Dukascopy Bank Broker Information
- Jurisdiction: Switzerland
- Regulators: FINMA
- Founded: 1998
Dukascopy Bank Quick reference
It is based in the capital of Switzerland, Geneva. The bank is part of the Dukascopy group. The head office has a license from FINMA - the Swiss Financial Market Supervisory Authority. And, for example, a subsidiary of Dukascopy Payments in Riga operates according to the rules of the Latvian regulator. The site is very informative, the Russian version is full. In any section you can get very detailed information. Sometimes this complicates the search for answers to important questions: separation into data of primary and secondary importance is not provided.
So, while planning to deal with Dukascopy, steel yourself for reading multi-page regulations and instructions on all aspects of interaction. This is the opposite of the brevity of basement brokers. The site has a lot of analytics and training materials, there is even its own Dukascopy TV.
- Binary options
In the latter category, keep in mind that in most EU countries from 2018-2019 the retail trade of binary options has been banned: this area is recognized as too problematic. And Switzerland, which did not join the EU, remained a binary reserve. Therefore, Geneva-based Dukascopy Bank and the Japanese division offer options trading, while EU-based Dukascopy Europe does not.
Accounts and Terms
As with all banks providing brokerage services, access to trade is possible only through the account opened with this broker. Dukascopy Bank will not open accounts for residents of Japan - they will be advised to contact the local branch of the group. The broker doesn’t provide services to US citizens. To comply with international restrictive agreements, the broker will not provide services to the residents of Iran, North Korea, Myanmar, Syria, South Sudan and Cuba.
The decision of ESMA to reduce leverage in the EU for Dukascopy Bank is also irrelevant. Currently, it offers the following volumes:
- up to 1: 200 for currency pairs, gold and major indices;
- up to 1: 100 for other stock indices and raw materials (excluding gold);
- up to 1:10 on individual stocks;
- up to 1: 3 on cryptocurrencies.
There are many options for accounts with their own nuances - the site provides comprehensive information.
The minimum deposit is $ 100.
Dukascopy Bank has technical developments thanks to which the depositor can appoint a manager for his account. However, the responsibility for all the consequences of such a choice falls solely upon the client.
- MetaTrader 4
- Java SWFX
All trading platforms offered by the bank provide access to the Swiss Forex trading platform SWFX. It is included in the top 10 world Forex platforms, it has good liquidity and instant execution.
Conclusions about Dukascopy Bank
This is one of the oldest Forex brokers with years of proven track record and Swiss reliability. It is because of its thoroughness that the client will be drowned in bureaucracy. Many people complain about the very protracted verification and withdrawal processes. Different companies in the Dukascopy group have very different terms and conditions for customers. Therefore, even when contacting the official office in Riga, Kiev, Moscow, and generally anywhere else, specify according to the rules of which branch you are offered interaction.
And be patient to re-read all the kilometers of documentation. There are no direct traps for customers, but there are a lot of features and nuances. Not only do banks with brokerage services have their own specifics, but Swiss financial legislation also has its own atmosphere. There are many unusual, and sometimes sudden moments.