Hotforex vs Dukascopy | Which is better (2024)

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Written by
Ryan Hardy sitting before his forex trading desk
Fact Checked by
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HFM (HotForex) and Dukascopy are Forex and CFD brokers offering online trading services to traders and investors worldwide. Both brokers are regulated by top-tier regulatory authorities. HFM (HotForex) is regulated by two tier-1 jurisdictions, three tier-2 jurisdictions, and three tier-4 jurisdictions including FCA , CySEC, CMA , FSC Mauritius, SVGFSA, FSA -S, FSCA, DFSA. On the other hand, Dukascopy is regulated by two tier1 jurisdictions, including FINMA,JFSA. These two brokers offer almost similar services. However, each has its own strengths and weaknesses.

In this article, we will compare HFM (HotForex) with Dukascopy regarding trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. We will also explore if HFM (HotForex) is better than Dukascopy and vice versa. This comparison lets you understand which broker is better for your trading style and preferences.

HotForex vs Dukascopy: In a Nutshell

HotForex

Founded in 2010, HFM is a renowned broker with multiple regulations and ultra-fast executions of over 1000 trading instruments on its proprietary and MetaTrader platforms. The broker has received over 60 industry awards for outstanding performance. It boasts about 2.5 million clients from all over the world.

Hotforex Overview
  • Founded In: 2010
  • Minimum Deposit: $5
  • Maximum Leverage: 1:1000
  • Regulations: FCA, DFSA , FSCA ,FSA,CMA
  • Trading platform: MT4, MT5, HFM Platform
  • Account Types: Cent, Zero, Pro, Premium
  • Payment Options:Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, PayRedeem, Skrill, UnionPay, WebMoney
  • US Traders: Not Accept

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.

Dukascopy Overview
  • Founded In: 2004
  • Minimum Deposit: $100
  • Maximum Leverage: 200:1
  • Regulations: FINMA
  • Trading platform: MT4/MT5, JForex4
  • Account Types: 
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Bank Gurantees, Credit/Debit Card, Cryptocurrency, Maestro, Neteller, Skrill
  • US Traders: Not Accept

HotForex vs Dukascopy: Pros and Cons

HotForex

Pros
  • Regulated by the CySEC, FCA, FSCA, DFSA, CMA, FSC Mauritius, and FSA Seychelles.
  • The Maximum Leverage is as high as 1:2000
  • Favorable trading conditions and low spreads - from 0 pips;
  • Trading is available on the MT4, MT5, and HFM trading app
  • Available trading tools are MT4 premium trader tools, Autochartist, free VPS, etc
  • Insurance coverage of up to $5,000,000
  • Copy trading via HF Copy.
  • Market news, analysis, outlook, and webinars are provided by a dedicated team of analysts.
Cons
  • Premium Pro account requires a $5000 minimum balance
  • To copy trades on HF copy, you need a deposit of €300.
  • No micro accounts for European beginner traders.
  • No bonuses for EU Clients 
  • Few account currencies, which is why some clients have to pay for double conversion
  • Customer support is closed on weekends.

Dukascopy

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, cryptos, and CFDs.
  • 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 Educatinal Tools and Resources.

HotForex vs Dukascopy: Side-by-Side Comparison

Hotforex
Dukascopy
Product
Founded In
Founded In
2010
2004
Founded By
Founded By
George Koumantaris
Andre and Veronika Duka
Headquarters
Headquarters
Kingstown, St. Vincent
Geneva, Switzerland
Regulations
Regulations
FCA, DFSA , FSCA ,FSA,CMA
FINMA
Min Deposit
Min Deposit
$5
$100
Max Leverage
Max Leverage
2000:1
1:200
Tradable Assets
Tradable Assets
Forex,Metals,Energies,Indices,Stocks,Commodities,Bonds,ETFs,Cryptos
1200+ trading instruments Forex, indices, Stock, bonds, commodities, Energy, ETF,
Fees
Fees
Spread from 0.5 pips
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, HFM App
MT4/MT5, JForex4
US Traders
US Traders
Not Allowed
Not Allow

HotForex Vs Dukascopy: Our Scores and Ratings

We rated both brokers, HotForex and Dukascopy, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

HotForex :

9.1
Total Score
Regulation and Security (40%)9.8
Fees and Commissions (20%)9
Trading (15%)8
Trading tools (10%)9.2
Customer Support (10%)9
Trading Education (5%)8

Dukascopy

8.2
Dukascopy Score
Regulation and Security (40%)8
Fees and Commissions (20%)8
Trading (15%)9
Trading tools (10%)7
Customer Support (10%)9
Trading Education (5%)9

HFM (HotForex) vs Dukascopy: Which One is better?

Now the question comes: is HFM (HotForex) better than Dukascopy, or vice versa? The answer depends on traders’ and investors’ trading styles and preferences. Both HFM (HotForex) and Dukascopy offer similar trading services worldwide. However, there are differences in their features,  regulations, reputation, and operations. Here are the key facts about both brokers. By reviewing these options, you can clearly understand which broker is right for your trading goals

HFM (HotForex) :

  • Top regulated forex broker accepting both US and non-US clients.
  • No minimum deposit is required; you may deposit as little as $1.
  • The maximum leverage for HFM (HotForex) is 1:200 (global), 1:50 (US), and 1:30 (EU).
  • HFM (HotForex) offers a variety of trading tools and platforms, including MT4, MT5, Webtrader, TradingView, and more.
  • Trading fees: Spreads range from 0.1 to 0.6, and commissions range from $3.50 to $4 per lot. Spreads and commissions depend on your account type and the types of tradable assets.
  • HFM (HotForex) does not offer CFDs to US clients due to regulatory restrictions. 

Dukascopy:

  • Dukascopy is a Forex, CFD, and Binary options broker regulated by FINMA (Switzerland), JFSA (Japan), Earlier regulated by FCMC (Latvia)
  • Minimum Deposit: $100, However, in Dukascopy Bank Multi-currency accounts (daily banking) there is no minimum deposit requirement, For Dukascopy Bank trading accounts initial deposit is 1000 USD
  • Maximum leverage 1:200 (for retail clients), 1:400 (for professional accounts)
  • Offers MT4, MT5, jForex trading platforms 
  • The trading fee: From 0.1 pips for EUR/USD
  • Dukascopy does not accept US clients

Our score for HFM (HotForex) is 8.8, and for Dukascopy it is 8.2.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

Fact Checked by
Ryan Hardy is a Content Writer, Researcher, and Fact Checker at Brokersway. Specializing in forex trading, he focuses on ensuring accuracy in information related to broker regulations, scams, and safety measures. With a commitment to transparency, Ryan plays a vital role in providing traders with reliable insights into the world  of forex brokers
Edited by

Richard Walz, a seasoned content writer and broker’s research specialist, is your go-to authority for decoding online forex brokers and trading platforms. As an editor, he ensures precision and clarity, offering traders valuable insights on Brokersway, a trusted resource for informed decision-making in the dynamic world of currency trading. Richard's role as an editor ensures that the information presented is not only accurate but also presented in a manner that resonates with traders seeking clarity in making better decision.

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