Dukascopy was started in the year 2004 in Geneva, Switzerland. This broker operates under very strict regulatory conditions, and the trader’s deposits are always protected under the Swiss bank regulations. Dukascopy is regulated as securities dealers by the Financial Market Supervisory Authority (FINMA) in Swiss and as a bank
Kind of Trading
Dukascopy offers precious metal and currency trading to institutional and retail clients. It allows all types of trading including scalping and this enhances equal liquidity for all its clients. Different trading commissions are offered depending on the monthly traded volume and the size of the account. Deposits are under Swiss government protection for $100,000 for each trader.
Trading Platform Offered
The trading platforms in Dukascopy offer access to its customers using Swiss Forex Marketplace. There are a variety of platforms, plus they support some trading orders including Limit, Market, Take Profit, IFD, Stop Limit, Stop Loss etc. On the platforms, there are two trading models which include “Hedging” mode and “Net Position” mode. “Hedging” mode allows you as a trader to maintain a variety of direction position for a similar trading instrument to finally merge them. In “Net position” mode all orders are displayed for a similar currency pair in a single position.
Customers have the option of opening a new account through a variety of currency choices. Dukscopy accounts normally are categorized on the basis of the amount of deposited money. The basic account normally starts with a minimum amount of $100, next is $5000, then $100,000, and $250,000 accounts.
Deposit and Withdrawal Options
Dukascopy minimum deposit is that of 100 USD in Europe but 5,000 USD for the other locations in the world. To withdraw, you have to fill a form, wait for 1 to 3 days for your transaction to be complete. Also, there is no minimum withdrawal amount hence you can take any amount you want.
Spread, Leverage, and Commission
The spread for EUR/USD is normally 0.2 pips while that of USD/JPY is normally 0.4 pips. The commission starts at $3.50 per 100,000 for the smallest accounts. But, the commission normally decreases for higher trading volumes and larger accounts. Furthermore, it customers are provided with a maximum leverage of 1:100.
Dukascopy provides 6 days every week of customer service via phone or an email. During working hours, the chat support is available and the company can be contacted through Skype. In addition, clients can always submit a callback inquiry through their website and will receive a call from its customer service department.
The trading opportunities for Dukascopy range from 10% to 100% bonuses. The bonus is offered to a live client who is encouraged to share with their friends the Dukascopy trading experience. If a referred friend joins a live trade with Dukascopy, the account holder is granted a future trading commission of 100% bonus until the whole amount of the discount (100USD) is achieved.
• Numerous trading platforms
• Very well regulated
• Good customer support
• Inability to close their chat – The Chat screen is sometimes bothersome and sometimes stays on during the whole Chat process.
• Somehow an overwhelming website
• Low leverages
• High deposit of 5,000 USD
Dukascopy banking history has enabled it to be able to provide a variety of unique features unavailable to other Forex brokers. Customers normally benefit largely from the rich information from their site before inventing a single cent. It offers a wide range of financial instruments such as having an actual banking license.