Dukascopy Review

3.892 · 192 REVIEWS
Updated: Oct 30, 2020 · Dukascopy.com  · Is this your company?

Dukascopy is an online forex broker. Dukascopy offers the MetaTrader 4,SWFX mobile, and JForex online currency trading top platforms. Dukascopy.com offers over 40 currency pairs, CFDs, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

Dukascopy

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $100
Established: 2004
Address: Route de Pré-Bois 20 ICC, Entrance H 1215 Geneva 15, Switzerland
Contact: +41 22 799 4888
Regional offices:
Regulators: FINMA #
Prohibited countries:
Trading platforms: MT4, jForex
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (40+)
Cryptocurrencies: (2) Bitcoin, Ethereum
CFD: (605+) Gold, Silver, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, Bank Gurantees, Maestro, Neteller, Other Crypto Currencies, Skrill
Withdrawal Methods: Bank Wire

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Dukascopy.com profile provided by Dukascopy Support, Jan 16, 2018

Dukascopy is an online forex broker based in Geneva, Switzerland. Dukascopy offers the MetaTrader 4, Jforex, Web, iOS and Android online currency trading top platforms. Dukascopy.com offers over 60 currency pairs, CFDs, binaries and precious metals for your personal investment and trading options. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities dealer.

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3.892 · 192 REVIEWS
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Traders Reviews

Beg-inner,
Home, Spain,
Jul 13, 2020,
Guest

JForex

Service use: Live

Length of use: 0-3 Months

In my experience, which is very limited, your JForex platform is the best. I've tested MetaTrader, but it's not good for me.
 
Alberto,
Padua, Italy,
Jul 12, 2011,
Guest

Good evening everybody,

I am new with this forum and first of all i apologize for my english maybe not always correct.
I have a question about Dukascopy terms and conditions agreement.
As reported at the point 1.1 (vi) “Counterparties” they explain that " “Counterparties” shall mean banks, brokers and/or marketplaces and/or any client or partner of Dukascopy or Dukascopy itself participating in the transactions executed on the SWFX Marketplace Trading System;"
So my question is the next: if they act (or they pretend to do this) like an ECN broker, why they say to us that they can partecipate like a counterpart?
It is obvious that if they act as a counterparty they only get advantages by our losses?

I attach their web documents page:
http://www.dukascopy.com/swiss/docs/bankForms/Marketplace-Trading-Agreement-in-use.pdf

Thank you all
Bye

Alberto
 
Dukascopy Bank SA,
Switzerland, Switzerland,
Nov 17, 2011,
Guest

Dear Tom from Canada,

In reference to your posting below mainly concerning slippage on stop loss in breakout strategy we would like to remind some facts to be considered when making an opinion.

The stop loss level triggers the order on market at the exact moment when the price touches or goes through the specified level. The probability that the price during a breakout will be quoted exactly on the level you have set and will freeze until your order is filled is, as you probably understand, extremely small. In vast majority of cases, the stop-loss gets triggered on a breakout after the level has been already passed. In these cases slippage is predefined from the price movement mechanism. In other words it is predictable to notice slippage in breakout situations.

As regards with slippage in general, whatever market conditions, traders shall consider that price update is extremely fast and that price displayed on the screen is always the best price of the market depht which is coming with a defined quantity and short duration. Considering the number of orders executed during breakouts, the probability for a trader to get exactly the price indicated on the screen or a better price is automatically limited.

However, should traders consider that an order execution was not fair, they may contact Dukascopy Bank SA’s Support Desk and request an investigation. As a matter of fact, Dukascopy Bank SA keeps the complete price movement history publicly available: every tick is available for verification.

By the its code of ethics, Dukascopy Bank SA analyzes every complaint and considers compensation requests on a case by case basis.

Unfortunately, we could not identify any open complaint from you and we invite you to contact your Relationship Manager or to write to support@dukascopy.com or at legal@dukascopy.com.

Best regards,
Dukascopy Bank SA
 
Netherlands,
Jul 19, 2018,
Registered user

Confusing commissions and fees

Hi Guys, Does any have experience with Dukascopy's commission and spread practice? For me the provided information on their website and confusing. I also tried to ask some clarification from my account manager but I got a response which kind of shocked me. The AM said that there is a fee for opening and there is a fee for closing positions. Also, when I open a trade I see the position in positive, than I close it down and it turns out that somehow I lost on the trade.
It would be nice if you could share your experience on this, because I am at the beginning of dealing with them and if turns out not so good, I will have to change. Thank you all in advance.
  1 trader has found this review helpful
Reply by Dukascopy Support submitted Jul 26, 2018:
Dear Andras,

We charge volume commission for each opening or closing trade. The rate depends on Net Deposit, Equity and Traded Volume and ranges between 10 and 35$ per 1 million USD traded for forex instruments. All this information is publicly available on our website in ‘Trading fees’ section.

Regarding the position you mentioned, you may send me position ID and screenshot at cs@dukascopy.com. I will investigate and get back to you with the results.
mayuka,
asia, Malaysia,
Mar 3, 2015,
Guest

is anyone facing platform login problem? i try for so many time to login neither website and platform but failed. and i'hv email dukascopy but no respone at all. feel a bit worried about that.
 
Reply by Laurent Bellieres submitted Mar 6, 2015:
Dear Trader, has your issue been resolved? In order to get immediate assistance in case of trading issues you should always call our Live Trading Support at +41 22 799 48 48 or +41 22 799 48 38 as indicated at https://www.dukascopy.com/swiss/english/about/contact/. As a matter of fact, emails may remained undelivered or unattended for various reasons.
Dukascopy Bank SA,
Switzerland,
Aug 15, 2011,
Guest

In reference with the post of Nikolaj from Moscow dated 22 July 2011 we would like to specify that Dukascopy Bank SA is keeping logs of any activity occuring on its trading system. Therefore any claim concerning execution / non-execution / cancellation of orders may be verified.
In the referred case we had concluded that cancellation of his limit orders was not done contrary to the Client's belief. However we remain available to this Client to investigate his allegations provided that he answers our information request.
Also we kindly remind our Clients that they have online access to their order book to monitor orders and positions. A proper monitoring of orders avoids similar inconveniences.

Best regards,
Dukascopy Bank SA
 
New York, USA,
Dec 28, 2016,
Registered user

i register an account to leave this review! this broker is worst i experienced. set stop loss and they closed my position 100pips lower without a reason! i basically think they just steal people s money since they are in Switzerland and you are in the U.S. Avoid them!!! they are evil.

their low spread is another lie because they overcharge you on commissions.

I highly doubt if they execute your orders in live market but gamble against you if you open your account for 100% deposit bonus. there is no free cake.
 
Forex Peace Army
Review moderation team note
1 Star rating removed.

To the best of our knowledge, Dukascopy has not accepted US clients for years now.  If there has been a change, please let us know.
Reply by Dukascopy Support submitted Dec 29, 2016:
Dear dannyacemen, are you sure you traded with Dukascopy? We have stopped accepting US clients since 2011.
Dukascopy Bank SA,
Geneva, Switzerland,
May 24, 2013,
Guest

Dear Traders,

In reference with the post of Hrishabh from India, we draw the attention of this person that it contains allegations of criminal conduct that are defamatory and groundless accusations. Should this person be a real client of Dukascopy Bank or Dukascopy Europe, he/she is invited to write to legal@dukascopy.com for Dukascopy Bank or legal@dukascopy.eu for Dukascopy Europe in order to get clarifications and resolve his/her concerns. The quoted assertions clearly demonstrate a lack of understanding of the facts / Dukascopy’s trading system. As a matter of fact, Dukascopy provides the same datafeed to all its clients, that is verifiable based on the datafeed history available on our website.

In case of claim, Dukascopy verifies any disputed trade execution based on the said history that anyone can access. Therefore Dukascopy cannot be accurately accused of price manipulations. Also we fully disagree with the allegations according to which Dukascopy would intentionally generate spikes and/or would not care about such spikes. These statements are simply not true. At the contrary, the quality of Dukascopy’s datafeed is well-known and based on the aggregation of multiple sources of liquidity. Moreover, Dukascopy’s practice is to investigate about any spike reported by clients and to compensate clients in all cases where spikes are not due to market behavior but to incorrect functioning of Dukascopy’s trading system or inaccurate datafeed of our liquidity providers, the latter case being the main cause of spikes.

Concerning Dennis Sherman’s post from Bahrain, we are pleased to inform you that, upon request, clients can keep same margin requirement during weekends as during the rest of the week. In such case, Dukascopy only requests clients to confirm in writing that they will assume all risks and possible damages resulting from this instruction. As a matter of fact, market gaps are more likely to happen during weekends.

Best regards,
Dukascopy Bank
 
Riyadh, Saudi Arabia,
Dec 28, 2016,
Registered user

Still on demo Acc will switch to live Acc soon, so far a honest and professional broker.

Hi, Gents I am on a binary options demo account with Dukascopy, so far i can see it very neat and clean and very fast in placing put or calls order i do monitor the price action and bars with other trading platforms and there is no big difference in the strike rates i hope once i switch to live account it should remain the same I too hope that withdrawing of the amount should be very easy without panic,
I was searching to deposit less amount of 1000 USD but i guess the least amount is 5k which is very high they should reduce the deposit amount for customers like us.
 
Dukascopy Bank SA,
Geneva, Switzerland,
Jul 23, 2013,
Guest

Dear Traders,

In order to provide accurate and educative information about Dukascopy’s trading system, we are pleased to comment Micheal’s post below, from Shanghai, as follows.

2) Stop orders: a stop order is a pending order which can be executed only when and if the order conditions set by the Trader are met. Therefore, only the Trader and the market define if and when a stop order can be triggered. The execution of a stop order starts only if and when the market price reaches the trigger price which may even sometimes never happen. If triggered, the execution itself of the stop order takes in average 300-400 ms. Therefore Micheal’s post wrongfully induces Traders to believe that order execution at Dukascopy always takes a few seconds, which is far from the reality, except in few cases due to exceptional market conditions, like for example some news events.

It is also not true to write that there is always large slippages on order executions. Orders are executed either with negative, positive or with no slippage at all. By definition, a stop order is an order to buy or to sell if the specified price (which by nature is worse than the current price) is reached or passed. Due to variable price increment, the trigger price is likely to be worse than the stop loss price. Additionally, the execution of a stop order is triggered when the current market trend is against the Trader’s opened position, and as a result negative slippage has higher probability to happen, this is logical. Also it should be kept in mind that the stop order is executed not at the trigger price normally, but at an executable price after the trigger. Depending on the market volatility, the trigger and/or the execution price may be worse than the stop loss order price.

Since it is not possible to fully avoid any slippage, Dukascopy provides slippage control tools, which can be used also on stop orders. However, it is important to keep in mind that reducing slippage tolerance increases the probability of order reject. Each trader shall find its own balance between execution and slippage probabilities.

3) Dukascopy’s price feed consists of multi level market depth. At each particular moment there is a list of BID and ASK prices with different liquidity available for each level. At each moment, best offers (which are those displayed on the platform) are limited in volume and in case the best price is not sufficient to execute all client orders pretending for the same price, Dukascopy executes client orders at next available prices, within slippage tolerance set by clients and in chronological order (first arrived first served).

Dukascopy tick charts are made of the ‘best’ prices only. In case a client order was executed at a different BID or ASK than the best offered price, execution price will not appear on the chart. This again is logical and not contradicting the Dukascopy’s ECN execution model. The execution price may always be justified / explained based on the liquidity providers’s offers. When several offers are needed to execute a client order, the execution price is the average of these offers.

Best regards,
Dukascopy Bank SA
 

Frequently Asked Questions

Is dukascopy a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Dukascopy is a good broker. https://www.forexpeacearmy.com/forex-reviews/52/dukascopy-forex-brokers.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Dukascopy community discussions: https://www.forexpeacearmy.com/community/tags/dukascopy/.

What is dukascopy connect 911?

Dukascopy Connect 911 is a messenger with an integrated payment system from a Swiss bank. The messenger has the following features.

  • Privacy. Use the secret chat function and your messages will disappear without a trace after closing the dialogue.  
  • Full access to Swiss bank services. A possibility to open an account online from any part of the world. Instant money transfers, payments, online currency exchange, deposits, virtual and plastic cards. 
  • Referral reward program. Invite your friends and get rewarded for each user who opens an account with Dukascopy Bank. The friends you invited will also receive a reward.

How do I deposit or withdraw money from Dukascopy?

Steps on how to deposit or withdraw money from Dukascopy.

  • Login into your live trading platform.
  • Open the "My Account" report.
  • Desktop Platforms: Go to "Account" > "My Account"
  • Mobile Platforms: Go to "More" > "Account" > "Account settings"
  • Locate the Deposit and Withdrawal sections in the report.
  • Click on Deposit or withdraw on the method you would like to use.

Is dukascopy regulated?

Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities dealer.

Dukascopy Group mainly provides online and mobile trading services through the SWFX - Swiss FX Marketplace.

Is dukascopy a true ECN?

Dukascopy Bank executes orders of market participants on a Straight Through Processing basis.

Dukascopy Bank has no dealing desk and makes no requote.

Forex ECN accounts are available in Dukascopy Bank.