Dukascopy Bank review: Unbiased Expert Analysis
This Dukascopy Bank review provides an in-depth look at its offerings, helping traders make informed decisions. Dukascopy Bank is a Swiss online bank and brokerage, known for its trading services and technological innovation.
Dukascopy Trading Assets and Overview
Dukascopy offers a comprehensive range of trading instruments. Traders can access 60 forex pairs and 593 CFDs, totaling 653 tradable symbols across various markets. This extensive selection caters to both forex and CFD traders.
As of June 30, 2019, Dukascopy Bank held over 148 million Swiss francs (CHF) in assets. Clients of its Swiss entity benefit from 100,000 CHF in insurance protection provided by the esisuisse regulatory compensation fund.
- Forex Trading (Spot or CFDs): Yes
- Tradeable Symbols (Total): 593
- Forex Pairs (Total): 60
- U.S. Stock Trading (Non CFD): No
- Int’l Stock Trading (Non CFD): No
- Social Trading / Copy Trading: Yes
- Cryptocurrency (Physical): Yes
Dukascopy Cryptocurrency Trading and Dukascoin
Dukascopy has embraced the digital asset space, offering CFDs on major cryptocurrencies like Bitcoin and Ethereum. Furthermore, the bank launched its own proprietary cryptocurrency, Dukascoin (DUK+), allowing for trading of the actual underlying asset.
It’s important to note for this Dukascopy Bank review that crypto CFDs are not available to retail traders from any broker’s UK entity, nor to UK residents, due to regulatory restrictions.
Dukascopy Fees and Commissions
In terms of trading costs, Dukascopy is highly competitive, especially for active traders and those utilizing automated trading programs. This Dukascopy Bank review highlights its transparent fee structure.
Dukascopy offers a single account type for FX trading: the Forex ECN account. While spreads remain consistent for all ECN account clients, commission rates are variable. These rates depend on factors such as trading volume, account balance, and net deposits.
For example, using average spreads of 0.30 pips on EUR/USD during the US trading session in Q3 2019, combined with a default commission rate of 0.70 pips per round turn, the all-in cost totals 1 pip. This is comparable to other brokers employing commission-based pricing models.
Account Tiers and Entity Differences
Traders can open an ECN account with either Dukascopy Europe or Dukascopy Bank in Switzerland. A key difference lies in the minimum deposit requirements and regulatory jurisdictions.
The EU entity has a significantly lower minimum deposit of just $100. In contrast, the Swiss entity requires a $5,000 minimum, which drops to $1,000 for Swiss residents. This flexibility allows a broader range of traders to access Dukascopy’s services.
Platforms and Tools
Dukascopy demonstrates a strong understanding of trading technology, providing robust tools for traders. The flagship platform, JForex 3, is available as both a desktop and web-based application, supporting Windows and Mac operating systems.
While some traders might prefer MetaTrader 4, JForex 3 is a powerful alternative, earning “Best in Class” in 2020. The desktop version is particularly rich in features, offering 24 drawing tools, 291 technical indicators (67 for the web version), and the ability to import custom indicators.
A minor drawback noted in this Dukascopy Bank review is that chart zooming on the desktop platform was not as fluid as on some competing platforms.
Algorithmic Trading and Advanced Features
JForex 3 is highly competitive with MetaTrader for algorithmic trading, supporting custom indicators and automated strategies. Users also benefit from cloud storage and VPN services, enabling 24-hour operation of their trading systems.
Dukascopy further enhances its platform with an app store, offering hundreds of applications compatible with the JForex 3 suite. Beyond the industry-standard “close all” button, Dukascopy provides a “cancel all” button, a feature typically seen in high-frequency trading via API, allowing for quick cancellation of all pending orders.
- Virtual Trading (Demo): Yes
- Proprietary Platform: Yes
- Desktop Platform (Windows): Yes
- Web Platform: Yes
- Social Trading / Copy Trading: Yes
- MetaTrader 4 (MT4): Yes
Conclusion
This Dukascopy Bank review reveals a strong, technologically advanced broker suitable for various types of traders. With competitive Dukascopy fees, a wide array of Dukascopy trading assets including Dukascopy cryptocurrency trading and its own Dukascoin, and powerful platforms, Dukascopy stands out.
Its commitment to technology, robust regulatory oversight, and client-focused features make it a compelling choice for those seeking a reliable and feature-rich trading environment.
