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Dukascopy.com Review

Overall Rating: (3.622)
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Total Reviews: 128
Last Updated: 2014-09-21
Description: Dukascopy is an online forex broker and is registered as a Swiss bank. Dukascopy offers the MetaTrader 4,SWFX mobile, and JForex onlin currency trading top platforms. Dukascopy.com offers over 50 currency pairs for your personal investment and trading options.
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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2006-02-12
Review: We do not have any experience with this broker. If you have used them, please kindly submit your review above.

Muhammad Ahsun, Gujranwala, Pakistan

Rating:
Date of Post:2014-07-25
Review: Dukascopy EU is terrible broker i have ever dealt with!

I have applied for an account and next day got a call from my account manager(Mo Awada) and he told me that i am required to send my certified docs by post as per regulations i said no problem and i asked him to explain certification process and tell me all requirements. Then after 4 days of struggling i finally got a meeting with my Bank Branch manager and got my docs certified from him. Then i send my scans for verification that all docs are ok for sending

My account manager replies me after 11 days that signature date is missing. What the hell i told him i got everything on my docs as you said and you have no mention of signature date! but he said we are required to have date too!

I was very much frustrated but what can i do on next day i visit the branch again and after 1.30 hour of waiting i finally got signature date and all my documents are now completed and on the same day i scanned those docs and send them back to my account manager that everything is ok.

Now guess what he don,t even bother to send a reply!
Now i have decided to leave this broker forever and sharing my experience here. The purpose of putting the whole story is if i am giving a bad rating to a broker then my review should be supported by a solid evidence!

I have waste my 3 weeks and precious time here. In FX Markets time means Money! If you are going to open an account with them then keep in mind they don,t honor your time ! !

Vladimir Gorachev, SPB, Russian Federation

Rating:
Date of Post:2014-07-09
Review: HUGE slippage confirmed.
I send via fix api around 10 orders, and ALL of them have 20-40 pip slippage (0.1 lot volume)
 
Comment: Added by Laurent Bellieres on 2014-07-14 11:14
  Dear Vladimir,
Are you sure it was 20-40 pips?
Was it during news time?
Can you please send us or post concerned order IDs or your real name for verification?
Yours sincerely
Dukascopy Bank SA

Dukascopy Bank SA, Geneva, Switzerland

Rating: No Rating
Date of Post:2014-06-11
Review: Dear Traders,

We refer to Victor's post below dated 9 June 2014.

Please be informed that Everest Markets is neither a white label partner of Dukascopy Bank nor a member of Dukascopy Group.

Dukascopy TV is a media, interviews thousands of professionals active in the financial sector and shall not be held responsible for what such persons may do in their professional or private lives.

We highly regret that Traders still may be victims of scams and we recommend them to verify that their brokers are financially stable and properly regulated prior to deposit funds.

Traders choosing Dukascopy Bank or Dukascopy Europe opt for the safety of their deposits.

Best regards,
Dukascopy Bank SA

Victor , Chisinau, Moldova, Republic of

Rating:
Date of Post:2014-06-09
Review: it seams that Dukascopy works and promotes the Everest Markets.

This Everest fraud many peoples, but Dukascopy promotes them.

Here is the proof: www.youtube.com/watch?v=UqgHLQdb5nw

Now, What we need to understand, that Dukascopy is the same???

Dukascopy Bank SA, Switzerland

Rating: No Rating
Date of Post:2014-04-17
Review: Dear Traders,

In reference to Brian’s post dated 17 March 2014, we would like to comment as follows.

Brian stated that the “slippage control function” has not worked properly and that while a maximum slippage of 10 pips was set, 60 pips slippage would have occurred. Brian should contact our Live Support Desk since this is not compatible with the rules of our trading system.

As a matter of fact, slippage tolerance is one of the basic parameters of an order like amount, currency pair, side, etc. Dukascopy’s trading system automatically rejects orders which cannot be executed within the slippage tolerance defined by the Trader. If an order is slipped by more than 10 pips it necessarily means that the order had been sent with higher or with no slippage limitation. This is easily verifiable in the activity log. If in doubt about the functioning of the slippage control function and/or about the default slippage parameters, please contact our Live Support Desk.

Also, if you do not agree with the answer given by the Live Support Desk, please write to [email protected] for a second review of the order execution.

Besides, news trading is a very specific type of trading. Release of important news data is often followed by high prices volatility, low liquidity and large flow of orders which naturally lead to higher rejection ratio and slippage.

Depending on the currency pair traded, 60 pips may be a significant amount or not and may differ up to 50 times, for instance if you compare NZDCHF and USDRUB.

Please also beware that in fast moving markets and during important announcements, price gaps do occur. In case of price gaps, there are no available prices at all. Therefore, in some cases, slippage is the result of absence of price. In fast moving markets, not all price quotations received are executable: a queue of client orders are to be executed at the same time, prices and liquidity may be not sufficient, or price updates occur so fast that prices may be not executable because they are almost immediately canceled or replaced by next prices.

News trading is extremely risky and therefore is not for everyone. To Traders who choose to benefit from news trading, Dukascopy recommends to use order types permitting slippage control. Such Traders should use “Stop Entry Orders” since they allow a maximum acceptable slippage value to be included in the order. However such orders are not usual “Stop Orders” but “Stop Limit Orders”. If due to a rapid market price movement a “Stop Entry Order” cannot be executed within the allowed price range, this order remains pending at its price limit. Usual “Stop Loss Orders” are intended to protect Traders and to close an open position when the “Stop Loss” trigger price is reached. In such case, the setting of a maximum slippage tolerance is not possible and makes no sense.

Best regards,
Dukascopy Bank SA
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Yuriy Zaletskyy, Kyiv, Ukraine

Rating:
Date of Post:2014-04-03
Review: What I don't like in dukascopy is slippages during the news. I shocked that swiss broker with around 30 liquidity providers on EUR/USD!!!! has slippage 15 pips. For me it is shocking for because USD and EUR are most traded currency pairs in the world, so for me it means that this pair has good number of traders which should provide enough liquidity. But that not the case with dukascopy. I will withdraw my money from them. Another facet which is sad for me is commisions. Their commision covers their spreads completely and outperform other brokers.

Brian, , Canada

Rating:
Date of Post:2014-03-17
Review: I don't like talking bad or being negative but they were a good broker until I started news trading or experiencing volatility with them. I would easily have slippages of 60 pips or so even with the so called 'slippage control' setting to default 10 pip on major pairs or currency crosses. They will always give you the standard market conditions and volatility answer no matter how many times you complain. I traded side by side with my other broker and did not experience such a slippage neither did any other traders in my trading group for the same exact trade. I am quite disappointed and it's not the particular loss that bothers me but rather their ethics and principles. I cannot trust a broker that finds this acceptable and normal. NEWS TRADERS AVOID!!

Paul, France, France

Rating:
Date of Post:2014-03-12
Review: Following up my last post regarding me opening a new account with Dukascopy Europe (as opposed to the Geneva operation), I can say that they are very impressive so far.Although it was a bit of a hassle getting the account open, this is clearly because they are a professional operation who obviously take their business seriously.
Trading wise they appear to be excellent so far with no slippage issues and spreads as good as it gets.
I couldnt get along with the JForex platform so have opted to use the mt4 bridge as its what I'm used to.
One bad point was the fee for depositing, but apparently that is nothing to do with Dukascopy but the bank who handles the transfer.
All in all very good up to now.

014-03-03 No Rating I have been with Oanda for many years and have recently become disenchanted with some of their practices so have decided to change to Dukascopy.
At the moment I'm having a real headache trying to fund my account.I do not work and live off my savings however,before they credit funds, they are demanding I prove how I live,which is difficult to do apart from show them copies of your bank statements which does seem a bit intrusive.
My account manager ,Jacques Sale,is very good ,however he seems to be restricted by his legal department.
If and when I get this resolved I'll post on here and let you know how it went.
Trading-wise, with the small amount I have deposited with them, they seem impressive.

Dukascopy Bank SA, Geneva, Switzerland

Rating: No Rating
Date of Post:2013-11-27
Review: Dear Traders,

We would like to comment some recent posts as follows.

With regard to “FX Trader” post from Toronto, Canada, please note that NO FEE IS CHARGED ON DEPOSITS neither by Dukascopy Bank nor by Dukascopy Europe, as stated on the following web pages: http://www.dukascopy.com/swiss/english/about/fee-schedule/?c3#transferFees and http://www.dukascopy.com/europe/english/about/fee-schedule/. The most probable reason of this loss is that the client’s bank or an intermediary bank has made a mistake and sent/converted the money in another currency than the client’s instruction.

With regards to “Georgia Antoniou” post, we would like to stress that clients are provided with a slippage control functionality which allows to cap the maximum slippage on all market and entry stops orders. Several comments and advices about slippage have already been posted by Dukascopy Bank on this forum, we invite you to review them since they clarify why slippage either positive or negative may happen in an ECN environment, how to limit negative slippage and what to do in case an execution seems unfair. Our Trading Support Desk gladly answers any question about slippage and investigate any trade execution concerns reported by clients. In case you are not satisfied with the support or conclusions provided by the Trading Support Desk please write to [email protected] for further investigations. In case the Legal service answers that the order execution was normal and that no compensation is due to you, then you may consult the Swiss Banking Ombudsman. Dukascopy Bank welcomes the opinion of the latter.

Concerning “Laurientiu” post from Rome, Italy, our Legal service would welcome further feedback at [email protected] so as to help us improving the quality of our services. Our choice to focus on our home-made Jforex trading technology is a strategic decision which distinguishes Dukascopy from its competitors. It also should be mentioned that despite we charge volume commissions, the total of our spreads + commissions are barely beatable. Finally, precious metals trading is also available and we are currently working on adding financial derivatives instruments to our platforms.

Best regards,
Dukascopy Bank SA
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