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Dukascopy Review
Dukascopy is a forex and CFD trading broker. They provide traders with access to a wide range of products across many markets, including currencies, indexes, stocks, and exchange-traded funds (ETFs). Commodity traders can choose from a variety of energy, metals, and agriculture.
Pros
- Segregates client funds
- Established in 1998
- Regulated by FINMA & FSA
- Min. deposit from $5000
Cons
- Inactivity Fee
- Limited range of instruments
- Not FCA Regulated (See alternatives)
A minimum deposit of $5000 is required to establish a live account. Dukascopy, on the other hand, provides a demo account that you can use to experiment and become acquainted with their platform.
They are regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities firm. Dukascopy Bank fully owns Dukascopy Europe IBS AS, European licensed brokerage company based in Riga and Dukascopy Japan, a Type-1 licensed broker located in Tokyo.
They keep all customer funds in a separate bank account with tier-1 banks. Dukascopy has been in operation since 2004, with its headquarters in Switzerland.
Before we dive into some of the more detailed aspects of Dukascopy’s spreads, fees, platforms and trading features, you may want to open Dukascopy’s website in a new tab by clicking the button below in order to see the latest information directly from Dukascopy.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are Dukascopy’s spreads & fees?
Dukascopy, like most brokers, charges a fee based on the spread, which is the difference between the buy and sell price of an item.
The commissions and spreads shown below are based on the minimal spreads available on Dukascopy’s website.
| Forex | Dukascopy | City Index | XTB |
| EUR/USD(Average: 0.7 pips) | 0.1 pips | 0.7 pips | 0.1 pips |
| GBP/USD(Average: 1.1 pips) | 0.9 pips | 1.7 pips | 0.1 pips |
| USD/JPY(Average: 1.1 pips) | 0.4 pips | 0.6 pips | 0.1 pips |
| AUD/USD(Average: 0.8 pips) | 1.1 pips | 0.6 pips | 0.2 pips |
| USD/CHF(Average: 2.3 pips) | 1.7 pips | 2.3 pips | 0.2 pips |
| USD/CAD(Average: 2.9 pips) | 1.1 pips | 0.5 pips | 0.3 pips |
| NZD/USD(Average: 3.6 pips) | 2.5 pips | 2.8 pips | 0.3 pips |
| EUR/GBP(Average: 2.4 pips) | 1.4 pips | 0.5 pips | 0.1 pips |
Spreads are dynamic and are for informational purposes only.
As you can see, the minimum spread for trading EUR/USD at Dukascopy is 1.8 pips, which is rather high when compared to the average EUR/USD spread of 0.70 pips. The table below compares the costs of trading one lot of EUR/USD with Dukascopy to similar brokers.
How much does Dukascopy charge to trade 1 lot of EUR/USD?
If you bought one standard lot of EUR/USD (100,000 units) with Dukascopy at an exchange rate of 1.1719 and sold it the next day at the same price, you would most likely pay $8.1. Here is a general breakdown of the fees and how they compare to IG and XTB.
| Dukascopy | IG | XTB | |
| Spread from: | $ 1.00 | $ 6.00 | $ 2.00 |
| Commission: | $0.00 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $ 1.00 | $ 6.00 | $ 2.00 |
| $5 more | $1 more | ||
| VISIT DUKASCOPY | VISIT IG | VISIT XTB |
All fees/prices are for informational purposes and are subject to change.
What can you trade with Dukascopy?
Dukascopy provides over various trading products, including over currency pairings. We’ve summarised all of the numerous types of instruments supplied by Dukascopy below, along with comparative instruments from IG and XTB.
| FX / Currencies | Dukascopy | IG | XTB |
| # of forex pairs offered | 90 | 48 | |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | |
| Exotic forex pairs | Yes | Yes | |
| Cryptocurrencies* | No | Yes | Yes |
| Commodity CFDs | Dukascopy | IG | XTB |
| # of commodities offered | 34 | 21 | |
| Metals | Yes | Yes | Yes |
| Energies | Yes | Yes | Yes |
| Agricultural | Yes | Yes | Yes |
| Index & Stock CFDs | Dukascopy | IG | XTB |
| # of stocks offered | 8000 | 1606 | |
| UK shares | Yes | Yes | Yes |
| US shares | Yes | Yes | Yes |
| German shares | Yes | Yes | Yes |
| Japanese shares | Yes | Yes | Yes |
| SEE DUKASCOPY’S INSTRUMENTS | SEE IG’S INSTRUMENTS | SEE XTB’S INSTRUMENTS |
What’s the Dukascopy trading experience like?
1) Platforms and apps
Dukascopy provides the well-known MT4 forex trading software. See our MT4 broker comparison for a list of the best MT4 brokers. Dukascopy also provides their own SWFX Trader platform.
Dukascopy now has mobile apps for Android and iOS, making it easier to monitor and execute transactions while on the go.
Still not sure?
Open a practice account & learn to trade
2) Executing Trades
Dukascopy allows you to perform a 0.01 Lot trade. This may differ based on the type of account you establish. The maximum trading requirements differ according to the trader and the instrument. Because Dukascopy provides ECN and STP execution, you may anticipate incredibly narrow spreads and greater transparency about the price you pay to execute your trades.
Dukascopy may have lower entrance criteria as a market maker than an ECN broker, which benefits from a higher volume of transactions and usually has higher capital and minimum trading requirements. Market makers generally have a lower minimum deposit, lower minimum trade requirements, and no trading commission.
Margin requirements, like those of other brokers, vary based on the trader, account, and instrument. The most recent margin requirements may be seen on their website.
Finally, we’ve included a list of some of the most common financing options available to Dukascopy traders below.
Trading Features:
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
Accounts offered:
- Demo account
- Micro account
- Mini account
- Standard account
- ECN account
- Islamic account
Funding methods:
- Credit cards
- Bank Transfer
3) Client support
Chinese, English, French, German, Italian, Japanese, Polish, Portuguese, Russian, and Spanish are among the languages supported by Dukascopy.
4) What you’ll need to open an account with Dukascopy
Due to the fact that Dukascopy is regulated by FINMA and the FSA, every new customer must pass a few simple compliance tests to verify that you understand the risks of trading and are permitted to trade. When you establish an account, you will most likely be asked for the following information, so have it handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to prove your trading expertise, so allow at least 10 minutes to finish the account opening procedure.
While you may be able to browse their site immediately, it is crucial to note that you will not be able to execute any trades until you pass compliance, which might take several days depending on your circumstances.
To start the process of opening an account with Dukascopy you can visit their website here.
79% of retail investor accounts lose money when trading CFDs with this provider.
