For this Dukascopy review, we have opened an ECN account with the broker and deposited over €4,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 15 trades.

We also reached out to customer support to solve the issues we faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is Dukascopy?

Dukascopy is a Switzerland-headquartered forex and contracts for differences (CFDs) broker, which also offers banking service. It was founded in 2004 and has offices in Riga, Kyiv, Moscow, Kuala Lumpur, Hong Kong, Shanghai, Dubai and Tokyo.

Dukascopy’s offers trading services with forex, indices, commodities, cryptocurrencies, and stock CFDs instruments. It is regulated in Switzerland, Japan and Latvia.

Some of the highlights of Dukascopy are:

🗺️ Authorised & Regulated inJapan, Switzerland, Latvia
🛡️ Is Dukascopy safeYes
💰 EUR/USD Spread0.8
💳 Minimum deposit$100
💰 Withdrawal feeDepends on the payment method
🖥️ Trading PlatformMT4, JForex
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products750 (depends on the jurisdiction)

Licenses and Regulations

Dukascopy holds 3 regulatory licenses.

The broker is regulated in Switzerland, Japan, and Latvia.

The full list of Dukascopy licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
Dukascopy Japan KKJapanJapanese Financial Services Agency (JFSA)1587JapanNo compensation scheme
Dukascopy Bank SASwitzerlandSwiss Financial Market Supervisory Authority (FINMA)RegistrationGlobalCHF 100,000
Dukascopy Europe IBS ASLatviaLatvian Financial and Capital Market Commission (FCMC)40003344762European UnionEUR 20,000
Dukascopy’s Regstration with FCMC

Is Dukascopy Safe?

Yes, Dukascopy is a safe broker.

The broker is regulated in three jurisdictions, and all are deemed to be reputed regulators. Additionally, Switzerland’s FINMA and Latvia’s FCMC offer compensation schemes of CHF 100,000 and EUR 20,000, respectively.

For our tests, we opened an account with Dukascopy Europe IBS AS, which is regulated by FCMC in Latvia.

Fees and Commissions

Dukascopy fees are built into spreads. The broker also charges commissions for opening and closing trades.

Spreads on our trades were lower than the industry average benchmark for forex, indices, and commodities.

Net Deposit or Equity
(in USD equivalent)
Traded Volume for 30 days
(in USD equivalent)
Currencies (1 USD round lot)Metals & CFD (1 USD round lot)
< 5,000< 5 million912.5
≥5,000≥5 million8.611.9
≥10’000≥10 million811
≥25’000≥25 million79.5
≥50’000≥50 million5.67.4
≥250’000≥250 million5.26.8
≥500’000≥500 million56.5
≥1’000’000≥1 billion4.86.2
≥5’000’000≥5 billion4.45.6
≥10’000’000≥10 billion45

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.

Spreads for our trades varied within a broad range for forex but remained narrow for other asset classes.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD20.250.150.8
IndicesFTSE 1001.171.211.231.2
StocksApple1.72.12.11.97
CommoditiesGold3.213.73.523.48
CryptocurrenciesBitcoin69.17566.470.17

Our testing finds that average spreads forex are much lower than the industry average, and the trend remains the same for indices and commodities.

However, spreads on stocks and cryptocurrencies are on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD0.81.6
IndicesFTSE 1001.21.5
StocksApple1.971.5
CommoditiesGold3.483.8
CryptocurrenciesBitcoin70.1745

Other Fees

Dukascopy charges hefty non-trading fees. The broker charges a fee for each deposit and withdrawal request.

Deposit and withdrawal fees charged by Dukascopy:

MethodDeposit FeeWithdrawal Fee
Bank TransfersFreeCHF 2.3 for payments in CHF in Switzerland or CHF 15
EUR 2.3 for SEPA payments or EUR 20 / USD 50 / GBP 15 / AUD 30 / CAD 30 / CNY 150 / CZK 500 / DKK 150 / HKD 180 / HUF 5500 / ILS 70 / JPY 2500 / MXN 350 / NOK 180 / NZD 30 / PLN 80 / RON 80 / RUB 1800 / SEK 170 / SGD 30 / TRY 65 / ZAR 280
Bank Transfers to Crypto ExchangeNAEUR 50 / CHF 50 or 0.5% from the amount (whichever is higher)
Debit/Credit Card1.2% for transactions in EUR, GBP or CHF
1.5% for transactions in NOK, CZK, PLN or SEK
2% for transactions in USD
2.3% for transactions in RUB, JPY and CAD
1.5 EUR + 2.5% (or currency equivalent)
Skrill2.5%2.5%
Neteller1 EUR or 2.5%1 EUR or 2.5%
Bitcoins, Ether, TetherFreeUSD 30

Dukascopy does not have any account maintenance fee, but it charges a minimum of CHF 500 on inactive accounts every six months.

Account Types

Dukascopy offers two account types to retail traders.

Forex ECN AccountForex MT4 Account
Trading PlatformsJForexMetaTrader 4
Account CurrencyUSD / CHF / EUR / GBP / AUD / CAD / CNH / CZK / DKK / HKD / HUF / ILS / JPY / NOK / PLN / RON / RUB / SEK / SGDUSD / CHF / EUR / GBP / PLN
Minimum deposit$/€/£ 100$/€/£ 1,000
Commission$35 per million$10 per million
Order executionMarket ExecutionMarket Execution
SpreadFrom 1From 1

Dukascopy also offers the following accounts:

  • Swap-free Islamic account
  • Institutional account
  • Managed account
  • PAMM account

Account Opening

Our overall experience of opening a new account with Dukascopy was overall positive.

We opened a Forex/CFD Trading account for our tests under the Latvia-regulated entity.

The process of registration of a new Dukascopy account:

  1. Enter personal details like first name, last name, date of birth, country of birth, and citizenship.
  2. Enter the full residential address.
  3. Enter email address, mobile number, phone, and fax.
  4. Provide professional details like employment status, company name, company city, company country, company activity, position, employed since, company website. Declared if you are a politically exposed person.
  5. Provide financial details including estimated annual income, estimated wealth, and source of assets.
  6. Finally, select the preferred language, account manager, and some other basic details.

We submitted the following documents to verify our Dukascopy account:

  1. Copy of national identification (both front and back)
  2. Copy of passport

The registration process took around 9 minutes.

Our account was registered on May 4, 2021, and approved on May 5, 2021.

Traders need to download the 911 Dukascopy App to finish the verification process with a short video call.

Our overall account opening experience was smooth and quick.

Dukascopy Account Opening

Deposit and Withdrawal

Deposits and withdrawals on Dukascopy are easy and fast.

However, the broker charges hefty deposit and withdrawal fees.

Minimum Deposit

Minimum deposit on Dukascopy depends on the account type.

  • Forex ECN Account: $/€/£ 100
  • Forex MT4 Accounts: $/€/£ 1000

Deposit

Dukascopy allows deposits using bank transfers, credit and debit cards, and other online wallets like Skrill, and Neteller. It also takes deposits in cryptocurrencies like Bitcoin, Ether, and Tether.

We tested the deposit process on Dukascopy using a debit card, Skrill, and Neteller.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Debit card2021-05-242021-05-24Instant1.2%
Skrill2021-05-252021-05-25Instant2.5%
Neteller2021-05-252021-05-25Instant2.5%
Dukascopy Deposits

Withdrawal

Dukascopy allows withdrawals with bank transfers, credit and debit cards, online wallets, and other methods that are supported for deposits.

We faced some minor setbacks with our Dukascopy withdrawals.

Our first deposit request was not processed. When we contacted the support, they told us that did not receive the withdrawal request.

We tried to withdraw EUR 3,000 on our debit card, but Dukascopy has a withdrawal limit of EUR 2,000 on that. So, we ended up raising two withdrawal requests on our debit card.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Debit card2021-05-25NANANANA
Debit card2021-06-012021-06-012021-06-021 working day2.5%
Debit card2021-06-032021-06-032021-06-051 working day2.5%
Skrill2021-05-252021-05-252021-05-25Instant2.5%
Neteller2021-05-252021-05-252021-05-25Instant2.5%

Markets and Products

Dukascopy offers CFDs trading services with forex, indices, stocks, commodities, and cryptocurrencies. It also offers trading services with binary options.

The Japanese entity of Dukascopy only offers trading services with FX pairs.

The list of Dukascopy’s offerings are:

MarketsInstruments
Forex57
Indices19
Stocks658
Commodities13
Cryptocurrencies3

The markets and the number of offered instruments will depend on the account jurisdiction.

Trading Conditions

Dukascopy offers excellent trading conditions. It allows hedging and scalping strategies. Traders can also change leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

Leverages offered by the various entities of Dukascopy are detailed below:

MarketsDukascopy Japan KKDukascopy Bank SADukascopy Europe IBS AS
Major Currency Pairs25:1200:130:1
Non-Major Currency Pairs10:110:120:1
Gold10:150:120:1
Other Commodities (except Gold)NA30:130:1
Indices10:150:130:1
StocksNA10:15:1
CryptocurrenciesNA3:12:1

Trading Platform

Dukascopy offers the two trading platforms:

  • JForex (Proprietary Platform)
  • MetaTrader 4 (Standard third-party platform developed by MetaQuotes Software)

We executed our trades on the JForex platform.

Dukascopy’s JForex Trading Platform

Bonus

Dukascopy offers several bonus programs for clients under the Dukascopy Bank SA.

Equity Bonus

Traders on Dukascopy can get a 10% Bonus of the account equity for self trading accounts.

EntityDukascopy Bank SA
Account typeDukascopy ECN (JForex) account
Maximum payout50,000 USD
Required traded volume1. The required traded volume is equal to 30,000 multiplied by the total account equity (including the Bonus amount), The required traded volume should be reached before the deadline — 1 year since receiving of the Bonus.

2. Clients can apply for a Bonus during 30 days since their last credit on their account.

Discount Program

Traders on Dukascopy can get a 20% discount on volume trading commissions.

EntityDukascopy Bank SA
Account typeDukascopy ECN (JForex) account
Maximum payoutNA
Required traded volume1. The required traded volume is equal to 30,000 multiplied by the account equity at the time the Discount application is submitted.

2. Traders cannot withdraw any amount from their account for 1 year.
Dukascopy Bonus Program

Research and Tools

Dukascopy offers a decent set of market research and analysis tools

Tools offered by the broker include:

  • Charting tools
  • Trading ideas
  • FX trading signals
  • Technical and fundamental analysis
  • Economic calendar
  • Newsfeed

Dukascopy also runs Dukascopy TV, which provides details videos on market news and analysis.

Dukascopy Fundamental Analysis

Education

Dukascopy does have a dedicated educational center. It only offers basic guides on the trading instruments and a ‘community’ for the traders.

Dukascopy Webinar

Customer Service

Dukascopy offers excellent customer support.

Traders can contact the broker via:

  • Live chat
  • Email
  • Phone

The support staff is available 24/7.

Our experience with Dukascopy customer support was positive.

Contact methodQuestionResponse TimeQuality of reply
Live ChatAsked about trading conditions, minimum deposits, and spreads1 minuteClear and direct
EmailAsked about trading account approval and withdrawal issues23 minutesClear and direct

We recommend traders to connect the broker either o live chat or email.

Dukascopy Live Chat Support

The broker also has a detailed FAQ section for frequently faced issues.

Conclusion

Our overall experience with Dukascopy was positive.

The spreads charged on our forex trades were lower than the industry average and the execution speed was also fast. Spreads on stock CFDs, however, were on the higher side.

Dukascopy allows hedging and scalping, making it an excellent environment for running all kind of trading strategies.

Deposit and withdrawal speeds were also impressive. However, the broker charges an hefty fee for almost all kinds of deposit and withdraw methods, which is a down side.

The customer support was also excellent. All our requests were answered quickly and clearly.

We recommend Dukascopy to traders who want to open an ECN account and run EA and other trading strategies.


Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.

I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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