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Dukascopy

Dukascopy Review
Trader's rating 3.7
Editor's rating 3.9

Trading Accounts

  

Account type Minimum Initial deposit Minimum trade size Maximum leverage Average Spreads (and Commission)
Standard $1 000 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 $1,000 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 supports the ever-popular MetaTrader4 (MT4), and also offers its proprietary Forex trading platform JForex.

 

The MT4 hardly needs a presentation. This is the most popular trading software, highly praided by traders of all skill levels. The platform has great charting and is especially popular for its automated trading bots, called ExpertAdvisors.

 

JForex platform is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. It is available as desktop, web and mobile versions. 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.

 

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   

                         

Headquarters:  ICC, Route de Pré-Bois 20, 1215 Geneva 15 

Country: Switzerland 

 

Regulated by: FINMA (Swiss Financial Market Supervisory Authority)

 

Subsidiaries: Dukascopy Europe

 

Coinone

Coinone Review
Trader's rating 0
Editor's rating 4

Trading Accounts

  

Account type Leverage Trading fee Deposit Fee
Standard 1:4 0.10% None

 

Coinone is one of the major Korean cryptocurrency exchanges. If you are enthusiastic about blockchain technology, you should know a few things about them even if you don’t plan on trading with them. As you may know the trading activity on Korean exchanges has been relatively high in recent times and even determines the short term price swings.

 

Coinone Advantages

 

Established local player – Coinone has been around since 2014 and the team behind this exchange looks very solid. There aren’t any reports of a major hack at this exchange, which is not the case with one of their major competitors – Bithumb.

 

High level of Security – Security seems to be a top priority for Coinone, as the company includes multi-signature wallets, two-factor authentication  (2FA) and cold storage. While there is no 100% guarantee of future safety, these factors are nice.

 

Low Fees – The costs of trading at Coinone are very competitive, with the offers by other exchanges. With a 0.10% maximum fee (which goes even lower, if you trade bigger volumes) this exchange is one of the cheapest. As a comparison, Kraken, another otherwise solid exchange charges up to 0.26%. 

 

Korean Bank Transfers accepted – Coinone accepts fiat currency deposits, via bank transfer. That being said, only Korean bank accounts can be registered with this exchange.

 

>>Get Bitcoin with a credit card<<

 

No fees on deposits – Unlike most other exchanges, this one does not charge fees on deposits (regardless of the methods of payment). Most services accepting fiat currencies charge something in the 2-10% range. 

 

7 coins available – The current list of coins available at Coinone includes: BTC, BCH, ETH, ETC, XRP, QTUM and LTC. This may be more than enough for some users, but there are those who are willing to explore exotic digital assets. If you are looking for more altcoins, be sure to checkout Bittrex and Cryptopia.

 

Leverage is available – Unlike most exchanges, Coinone  offers margin trading, with a maximum leverage ratio of 1:4. That being said this involves borrowing coins from other traders. This can be a costly and tedious process, so if you are looking to speculatively trade Bitcoin a forex broker may be a better alternative.

 

>>Bitcoin forex brokers<< 

 

Trading with such a company usually allows even higher leverage, but may not be suitable for long term positions. Read more here.

 

Nice trading platform – The “Pro Charts” feature of Coinone is very nice, when compared to some of the other crypto-exchanges. Here is a preview (a live chat is also included, click to zoom-in):

 

 

 

Coinone Disadvantages

 

Focus on Korea – Dealing with this company if you are not Korean will be hard, or even impossible, as they require having a local bank account. It is technically possible, but you will have to go through a lot of hassle.

 

Trading only against KRW – While this exchange offers several altcoins they can’t be freely traded against one another. Some clients may even see this as a positive, but at the end of the day, having the ability to quickly convert one coin into another will be viewed highly by others.

 

Few negative user reviews – We couldn’t find many user reviews on this exchange in English, but there were a couple of complaints regarding slow payments.

 

Withdrawal fees – These are not the miner fees associated with a given blockchain, rather fees which go to Coinone. They aren’t that big, but will still annoy some users. Here is the breakdown:

 

 

 

Conclusion

 

Coinone is one of the leading Korean cryptocurrency exchanges. They have been around since 2014 and acts as an entry level service for locals. Additionally the company provides access to “Jikgu” payments (a term used for Koeran online shopping from other countries).

 

The actual exchange platform is rather well-designed, which is probably one of the contributing factors to this venue’s popularity. At the time of writing of this review, they are only surpassed by Bithumb, in terms of BTC/KRW trading volume.

 

That being said, Bitcoin trading is not regulated in Korea, so if you are looking for a safer alternative, you may try with a forex broker.

 

>>Trusted forex brokers, offering Bitcoin<<

 

While we review this exchange from an outsider’s point of view (as the company is heavily focused on the domestic market), we generally like what we see. Here is a summary of this exchange:

 

 

Pros Cons
Established local player Focus on Korea
High level of security Trading only against the KRW
Low fees Few negative user reviews
Korean Bank Transfers accepted Withdrawal fees
No fees on deposits  
7 coins available  
Leverage is available  
Nice trading platform  

 

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