DukasCopy Currency Trading Platform Review
dukas copy
Score: 5 / 10

14 day demo. Up to $1,000,000 virtual balance

Summary Dukascopy is a forex trading platform which is regulated and controlled through the ARIF and the FFA (Federal Finance Administration). Dukascopy Europe IBS AS is an EU licensed investment brokerage company which is owned by Swiss Forex bank Dukascopy Bank SA.

Now, we don’t deny that this is a forex broker that has plenty of tools, but just be warned that the administration that is involved in trying to start trading with this company is burdensome. Personally speaking, we found it too heavy and went elsewhere. This broker will suit advanced traders who are prepared to do the necessary paperwork in order to sign up for an approved account.

You´ll need to fax or send alot of ID documents to trade here, but in terms of tools and platforms (for the iPhone, iPod, Android, desktop software, etc) they are good.And if you are looking for ultra-tight spreads, Dukascopy uses real-time interbank rates with spreads like 0.5 – 1 pip on the major currency pairs such as EUR/USD. For more experienced, higher volume traders, Dukascopy is an option. Intermediate brokers might want to start off elsewhere.

The news feeds are unmatched in the markets, and the range of trading platforms is impressive (smartphones, tablets, desktops, MT4, browser apps are all covered). Unless you still use an 80′s Motorola Brick phone, you’ll be covered.In 2010  Dukascopy was authorized by the Swiss Financial Market Supervisory Authority FINMA to conduct banking activities (Dukascopy Bank SA): so it´s now a Swiss bank.

What’s Good Room For Improvement
  • Highly regulated trading environment
  • Multiple platforms & channels- trade online, on your mobile, over the phone. Excellent apps for iPhone, iPad, Android etc
  • Also Web Browser, Desktop app, MT4
  • Your money will be in a Swiss bank – open accounts in the following currencies: USD, CHF, EUR, GBP, JPY, CAD, AUD
  • Automated trading available on JForex system
  • SMS notification- up to 20 free per month
  • 24hr trade desk support
  • Low spreads
    (EUR/USD 0.5 – 1 pip, GBP/USD 1-2 pips)
  • Java and desktop platforms
  • Powerful charting
  • Stop loss orders available
  • Real time Interbank rates
  • Fast execution times
  • They also run a PDA/mobile market update site
  • Leverage to 1:200
  • Extensive news service, including Dukascopy Forex TV, FX market signals, daily forex market reports, Movers & Shakers, Pivot Levels and SWFX Sentiment Index.
  • Competitions: eg Trader of The Year
  • Fund your account through wire transfer, Visa, Mastercard, Maestro, Visa Electron etc
  • Very long winded authorisation process
  • They do charge commision (From $5 to $46 per $1,000,000 traded) depending on your account balance (net deposit)
  • You will need to send certified documents (passport copy, utility bill) before you can trade- all standard Swiss regulation, but on the heavy side
  • No deposit bonuses.
Review -Dukascopy is a Swiss Forex broker service with that provides online traders with access to the interbank market for spot forex. It´s recognised as one of the topForex trading platforms in the world. They provide one of the most liquid forex networks and are tightly regulated  by the ARIF and FFA.All this means that you will need to jump through a many, many hoops before you start trading (with documentation etc) Execution times are fast, and the spreads are low.

If you are new to forex trading, then Dukascopy is probably not for you, but if you have been trading for 6 months or so, or are a more experienced trader, and you don’t mind the paperwork involved in getting going they are an option.

Minimum Account Size $1000

 

Gearing Leverage up to 200
Regulator ARIF and the FFA
Payment Methods Wire transfer + Credit Cards and Debit Carda

Detailed Spread Information: Spreads as low as 0.5 pips