Want to see if Dukascopy is a legit broker? Safe to trade? The spread is high or low? How to deposit or withdraw funds?
We provide answers to all the questions in this Dukascopy Review.
We checked Dukascopy licenses and regulations and see if Dukascopy scam or safe. We compared Dukascopy fees like spread & commission from its live account to over 150 brokers, the time for deposit & withdrawal and many more findings all in this review.
What is Dukascopy
Dukascopy is a well-known Switzerland Online Bank and a Forex and CFD broker, established in 2004.
Dukascopy Bank operate under Switzerland FINMA license and has regulated entity in Japan under JFSA license, plusnumerous representative offices in various regions. In addition to reliable Banking services Dukascopy maintains Swiss FX Marketplace a proprietary ECN solution for trading.
Dukascopy highlights
| 🗺️ Regulated in | Switzerland, Japan |
| 🛡️ Is Dukascopy safe to trade | Yes |
| 💵 EUR/USD spread | Comission based |
| 🏦 Deposit | Bank Wire, Cards, Skrill, Neteller, Bitcoin |
| 💰 Minimum deposit | US$1000 |
| 🏦 Withdrawal | Bank Wire, Cards, Skrill, Neteller, Bitcoin |
| 💻 Trading platform | MT4, JForex |
| 💳 Trading markets | Forex pairs & CFDs on Shares, Indices, Bonds, ETFs, Commodities, Cryptocurrencies |
| 📈 Number of product | 650+ |
| 📉 Live chat response | Fast and professional answers |
Regulation
License and regulation are crucial to traders’ fund security. We check the broker’s license and its background, and how are you protected if something goes wrong.
Is Dukascopy legit
Dukascopy is regulated Switzerland Bank and online trading provider. Dukascopy operates as a group under strict FINMA license and overseeing recognized by the representative offices Dukascopy maintains around the world.
Additional subsidiaries Dukascopy Europe are regulated by the Financial and Capital Market Commission of Latvia (FCMC) and Dukascopy Japan are a Type-1 licensed broker regulated by Financial Services Agency of Japan (JFSA).
Dukascopy licenses and status
| Entity | Registered in | Regulator | License no. | Status |
| Dukascopy Bank | Switzerland | Swiss Financial Market Supervisory Authority (FINMA) | CHE-112.086.322 | Currently Regulated |
| Dukaspcopy Japan Co., Ltd. | Japan | Financial Services Agency of Japan (JFSA) | No. 1587 | Currently Regulated |
| Dukascopy Europe IBS AS | Latvia | Capital Market Commission of Latvia (FCMC) | Currently Regulated |
Is Dukascopy safe
Dukascopy is considered safe because it operates under Banking license with strict guidance and is regulated by top-tier FINMA.
Dukascopy being an online bank gives extra layer of transparency and high controls and security levels, which are good for traders.
For trading, FINMA overseeing operation on any level in addition to top-tier regulation provided by Japan FSA and registered representative offices where Dukascopy maintains offices.
Dukascopy compensation scheme
| Entity | Compensation Amount | Negative Balance Protection |
| Dukascopy Bank | CHF 100,000 | Yes |
| Dukaspcopy Japan Co., Ltd. | No compensation | Yes |
| Dukascopy Europe IBS AS | EUR 20’000 | Yes |
We recommend to register account with any Dukascopy entity as it is considered sharply regulated
Dukascopy provides negative balance protection according to local laws, however offshore zones do not demand this rule so conditions may be different.
Markets and Products
Dukascopy offers good range of instruments. You can trade Forex pairs and CFDs on Shares, Indices, Bonds, ETFs, Energies, Metals, Commodities, Cryptocurrencies also Binary Options. In addition, Dukascopy Bank has its own Cryptocurrency Dukascoin.
Forex
Forex and currency trading in Dukascopy offering ECN connectivity via Dukascopy Marketplace to over 60 currency pairs.
Binary Options
Dukascopy offering Binary Options trading being fully regulated trading proposal by Swiss regulations, even though Binary Options considered highest risk trading instruments.
Cryptocurrency is available for trading only through international entities, excluding EU and US clients.
| Markets | Instruments |
| Forex | 60 |
| Indices | 15 |
| Commodities | 15 |
| Cryptocurrencies | 20 |
| Shares | 300+ |
| ETFs | 80 |
Account types
Dukascopy has single account for retail traders. There are some specific settings you apply on your online account area to trading option or instrument you’re going to trade.
Also there is an option to open Joint account and Corporate Account.
Fees and commissions
We ranked Dukascopy fee levels are low on Live Account compared to 150 brokers in our database.
The spread we collected for popular instruments from 6 markets and over 150 brokers
| Markets | Instruments | Low | Average | High |
| Forex | EUR/USD | 0.1-0.9 | 1-1.5 | 1.6 or higher |
| Indices | US 500 | 0.1-0.4 | 0.5-1.4 | 1.5 or higher |
| Commodities | Gold | 0.1-0.4 | 0.5-2 | 2.1 or higher |
| Stocks | Tesla | 0.1-0.5 | 0.6-1 | 1.1 or higher |
| ETFs | US Russell 2000 | 0.1-0.4 | 0.5-1.4 | 1.5 or higher |
| Cryptocurrencies | Bitcoin | 0.1-0.5% | 0.6-0.9% | 1% or higher |
Spreads
Dukascopy fees are all built into commission charge and are different depending on trading volumes, platform and instrument you use.
We check commission on Dukascopy Live account with deposit less than 5k$, the commission is charged per 1 million traded. Alike, we paid the commission of 33$ per 1M traded for currency trading, this commission is the highest at Dukascopy and gradually decreasing until 10$ for higher account maintenance.
Compared to industry benchmarks the Dukascopy commission fees are very attractive, and you always know what you will pay for your trades.
If you will use MT4 platform the standard fees are 1$ per 1 MT4 lot or 10$ per 1M$ traded.
| Markets | Instruments | Dukascopy Comission | Other brokers’ avg spread |
| Forex | EUR/USD | 1.7 | 1-1.5 |
| Indices | US 500 | USD 0.02 per share | 0.5-1.4 |
| Commodities | Gold | 0.72 | 0.5-2 |
| Stocks | Tesla | USD 0.02 per share | 0.6-1 |
| ETFs | US Russell 2000 | Only at Invest Account | 0.5-1.4 |
| Cryptocurrencies | Bitcoin | 309.78 (international) | 0.6-0.9% |
Other Fees
Dukascopy has low non-trading fees. There is no fee for deposit, or withdrawals, also you can use all the benefits of Dukascopy Bank and open Multi-currency account where fees are defined as per Bank conditions.
Also note there are custody fees if you open account in Gold and safekeeping fees for Bitcoin Ether or Tether placed in quarantine.
Trading Conditions
The trading conditions offered by Dukascopy are good. Almost all trading strategies are allowed including scalping, EAs, copy trading and hedging.
| Trading Conditions | Yes/No |
| Hedging Allowed | Yes |
| Scalping Allowed | Yes |
| Change Leverage Allowed | Yes |
For hedging, no time limitations for keeping hedging positions.
Scalping is allowed and Dukascopy cooperating with VPS service providers for traders who run Expert Advisors (EAs).
Various Automated trading strategies are offered too, including APIs, Strategy Builders, External Programmers and options to get app via JStore.
Trading
Trading with leverage is offered and depending on the instrument you trade. Additional leverage and extra benefits traders can get via reward programs provided via Dukascoin reward programs.
Deposit
Dukascopy covers deposit fees. Deposits are accepted in 23 currencies and supporitng bank transfer, credit cards, e-payments, also supporting funding in Cryptocurrencies and Bank guarantees.
Dukascopy Bank
You can open Multi-Currency account with Dukascopy Bank and use all the benefits of leading Swiss online banks, also connect it to you trading account for smooth money transactions.
| Deposit Method | Funding Time | Fee |
| Bank Wire Transfer | 1-2 Business Days | 0$ |
| Credit / Debit Card | Immediate | 0$ |
| Skrill, Neteller | Immediate | 0$ |
| Bitcoin, Ether | Immediate | 0$ |
Minimum Deposit
Minimum deposit requirement is $1000 for Dukascopy Forex trading account.
Withdrawal
Dukascopy charges no fees for withdrawals, but some methods may add on currency conversion fees or processing fees that are depending on your payment method.
We recommend opening Multi0currency account with Dukascopy Bank for easy money transaction.
Dukascopy process and confirms withdrawals quickly within 1 business days.
| Withdrawal Method | Withdrawal Time | Fee |
| Bank Wire Transfer | 1 business days | Free |
| Credit / Debit Card | 1 business days | Free |
| Skrill, Neteller | 1 business days | Free |
Bonus
Dukascopy offers various bonuses and runs promotion programs. At the time of writing, we found bonuses where traders can get 10% Bonus on equity, get a discount on trading volume commission, experience share program and 11-year Dukascopy anniversary 100% Bonus.
Trading Platform
Dukascopy variety of platforms includes proprietary JForex platform and or MetaTrader4 connected to Swiss Forex Marketplace (SWFX) for ECN trading. Providing Mobile App, WebTrader and Desktop versions.
MT4
If you prefer MetaTrader technology Dukascopy MetaTrader4 supporting multiple languages, and is available across all devices.
Research and Tools
Dukascopy research tools are on a superior level, you can find numerous technical tools on platforms, Wealth management, and research like Economic Calendars, Sentiments, Trading Ideas, Technical Analysis, Reports, Signals, well-designed News Feed and many more.
Dukascopy research tools are available in different places:
- Dukascopy trading platforms
- ‘Market Info’ section on the website
- MyDukascopy account area
Education
Dukascopy Education is excellent quality too. There are thousands of ways to learn including Webinars, trading videos, Large trading communities, regularly held contests and analytic contest, Dukascopy TV and analysis, also Fundamental data from leading providers.
Education category is well organized and professionally presented we cant notice any negative sides.
Demo Account
Demo accounts are on free use you can use Demo trading on both platforms.
At Dukascopy you can learn in the following ways:
- Demo account
- Trading videos
- Webinars
- Educational articles and 1 on 1 Learning
- Copy Trading, Contests, Trading Community
- Dukascopy TV with analysis and research data
Customer Service
Dukascopy customer service is very good, agents are available around the clock and speak international languages, we got relevant and fast answer on Live Chat.
You can contact Dukascopy 24/7 by:
- Live chat, Messengers
- Telephone
Live Chat response is almost instant, agents are eager to help and provide professional relevant answers
| Question Asked | We asked about Multi-currency account opening and its connection to trading account. |
| Time of Reply | We connected to Live Chat instantly and got replies within seconds |
| Quality of Reply | The answer was very clear and informative |
Conclusion
Dukascopy is a safe broker to trade. The company has strong background and one of the strictest regulations worldwide since has Banking license in Switzerland.
Dukascopy provides great trading environment with clear proposal, trading fees built into low commission and all the benefits of the Bank for smoothmoney transaction processes.
Education and research are also great, the only negative side is the minimum deposit of 1,000$ which is still considered reasonable.
We recommend Dukascopy for traders with experience who prefer ECN trading and willing to trade with Swiss regulated Broker.
Author of this review
By Jimmy O'Brien
Author of this review
Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.
Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.