DUKASCOPY

Charges

Dukascopy charges a commission fee for every trade clients make via their interface. Fees are variable depending on what is traded (for instance, commission fees are lower for FX trades than commodity trades), and are charged in the executed trade’s primary currency. A standard withdrawal fee of £6 is operated. No fees are levied for deposits by Dukascopy directly, although deposits must be made by bank wire – banks almost always charge clients a fee for this service. Further, a minimum of £60 must be placed by a client.

Margins

Using the broker’s dedicated online calculator, Dukascopy clients can determine margin levels in seven key currencies.

History

Dukascopy is a Swiss Forex bank and marketplace. Retail and institutional clients can access Switzerland’s foreign exchange marketplace using the firm’s interface, which grants access to a variety of different trading platforms.

Dukascopy is covered by MiFiD regulations, and is authorised by the Swiss Financial Market Supervisory Authority in Switzerland.

Financials

Dukascopy reported a trading income of £19.8M in 2013, and a gross profit of £3.7M.

Platform Features

Dukascopy clients trade through a number of different platforms. Chief among them is the firm’s very own JForex platform. JForex allows clients to structure and program their own FX trading platform, using basic applications and interfaces provided.

Mobile Dealing

Dukascopy issue a dedicated app – ‘Swiss Forex’ – which allows clients keep up to date with FX market data on the move. However, the platform does not provide for mobile trading.

Educational Material

Whilst Dukascopy clients are not provided with a formal training structure in the manner of comparable services, free Demo accounts allow users to access real markets and make prospective, risk-free trades. Live webinars on advanced FX topics can be accessed, however, and clients are granted access to Dukascopy’s extensive research materials, which cover every major international market. Every month, the most successful client trader is invited to give a speech on their FX strategies and trading methods.

Pros

Dukascopy is a well-established FX broker with a reputation for transparency, and for maintaining client privacy. Dukascopy apply the same price feed to all clients, and provide clear and reliable information on market liquidity. Dukascopy place a great emphasis on keeping spreads variable, ensuring spreads remain tight. The JForex platform is renowned for its reliability and ease of use. Dukascopy minimum starting deposits are among the absolute lowest in the FX trading sphere. Dukascopy has recently diversified to allow spot trading, and for trading on a number of commodities (primarily precious metals). Further additions to the platform’s stable of trading options are planned in the future.

Cons

Whilst Dukascopy impose a relatively low minimum deposit rate, their service is not for beginners, nor low-volume traders. The broker’s minimal training and education structure is an indication that clients are expected to join fully conversant with FX trading principles, and the JForex interface. Dukascopy also only allows deposits to be made via bank wires, meaning fees are inevitable. Furthermore, trading via Dukascopy is largely restricted to the broker’s agreed platforms – clients wishing to trade via MetaTrader may not do so unless they seek a third party adaption of the platform. The broker’s app does not allow for trading either.

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