More about Dukascopy
Dr. André Duca and his partner, Veronika Makarova, started the Geneva-based trading firm in 2004. It caters to retail clients who have been licensed by the Swiss Financial Market Supervisory Authority (FINMA).
Its European affiliate, Dukascopy Europe, operates under the supervision of the Financial and Capital Market Commission (FCMC).
The company began its banking division in 2006 by offering current accounts and credit cards. It increased its e-banking presence in 2015 by acquiring Alpari Japan KK, a Japan Financial Services Agency-regulated bank (JFSA).
Over the years, the group’s equity has increased, and it now employs over 300 employees in offices in Geneva, Zurich, Kyiv, Tokyo, Hong Kong, Kuala Lumpur, and Riga, Latvia.
Traders have access to their proprietary JForex 3 broker platform, the industry-standard MetaTrader 4, and the Web Binary Trader system for binary options trading.
JForex 3 is ideal for technical trading and automated systems. It is available as a desktop download or through a web browser. Traders can assess the market mood using online charting, 24 sketching tools, and over 270 indicators and charts.
The platform is ideal for automated trading. Cloud storage and VPN services enable strategies to operate 24 hours a day, seven days a week.
A complete historical tick data stream dating back to 2003 is also available, built using the Python API. The data is not just of great quality; it can also be exported for additional study.
Thanks to the third-party bridge, Dukascopy traders can use the industry-standard MT4 system. Traders who like to view forex data, gold charts, and real-time price quotes on MT4 can do so. MT4 also has an economic calendar, widgets, and advanced charting capabilities.
Binary Options Web Trader
The Web trader guarantees immediate market access for binary options. Users can trade with one click and benefit from fixed payouts and risks.
The contract’s monetary yield begins at 70% of the premium paid and increases to 90%. The minimum trading amount is $1, and there are no commissions or hidden fees.
It is a simple, user-friendly interface for binary options trading.
Instruments and Markets
The firm boasts over 500 lists of instruments in various markets, including 19 cryptocurrency pairs:
- Binary Options
Spreads and commissions
When it comes to real spreads and trading fees, the broker does fairly well. Spreads for prominent currency pairs like EUR/USD and USD/JPY are typically around 0.3-0.4 pips.
The default commission rate of 0.7 pips results in a total trading cost of about one pip, which is comparable to other providers.
Having said that, the broker adjusts its spreads and commissions based on trading volume, so active consumers receive savings. Overnight rollover costs, for example, are decreased for regular traders when swap rates are announced on the Overnight Policy page.
Please keep in mind that accounts that do not open positions after a year are subject to an inactivity fee of up to $40 per year.
The smartphone app is fantastic. The program, which is available on iOS and APK, includes built-in market indications, customizable alarms, and seamless charting operations.
There are 46 available technical indicators, which is more than the average for mobile accounts. You also get second-level quotations, various related order types, and a library of Dukascopy community techniques.
There are also research tools and news feeds, as well as live chat help, for example, if you are having difficulties with Forex trading.
The only drawback is that mobile customers will be charged if they utilize more than 20 SMS notifications each month.
Trading account replenishment methods
When it comes to available deposit and withdrawal methods, Duskacopy.com user reviews are divided. Users can only make deposits via prepaid debit and credit cards, as well as bank transfers.
When you pay, you will be charged a fee ranging from 1.2 percent to 2.5 percent. Card payments are normally handled within one business day, but bank transfers might take up to two business days.
The minimum lot size in the base currency is 1000.
When it comes to withdrawing funds, users now have more options. Skrill, Neteller, and Bitcoin can be used in addition to plastic debit/credit cards and bank accounts. There is no minimum withdrawal amount, but the withdrawal fee can be up to $50.
Withdrawal timings range from the same day to three business days, which is relatively quick but not surprising given that Dukascopy is a bank.
The broker provides demo accounts for trading forex and binary options on the JForex 3 and MT4 platforms. To obtain your login credentials, sign up for a demo account on the broker’s website.
You can then use historical and real-time data to test platforms and strategies on the S & P 500 or Nasdaq.
The only disadvantage is that sample accounts are only available for 14 days, although some brokers offer limitless demo accounts.
Regulation and Licensing
The Swiss Financial Market Supervisory Authority (FINMA), which is extremely stringent, regulates the firm. In reality, in Switzerland, securities dealers must also hold a banking license. In the event of the broker’s bankruptcy, clients are insured up to CHF 100,000.
The Financial and Capital Market Commission regulates brokers in Europe (FCMC). While the broker is not regulated by the UK Financial Conduct Authority (FCA), it can provide products to UK residents due to its European license.
According to the licensing rules, Dukascopy must keep customer cash separate from the company’s capital. Negative balance protection ensures that users do not lose more than their initial deposit.
A Forex and CFD trading account, as well as a binary options trading account, are available from the company. There is a swap-free account available for Islamic merchants. Managed accounts are also available with the Percent Allocation Management Module (PAMM), which has received favorable feedback from customers.
We’d like to see a tiered account structure with more rewards for those who deposit and trade more, but the existing approach makes it easier to choose an account and receive volume bonuses.
Customer support is available 24/5 in 12 different languages. Support is available through:
- Live Chat: Located in the bottom right corner of the broker’s website.
- Send an email to email@example.com.
- Phone – +41 22 799 4888
You can count on contacting customer support within minutes, and the representatives will be able to handle most queries.
Traders from Afghanistan, Iran, the United States, Belgium, Israel, and Canada are not permitted to use Dukascopy.
Dukascopy is a reliable online broker that provides a wide range of products such as CFDs, forex, and binary options. Due to volume reductions, this evaluation demonstrates that the brokerage is highly beneficial for automated trading techniques and experienced traders.