In 1998, mathematician Dr. Andre Duka founded Dukascopy Trading Technologies Corp, which led to the development of the Dukascopy trading platform in 1999. Together with his partner, Veronika Makarova, Dr. Duka founded Dukascopy in 2004 as a Swiss brokerage house in Geneva.
After the development of the Swiss FX Marketplace in 2006, which is an eco-system supporting traders with the firm’s apps and platform infrastructure, Dukascopy acquired a Swiss banking license in 2010 and launched Dukascopy Bank. In 2011, the brand acquired an EU brokerage license in Latvia, giving it passports throughout Europe under MiFID from its Dukascopy Europe entity, in addition to its Swiss Bank offering. In Asia, Dukascopy K. K. is a Type-1 licensed broker in Japan where it caters to the local marketplace regulated by the Japanese Financial Services Authority (JFSA) and is a member of the Financial Futures Association of Japan (FFAJ).
The Dukascopy group today offers forex and CFD traders competitive pricing and access to 64 forex pairs and 357 CFD markets on its proprietary JForex platform suite, which supports algorithmic trading and is compatible across nearly all operating systems and devices.
Trust Score
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of Dukascopy.
| Dukascopy | |
|---|---|
| Trust Score | 86 |
| Year Founded | 2004 |
| Publicly-Traded Company (Listed) | No |
| Regulated in Major Hub | Yes |
| Regulated in Emerging Hub | Yes |
| Authorised in the European Union | Yes |
| CFTC Registered (USA) | No |
| FCA Regulated (UK) | Yes |
| IIROC Authorised (Canada) | No |
| FINMA Authorised (Switzerland) | Yes |
| ASIC Authorised (Australia) | No |
| SFC Authorised (Hong Kong) | No |
| MAS Authorised (Singapore) | No |
| FSA Authorised (Japan) | Yes |
| FMA Authorised (New Zealand) | No |
| CySEC Authorised (Cyprus) | No |
Offering of Investments
The following table summarizes the different investment products available to Dukascopy.
| Dukascopy | |
|---|---|
| Minimum Initial Deposit | $100.00 |
| Currency Pairs (Total Forex pairs) | 64 |
| CFDs - Total Offered | 357 |
| Exchange Traded Securities: US | No |
| Exchange Traded Securities: International | No |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | No |
Commissions & Fees
Dukascopy offers one account type for FX trading under its Forex ECN account, where the execution method can vary between agency and dealing desk. While the spreads are the same for all clients in the ECN account, the added commission rates you pay will vary depending on your trading volume, balance, and net deposits.
Using average spreads of 0.32 pips on the EUR/USD for the US trading session during the month of February 2018, combined with the default commission rate of 0.70 pips round turn, the all-in cost equates to 1.02 pips and is comparable to other brokers with commission-based pricing, such as Saxo Bank.
Dukascopy’s competitive spreads, alongside its active trader pricing program, helped it finish Best in Class, Active Trading, in our 2018 Review.
Dukascopy’s competitive spreads, alongside its active trader pricing program, helped it finish Best in Class, Active Trading, in our 2018 Review.
Traders can open the ECN account either with Dukascopy Europe or Dukascopy Bank in Switzerland. The main difference between these two entities, besides regulatory jurisdictions, is that the former can be done with as little as $100, while the latter requires $5,000 – unless you are a Swiss resident, in which case, the minimum drops to $1,000.
In terms of all-in cost of trading, Dukascopy competes near the top among forex brokers that support automated trading and active trading programs such as FXCM, Forex.com, and Pepperstone.
| Dukascopy | |
|---|---|
| Average Spread EUR/USD - Standard | 0.92 |
| All-in Cost EUR/USD - Active | 0.42 |
| Active Trader or Premium/VIP | Yes |
Customer Service
For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.
Results:
- Average Connection Time: <1 minute
- Average Net Promoter Score: 5.66 / 10
- Average Professionalism Score: 2.9 / 10
- Overall Score: 5.3 / 10
- Ranking: 29th (43 brokers)
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