It is crucial to read the broker review before trading with the broker. You can find the Dukascopy review in detail below.
Is it Safe?
Dukascopy is regarded as a minimal-risk broker with a fairly good trust score (90/99). The broker is not publicly traded, however, it does run a bank and is regulated by two tier-1 (JFSA, FINMA), zero tier-2, and zero tier-3 authorities.
Dukascopy Review – Investment Options
Dukascopy provides more than 650 symbols to trade throughout several markets, including 60 forex pairings as well as 593 CFDs for FXand CFD traders. The broker also provides crypto trading via CFDs on major crypto assets as well as the real underlying (non-CFD) for its own developed coins.
Dukascopy Bank: About June 2019, Dukascopy’s assets totaled approximately 148 million CHF (Swiss francs). Clients of Dukascopy’s Swiss business are also covered by the regulatory reimbursement fund esisuisse for 100,000 Swiss francs in insurance cover.
Dukascoin: The broker provides CFDs on BTC and ETH, and has just launched its own coin, DUK+ (Dukascoin), to even further incorporate the blockchain technology. Remember that cryptocurrency CFDs aren’t offered to retail traders or United Kingdom residents from whatever broker’s United Kingdom business.
The list below outlines the available investment options at Dukascopy:
- Forex Trading
- CFD Trading
- 593 Tradeable Symbols in total
- 60 Forex Pairs in total
- Cryptocurrency (Physical)
- Cryptocurrency (CFD)
- Social (Copy) Trading
Dukascopy Review – Pricing
Dukascopy is towards the top of the list of FX brokers that enable automatic and active trading systems regarding trading fees.
Account levels: Within its Forex ECN account, the broker offers just one account type for Forex trading, with the executing mechanism ranging from agency to dealing desk. Although all customers with an ECN account have identical spreads, the additional service fees they pay will change based on their trading size, balances, & net deposits.
Spread info: Using typical EUR-USD currency pair spreads of 0.30 pips throughout the United States trading period in Q3 2019, coupled with the standard commission rate of 0.70 pips each RT (round turn), the total cost equals 1 pip, which is similar to certain other commission-based firms like Saxo Bank.
Clients can choose between opening an ECN account using Dukascopy EU or Dukascopy Bank in Switzerland. Apart from legislative jurisdictions and corresponding investor protection restrictions, the key difference between the two businesses is that the European entity’s minimum is substantially smaller, at only $100. The Swiss one, on the other hand, requires $5,000 – however a client is a Swiss resident, the minimum is then at $1,000.
Generally, the broker clearly understands trade technology and offers users the instruments they require to thrive. JForex 3, the broker’s flagship platform, is a desktop & web platform that works on both Windows and Mac operating systems. Although some traders favor MT4 (MetaTrader 4) over an in-house platform, JForex 3 was a standout performer in 2020.
JForex 3 desktop has a lot of trading features and is very simple to use. Technical traders will like the 24 drawing instruments, 291 technical indicators, and the possibility to integrate custom indicators. Aside from the benefits, it’s good to mention that the zoom feature on charts on the desktop platform is not as smooth as it was on the other platforms.
JForex 3 compares strongly to MetaTrader since it offers algorithmic trading and configurable indicators. Traders may also employ cloud storage as well as VPN providers to operate their trading systems all the time. Users may also employ the JForex 3 platform suite with the broker’s app store, which has hundreds of applications.
Advanced functions: In addition to the industry-standard close all button, the broker goes a step further than other brokers by including a ‘cancel all’ button. This function is useful for swiftly canceling all orders and is solely accessible through API. It is often utilized by high-frequency traders.
Research and Analysis
Thanks to a comprehensive selection of research instruments in its JForex3 platform, the broker provides an exceptional forex research experience for its users.
Live market updates from Reuters & MarketPulse, a real-time economic calendar featuring consensus projections, market mood indicators, technical pattern analysis, as well as automated trade systems are just a few of the available tools at Dukascopy.
Dukascopy TV is a professional television station based in Geneva that distributes stories from in-house reporters that perform interviews and market research. The information isn’t only topical and intelligent, but it is also professionally designed and instructive, making it valuable to all customers, regardless of the level of ability.
Dukascopy Review – Trading from Mobile
Essentially, the JForex Trader application from Dukascopy is at the top in the business, pushing Dukascopy back to the top of the summit for mobile trading in 2020. Certain premium features in the software instantly jumped out during tests, including incorporated market signals & motifs, as well as a pivot point feature.
JForex Trader’s charting is powerful, with various adjustable settings and notifications that can be added quickly from the same panel. Charting is easy to use and includes a lot of features, like a set of 46 technical indicators.
Advanced tools: While carrying out a trade, the app also has level-two quotations and numerous associated order types, such as conditional & bid-offer orders. Tactics can also be chosen from a library inside the phone app that contains Dukascopy community-created strategies.
Researching: The JForex Trader app offers a comprehensive set of research instruments, including many preset screens along with a clean, configurable view of marker movers that can be adjusted over 4 different time periods, from hourly to monthly. A pattern-recognition instrument for trading strategies is also available, neatly categorized among the different research categories.
Dukascopy Review – The Verdict
Dukascopy Bank is a fantastic choice for seasoned traders since it provides special features, research, and affordable rates. Customer support is lacking, and the number of markets accessible for trading is limited. However, in 2020, Dukascopy is excellent in the following areas: Pricing, Platforms & Instruments, Mobile, Cryptocurrency Trading, and in general.