Dukascopy web trading review - Table of contents
Interested in forex trading? Dukascopy is an online broker that makes online forex trading easy and profitable. The company was founded in 2004 with headquarters in Europe and licensed by the Swiss Financial Authorities. In 2006 the broker launched e-banking services and has been growing and expanding its business ever since. Dukascopy Group is now employing 300 people in offices around the world.
Traders who choose to work with this online broker can choose among a wide variety of products and a reliable forex web trading platform. With attractive deals, competitive spreads and online trading conditions, and additional features, Dukascopy is following the ambition to meet every webtrader's needs in the best possible way.
What is Web Trading
Before we continue with this review, let’s quickly look at web trading and what it stands for. This term means that traders are using a special forex web trading platform which is usually available online. It is provided by the brokerage of choice and can be accessed through the web, mobile, or both.
Web Trading Platform
Traders at Dukascopy can choose between several trading platforms among which JForex 3, the broker’s proprietary solution as well as the industry popular MT4 and Web Binary Trader - only available to clients with accounts at Dukascopy Bank.
This online trading platform is an excellent option for automation and technical trading. It is accessible via web browser also as a desktop download and has great features as well as VPN services. It is a good choice for traders from all backgrounds who are looking for flexibility and great features.
This is the industry standard system that every web trader has heard of and most are comfortable with. It also features an economic calendar, advanced charting, and various widgets. MT4 is the industry’s leading software and it is available with this broker along with other great solutions and a forex web trading platform to take advantage of. Unfortunately, the more advanced MT5 system is not available.
Web Binary Trader
Traders looking for straightforward market access for binary options can check this trading platform. With no hidden fees and commissions, it is an intuitive solution that makes trading a lot easier. Binary trading is only available through registration and accounts opened with Dukascopy Bank SA.
The mobile app is impressive. It is available for the major operating systems and features some of the most popular trading tools such as customizable alerts, market signals, etc. Traders can find 46 technical indicators and a lot of strategies from the Dukascopy community. There is also an integrated newsfeed, live chat support, and research tools. The only downside is that there is a fee for using the SMS option.
Markets and Products
Dukascopy offers more than 500 instruments across different markets, which is impressive. Among them are options like stocks, indices, shares, metals, oil, CFDs, foreign currency trading options, cryptocurrencies, binary options, ETFs, and more. For more detailed information check the trading website of the broker.
Spreads and Fees
The broker is quite competitive when it comes to fees and spreads. The average spread for popular online forex pairs is between 0.3 and 0.4 pips. The commission rate is around 0.7 pips and the average total cost for foreign currency trading is similar to other providers.
Of course, the spreads and commissions depend on the trading volume so every active web trader can enjoy discounts. For more fee information, reduction, check the Overnight Policy of the brokerage. Note that inactive accounts are charged 40 EUR a year in Dukascopy EU branch, or 200 CHF a year in Dukascopy Bank SA. Moreover, upon request, maintenance fees are refunded.
The default leverage at Dukascopy Bank SA for retail accounts is 100:1 (30:1 during the weekends) with a maximum of 200:1 available. Use of leverage and margins are agreed upon during the account opening process. There is a margin calculator on the broker's trading website. The default leverage at Dukascopy EU branch is 30:1
At Dukascopy Bank traders will find accounts for binary options and CFD, also they can choose a forex trading account. Muslim users can sign up for a swap-free account. A special Management module allows managing accounts which is an advantage. The current offer makes choosing an account simple and the bonus scheme - clear.
Some of the benefits of opening an account with this broker are decent leverage, a wide variety of tradable products and trading platforms, and of course a trusted brand licensed in multiple jurisdictions. The limited payment methods and account types are some of the drawbacks.
Deposits and Withdrawals
When it comes to deposits and withdrawal options the opinions are quite mixed. Dukascopy Bank offers its clients several convenient ways to fund their trading accounts, such as bank cards, standard bank transfers, Neteller, Skrill, and account funding in crypto (BTC, USDT, ETH). The choice of deposit methods in the Dukascopy EU branch is limited to bank cards (both debit and credit) and standard bank transfers. Card payments are the fastest with a fee that can reach up to 2.5%, bank transfers can take up to 2 business days.
The minimum deposit in Dukascopy Bank is $1000 and the lot size 1'000 of the base currency. The minimum deposit in the Dukascopy EU branch is $100 and the lot size is 1'000 of the base currency.
There are more options in Dukascopy Bank when it comes to withdrawals. In addition to the cards and bank accounts, traders can use popular payment methods like Neteller and Skrill, and even Bitcoin, Tether, or Ether. Dukascopy EU branch offers standard bank transfers for withdrawals. There is no limit for the minimum withdrawal but they can be quite expensive with prices reaching up to $50. A withdrawal can take anywhere between the same day to 3 business days.
Traders who want to test before starting live trading can open a demo account (or demo forex account) on the broker’s trading website. The broker offers demo accounts for binary options (except Dukascopy EU branch) and forex trading. However, the demo account is active for only 14 days, which can be seen as a drawback compared to other brokers where the demo account is unlimited.
Deals & Promotions
Traders enjoy a variety of bonuses (including a forex bonus) Dukascopy Swiss branch, Dukascopy Bank SA. For example, the 10% equity bonus can be used within around a month (30 days) of the last deposit. There is also a discount for volume trading which is up to 20%.
Another good deal is the the Experience Sharer program where traders can get rebates on trading commissions generated by their friends. However, there are also some limitations for example the total value of trading bonuses per account (or forex account) cannot exceed $50 000.
For some of the bonus programs the broker has bonus requirements for volume thresholds that need to be met.
Overall, the forex bonus requirements are reasonable but not that attractive compared to other brokers. Still, it is a good idea to check the ‘Bonus’ page of the trading website for new promotions and deals.
The banking branch of Dukascopy offers CFD trading of cryptocurrencies without a digital wallet. However, the choice of currencies is very limited. On the broker's website, traders can find the cryptocurrency pairs available for trading.
This forex broker offers automated trading on the JForex3 platform and FIX APIs. Examples of how to do that are available on the website and automated strategies can be tested with historical data before the day is launched live.
On the downside, Dukascopy doesn't offer any social copy trading which could be a disadvantage for some beginner traders.
If traders want to stay up to date with the latest news, Dukascopy offers a wide range of additional tools such as news, forecasts, calendars, etc. The broker also hosts trading contests which is a great opportunity to see where one stands. In addition to that, the trading website has a selection of webinars and guides to helps traders learn more about the different instruments and markets.
We cannot skip the Dukascopy TV channel which broadcasts from Geneva and focuses on interviews with industry experts and market updates.
Beginner traders can also sign up for a demo account and test the forex web trading platform.
Regulation and Licensing
Dukascopy Bank SA is a reputable broker regulated by the Swiss authorities also client funds are protected and guaranteed up to 100,000 CHF in the event of bankruptcy. Dukascopy Europe IBS AS is a European Union licensed Investment Brokerage Company, which is regulated by the Financial and Capital Market Commission (FCMC). In the Dukascopy EU branch clients' funds are protected and guaranteed up to 20,000 EUR. However, the company is not offering services in the US and other countries where it is not licensed.
According to the licensing conditions, Dukascopy Europe must keep client funds apart from owned capital and offer protection for a negative balance. This ensures that traders cannot lose more than their deposited funds.
Dukascopy has excellent customer service in more than 10 languages. So wherever you are in the world you can contact the team via chat, email, or call.
The support team has a fast response time and can answer most questions including some technical issues and error messages. Another great resource is the community forums of the major web trading platforms where traders can get more information and answers. To stay up to date with the latest news around the broker, follow their social media channels.