Dukascopy Review: Features, Pros, Cons, and More 2024!

Dukascopy is a forex and CFD broker that provides online trading services globally. Based in Switzerland, it is regulated by top regulatory authorities including FINMA and JFSA. Dukascopy offers a variety of trading instruments, including Forex, crypto, indexes, stocks, bonds, energy, commodities and ETF. It supports popular trading platforms and tools such as MT4, MT5 and Jforex.

Though Dukascopy is a highly trusted and regulated forex and CFD broker, it has its strengths and weaknesses. In this review, we will take an in-depth look at Dukascopy, exploring its features, pros, cons, and more. By reading this review, you will gain a better understanding of whether Dukascopy is the right broker for your trading needs and preferences.

What is Dukascopy?

Established in 2004, Dukascopy is a Swiss-based online forex broker with headquarters in Geneva, Switzerland, and international offices in Japan and Latvia. The broker has held a Swiss bank license since 2010. Dukascopy offers MT4, MT5, and its own proprietary trading platform named JForex. Regulated by FINMA (Switzerland) and JFSA (Japan), the broker is renowned for its advanced trading technology and transparent pricing model. Dukascopy supports various trading strategies like scalping, hedging, and news trading, and also provides PAMM accounts. Moreover, it offers a range of educational resources to assist traders in enhancing their skills.

Key Features:

• Applicable For: Applicable for all jurisdictions including FINMA and JFSA.
• Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity. 
•  KYC Verification: Required 
• Trading Instruments: Forex, crypto, indexes, stocks, bonds, energy, commodities and ETF
• Trading Platforms: MT4, MT5, Binary and Jforex.
• Minimum Deposit:  $100
• Maximum Leverage: Up to 30:1 (CySEC, ASIC), up to 1000:1 (FSA), and up to 500:1 for a professional account.
• Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is starting from 0.1 pips on EUR/USD. Standard fees $0.5 per 1 MT4 lot ($5 per $1 million).
• Minimum Trade Size: 0.01 lot. 
• Maximum Trade Size (Lot restriction per Ticket): 100 Lots 
• Funding Currencies: USD, CHF, EUR, GBP, CAD, CNH, CZK, HKD, HUF, ILS, JPY, NOK, PLN, RON, SEK, SGD
• Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account. 
• Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
• Trading Style Allowed: All including Scalping, hedging, and EA Trading. 
• Stop Out Level (retail): 50%
• Margin Call Level: 100% 
• Negative balance Protection: Yes 
• Investor Protection:  Available under ASIC and CySEC regulations. However, the Investor protection scheme does not apply to FSA jurisdiction. 

Dukascopy Pros and Cons

Pros:

• Regulated by FINMA and JFSA.
• Allows hedging, scalping, EA trading, and news trading.
• Offers a variety of trading platforms including MT4, MT5, and Jforex.
• Provides over 1200 trading instruments including Forex, crypto, indexes, stocks, bonds, energy, commodities and ETF.
• Dukascopy Bank provides banking services, bonuses, and trading contests for its traders.
• Swiss Bank deposit protection up to CHF 100,000 per client.
• Low spreads starting from 0.1 pips on EUR/USD.
• Maximum leverage is as high as 200:1.
• Demo accounts are available.
• Islamic accounts are offered.
• Wide range of trading orders: MIT, limit orders, OCO, and TP/SL orders

Cons:

• Minimum deposit $100 is high for beginner
• Limited top tier regulations  ( NO FCA, CySEC Regulation) 
• Higher Trading Commission for Islamic Traders 
• Charges inactivity fees 
• Limited Educational Tools and Resources.

Our Ratings for Dukascopy:

Review and Reputation on Public Domains:

Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process

Dukascopy Ratings and Reviews from Trustpilot:

Dukascopy has earned a rating of 3.8 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.

Dukascopy Ratings and Reviews from Forex Peace Army:

Dukascopy has achieved an average rating of 3.8 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.

Final Verdict:

Dukascopy is a regulated forex and CFD broker that offers its trading services to traders and investors worldwide. It provides a wide range of trading instruments, including Forex, crypto, indexes, stocks, bonds, energy, commodities and ETF. The broker’s spreads start from as low as 0.0 pips, and it offers high leverage (up to 1:200) and a low minimum deposit (as low as $100). With top-tier regulations, a variety of trading instruments, high leverage, low minimum deposit, fast execution, and flexible account types, Dukascopy can be a good choice for many traders.

However, the broker does not accept US clients. It also does not have any investor protection scheme for non-UK/EU traders. Additionally, Dukascopy does not offer any real stocks or cryptocurrencies; it offers only forex and derivatives. 

If you are a forex and CFD trader looking for a trusted broker, Dukascopy can be an ideal choice for your trading journey. However, We always encourage traders to test brokers with a demo account or with a small deposit. Once you are satisfied with the trading conditions of the broker, you may proceed with real trading.