Unfortunately, Dukascopy is not active in United Kingdom
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Dukascopy Review 2020

Here at BitReviews.com, our dedicated team of experts aim to provide you with the fair and honest brokerage and trading reviews. In our Dukascopy Review 2020, our aim is to provide you with all of the information you need regarding crypto trading and more with this platform. In particular, our focus is on operations in the UK, the US, Canada, Australia and New Zealand.

Pros & Cons of Dukaskopy
  • Good platform for professional and high volume traders
  • Multiple currencies accepted
  • Dukascopy crypto available
  • Excellent news and analysis tools
  • Good range of educational toolsSwiss-based
  • Fully regulated platform
  • No US clients
  • Not the best for new/ intermediate traders

Security, Usability, Look & Feel

In this section of our Dukascopy Review 2020, we’ll take a look at the overall functionality and safety of the site and trading platforms. For starters, the downloadable JForex platform is an advanced trading platform that was developed in-house by Dukascopy themselves. The platform is designed for professional and high volume trading. However, the web-based platform and mobile trading app also offer capabilities for intermediate and beginner traders. This is thanks to both the user-friendly nature of the platforms as well as their educational and research tools.

In terms of design, the site itself can be compared to almost every other site that implements a modern Swiss style of branding. That is to say, the red and white of the Swiss flag are dominant with splashes of black. The advanced JForex trading platform ventures away from this and goes for the black background to help better see the chart colours. This is a popular choice for advanced trading platforms as the black is easier on the eye for people who spend prolonged amounts of time in front of the screen.

In terms of security, the documentation and verification process is very thorough and can be lengthy. When it comes to the actual cybersecurity of the site and trading platforms, the Metatrader (MT4) desktop platform does implement one time passcodes (OTPs). This is a similar security measure used by the majority of online banking systems worldwide. Where Dukascopy is perhaps lacking, is that the web platforms and the JForex desktop platform don’t have any form of two-tier authentication in place. However, despite this, to date, Dukascopy hasn’t suffered a major security breach.

How To Trade

Register

Firstly, you’ll have to register your Dukascopy account by completing the sign-up and verification process. The sign-up form itself is relatively straightforward and can be completed in minutes. However, you’ll then need to provide documentation to prove your identity, address and payment details. Once provided, you’ll have to wait a matter of days before your account is fully verified.

Fund

Once your account is fully verified, you’ll be able to start funding and using your account to trade for real. The first step of this is to fund your account. You can find all of the details required here in the “Payments” section of this Dukascopy Review 2020. For the lowest fees, we recommend using an ewallet.

Trade

Once your account has been funded, it’s the time to start trading. With Dukascopy, you can trade in forex, indices, stocks, ETFs options, bonds & cryptocurrency. You have the choice of trading on their own developed JForex platform, their web-based platform and the trading app. If you’re new to trading we recommend making use of the educational and research tools.

Withdraw

Once you’ve traded and hopefully made a profit, you can then withdraw your profits. Unfortunately, Dukacopy does have withdrawal fees applied to the majority of their payment methods. Therefore, we recommend waiting until you’ve hit a certain target you’ve set before making your withdrawal. In doing so, you’ll still get your hands on your profits without spending too much on unnecessary amounts of fees. The aim of every trader is naturally to see as much of your profits as possible.

Payments

As our Dukascopy Review 2020 noted earlier they do accept accounts in several currencies. This includes and extends to the popular cryptocurrency bitcoin. However, although deposits and withdrawals can be made in several different currencies, The base currency of every account is USD. Dukascopy accepts payments via credit/debit cards, credit/debit cards and e-wallets. Additionally, they also accept bank guarantees for deposits over $100,000.

Fees provide a small negative in this section of our Dukascopy Review. Card deposits are charged at 2% with withdrawals at €1.50 + 2.5%. With ewallets, both deposits and withdrawals are charged at 2.5%. Wire transfers are free, however international withdrawals are charged at $50.

Fees

The full extent of the commissions and fees structure is perhaps too much to fully detail in this section of our Dukascopy Review 2020. This is because they operate a tier system that depends on a number of factors. Clients categorised by monthly trading volume, net deposit, and a number of other factors. Additionally, the fees differ for clients trading on their own and for clients trading with an external manager or attorney. A full breakdown of the fees and commission charges is available on the Dukascopy fees page. Although it’s too extensive to be reduced enough to clearly display in this Dukascopy Review, we can assure you they are 100% upfront and transparent when it comes to fees.

Moving on to the small shortcomings when it comes to Dukascopy’s fees, is their deposit and withdrawal charges Dukascopy charge $20 (or currency equivalent). This is among the highest among European brokerages. However, if you’re looking for a top-level platform then it may very well be worth it for you. We should also point out that withdrawal fees are found in a separate section of the website than the rest of the commissions and fees.

Customer Service

Now in our Dukascopy Review, we’ll take a look at the communication channels available with the broker. Firstly, you can contact the Dukascopy team in one of 12 international languages. In terms of channels the support team at Dukascopy can be contacted in one of 3 ways; telephone email and live chat. For the quickest response times, we’ve recommended using the live chat, which you can video via the icon at the bottom right of the page. The telephone team can be contacted via callback form. Although this is a bit slow, it comes at no cost to you. The email is, perhaps naturally, the slowest channel and can be reached via the contact form on the website.

License & Security

In Europe, Dukasbank is licensed and regulated by the Swiss Financial Market Supervisory Authority (FINMA). And in Asia, they are regulated by the Japanese Financial Services Agency (JFSA). In addition, clients’ deposits are protected by an insurance scheme for Swiss banks. This insures clients funds of upto 100,000CHF in the event of the company’s insolvency. In terms of finances, Dukascopy is 100% transparent and is audited by KPMG. As well as being well rated in this Dukascopy Review, the brokerage has won numerous other awards which are listed on their website.

Reputation and Customer Feedback

As well as providing our own Dukascopy Review, we would also like to bring you the reviews and opinions of other users. Overall, we’re happy to say that Dukascopy consistently rates well when it comes to trust scores. They have a decent score on Trustpilot at the time of writing and do well on other user review sites as well. They get scored well thanks to their trading platform, educational tools. And research materials. Where they fall short is because of their lack of two-factor authentication and deposit and withdrawal fees. As well as being popular with clients, Dukascopy have also won multiple awards and enjoy a strong reputation at industry level.

Dukascopy Crypto

Dukascopy Cryptocurrencies

We’ll open up this Dukascopy Review 2020 by talking about the modern world of crypto trading. With Dukascopy, Bitcoin, Ether and Litecoin can be traded against the USD. However, we should note in this Dukascopy Review 2020 that despite the currency being used, Dukascopy doesn’t accept clients from the US.

With Dukascopy, you have the option to trade crypto both as actual and as CFDs. Firstly, trading crypto as CFDs means that you short or long sell the currency and never actually own the underlying asset. You do also have the option trade crypto as actual which means that you can own the underlying asset. However cryptocurrencies can be volatile in their nature, so owning the underlying asset isn’t the type of trading we’d recommend for everyone.

In addition to the aforementioned above, you can actually fund your Dukascopy account with cryptocurrency. Moreover, you can also invest in global crypto with this platform. Overall, despite having a small selection of cryptocurrencies available to trade against the US Dollar, the trading possibilities are better than with many other trading platforms. Additionally, the amount of news, research and educational tools by far surpasses those of many other platforms. However, if you’re looking for crypto mining software you won’t find it with Dukascopy. Therefore, we recommend checking out our list of top cloud mining sites.

Jurisdictions & Limits

As mentioned above in our Dukascopy Review 2020, one shortcoming of this brokerage is that their platform is not available to US or Canadian clients. This is due to both legislative and tax reasons. Additionally, clients from a handful of other countries, including Israel and Belgium are also not accepted.

Moving on to the positives of this Dukascopy Review, clients from most other countries worldwide are accepted and have at least some form of real trading capabilities with the brokerage. However, some of the products and trading possibilities that we’ve spoken about, and will speak about, in this review may not be available in certain countries. Once again this is mostly due to legal restrictions. The good news for users in the UK, New Zealand and Australia is that all Dukascopy products and services are available in your country. Dukascopy was founded in 2004 in Switzerland. As well as their main headquarters in Geneva, they also have global offices in Riga, Kiev, Moscow, Hong Kong and Tokyo.

Other Trading

Now that we’ve discussed crypto trading, let’s take a look at what other trading possibilities you have in this Dukascopy Review. As well as cryptocurrencies. Dukascopy also offers you the chance to trade in forex, indices, stocks, ETFs options and bonds. The trading platforms and trading apps available with Dukascopy are relatively high end and offer sophisticated trading possibilities. Naturally, we can rate this Dukascopy Review 2020 very highly for professional and high-end traders. However, the trading platforms are relatively user friendly overall. Additionally, there are plenty of research and educational tools to help beginner and intermediate level traders get to grips.

In terms of trading strategies, nothing is prohibited with Dukascopy. This means that hedging, scaling and automated robo- trading are all fair game with Dukascopy. The broker also claims to guarantee direct market access (DMA) to all clients. Moreover, they promise equal trading rights and a transparent pricing environment. This means they don’t manipulate trade executions or prices. Moreover, it means that levels of client have the same access and trading possibilities. Dukascopy Review trust scores and their multiple awards since their foundation in 2004 have helped to back up the transparent nature of this brokerage.

Overall Conclusion

To round up this Dukascopy Review 2020 we can confidently say that on balance we would overall recommend this platform. Their own custom-built platform might be better catered towards professional and high volume traders. However, their web platform and mobile app are more simplified, user friendly and are backed up by some good educational and research tools.

Where they perhaps fall short is perhaps in lack of choice and certainly when it comes to fees. However, for the right type of trader, paying a premier to use a safe Swiss platform might be a sacrifice worth making. Even though the cryptocurrency options may be rather limited, having the option to actually own the asset as well as trading cryptos as CFDs gives Dukascopy a huge edge over a lot of the competition.

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