Ducascopy Review:
Dukascopy is an enhanced trading platform, a unique FOREX brokerage service with full access to the Swiss Foreign Exchange Marketplace. They are regulated and controlled through the ARIF and the FFA (Federal Finance Administration) for financial intermediaries. This means tighter control with a particular focus on preventing money laundering. Customers are required to supply documentation for proof of identity and the source of their funds to ensure that all dealings are legitimate and legal.
The direct access to the Swiss Foreign Exchange Marketplace means a right of entry to perhaps the biggest pool of interbank FOREX liquidity obtainable anywhere for banks, institutions, hedge funds or professional traders. Retail clients are not serviced through Dukascopy, which is one flaw. Nonetheless, Dukascopy is perhaps the most efficient FOREX broker around, thanks to the combined liquidity of centralized marketplaces and a number of banking-partners, making it the biggest marketplace in the world. There are sometimes daily network volumes that exceed $80 billion USD. Dukascopy uses real-time interbank rates with spreads like 0.5 – 1 pip on Majors, some of the best spreads available in the market. The spread will sometimes get as high as 4 pips on non-major pairs like GBP/USD.
The trading platform is safe, thanks in part to the strictness of the Swiss Foreign Exchange Marketplace. Trading can be done securely online through one click trade to an unlimited number of accounts. You can also trade over the telephone. There is trade desk support available 24 hours a day, six days a week.
The marketplace model keeps Dukascopy free of the exposure risk or a conflict of interest with clients. These are things that you may be subject to through alternative trading structures. This is because the marketplace provides the market spreads rather than creating the spreads itself. Please note however that a commission is taken for access to the marketplace. The standard commission is $20 USD per one million USD traded. Managed accounts will be charged an additional $20 USD per one millions USD traded. The commission is partially reimbursed depending on the monthly volume of the trader. All trades are executed within the network of FX participants and the trading is anonymous.
You can begin by visiting the Dukascopy website. The site is accessible in eight different languages. You may want to begin by reading through the terms of trading through Dukascopy. Setting up a Demo account is extremely easy. It’s just a matter of setting yourself up with a login and password. When you get into live trading there is second level security available through the use of visual encryption secure code. From there, you can choose to run either Java or Web-based software platforms. Friendly customer service (although there is sometimes slight language barriers) is available over the telephone, online chat or through Skype connection that is available directly through the platform.
The demo program does tend to stop from time to time for updates. The demo is good through a one-week period and serves as an excellent introduction to the program’s features. There is a very insightful PDF tutorial around the program in the Help menu.
The program gives users the ability to act and react quickly depending on the market situation. The setup of the windows will allow you to easily monitor the market, examine current exposures, manage positions and view the progress of their equity, leverage and performance. The windows can be resized and moved around based on your needs. The bid and ask prices, volumes and market depth are all updated real-time.
The company positions itself as a large broker and there is a minimum $50,000 account requirement that may unfortunately shut many people out from the experience.
If this account requirement is no issue to you - you are ready for a live account so you can begin trading! It’s a matter of completing the registration process. If you are familiar with other Swiss FOREX brokerage services then you should know that the process is slightly more complicated than just signing up online. You are required to download the paperwork, complete the necessary information, and mail the documents to Switzerland. It is suggested that you email scanned copies or fax first to ensure that everything is sound before mailing your hardcopy.
If you are opening up a private account, you will need to include a certified copy of your passport or any utility bill showing your residential address. For a corporate account it is recommended that you include whatever corporate documents you have available. You will be contacted if anything additional is needed. A standard bank order is needed for deposit to an account or withdrawal from an account. These are all standard procedures for any FOREX brokerage based in Switzerland.
And from there you are ready to trade with low spreads, slippage control, real time tick charts and reliable customer service when needed.
Info
| Name: | Dukascopy |
| Website: | http://www.dukascopy.com |
| Established: | 1998 |
| Country | Switzerland |
| Platform: | Online |
| Email: | Info@dukascopy.com |
| Telephone: | +41 (22) 791 70 50 |
Advantages
- Biggest marketplace in the world
- Low spreads, slippage control
- Reliable Customer Service
- ARIF regulated with known physical address
Disadvantages
- $50,000 USD to open an account
- Could use more cross-platforms like HUF and MXM
- No service for retail clients
:: FEEDBACK & OVERVIEW
Overall Rating:
| Actual Customer Feedback:
Our Research on Dukascopy Suggests: According to the general online consensus (where research is based on unbiased, non-vested comments & articles), Dukascopy is an above average Forex trading platform. Verdict: Dukascopy is a higher end trading platform. It's high initial deposit and minimum transaction amounts make it better suited to more experienced traders. |
| :: PRODUCT DETAILS |
| Company Info: | Dukascopy is a brand name owned by Dukascopy Suisse SA. The domain name (dukascopy.com) was registered under this company in 2000. |
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| Company Website: | http://www.dukascopy.com |
| Min. Deposit: | $50,000.00 |
| Min. Transaction: | $250,000.00 |
| Currencies Traded: | All Major |
| Spreads: | 0.5 - 1 Pip |
| Delivery Format: | Online Trading Platform (Supports 8 languages) |
| Deposits & Withdrawals: | Withdrawal Info - Commission on profit withdrawals ($20 per million traded), Withdrawals to credit card permitted. Deposit Info - Wire Transfer or Check |
| Customer Support: | Phone, Skype and Email |
