Dukascopy Europe Dukascopy Europe Review

Dukascopy Europe review: a real ECN with $100 initial deposit
3.0 5 RATING
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 Trading Accounts

  

Account type Minimum Initial deposit Minimum trade size Maximum leverage Average Spreads & Commission
Standard $100 0.01 1:300 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 Europe provides a single account type with leverage up to 1:300, 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.

 

PAMM (Percent Allocation Management Module) services are also available with this broker. 

 

The Company. Security of Funds

 

Company  

Country 

Regulation

Dukascopy Europe Europe IBS AS

Latvia

FCMC

 

Dukascopy Europe is the EU subsidiary of Dukascopy Bank – a well-respected Swiss forex broker. Obviously, Dukascopy Europe comes with most of the perks offered by its parent company: ECN trading through the Swiss Forex Marketplace (SWFX) ECN dealing model, which is extremely transparent; streamlined and flawless operations; secure payments to and from the trading account; seminars and webinars, various trading and other forex-related contests, and so on. There are, however, quite a few differences between the two companies. 

 

For starters, Dukascopy Europe does not hold a banking license like Dukascopy Bank; it is very well regulated, though, so there is nothing to be concerned about. The broker is located in Latvia and falls under the jurisdiction of the Financial and Capital Market Commission there. Furthermore, it complies with EU regulation (MiFID) and offers additional investor protection. 

 

FCMC Forex brokers are required to hold client funds in segregated accounts, protect investors through investor protection funds, offer insurance against broker insolvency, and provide detailed information about their financial transactions to the FCMC through independent audit reports generated by certified experts. 

 

In addition, Dukascopy Bank, which is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities dealer, exercises consolidated supervision over its Group entities, ensures adequate liquidity, risk diversification and capital adequacy at a group level. The Group also has a Japan-based unit (as a result of acquisition of Alpari Japan in the beginning of 2015.

 

Trading Conditions

 

Minimum initial deposit

Clients of Dukascopy Europe’s European subsidiary can open accounts with just $100, which is average for the forex market. In comparison, Dukascopy’s clients are required to invest $5000.

 

Average Spreads & Commissions

The spreads offered by Dukascopy Europe 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 Europe (EU subsidiary of Swissquote Bank), offers variable spreads starting from 0.9 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 Europe provides its clients with maximum leverage of 1:300, which is considered average for the market.  In comparison, Swissquote Europe and Dukascopy both over leverage up to 1:100.

 

Keep in mind, however that higher leverage involves greater risk of losses.

 

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

 

Unlike most brokers, Dukascopy Europe 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 Europe 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.

  

Methods of Payment

 

Clients of Dukascopy Europe 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 Europe does not support e-wallets, such as Skrill & Neteller.

 

Conclusion

 

With a minimum initial investment requirement of $100 and leverage of up to 1:300, Dukascopy Europe is a lot more suitable for beginning traders (compared to the Swiss broker). Its clients are able to make their first steps in forex, get in touch with other traders on the designated community page of the broker, benefit from the various educational resources available, and trade with a true ECN via the broker's own platforms. To sum up the above, here are the advantages and disadvantages with regards to this broker.

    

Pros Cons
Well-regulated, member of Swiss Banking Group None                                                   
Tight spreads and low cost of trading  
ECN environment with deep liquidity   
Low minimum initial deposit   

                              

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Dukascopy Europe Add review

support is good!

Well not exactly. First time I met somebody from Dukas CH and I couldn't open the account in 3 month, asked toons of paper signatures, and signature doesn't match with my ID card, but only with passport and so on. After 1 or 2 year I have heard about Dukas EU and I have tried in hope I will get somebody else. I got somebody, who has the same mother language as me and I am extremely satisfied with him: Neveri Arpad is he, try to catch him! :) If Dukas would change him to that crazy Vladislav, than I would get out from Dukas for a while. So, I think it depends on who is your account manager, can't say for the whole Dukas support is trash, just gave an example, who is great.

As broker it is an expensive one, leverage on weekend is decreased, reports are trash, softwares quality good. I have found bugs in they soft too and has leak of features, but other broker has horrible soft and buggy. This is good, just it is expensieve: commission at fill up, commission at trade, commission at overnight, fee at withdraw...is everywhere a commission or a fee... I am expecting to have a commission or a fee even after login on any of they platform :) -joke.

This is 4 stars from 5, but I would give to many 1 stars and max 2. From a list of 100 brokers 3-4 can have 4 star and none 5 from me, because I couldn't find it in one place what I need: they exist oat different brokers.

matheszabi 10/05/2012

my experience

i have just started to trade with dukascopy.
i have to tell that dukascopy is a best brokers out there.
platform is better than MT4,spread is about 1pip for eurusd,slippage also not more than 2pips.
but documentation process when you open real account is little bit painy...but its ok
money transfer also very fast..
i don't experienced any problem so far so i can't tell about customer's support right now.i'll keep posted.
i'll recommend to newbie's like me.

samkanna 07/10/2012

Dukascopy Europe offers decent trading conditions, but poor support

Well, after two months with Dukascopy Europe I'm overall satisfied with their service.

I trade majors only, mostly EUR/USD - short term swing trades. My orders get filled immediately, spread is about 1 pip, however the slippage is up to 2 pips.

Another weak point of Dukaskopy Europe is the communication with their clients. It's very poor, my account manager doesn't reply to my emails at all, so I asked for a new one, but nothing happened!

Another thing, I don't get, is their swap policy - on pair usd/jpy they got +0.01 for a long position and -0.15 for a short position. I both cases they've just written off of my funds!

So this is my experience with Dukascopy Europe..

Vasil 02/22/2012