Dukascopy was launched in 1998 by number of physicists headed by Dr. Andre Duka. The mission of the group was to create and implement a financial system via novel mathematical and econophysical techniques. Dukascopy today is a Swiss forex trading brokerage house that is set up primarily to be able to provide the wants of institutional along with other large-volume traders. Dukascopy gives immediate access to the global Foreign Exchange Marketplace. This marketplace gives the largest pool of ECN spot forex trading liquidity available for bankers, hedge funds and other institutions along with professional traders.
To match the prevailing bank relationships associated with their clients, Dukascopy provides full Prime Broker capability with give up facility, with the use of an extensive network of banking partners. Dukascopy overall provides a much different approach to forex trading as it is popular for its forex trading contests which primarily include 3 types of contests for its users including the FX Trading award, the Trading contest and the JForex Strategy contest. These contests provide an opportunity to plunge in to a competitive environment and actively participate in discussions by markets analysts, professional traders and people interested in forex within the Dukascopy Forex Community. The user account who achieves the best performance gets a super luxury watch along with an invitation to the banks office in Geneva or can win $15,000. Past winners include ex-Presidents Bill Clinton (USA), Pascal Couchepin (Switzerland), Vladimir Putin (Russia), and ex-UN Secretary Kofi Annan.
- Dukascopy is associated and audited by the following Commissions and Associations
- ARIF, Association Romande des Intermediaires Financiers
- ACI Sussie
- KPMG
In addition you should check on the website of the regulator for any complains against the broker as some regulators (i.e. the FSA) post all cases online.
Dukascopy Webtrader
The user interface plus technical requisites of the web platform are optimized in a way to meet up with the needs of all potential traders, regardless of trading conditions plus technical limitations. Traders can easily personalize the frequency of message updates pertaining to quotes and current market depth levels according to their PC or Network parameters. As well, the platform delivers much important functionality involving order execution plus position management. Market research & trends tools, quick communication plus multi-lingual interface are also available.
Dukascopy Metatrader
In addition to the Dukas Webtrader users have the choice to use the Dukascopy.com edition of the Metatrader 4 which comes couples the high standards of the MT4 with the unparallel reputation of Dukascopy in the forex market. However Duksacopy.com does not extend the usual demo version of the MT4 to new customers but alternatively offers the MT4 for Beta Test trading; in difference to other forex brokers the Dukascopy MT4 presents several limitations and discrepancies between MT4 and Dukascopy in house platforms.
Dukascopy Demo Accounts
A 14-day forex demo account is available for trial at the Dukascopy.com site. This demo account is free for a 14-day trial run and includes access to the Dukascopy J Platform, the Dukascopy Java Platform and the Dukascopy Iphone platform in addition to the Dukascopy MT4 which is offered with several limitations in difference to other popular forex brokers adopting the MT4 as their primary or secondary alternative. Forex demo account at Dukascopy can be opened by filling out a simple online form which will gain you access to the demo accounts interface. The demo account allows it registrants to trade using the exact functionalities and same data feeds which are found in Live SWFX – Swiss FX Market Place. Once a user is registered, the demo account will give access to all the same features (Excluding the MT4) as in regular traders account, so that new users can get familiarize with the various account options. Dukascopy recommends Demo Account to all the prospective clients and individual account holders.
Dukascopy Accounts
Dukascopy (Suisse) SA provides Forex trading accounts to both, private individuals and also to institutional clients. Since, Dukascaopy is specialized in institutional trading the banks services are usually optimized for institutional trading and investments. Recommended deposits size for these accounts is $50,000 and above. The accounts can be opened in seven different currencies – USD, CHF, EUR, GBP, JPY, CAD and AUD. Bank currently offers its clients three convenient funding options – Wire Transfer, Bank Guarantees and Swiss Custodian Banking Services (Segregated Swiss Bank Account). The minimum deposit size for bank guarantees and Swiss Custodian services is $250,000. For individuals the minimum deposit size vary on different account types, and range starts from $1,000 for retail account and goes up to $500,000 for VIP accounts, which include VIP services such as priority in trading and technical support, and a dedicated personal VIP account manager.
No Dealing Desk
Dukascopy does not have any dealing desk execution currently.
Dukascopy Spreads
With its ongoing efforts to raise transparency among traders and across its trading businesses and services, spreads start at interbank prices with no mark-up. Alternatively, Dukascopy charges a small premium fee per trade, which often is based upon the trade volumes and account size. The volume commission rate depends on the Net Deposit, Equity and Traded volume and is converted to clients account during the settlement time. If the Net Deposit, Equity and Traded volume lead to different commissions the bank applies the lowest commission rate.
Dukascopy Leverage
The Dukascopy bank offers different account leverage limits (e.g. 1:50 or 1:20) which are generally predefined by the client. During the regular trading hours the leverage is set to 1:100. The purpose of this policy is to lower the risk caused by potential price gaps during market closure which may cause serious effects on invested funds.
Dukascopy Trailing Stops
Dukascopy bank platform supports trailing on stop loss and entry stop orders. The trailing stops can be easily set from the edit menu of the client account, for both types of orders. The minimum trailing stop parameter is 10 pips.
Bonuses
No bonuses are being offered currently by Dukascopy to new traders.
Dukascopy Managed accounts
Dukascopy offers two types of managed accounts to its clients – Externally Managed Accounts and Dukascopy Bank Managed Accounts. The later one is an automated trading system developed by the markets best trading professionals based on their experience drawn from institutional foreign exchange trading in support from the industries best IT professionals. Whereas, the externally managed accounts a specialized trader is appointed for client’s account that helps them to invest and control their trading activities. To support this, Dukascopy bank has developed a unique environment having features like investments in base currency, choice of funding facilities and depository institutions, equity protection, immediate trading deactivation and 24/7 reporting access.
Dukascopy Mobile Trading Accounts
The Dukascopy mobile trading platform is currently available only on iPhone 3.0 and above. The platform replicates all the features of the Dukascopy Bank trading platform. It allows you trade from anywhere. The Dukascopy mobile platform supports Edge/3G/Wi-Fi connection types with an automatic connection control which adopts data flow size depending upon the connection speed.
Funds Deposit and Withdrawal
Dukascopy (Suisse) SA only accepts funds through wire transfers. There are no commissions or charges on withdrawal of funds etc.
Dukascopy Review
Dukascopy is for traders who are ready for large and institutional forex trading accounts; it requires larger minimum deposits from individual traders as compared with many other forex brokers, turning it in to less potential for traders seeking small or even smaller company accounts. Nevertheless, it has its own advantages which are not there with many of its competitors, absence of execution dealing desk, automated trading strategy, various trader contests and anonymous trading facility. Traders looking for large investments and who are looking for anonymous trading, Dukascopy Bank is the right partner for them.