Dukascopy is an award-winning brokerage and bank that hails from Switzerland’s most populous city, Geneva. The broker is decked with prestigious accolades including awards for Best Provider of Liquidity, Best Trading Platform, Best Technical Analysis Platform, and Best Forex Trading App.
Dukascopy has more than 16 years of dealing experience behind its back, being established in 2004. The company was named by physicist Andre Dukas, who launched it with the help of his partner Veronika Duka. It presently offers a variety of services including trading on mobile and desktop devices with currency pairs, stocks, indices, binary options, commodities, and cryptocurrencies.
The company is home to over 300 dedicated employees and has offices in many financial hubs worldwide such as Kuala Lumpur, Dubai, Hong Kong, Moscow, Tokyo, and Shanghai. It has three subsidiaries – a European one, a Swiss one, and a Japanese one. It provides online banking and bank card services as well.
The brokerage offers its superb services to iOS users via a dedicated trading application that has been optimized for iOS 11 and above. Android users are catered to with a separate native app that can be installed on devices based on Android 4.1 and up.
The multilingual applications stand out with great usability, real-time market news, economic calendars, low Forex spreads, and a range of trading orders such as stop, limit, bid and offer orders.
Mobile Account Types at Dukascopy
Dukascopy offers several distinct types of accounts, including a Forex/CFD account, ECN accounts, and free demos. Accounts are also available for those who seek to trade with gold and binary options. The registration process is convenient, quick, and simple.
Managed accounts are an option for clients looking to appoint professional traders to manage their trading activities. These rely on a technical solution known as Percent Allocation Management Module (PAMM) where a single professional trader can work with multiple managed accounts simultaneously.
The PAMM accounts are offered in a demo format as well. They can use different currencies and be topped up from different financial institutions. Respectively, they are allocated different PAMM ratios based on the amounts deposited in each managed account.
Dukascopy Demo Accounts
Dukascopy enables Forex and CFD traders to register free demo accounts in twenty different languages, including English, German, French, Spanish, Romanian, Russian, and Polish. You can expand your trading volume in a risk-free manner with the option to use maximum leverage of 200:1.
To boot, you will benefit from a fair pricing environment and ECN liquidity from some of the world’s major banks. Demo accounts are offered in three formats – JForex, MT4, and Binary. You can set up yours in any of the three or in all three at once.
Once you fill in your valid details in the form, your personal account manager will contact you shortly to ask you about your trading experience. You will receive your login credentials to access your demo account via email. They will send you separate usernames and passwords for each account if you decide to register for all three.
You will also have access to free quickstart manuals and video tutorials to familiarize yourself with the trading platforms in case you need to. The demo accounts offer the same attractive spreads as those for the live ones. For instance, you can start trading major pairs like EUR/USD from as little as 0.1 pips.
The only downside of the demo account is that you can use it for a very limited time. It expires only 14 days after registration. By contrast, some rival brokerages would provide unlimited demo accounts.
Dukascopy Forex/CFD ECN Live Accounts
Mobile traders who register through Dukascopy Europe or Dukascopy Switzerland have the option to open live ECN accounts to trade Forex and CFDs. Such accounts via the European subsidiary are available in a variety of base currencies including GBP, CHF, USD, CAD, AUD, HKD, DKK, CNH, HUF, CZK, PLN, SGD, RON, NOK, JPY, ILS, RUB, and SEK.
This type of account can be funded with a range of payment facilities and requires a minimum initial deposit of at least $100 if you sign up via the Dukascopy Europe subsidiary. The applicable trading commissions and the swap rates are based on customers’ monthly traded volume and the size of their accounts.
Scalping and news trading are possible. The minimum size of orders varies depending on what financial instruments clients trade with. For currencies, the order must amount to at least 1,000 units in the primary currency. When it comes to the maximum allowed leverage for these accounts, it depends on whether you register through the Swiss or the European subsidiary.
European regulations allow for a leverage of up to 30:1 for major currency pairs, 20:1 for minor pairs and gold, 10:1 for silver, and 2:1 for cryptos. Meanwhile, the live Forex/CFD ECN accounts at the Swiss counterpart support 23 currencies for deposits and leverage of up to 200:1.
However, this ratio is 100:1 upon account registration and increases afterward. You will benefit from instant execution of your orders and ECN liquidity. These accounts can be funded with credit or debit cards.
Trading Instruments at Dukascopy Mobile AppThis brokerage boasts over 500 trading instruments, available across 7 asset classes. These include Forex pairs, bonds, cryptocurrencies, indices, stocks, and commodities like metals, agricultural produce, and energies. Trading with binary options is also an alternative here. Furthermore, the brokerage scores very highly where trading commissions and spreads are concerned. The spreads differ between instruments, though.
Forex Currency Pairs
At Dukascopy, clients can trade with more than 60 Forex pairs, including majors, minors, and exotics. Beginner traders are provided with the option to invest in less volatile major pairs like EUR/USD, GBP/USD, and USD/JPY. The maximum leverage for these is 100:1 (or 30:1 under the European regulations).
There is also a very good choice for those looking to invest in minors like EUR/GBP, GBP/JPY, and GBP/CAD or more exotic pairs such as CAD/HKD, NZD/CHF, and USD/ILS but this comes at the cost of reduced leverage of 10:1. As for the minimum lot size, it amounts to 0.01 for all currency pairs.
Besides Forex pairs, Dukascopy ensures traders have a decent enough choice of options for trading with leveraged CFDs for cryptocurrencies. This way you can speculate on the price movements of various cryptos rather than purchase them directly to your crypto wallet. You can purchase a CFD for these decentralized currencies without the necessity of owning them.
Customers can take advantage of the cryptos’ price fluctuations in either direction, long or short. Here you are given the chance to make full use of your capital with the help of leverage of up to 2:1 for customers of Dukascopy Europe and 3:1 for clients of the Swiss Dukascopy Bank. Just beware because this financial instrument can be very volatile, especially when you leverage your positions.
Some of the available cryptocurrencies for trading at Dukascopy include Ethereum, Bitcoin, and Litecoin. The minimum contract size ranges from 0.2 to 10 based on what cryptocurrency you choose to trade with. The margin requirement is 33% for cryptocurrency CFDs.
Customers of Dukascopy interested in speculative trading through CFDs have a choice from a spectacular range that spans 6 soft commodities, 3 bonds, and 19 indices. The company also allows for CFD investing in the stocks of some of the most liquid companies from countries like Austria, France, Sweden, Germany, the Netherlands, Spain, the UK, Norway, Hong Kong, and the United States.
The options for energy commodity speculators comprise UK Brent oil, US crude oil, natural gas, and low-sulfur gasoil. Those who seek to invest in agricultural soft commodities can do so by speculating on the price movements of coffee arabica, US cocoa, cotton, soybeans, orange juice, and white sugar. As for metals, Dukascopy offers CFDs for high-grade copper, silver, and gold.
Trading on the performance of entire stock batches is an alternative. The broker provides a choice from a huge number of indices, including the Spain 35, Australia 200, Hong Kong, Germany 30, the EU Stoxx 50, and the US 500 indices.
Also referred to as fixed-return options, or FRO, binary options present traders at Dukascopy with an easy way to speculate on price movements in a broad range of markets. Many clients of the broker prefer them because of their straightforwardness. In contrast to vanilla options, this instrument comes with fixed predefined payouts and level of risk.
They can result in maximum returns of up to 90% of the invested amount and are often considered suitable for small-scale investors. Dukascopy offers contracts for binary options as small as $1. However, this instrument involves a significant level of risk. Traders should never engage in them with funds they are not financially or emotionally prepared to lose entirely.
To trade with them, you will have to download the Dukascopy mobile platform for binary options. The mobile software is highly functional and uncluttered to allow for optimal trading experience on the go. It features many useful charts, comprehensive logs, and reports. The broker does not charge extra fees on top of the premiums traders pay for.
Dukascopy Mobile Fees and Spreads
Dukascopy achieves a high score where trading costs and live spreads are concerned. The spreads for popular major currencies like USD/JPY and EUR/USD start at as low as 0.1 pips, which is not bad at all, but it depends on the pairs you trade with.
Similarly to some of its competitors, Dukascopy does adjust its trading fees and spreads in line with its customers’ trading volume. Clients who invest more actively are treated to various perks, including discounts on commissions and lower swap charges on overnight positions.
Self-trading customers are given the chance to apply for a 20% commission discount. The latter will be credited to eligible clients once they reach the necessary trading volume. It amounts to 30,000 times their accounts’ equity at the time of the discount request’s submission. You have a year after submitting your request for a discount to reach this volume.
Traders will not incur any charges for opening an account with Dukascopy regardless of its type. However, if the live account remains inactive for more than a year, the broker will impose a maintenance fee of $40 (CHF100 for customers of the Dukascopy Bank Switzerland). It shall be deducted from the available balance, if there is any.
There are no fees for voluntarily closing your Dukascopy account but only on condition its remaining balance is sufficient to cover the transfer costs. Otherwise, the broker will deduct the balance for the purposes of closing the account.
Mobile Banking at Dukascopy
At Dukascopy, clients are presented with several easy-to-use methods they can fund their trading accounts with. It is worthwhile saying each new live account is expected to cover certain requirements where minimum deposits are concerned. Mobile traders can deposit only from accounts and payment methods that are registered in their name.
|$10||1.5 EUR + 2.5%||3-5 Days|
|$10||1.5 EUR + 2.5%||3-5 Days|
|$10||2.3 CHF||3-5 Days|
|$10||1.5 EUR + 2.5%||3-5 Days|
Mobile traders can fund their real-money accounts with the commonly-used wire transfers, which allow for deposits in over twenty currencies, including USD, CAD, GBP, EUR, SEK, ZAR, AUD, HKD, RUB, PLN, NZD, MXN, NOK, and HUF, to name a few. SEPA wire transfers are also supported but these are processed solely in the EUR currency.
You need to have your account approved and validated in advance before they send you instructions for the wire transfer. The funds normally reach the brokerage within 1 or 2 working days. Another way to deposit to your Dukascopy balance is via your credit/debit card, in which case you have a choice from Visa, Visa Electron, Mastercard, and Maestro. However, the supported card brands may be subject to change over time.
For security purposes and money laundering prevention, the broker only allows for card deposits to a maximum of $10,000, or the equivalent in another supported currency, within a single transaction. As a general rule, the brokerage credits the money to your balance within the next working day upon receiving them.
If you seek to deposit with a virtual wallet, you can conveniently do so with the popular options Skrill and Neteller. You can connect your Dukascopy account to your virtual wallet account for this purpose. Clients looking for more anonymous payments should feel free to implement decentralized cryptocurrencies like Ethereum and Bitcoin.
Whichever is available to use depends on what type of trading account you open. Crypto-fundable balances use the USD as their base currency, with a maximum cumulative limit of $50,000. Bank-transfer and cryptocurrency deposits come at no cost whereas those conducted with the e-wallets and the credit/debit cards are associated with fees that range from 1.2% to 2.5%, depending on the base currency.
Clients of Dukascopy can use the same methods available for deposits to withdraw their trading earnings, i.e. credit or debit cards, the e-wallets Neteller and Skrill, and the cryptocurrencies Ethereum and Bitcoin.
You can send them a withdrawal request by logging into the Live Member Area of your account and navigating to the Funds section where you must load the withdrawal form. You must specify what amount you wish to cash out. You then follow the instructions to complete the operation.
The processing timeframe is method-specific but your place of residency also plays a part. Traders normally receive their funds within one to three business days. The financial department handles withdrawal requests and deposits via the accepted cryptocurrencies only during working days. This makes sense considering Dukascopy is, first and foremost, a banking institution and started as such.
Customers, who cash out via the cryptocurrencies, should keep in mind that due to the processing delays, the exchange rates of Bitcoin and Ether can change while the brokerage processes their withdrawals. Respectively, this makes it impossible to predict how much cryptocurrency units will be credited to your wallet upon completion of the payment.
Similarly to deposits, withdrawals are associated with method-specific processing fees. Again, the exact extra charges are method- and currency-specific. For instance, Bitcoin and Ether cashouts come with a $10 fee whereas withdrawals with Skrill are charged at a floating rate of 2.5%.
Dukascopy Mobile App Regulation
Dukascopy is both an established banking institution and a securities dealer that hails from Geneva, Switzerland. It makes sense that as such, it has received the regulatory stamp of approval of the local watchdog – the Swiss Financial Market Supervisory Authority, abbreviated as FINMA. This authority is especially stringent when it comes to financial regulations. It requires all Swiss brokerages that deal in securities to be licensed as banking institutions.
The Dukascopy Europe outfit of the company operates under the permit and regulatory scope of the Financial and Capital Market Commission, or FCMC. The brokerage can legally operate on the UK market despite the fact it lacks a permit, issued by the UK Financial Conduct Authority (FCA). The European counterpart of Dukascopy is registered and based in the Latvian capital, Riga.
The Japanese outfit of the brokerage can legally service clients from the Land of the Rising Sun under a license granted by the Japanese Financial Services Agency (JFSA). Due to regulatory restrictions, the company’s services are off-limits for traders from specific jurisdictions, namely the USA, Canada (including the province of Quebec), Belgium, Russia, and Israel.
1. What leverage does Dukascopy offer?
|Type of Financial Instrument||Dukascopy Bank Switzerland||Dukascopy Japan||Dukascopy Europe|
|Major Forex Pairs||200:1||25:1||30:1|
|Minor Forex Pairs, Gold and Major Indices||200:1||10:1||20:1|
|Other commodities and minor stock indices||100:1||No leverage||10:1|
2. What payment methods can I use for deposits and withdrawals?
3. Are there geographical restrictions for signing up live accounts at Dukascopy?
4. What order types does Dukascopy offer to traders?
5. Do the demo and live accounts differ in terms of trading conditions?
Dukascopy poses as an excellent fit for mobile investors, especially if they are experienced professionals or large-scale traders. The brokerage is also likely to appeal to trading rookies. It boasts a comprehensive range of research and educational materials that will help them hone their skills and knowledge. The variety of trading instruments and account types is also decent enough. The only area in which Dukascopy bears some improvement is reducing its fees on withdrawals and deposits.