Dukascopy Review: Reliable Broker or Scam?

Dukascopy review: Dukascopy is a Swiss-based ECN online broker regulated by FINMA, the FCMC and the FSA (Financial Services Agency). It gives traders access to many stock exchanges via the MT4 and JForex platforms. This broker has an excellent stock CFD offering with competitive commissions. Overall, the Dukascopy review from Trader Francophone’s experts and from this broker’s clients is positive. So, can you trust Dukascopy? YES.

Who Is Dukascopy?

Dukascopy is a Swiss financial group founded by Dr Andre Duka and Veronika Duka. Although the broker only began operating in 2004, the project was launched in 1998 by Dukascopy Trading Technologies Corp.

Behind this initiative was a group of physicists with one ambition: to use cutting-edge statistical and economic tools to create and develop complex financial systems. In 2004, after years of work, the company was finally able to start its trading activities.

Dukascopy provides the finance industry with state-of-the-art technology solutions. It was in this context that the SWFX Swiss FX Marketplace was launched in 2006. Building on this momentum, Dukascopy applied for a banking licence in 2009 and obtained it a year later. The licence was issued by the Swiss Financial Market Supervisory Authority (FINMA).

In 2011, a new subsidiary joined the group: Dukascopy Europe IBS AS. Wholly owned by Dukascopy Bank SA, Dukascopy Europe is the company within the group dedicated specifically to trading. It is based in Riga, Latvia.

Still in trading, the Dukascopy group is also present in Japan through its subsidiary Dukascopy Japan, following the acquisition of Alpari Japan. According to its own figures, the Dukascopy group has nearly 300 employees, with offices in Geneva, Zurich, Kyiv, Tokyo, Hong Kong and Kuala Lumpur.

If this topic interests you, also see “EasyMarkets Review” and “Global Prime Review“.

Dukascopy: Key Facts and Figures

To summarise this Dukascopy review up front, here is an overview table of the key figures and information about this online broker.

Dukascopy: Market Maker or ECN Broker?

Dukascopy Bank operates in the trading industry as an ECN broker. On its own SWFX marketplace, Dukascopy connects clients directly with liquidity providers through the network of financial institutions connected to it: Commerzbank, Nomura, Currenex, Deutsche Bank, JP Morgan, UBS, Goldman Sachs, Hotspot, Morgan Stanley.

In the course of this Dukascopy review, we also found that the broker shows no spreads in its pricing, only commissions. There are no spreads because spreads are the main source of income for market maker brokers, not ECN brokers.

Is There a Dukascopy France?

France is a fast-growing market for online trading. Several brokers, such as AvaTrade, have a dedicated website and offer for the French market.

That’s not the case for the broker we’re analysing here. Our research for this Dukascopy review shows that Dukascopy has no website or offices in France or specifically for France. French investors get the same offer as all other Dukascopy clients in Europe.

Is Dukascopy AMF-Regulated?

In France, the Autorité des Marchés Financiers (AMF) regulates the activities of financial market participants. It supervises and regulates investment firms operating in France to protect investors’ interests and ensure markets function properly.

Dukascopy cannot be considered an AMF-regulated broker. Its activities are not directly regulated by the AMF: since it is not based in France, it does not fall directly under the AMF’s jurisdiction. Dukascopy does not hold any licence or other recognition from the AMF.

However, since Dukascopy’s services are available in France, the AMF monitors them, as it does for all brokers available to French residents. For this purpose, the AMF publishes a blacklist of brokers it considers dangerous for investors.

Awards Received by Dukascopy

Companies in fintech and financial services in general receive a number of awards. These are presented by independent organisations, financial publications and professional associations.

Such awards can recognise the excellence of investment firms in various areas, based on geographical and/or qualitative criteria. They are an important signal of the quality of a broker’s offer.

Since it was founded, Dukascopy has received several awards, which we now list in this analysis and review of Dukascopy.

Account Types Offered by Dukascopy

Dukascopy’s offer differs from that of most of its competitors. There are only 2 types of account at Dukascopy: the Forex/CFD ECN account and managed accounts. Within these 2 main categories, there are variations depending on how the accounts are used.

The Forex/CFD ECN Account

Here, the account’s features can vary depending on:

• The platform used: certain conditions may change depending on the platform.
• Where the account is opened: a Dukascopy account can be opened directly with Dukascopy Europe, the group’s brokerage and trading subsidiary, or with Dukascopy Bank.
• The client’s location, with differences between Swiss residents and other clients.
• Accepted currencies

Dukascopy accounts can be opened in the following currencies:

• US dollar (USD)
• Swiss franc (CHF)
• Euro (EUR)
• Pound sterling (GBP)
• Australian dollar (AUD)
• Canadian dollar (CAD)
• Offshore Chinese yuan (CNH)
• Czech koruna (CZK)
• Danish krone (DKK)
• Hong Kong dollar (HKD)
• Hungarian forint (HUF)
• Israeli shekel (ILS)
• Japanese yen (JPY)
• Norwegian krone (NOK)
• Polish zloty (PLN)
• Romanian leu (RON)
• Russian rouble (RUB)
• Swedish krona (SEK)
• Singapore dollar (SGD)

The minimum deposit to open an account is 100 US dollars with Dukascopy Europe and 5,000 US dollars with Dukascopy Bank. Note, however, that Swiss residents can open a Dukascopy Bank account for less than 5,000 US dollars.

• Services offered

The information gathered for this Dukascopy review shows that the services linked to your Dukascopy account vary depending on the size of your account.

Specifically:

1. From 100 US dollars up to 5,000 US dollars, you get access to Dukascopy’s proprietary SWFX technology and the JForex API
2. From 5,000 dollars up to 100,000 dollars, your benefits are the same as in the previous tier.
3. From 100,000 dollars to 250,000 dollars, in addition to access to Dukascopy’s proprietary SWFX technology and the JForex API, you get the FIX API and bank guarantees.
4. Accounts above 250,000 dollars also benefit from custodian bank services, in addition to everything mentioned above.

• Lot sizes and market hours

Next in our Dukascopy review is practical information directly related to trading. Orders placed with Dukascopy have a minimum size of 1,000 units of the base currency of the instrument traded.

That said, several instruments have specific minimum lot sizes:

• 1 contract for CFDs
• 10 contracts for USTBOND.TR/USD
• 10 contracts for SUGAR.CMD/USD
• 50 units (ounces) for silver
• 1 unit (ounce) for gold
• 400 contracts for SOYBEAN.CMD/USX
• 600 contracts for COTTON.CMD/USX
• 20 contracts for COPPER.CMD/USD
• 1 contract for index and stock CFDs.

As for market hours, most financial instruments available at Dukascopy can be traded 24 hours a day while the market is open. It is open:

• From Sunday 21:00 GMT to Friday 21:00 GMT during summer time.
• From Sunday 22:00 GMT to Friday 22:00 GMT during winter time.
• Market interruptions and special trading conditions

Quotes for some instruments are temporarily suspended. This is the case for:

• Gold (XAU/USD) and silver (XAG/USD), from 17:00 to 22:00 (one hour later in winter) and on US public holidays.

• The USD/RUB and EUR/RUB forex pairs from 20:50 to 07:00. Note too that on Russian public holidays, quoting conditions for these instruments deteriorate significantly (sporadic prices / low liquidity / temporary or total absence of prices).

Liquidity is also reduced outside market hours. This can lead to trading interruptions and special conditions on the following instruments: USD/PLN, EUR/PLN, EUR/TRY and USD/TRY, mainly in the form of wider maximum spreads.

Finally, all of these instruments subject to special trading conditions are only available to individual traders who manage their own accounts.

Managed Accounts

At Dukascopy, you can delegate the management of the capital you want to invest. This lets you benefit from investment returns passively, without needing to be a trading expert.

With managed accounts, you have two options: your capital is managed directly by the broker Dukascopy, or the funds in your account are managed by an external manager.

• LP PAMM accounts

The LP PAMM account is managed entirely by Dukascopy. It can be thought of as a wealth management tool. The principle is that, through the trader who holds your capital, you act as a liquidity provider on the SWFX marketplace.

You therefore have the opportunity to benefit directly from the profits made by the broker. The broker gives the LP PAMM account holder half of the spread on the trades carried out.

In this Dukascopy review, we want to stress that LP PAMM accounts carry risks, notably the risk of capital loss, which is the most significant for liquidity providers.

Dukascopy states that, over a year, the risk of negative performance is 13%. LP PAMM accounts can also have stop-losses set at a certain threshold to protect capital.

Under certain conditions, fees charged to the account can be refunded. If you have kept your investment for 260 investment days without making a withdrawal, you can get fee refunds capped at your losses over the period.

In detail, the LP PAMM account is subject to various conditions:

1. The minimum deposit to open the account is 1,000 euros and must be accompanied by a management mandate.

1. The maximum deposit is at Dukascopy’s discretion.

1. The base volume commission (on forex trading) ranges from 0 to 25 US dollars per 1 million dollars traded. Volume commissions on precious metals and CFDs are indexed to those on the currency market.

1. The LP PAMM account is subject to overnight fees
2. The LP account holder can suspend the investments made on their account at any time. A dedicated button lets them exit all open positions.

• Externally managed accounts

Dukascopy lets clients open accounts and entrust their management to third-party individuals or organisations. The account aims to optimise the potential return on capital while protecting the client. Note that the client is entirely responsible for choosing the manager.

Currencies are the only instruments available to all holders of externally managed accounts. Gold and silver can be added to the available instruments, but only on request.

Here are the main tools and features of managed accounts at Dukascopy:

1. Choice of the account’s base currency to guard against potential devaluation;
2. Choice of custodian institution;
3. Ability to block trading on the account immediately;
4. Ability to place stop-loss orders;
5. Detailed activity reports so the client can monitor the manager’s activity on the account.

The Islamic Account

Dukascopy does offer a trading account that complies with Islamic law: the swap-free or Islamic account. This account incurs no swap or rollover fees (and does not pay out swaps either).

As with the halal accounts of the best Islamic brokers, holders of this account are neither credited nor debited interest on positions left open at the end of the day (21:00 GMT in summer, 22:00 GMT in winter).

It should be noted in this Dukascopy review, however, that the broker has put in place some measures to prevent misuse of the swap-free account.

For example, the Islamic account is charged a fee of 7.5 USD per 1 million USD for CFDs and precious metals, and 5 USD per 1 million USD for currencies. These fees are added to the standard commissions paid on trading volume.

Also note that each trader can freely enable or disable this broker’s swap-free account. Simply go to “Account” and then “Rollover policy” in your trading platform.

Dukascopy Demo Account

You can trade in demo mode with Dukascopy. The Dukascopy demo account lets you test the platforms’ features and the account’s trading conditions so you can trade with full control.

In this Dukascopy review, we strongly recommend starting with this broker’s demo account. Dukascopy has its own proprietary trading platform with advanced trading features.

To open a Dukascopy demo account, simply request one by providing your name, phone number and email address. You will then need to choose a few settings:

The account language

The platforms on which you want the demo account(s)

Whether to accept or reject the default settings.

The Dukascopy demo account trial lasts 14 days. While useful, this is much shorter than the Vantage demo account (30 days, and unlimited once you open a live account) or the Axi demo account (30 days).

Which Dukascopy Account Do We Recommend in 2025?

Dukascopy’s accounts have specific features that mean they won’t suit every client. Each account type at this Swiss-based broker has worthwhile advantages: the low minimum deposit on the Forex/CFD ECN account, or the safeguards of the LP PAMM account.

Based on the information gathered for this Dukascopy review, here are our recommendations on which account to open with this online broker:

• We recommend the LP PAMM account for trading beginners. Even though the minimum deposit is fairly high, it offers several safeguards and protections against capital loss. You can earn returns on investments without having the skills or time needed to manage an online trading account.

• For more experienced online traders, a Forex/ECN account on MT4 is a better fit. The minimum deposit limits risk, and the range of available instruments is wider than on other accounts such as the externally managed account.

How Is Dukascopy Regulated?

Trading is regulated in every region. This is true of the financial sector in general, but even more so of trading, given its complexity, the dynamism of its players and the information asymmetry between them.

All brokers must therefore hold licences issued by authorities that supervise them and ensure the broker complies with the rules governing its activity.

Dukascopy is currently regulated by the Swiss Financial Market Supervisory Authority (FINMA), the regulator of Switzerland’s financial industry, which has granted it a banking and securities dealer licence.

Dukascopy is also regulated by the FCMC (Financial and Capital Market Commission), Latvia’s financial market regulator. Thanks to the oversight of these recognised regulators, Dukascopy is entitled to offer its services throughout Europe.

This broker is also regulated by Japan’s Financial Services Agency (JFSA). However, there is no regulatory link between Dukascopy and the FCA (Financial Conduct Authority), since that authority does not actually regulate this broker.

While preparing this Dukascopy review, we did notice that the broker lists the FCA as a supervisory/regulatory body in its useful links section, which does not necessarily mean it is regulated by that authority.

Is Dukascopy a Scam?

You can come across scams when you want to trade online. So it pays to be careful and check certain details, such as whether the broker holds a licence issued by a financial market regulator.

Our Dukascopy review returns to this point (the importance of broker regulation) later in this article. Dukascopy is indeed a regulated broker. Several regulators supervise the trading activities carried out under the Dukascopy brand, notably in Switzerland and Japan.

This guarantees that Dukascopy’s offer complies with current regulations. In addition, this brokerage firm is wholly owned by a Swiss bank, Dukascopy Bank, which gives it greater financial strength and credibility.

However, the brand may have been associated with a scam in 2019. A website at the address dukas-broker.ru used the Dukascopy brand to deceive investors by posing as the Swiss broker. Dukascopy spotted and reported this clone scam. The incident therefore does not reflect on the trading company’s reliability.

Dukascopy: How Are Client Funds Protected?

Online brokers receive funds from their clients. They are therefore responsible for them and must protect them from any risk not arising from trading itself. According to the information gathered for this Dukascopy review, this broker meets these requirements. The Investor Compensation Schemes Directive (Directive 97/9/EC) applies to all brokers regulated in Europe, including Dukascopy. It guarantees each client compensation of at least 90% of any loss on financial instruments caused by the broker’s failure to provide its investment services. This compensation can be worth up to 100,000 euros.

Dukascopy clients enjoy additional protection. Dukascopy Europe, a subsidiary of Dukascopy Bank, holds client deposits with its parent company. If the parent were to go bankrupt, money from Dukascopy clients’ accounts would be repaid as a priority, up to 100,000 CHF. Dukascopy also offers negative balance protection, so your losses cannot exceed the balance of your investment account.

Other measures also help protect the funds of Dukascopy’s clients:

• Dukascopy keeps its own funds segregated from client funds.
• A stop-loss function is available on PAMM accounts. So even if your account is managed by an external manager, the stop-loss order will be executed when triggered to protect your funds.

Dukascopy: How Secure Are Your Data and Transactions?

Online trading involves a large amount of information flowing between the broker’s servers and traders. This is sensitive information relating to clients’ privacy and, above all, their finances.

At Dukascopy, this information is protected in several ways. Dukascopy Bank has developed an app called Dukascopy Connect, which secures access to a client account with video identification, one of the most reliable security methods.

For PAMM accounts, Dukascopy advises clients not to give their login details to external managers. The broker’s contractual policy prohibits this in order to protect client funds. Dukascopy contacts the external managers itself to give them specific access in line with the mandates they receive from their clients.

All operations on Dukascopy’s trading platforms are protected by SSL encryption, shielding them from any intrusion.

Why Trade with a Regulated Broker?

Online trading is a fast-growing, highly innovative industry. It gives access to a large number of financial centres and instruments worldwide. Brokers target a broad audience that generally lacks the ability to analyse their offers in depth.

To choose among the many online brokers, it’s important to make sure the broker you pick offers certain guarantees: transparency, legality and performance.

That’s why you should invest with brokers supervised by regulators. Our Dukascopy review now explains why it’s essential to trade with a regulated broker.

Transparency and Data Protection

Choosing a regulated broker gives you greater transparency. Regulators always aim for more efficient and fairer markets. To achieve this, they make sure brokers give clients and prospective clients all the information they need to make informed choices. This disclosure obligation covers both the company itself and its offer.

A regulated broker will also be more inclined to protect your personal data. As regulators also serve the public interest, they check that the brokers under their authority only use data for trading-related operations and in line with current regulations.

Protection Against Scams

Scams are common in popular sectors of the internet economy. While the internet removes the physical distance between supply and demand, it also makes it harder for clients to tell genuine players from scammers. Online trading is no exception.

Several scenarios can arise:

• Companies offering online brokerage without the necessary skills and resources, which pose a higher risk to clients;

• Firms whose offers are built on unfair terms to make improper profits from the funds clients invest;

• Brokers with irregular privacy policies that expose their clients to many dangers.

A regulator makes sure the broker is a professional with the necessary expertise and resources. It also ensures the security and confidentiality of the data stored and exchanged with clients in the course of trading.

Dispute Resolution and Investor Protection

One of the advantages of investing with a regulated broker is fair arbitration if a dispute arises. Although brokerage firms serve their clients, their interests may not always be perfectly aligned. Or one of the parties, broker or trader, may act against the contractual terms of the investment service.

Regulators generally have arbitration mechanisms to hear disputes between a broker and its clients, so clients can be sure they are protected in the investment relationship.

This protection also extends to the funds clients invest. Although trading is inherently risky, traders should not be exposed to losses or damage arising from causes outside their own market activity.

If the broker becomes insolvent, the funds entrusted to it are insured up to a certain level.

Dukascopy Deposits and Withdrawals

Dukascopy offers several ways for clients to fund their account or make withdrawals. However, PayPal is not available as a payment method at Dukascopy.

Deposits

You can fund your Dukascopy account in 4 ways:

• Bank transfer. Deposits by transfer are credited to your account within 24 to 48 hours at most. A large number of currencies are accepted: USD, CHF, EUR, GBP, CAD, CNH, CZK, HKD, HUF, ILS, JPY, NOK, PLN, RON, RUB and SGD.

• Payment card. This is faster than a bank transfer: your deposit reaches Dukascopy Europe within 1 business day. It is subject to a number of conditions:
  • • No third-party deposits. Only cards registered as belonging to Dukascopy clients can be used for deposits.
    • The card deposit limit is 18,000 USD or the equivalent in other currencies.
    • Credit cards accepted at Dukascopy: Mastercard and Visa. Debit cards accepted: Visa Electron and Maestro. Cards issued by Dukascopy Bank are also compatible with Apple Pay and Samsung Pay.
    • Dukascopy charges no fees on card deposits. Bank charges are levied by the bank: 1.2% of the transaction amount in EUR, GBP or CHF; 1.5% for transactions in NOK, CZK, PLN or SEK; 2% for transactions in USD; and 2.3% for transactions in RUB, JPY and CAD. Any other currency may incur additional fees.

• Bank guarantees. This funding method lets you fund your Dukascopy trading account while keeping maximum liquidity. Bank guarantees can be issued from 100,000 dollars and can fund several Dukascopy accounts, provided they all belong to the owner of the account backed by the guarantee.
• E-wallets. Skrill and Neteller are the two e-wallets you can use to fund your account. Dukascopy’s fees are 2.5% for Skrill. For Neteller, they are 1 euro for deposits under 40 euros and 2.5% above that.

Withdrawals

Withdrawals from your Dukascopy account can be made using the same payment methods used for deposits.

• Withdrawals by bank transfer incur fees, which vary depending on the currency requested: EUR 20 / USD 50 / GBP 15 / AUD 30 / CAD 30 / CNY 150 / CZK 500 / DKK 150 / HKD 180 / HUF 5,500 / ILS 70 / JPY 2,500 / MXN 350 / NOK 180 / NZD 30 / PLN 80 / RON 80 / RUB 1,800 / SEK 170 / SGD 30 / TRY 65 / ZAR 280.

• For bank cards, Dukascopy’s fees are 1.5 euros plus 2.5% of the withdrawal amount.
• With the Skrill e-wallet, fees are 2.5% of the total amount. For Neteller, clients pay 1 euro for amounts under 40 euros and 2.5% for larger amounts.

Dukascopy Commissions, Spreads and Fees

Our Dukascopy review now covers the broker’s fees, commissions and spreads. The commissions, fees and spreads Dukascopy applies to trades differ depending on whether it’s a client-managed Forex/CFD ECN account or a PAMM account managed by an external manager.

Commissions and Spreads on Trader-Managed Accounts

In this case (account managed by the client), the only commission charged is a volume-based commission on trades. Its rate depends on several variables:

• The net amount in the account: deposits minus withdrawals;

• The instruments traded;

• The method used to fund the account.

Note that if these parameters result in different rates, Dukascopy undertakes to apply the lowest one. The calculation is made at the end of the session, applied the following day, and aggregated if a trader has several accounts.

Commissions and Spreads on Third-Party Managed Accounts

Commissions on accounts managed by an agent vary and are capped at 75 US dollars per million USD traded. These commissions are converted into the account currency at the broker’s spot rate plus 0.1%. Islamic or swap-free accounts pay additional commissions:

• 5 USD per 1 million US dollars of currencies traded;
• 7.5 USD per 1 million dollars of CFDs and precious metals traded.

Other Dukascopy Fees

Opening and closing an account are free at Dukascopy. Account maintenance is also free for one year. After that, the account remains free provided you make at least one trade with Dukascopy on SWFX within the last 183 days.

If this condition isn’t met, an account maintenance fee of 20 euros is charged every 182 days for as long as no position is opened. Maximum account maintenance fees are 40 euros per year per client.

The following table in this Dukascopy review gives an overview of some other fees charged by this broker.

Dukascopy Commissions Compared with Other Brokers

For a more complete analysis, our Dukascopy review compares this broker’s commissions with those of other online brokers.

• Dukascopy vs IC Markets commissions

Looking only at forex, which remains the largest market by volume, IC Markets’ spreads are as follows:

EUR/USD: 1.1
GBP/USD: 1.4
USD/JPY: 1.2
AUD/USD: 1.2
USD/CAD: 1.5
USD/CHF: 1.5
AUD/CAD: 1.8
AUD/CHF: 1.8
AUD/JPY: 1.4

These are average spreads on a standard account. It’s clear that Dukascopy’s volume commissions are lower than IC Markets’ spreads.

On Dukascopy accounts, the maximum commission is 35 US dollars per million USD traded. With IC Markets, on major currencies such as GBP/USD or USD/CHF, spread costs amount to 140 USD and 150 CHF respectively for a trading volume of one million units.

• Dukascopy vs Swissquote commissions

Swissquote is a Swiss investment firm that also lets you open accounts to trade the financial markets. It is therefore a direct competitor of Dukascopy, especially in forex, where Swissquote has a dedicated offer called eForex.

Swissquote charges no commissions but applies a spread ranging from 1.1 to 1.7 pips. Compared with Dukascopy’s volume commissions, Swissquote again turns out to be more expensive.

Markets Available with Dukascopy

Thanks to its parent company Dukascopy Bank, Dukascopy lets clients trade securities worldwide. The stock markets available to Dukascopy clients span several continents:

• Austria
• Belgium
• Denmark
• Finland
• France
• Germany
• Hong Kong
• Japan
• Netherlands
• Norway
• Portugal
• Spain
• Sweden
• Switzerland
• United Kingdom
• United States

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Financial Products Offered by Dukascopy

When you open a Dukascopy account, you can trade a wide range of financial instruments. We review them in this part of our Dukascopy review.

Commodities

The instruments available to traders naturally include oil products (heavy crude, light crude, gas), metals such as copper, and soft commodities such as cocoa, cotton and soybeans.

Indices

Indices are synthetic instruments that reflect the performance of a basket of other securities. With this broker, you can trade stock indices from the most important exchanges in America, Europe and Asia.

You get access to the DAX 40, the Nasdaq and the S&P 500 at Dukascopy. In total there are around twenty indices, including:

• The Australia 200 Index (AUS.IDX/AUD), which tracks Australia’s 200 largest companies.

• Spain 35 Index (ESP.IDX/EUR): an index of Spain’s 35 largest companies

• EU Stocks 50 Index (EUS.IDX/EUR) of Europe’s 50 largest companies.

• Hong Kong Index (HKG.IDX/HKD) of the largest companies

• Germany 30 Index (DEU.IDX/EUR) of Germany’s 30 largest companies

• France 40 Index (FRA.IDX/EUR) of France’s 40 largest companies.

Bonds

The bond market is one of the largest by volume. Bonds are debt securities issued by companies or governments. Dukascopy lets you buy and sell 3 of the highest-rated government bonds:

• German government bonds (BUND.TR/EUR)
• UK government bonds (UKGILT.TR/GBP)
• US Treasury bonds (USTBOND.TR/USD)

Stock CFDs

Stocks are the best-known instruments on the financial markets, probably because they simply represent ownership rights in companies.

On Dukascopy, you don’t trade company shares directly but stock CFDs. These derivatives let you go long or short on stocks without actually holding them in your portfolio.

Hundreds of CFDs are available on the various exchanges Dukascopy has access to. Shares of well-known companies include Airbus, Orange, L’Oréal, Barclays, British American Tobacco and Mastercard Inc.

ETFs

ETFs are also synthetic instruments, like stock indices. However, they are investment funds whose units are traded on the markets like securities. An ETF aims to replicate the performance of a set of other financial instruments (usually stocks), often from companies in the same economic sector.

The ETFs traded on Dukascopy all come from the US market. In total, you can trade around forty ETFs covering sectors such as:

• Real estate (iShares U.S. Real Estate ETF)
• Biotechnology (iShares Nasdaq Biotechnology ETF)
• Healthcare (Health Care Select Sector SPDR Fund)
• Luxury (Vanguard FTSE Europe ETF)
• Oil and gas (SPDR S&P Oil & Gas Explor & Prodtn ETF)

Dukascopy Leverage

Leverage is generally found on derivatives such as futures and CFDs. Leverage increases both risk exposure and potential returns, because it lets you open larger positions than your capital would normally allow.

The broker sets its leverage differently depending on the account type and the instruments traded. At Dukascopy, each client can follow their possible exposure with a “Total trading line” on their dashboard. It simply shows the account equity multiplied by the available leverage.

• For forex, leverage is set by default at 1:100 during normal trading hours and 1:30 at weekends. On minor currencies, it is generally 1:30 during the week and 1:10.
• For precious metals, it is 1:30 for silver and 1:50 for gold. Outside normal trading hours, it is 1:30 for both (gold and silver).
• On commodity CFDs, leverage is 1:30.
• For index CFDs, leverage is 1:50 during normal trading hours and 1:30 at weekends (except HKG.IDX/HKD at 1:10).
• For bond CFDs, leverage of 1:30 always applies.
• For stock CFDs and ETF CFDs, leverage is set at 1:10.

Dukascopy Trading Platforms

The trading experience depends on the broker’s products and services and its pricing policy, as we’ve seen in this Dukascopy review, but also on the platforms used. Dukascopy offers 2 main platforms: JForex and MT4. Note straight away that MetaTrader 5 is not available at Dukascopy.

Dukascopy MetaTrader 4

MetaTrader 4 is one of the most popular platforms among online brokers and traders. Even since MetaTrader 5 was released, many still prefer it. The table below summarises what Dukascopy’s MetaTrader 4 offers with an FX account.

Dukascopy charges a commission of 1 US dollar per lot on MT4. This is added to the standard commission (shown in the table below in this Dukascopy review), which depends on equity and trading volume (over the last 30 days, calculated in USD).

The default leverage is 1:100. It applies to each MT4 account and cumulatively to all Dukascopy MT4 accounts belonging to the same client. Stop-loss or take-profit orders will therefore be rejected if they would result in exposure above what the leverage allows.

MT4 also manages the margin level automatically, ensuring the account balance remains sufficient to support all open positions.

It is calculated in real time using the formula: Margin level = (Equity / Used margin) x 100

Dukascopy’s MT4 accounts are subject to overnight fees, so you cannot open Islamic / swap-free accounts on MT4.

On MT4, you have a range of tools and reports to analyse your portfolio and adjust your investment strategies, including:

• My account: a basic view of your account or accounts, showing your end-of-session balance, your equity in each currency and the day’s various movements.
• MT4 reports: a summary report showing value, movements, and open and closed positions day by day.
• Portfolio status: daily balance and details grouped by currency pair.
• Consolidated report: a summary of your account’s key information over a period of your choice.
• Commission policy: information on your trading volume, currency conversion commissions, etc.
• SWFX Sentiment Index: a tool linked to the proprietary SWFX platform that gives an overview of general market sentiment. The SWFX Sentiment Index is updated every 30 minutes.

JForex

Dukascopy’s second platform is called JForex. It is available on all devices (computers, tablets, smartphones). You can download it or access it in your browser, although the web version has fewer features.

It is designed to meet the needs of experienced traders, with a focus on charting tools, comprehensive information (technical analysis) and automated trading.

JForex gives traders more than 250 charts and tools, as well as a wide range of order types (Market, Limit, Stop, Take Profit, Stop Loss, Stop Limit, Trailing Stop, Place Bid/Offer, OCO, IFD).

It also provides features such as:

• The ability to add new plugins, so you can customise the available tools to suit your needs and investment strategy.
• An economic calendar with economic news and events
• Scalping and hedging allowed
• VPN and cloud services so your investment strategies can run 24 hours a day.
• A backtester for automated trading strategies.

JForex is also available in around twenty languages.

Dukascopy Mobile App

The JForex mobile app is available on iOS, Android and Windows Phone. It provides quick access to the markets. A smaller selection of tools lets traders react to market movements at any time.

You can follow your stop-loss and take-profit levels, or add your favourite forex pairs or CFDs to your screen to follow their prices in real time.

Features of the JForex app identified in this Dukascopy review include:

• Secure, permanent connection to the broker’s servers
• Instant execution
• Wide choice of order types
• Access to trading reports
• Automated trading
• Real-time charts with technical analysis
• Forex market news
• Economic calendar
• Dukascopy TV
• Daily highs and lows

Pivot points

Dukascopy Bank clients also have another app: Dukascopy Connect 911. It provides a secure connection to your account and gives access to several banking services such as currency exchange.

Our Analysis of Dukascopy’s Platforms

Dukascopy’s two platforms, MT4 and JForex, have different characteristics. Even though its versions can vary between brokers, MT4 is a safe bet for online trading.

Dukascopy’s MT4 is suitable for all traders. Its easy-to-use interface, choice of account and deposit currencies, and wide range of order types make the platform easy to get to grips with. Automatic margin level monitoring helps with risk management, as does the stop-out at 50%.

The analysis tools allow intermediate traders to analyse the market and make decisions easily. However, it’s a pity that additional commissions are charged on top of the standard FX account commissions.

Dukascopy’s second platform, JForex, is more technical. It is better suited to experienced traders, offering them an environment for high-level trading. Compatible with all devices and offering a multilingual interface, cloud and VPN, JForex has all the tools needed by traders operating globally.

Automation is also possible, so you can set up effective investment strategies that run 24 hours a day. Finally, the JForex platform offers a wide choice of order types, analysis tools and charts for the most in-depth strategy research.

Traders can customise JForex as they wish, and it supports plugins. It is an excellent tool for professional traders.

To complete this review of Dukascopy’s platforms, we compare Dukascopy with other online brokers in terms of their platforms.

• Dukascopy vs Swissquote

The two brokers have their own platforms: JForex and the Swissquote Advanced Trader platform respectively. Both are API-compatible.

JForex is more complex than Swissquote’s platform. It has nearly 10 times as many indicators as Swissquote Advanced Trader, while the latter integrates Bloomberg directly.

Swissquote’s platform has one feature that makes it a better option for novice traders: automatic pattern recognition, which identifies possible cycles or repeating patterns for more relevant analysis.

• Dukascopy vs Saxo Bank

Although both brokers are linked to banks, the platforms offered by Dukascopy and Saxo Bank are quite different. JForex and MT4 are the only platforms at Dukascopy, while Saxo Bank offers clients a very wide choice of platforms: 3 proprietary platforms, namely Saxo Investor, SaxoTraderGO and SaxoTraderPRO, as well as access to third-party platforms.

This advantage of Saxo Bank over Dukascopy means each client can have an experience tailored to their needs. Saxo Investor, for example, was designed with the broker’s clients to be as user-friendly as possible, while SaxoTraderPRO offers a full range of tools for high-level trading.

• Dukascopy vs eToro

Both brokers have developed proprietary platforms. However, eToro uses only its own platform, with no MT4 or MT5. It is much more user-friendly than Dukascopy’s platforms.

The demo account credited with 100,000 dollars and one-click trading are advantages of eToro’s platform. The other key differentiator is the excellent social trading offer available on eToro’s platform.

• Dukascopy vs Tickmill

Tickmill’s platform offer is very similar to Dukascopy’s. Both online brokers offer MT4. Tickmill’s MT4 supports fewer charting tools than Dukascopy’s MT4 but remains easy to use, notably with its one-click feature for trading directly from a chart.

Both platforms offer a VPN so investment strategies can run 24 hours a day, but Tickmill also has a copy trading feature.

Order Types and Execution

Dukascopy offers its clients the services of an ECN broker. On its marketplace, client orders are matched directly with major liquidity providers, notably large European and American banks.

This ensures extremely fast execution, even for large amounts, and very favourable market depth.

The available order types are:

• Market order;
• Close order
• Market order with slippage;
• Conditional close;
• Pending limit entry orders;
• MIT entry order;
• Take-profit order;
• Stop-loss order
• Place bid/offer orders.

Analysis Tools Offered by Dukascopy

On Dukascopy’s various platforms, traders get a wide range of tools to monitor market developments and build investment strategies.

There are some differences, though, as each platform doesn’t offer exactly the same tools. As we saw earlier in this Dukascopy review, JForex is suited to experienced traders, while Dukascopy’s MT4 is accessible to all investors, whatever their level of experience.

JForex Tools – Desktop App

This version of the platform gives you the full power of JForex: charts, additional plugins and automated trading.

These tools let you:

• Follow the best bid/ask price of the instruments you choose on customisable charts, including Renko, Kagi and Line Break charts.
• Set maximum risk exposure to protect your portfolio against an extreme price drop.
• Get real-time Level 2 price quotes, with 10 levels on each side, so you can see where most orders are concentrated.

JForex Tools for the Web

This version of JForex is lighter. With JForex Web, you can access the market from whatever device you use.

You get:

• A synchronised workspace. Thanks to the cloud, your account and the charts you follow are always there, even if you switch devices.
• An economic calendar to gauge the impact of economic and financial news on financial instruments.
• Monitoring of your net exposure to control risk.

JForex Tools for Mobile

JForex is an on-the-go app. Its purpose is to let traders follow market movements in real time. The platform’s features are mainly designed to help traders react quickly:

• Monitoring of take-profit and stop-loss orders and prices
• Summary analysis tools
• Daily tracking of your favourite instruments

Tools and Widgets in General

Leaving aside the platform-specific tools described above in this Dukascopy review, here are all the widgets and analysis and trading tools Dukascopy offers:

• Online charts: analyse historical data and live quotes for forex, CFDs, etc.
• Dukascopy TV: access to Dukascopy’s videos on economics and finance.
• Online news: access to news and reports from around 500 providers in at least 20 languages.
• Technical indicators: shows trading signals based on popular technical indicators for forex, CFDs, etc.
• Calendars: economic calendar, public holidays, dividend adjustments, trading breaks, CFD adjustments, and a table of central bank rates.
• Currency index: compares the most liquid currencies.
• Market summary: aggregates information on spreads, latest quotes, market sentiment, etc., for many instruments.
• Market signals: alerts on significant price moves and certain indicators for forex.
• Currency converter: converts gold and currencies at current exchange rates.
• Pip calculator: shows the pip value depending on the currency traded, the position size and the account’s base currency.
• Overnight swap calculator: provides data on Dukascopy’s rollover policy.

Training Offered by Dukascopy

To attract novice investors and help them get started with their services, online brokers generally offer training. Dukascopy is no exception, providing investors with a number of educational tools that we present in this Dukascopy review.

They fall into 3 main groups:

• Video tutorials. These focus mainly on using the JForex platform. The video tutorials aim to teach you how to use the platform and its trading tools. Topics covered include changing the time setting, placing a market order, changing the order type grid, merging positions and deleting a pending order.
• Seminars. Dukascopy Europe holds training seminars from time to time. They are generally organised at clients’ request, on topics of their choice. You can attend in person or by video, as the seminars are streamed online by Dukascopy TV.
• Webinars. Webinars are broadcast on YouTube on the Dukascopy Webinars channel. They mainly offer value-added content on the stock market: news, market indicators and analysis by Dukascopy experts.

Dukascopy Bonuses and Promotions

Dukascopy Bank offers bonuses and promotions to attract and retain investors.

Equity Bonus

This is a 10% bonus that clients who manage their own trading account can request. It is available within 30 days of the last deposit. You claim it directly on the broker’s website, in the client’s account management area.

This bonus is subject to conditions:

• The deposit must be the last transaction at the time of the claim. The bonus is calculated on the balance at the time of the request and, once approved, is added as additional margin.
• New deposits can increase the initial bonus.
• The total amount of active bonuses is capped at 50,000 USD.
• For the bonus to be permanently validated, trading volume on the account after 1 year must be 30,000 times the balance calculated when the bonus was granted.
• The bonus cannot be withdrawn until the conditions are met.
• The bonus cannot be used to cover trading losses.
• If the client makes a withdrawal or fails to meet the volume conditions within 360 days of receiving the bonus, it is cancelled. The client can also cancel it manually in their reports.

Reduced Commissions on Dukascopy Forex

Dukascopy clients can receive a discount of around 20% on trading volume commissions.

Like the equity bonus, this bonus is subject to conditions:

• You must sign up within 30 days of your last deposit.
• Minimum volume conditions apply over the year after sign-up: 30,000 times the account balance at the time you signed up for the bonus.
• Volume is calculated from sign-up. The bonus consists of a refund of the commissions actually paid over the year.
• The bonus is cancelled if the client makes a withdrawal, fails to meet the volume conditions within the year, or ends the programme themselves in their account management area.

Anniversary Bonus

Dukascopy is celebrating 11 years in business by offering clients a special bonus. By signing up for this promotion, investors can receive 100% of their account balance as a bonus.

The conditions for this bonus are as follows:

• The deposit must be the last transaction when the anniversary bonus is requested.
• The bonus is calculated on the balance at the time of the request and, once approved, is added as additional margin.
• New deposits can increase the initial bonus.
• The total amount of active bonuses is capped at 10,000 USD.
• For the bonus to be permanently validated, trading volume on the account after 1 year must be 50,000 times the balance calculated when the bonus was granted.
• The bonus cannot be withdrawn until the conditions are met, and it cannot be used to cover trading losses.
• The bonus becomes available and free of all restrictions once the conditions are fully met. A system notification will be sent to confirm this.
• If the client makes a withdrawal or fails to meet the volume conditions within 360 days of the bonus being granted, it is cancelled. The client can also cancel it manually in their reports.
• Stop-loss levels and account exposure take the bonus into account, even while it is only additional margin. Cancelling the bonus can therefore trigger margin cuts (positions closed because the exposure threshold is exceeded) or increase leverage usage.

How to Contact Dukascopy Customer Service

Dukascopy’s address is: Lacplesa iela 20a-1, Riga, LV-1011, Latvia. The broker has set up a customer service team to handle traders’ concerns. It can be contacted in several ways:

• Via a main line for general support: +371 67 399 000
• Via a dedicated live trading line: +371 67 399 039
• Customer support chat is available 24 hours a day
• You can also send Dukascopy a message by clicking the “Send us a message” link. This messaging service is for general questions. You’ll need to enter your first and last name, email address and phone number before writing your message.

Our Opinion of Dukascopy’s Customer Service

Dukascopy’s customer service is fairly well organised. Separating the general support line from the live trading line makes it easier to handle requests by priority.

The same split applies to messaging. Two links are available: one for urgent trading instructions and one for general questions.

The chat is also always available to clients. This is an excellent support measure, because the markets available and the clients themselves are spread across different time zones.

Dukascopy Affiliate Programme

Dukascopy has set up a scheme to reward those who introduce new clients to the online broker. The programme is called “BI” (Business Introducer) and is open to individuals and companies alike.

In return, the introducer can receive up to 50% of the volume commissions generated by the clients linked to their account.

To make it easier for the prospects the introducer recommends to sign up, Dukascopy offers them preferential conditions:

• Minimum deposit of 100 USD
• Simplified account opening procedure
• Leverage up to 1:30

Becoming a Dukascopy business introducer takes 3 steps:

Fill in the registration form;

Receive a BI-ID code that identifies the clients you have referred;

Get access to the business introducers’ web portal, where you can track your progress and activity statistics (new clients, commissions paid).

Note that Dukascopy reserves the right to refuse access to this programme. Also, if the introducer plans to operate through a website, they can give its address in their application, provided the domain name does not contain the name Dukascopy or any similar expression.

Dukascopy Compared with Other Brokers

In this Dukascopy review, we now make an overall comparison of this broker’s offer with that of other online brokerage competitors. The following table includes several comparisons: Dukascopy vs XM; Dukascopy vs IG Markets; Dukascopy vs IC Markets; Dukascopy vs XTB; Dukascopy vs Oanda; Dukascopy vs FxPro.

Broker	Strengths	Client Rating
	Competitive spreads Excellent liquidity Instant execution Many analysis tools Excellent mobile app	★★★★☆ 4/5	Read Review
	Very tight spreads Many additional analysis tools Excellent customer service Free deposits/withdrawals PayPal payment option available Comprehensive education section	★★★★★ 5/5	Read Review
	Low commissions and fees Huge selection of instruments Excellent mobile app Publicly listed broker	★★★★☆ 4.5/5	Read Review
	Experienced broker User-friendly trading platform Excellent customer service Free, fast deposits	★★★★☆ 4/5	Read Review
	Excellent additional trading tools Large number of markets available Rich educational content	★★★★☆ 4/5	Read Review
	Free deposits and withdrawals Excellent algorithmic trading offer Tight forex spreads	★★★☆☆ 3.5/5	Read Review
	Excellent trading tools User-friendly platform Excellent mobile app	★★★☆☆ 3.5/5	Read Review
	Excellent choice of platforms Free deposits and withdrawals Excellent customer service	★★★☆☆ 3.5/5	Read Review

However, comparisons such as Dukascopy vs N26, Dukascopy vs Payoneer or Dukascopy vs TransferWise cannot be made in this Dukascopy review, because Dukascopy’s offer does not match those of these other providers, and because this review focuses mainly on the broker’s online brokerage activity.

Summary: Dukascopy Pros and Cons

To sum up this Dukascopy review, here are the broker’s strengths and weaknesses.

Is Dukascopy the Best Forex Broker?

As a broker, Dukascopy has many strengths, but it is not the best forex broker. Forex is the largest market by size, with dozens of major, minor and exotic pairs. Here we can already see that Dukascopy does not offer the best selection of pairs.

Vantage is the broker we recommend for forex trading: a very wide range of currencies, some of the lowest spreads on the market, a 50% welcome bonus on the first deposit, and leverage higher than the 1:30 available in the European Union.

Is Dukascopy the Best Broker for Stock CFDs?

Given Dukascopy’s offer, this online broker can be considered the best for stock CFDs. With Dukascopy, you can trade hundreds of stock CFDs.

The SWFX platform is connected to nearly twenty stock exchanges, letting you invest in the shares of the largest multinationals. Trading commissions on these instruments are very attractive, averaging 0.1% per trade.

Is Dukascopy the Best Broker for Precious Metals?

Precious metals are one of traders’ favourite markets because they are safe-haven assets. For trading precious metals, XM is the most attractive option.

Its offer beats Dukascopy’s on several points. XM offers higher leverage, up to 1:888. Spreads on gold and silver are also very competitive at XM, at around 0.3 and 0.03 pips respectively. Finally, XM lets you trade palladium and platinum.

What Is the Best Alternative to Dukascopy in 2025?

Overall, Vantage remains the best alternative if this broker doesn’t convince you. Even though Dukascopy is a regulated ECN broker with a good offer and attractive conditions, Vantage stays well ahead, offering a wider range of tradable instruments than Dukascopy with high-quality platforms (MT4 and MT5).

Have you already traded with Dukascopy and want to share your experience? Or are you thinking of trying this broker? Either way, feel free to leave us a comment below!