning or a reason. What's worse, the issue was never solved. I am still in the dark as to why and how something like that can happen. Have any of you experienced the same thing or is it just me?

Ok, I know it sounds like I am just complaining but overall Dukascopy gets a thumbs up from me. I had no problem with their customer service and have been trading with them for over a year and a half now. I am really glad I discovered them and in my opinion they are the most honest and reliable Forex brokers online. I do not say this lightly as I know the heartache and desperation that one goes through when you are not dealing with an honest broker. These guys are really up to their game (what else can you expect from the Swiss?)

Withdrawals are easy and I usually have my money quite quickly. I can honestly say I am glad I made the move to them as I have had much worse experiences with other brokers. Even though you may find some negative feedback on other websites, I suspect it is only because of individual gripes and client unhappiness that happens in every business.
Other than a few delays and hiccups that I have experienced with them I really can not complain about them. I always suggest you start with a small amount and test them out and see for yourself.

I hope this review helps, as I can recommend Duksacopy for anyone wanting a reliable and above average Forex broker.

myforextrading.com 04/07/2010

Dukascopy: fast execution, acceptable slippage and spreads

On the whole, Dukascopy is one of the most reliable brokers around in terms of execution speed, slippage, and spreads. It is worth remembering that a broker with some of these on the good side is probably a good broker to be dealing with.

Perhaps Dukascopy is the right broker for you if you intend to invest a large capital in forex trading. The vital point to remember is, if you have a good ECN broker, and if they in turn have many liquidity providers, then you could be rest assured of getting the smallest spreads and the best fills on your orders. That’s what forex trading is all about.

compare-forex.com 04/07/2010

Dukscopy is an excellent broker, execution time is max 0.4 sec

This is an excellent Broker, I have been trading with them for the past 5 months, and it?s like trading on demo, execution time is max 0.4 second, same performance as demo account, better than expected.

I don?t scalp !

Stop Loss and Take profit and pending orders very accurate so far.

I recommend Dukascopy. I?ll give them 4 stars because process to open an account took me 3 weeks.

Milen 07/27/2009

I believe that Dukascopy is just another bucket shop

OK here are my reasons why to believe they may be MM with all the negative consequences:

1. you get filled on pending orders far away from the market (11 pips) you cant see the filled price nether on their charts or on any other platform(other ecn or mt4 charts)
2.slippage on SL stop entry orders every time from 2 pips to 10 pips even in the most active trading session (London)
3.filled market orders which you never transmitted
4.slippage is never to your advantage

Forex trading is in Switzerland not under any supervision of any governing body

Kiado, forexfactory.com 07/27/2009

I get slipped on market orders with off market quotes

I recall times with Dukas, over a year ago, where the word 'slippage' was rarely heard in my office, where a stop loss got filled even in a hectic market, today, I can count the trades where I don't get slipped on one hand. No matter if it is a stop entry order or a stop loss order.

I get slipped on market orders with off market quotes, prices not seen neither on the Dukas live client price terminal, nor on their charts. It's frustrating to say the least.

Trader 07/27/2009

Keep in mind that Dukascopy was a dealing desk broker

Keep in mind that they were a dealing desk from '03 - '06:

http://web.archive.org/web/*/http://www.dukascopy.com/

I'm guessing that the "transition" from DD to ECN was more or less a re-dressing of the frontend, and little changed in the backend.

Also, check out their site from '00 - '02 if you want some laughs.

MiniShred 07/27/2009

Dukascopy have only one datafeed for all their clients

I consider them as an example. They have only one datafeed for all their clients. A very good example of full transparency and honesty in the industry. who else do the same, no one. I hope the industry will follow them.

Jass 07/27/2009

Go to www.finma.ch

I would only trade with brokers in Switzerland that are listed on the FINMA site. To check to see if your broker is licensed in Switzerland, go to www.finma.ch and then go to institutions and type in the company name and hit search. FINMA is the regulator in Switzerland for all financial companies such as banks, brokers, asset managers, funds, etc.

Dukascopy is not licensed in Switzerland.

Censor 07/27/2009

Dukascopy's inside book depth

Tried them out in early '08. No slippage on the few orders of 5-10M I did. I was concerned about the inside book depth, if you search these forums, you can find details about it. Perhaps they fixed that issue by now, who knows. I might give them another test whenever their bank license gets approved.

Jonhnatan 07/27/2009

Dukas prices vary from my charts

Also a Dukas client and would like to hear recommendations of people who were with Dukas and have switched.

My problem with them is their quotes. I use MT4 and Dukas prices vary from +/- 5 pips (bid price) from what my charts are showing.

Vorve 07/27/2009

I do like Dukascopy's business model

I personally have never traded with duka. But I work in the industry and I do like their business model. I also hear rumors their business model isn't what it appears on the outside from people who have worked there. But, I can't say unless I was actually on the inside there. Yes, duka is applying for the bank license, but still they are not regulated at the moment and it is risky to trade with them.

lame 07/27/2009

Does Dukascopy really broadcast Hotspot prices?

Most providers quote with 0.1 pip precision nowadays and Duka is still 0.5 pips. I.e. they say they do publish hotspot prices, but if they really do, they alter them. That's not what i call STP anyways.


And they boast 100+ M liquidity on their website applet, but don't say at what spread. Last time I checked (1+ year ago, so might be better now) the inside markets nearly always were really thin, often even under 1M.

Mouham 07/27/2009