Dukascopy
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Dukascopy, which has an office in Geneva, is an advanced trading level Swiss online broker with full right
of entry to and operates within the Swiss Forex Exchange marketplace. It is a primary broker for the
first marketplace that is decentralized (swfx - Swiss Forex marketplace) which incorporates liquidity of
the centralized marketplace as well as various banks giving Dukascopy one of the best liquidity positions
of all brokers on the worldwide forex marketplace. The daily network volumes sometimes is greater than $80
billion USD.
Dukascopy is setup primarily for larger companies but also allows individuals to sign up. To the surprise
of many Dukascopy is led by physicist Dr. Andre Duka and the companies full operational structure is
elaborately laid out on their website.
Dukascopy is fully regulated and under heavy control in the national regulative organization "ARIF" as well
as the FFA (federal finance administration) for monetary mediators. ARIF is an organization which is self
regulating whose purpose is to make certain appropriate application is followed by all of it's members to
already existing anti-money laundering laws. The result of this is tighter control with precise focus on
the prevention of money laundering. Dukascopy licenses for these organizations are referred to on the
website as well as the office address, a map is even listed.
Because Dukascopy is setup to accommodate the more financially competent kind of clientele, tutorials and
other similar types of information for beginners aren't furnished. However, customer support for trading
consists of a 24/7 support line.
Platform: to be honest, the trading program isn't so much about state of the art, yet it utilizes the
systems that are already proven of '02 - '03 platforms. It boils down to more an issue of taste which
leaves right or wrong at the door. It is considered by many to be one of the best platforms in the industry
but it has it's shortcomings.
Dukascopy is recognized for having the best spreads on the forex market, on average their rates are better
than other forex brokers. Barrier to entry for this broker is modest for some, not so with new traders.
Currently the minimum deposit sits at $5,000. Dukascopy is eventually going to return to the initial
minimum deposit back to $50,000 after which white label project will be ended.
While this initial amount is above brokers like eToro it is still in range of moderately financed traders. We suggest traders not in
this range of assets to review some of the other brokers listed here. Nevertheless demo accounts are still
accessible for all traders.
For those with the financials means to open an account with the minimum deposit requirement Dukascopy is
available in numerous languages such as English, Spanish, Russian, Chinese, French, Arabic and Japanese.
You can download the needed documents on their website.
Because of it's high liquidity created by active participants the spreads can go as low as 0.5 pip on
the major currencies. The highest amount of leverage is 1:100. The leverage goes down at 1 pm EST on
Fridays to 1:30.
Configuring a demo account on Dukascopy is relatively simple. You can select either a web-based or Java
software platform with them. The demo account has a detailed PDF tutorial to go along with it. The critical
point to bear in mind, is if you have a reputable ECN broker that has numerous liquidity providers, then
you can be assured of having the lowest spreads as well as the best order fills.
Visit the Official Dukascopy Site
Consumer Feedback
"In fact, liquidity was so good that the spreads of the major currencies were often 1 pip (in fact I saw
instances of 0.5 pip spreads on the EUR/USD)! Yeah, that's right, that includes 1 pip spreads for the
volatile GBP/USD!"
Portion of actual user review from currencysecrets.com
"Look like they are in a good position to become a bank. Let's see. In term of execution, I am with them
for 1 year, and I really appreciate. Specially these days, when liquidity is an issue."
Portion of actual user review from forexpeacearmy.com
"Dukascopy has a great trading platform but no training for the beginner. If you are new to forex you may
want to consider a different broker."
Portion of actual user review from answers.yahoo.com
Our Verdict
On the whole Dukascopy is a very reliable broker in terms of spreads, slippage and execution speed. It is
geared towards larger companies with deeper pockets but if you can get by the initial deposit ($5K as of
this writing) your going to get one of the most prominent forex brokers on the market with some of the best
spreads and fills on your trades.
Their reputation is very good, they perform professionally and their market execution is one of the best on
the market of forex brokers. Trying them out with a free demo account will help you get a feel for their
systems and services whether they suit your trading needs.
Visit the Official Dukascopy Site
Specifications
| Company Info: | Dukascopy project was launched in 1998 by a group of physicists headed by Dr. Andre Duka Their mission was to research, develop and implement complex financial system via novel mathematical and econophysical techniques. |
| Currencies Traded: | All Major Currency Pairs |
| Spreads: | 0.5 – 1 pip |
| Delivery Format: | Online Trading Platform, Web Interface |
| Deposits & Withdrawals: |
Deposit Info - Credit Card, PayPal, Moneybookers, Neteller, Western Union, MoneyGram, Wire Transfer, By phone Withdrawal Info - No commission on profit withdrawals, Withdrawals to credit card permitted. |
| Delivery: | Instant Access |
| Price: | $5,000 Minimum |
| Data Security & Handling: | Transaction Security |
| Created By: | Dr. Andre Duka |
| Customer Support: | 24 x 7 Access, Phone, Email and Skype |
| Official Site: | www.dukascopy.com |
