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Dukascopy: complicated albeit reliable cooperation?

Dukascopy is a brokerage company headquartered in Switzerland which has been in existence for 17 years. The broker was founded by Andre and Veronika Duka, Russian by origin, who are still running the business. Dukascopy is a group of companies centered around Dukascopy Bank that holds a license issued by the Swiss Financial Market Supervisory Authority (FINMA) in 2010. The group also includes the following subsidiaries: Dukascopy Europe, based in Riga, and Dukascopy Japan located in Tokyo. All divisions are properly licensed brokerage firms subordinate to internationally recognized regulators such as the FINMA, FCMC, and JFSA. This broker does not have an offshore jurisdiction, though there are some specifics which traders should be aware of.

Dukascopy history

The Dukascopy project has existed since 1998. It is the brainchild of Andre Duka, the Russian physicist who used to work at Moscow Institute of Physics and Technology. Initially, he called dukascopy his method of researching the currency market. He applied quantum theory to develop his own market analysis. The scientific ideas were set forth in the program Dukascopy demo lab and the book entitled Dukascopy: general theory of evolution. The website and the forum were launched to promote the dukascopy idea, but the method did not gain popularity. At present, you can hardly find any information on the miraculous trading method of the physicist on the Internet. The website has faded into oblivion. The broker’s logo 100% returns in 100 days! seems to remain just words.

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Dukascopy nowadays

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At present, this is a Swiss-based bank and two subsidiaries. Besides, Dukascopy Bank has branches in Dubai, Kyiv, Moscow, and Hong Kong. The official website is rather comprehensive. There is detailed information on the company’s structure, trading conditions, platforms, and an array of market news. The trading platform contains a disclaimer reading that “The information on the Dukascopy website related to online trading is not intended for residents of Belgium, Israel, the Russian Federation, Canada (including Quebec), and the UK. On the whole, this website is not meant to refer visitors to participating in online trading.” Perhaps, the website is designed to pursue different aims, but it urges visitors to join the trading community.

Trading conditions

Trading instruments: foreign exchange, bullion, CFD on commodities, stock indices, shares, cryptocurrencies, and binaries

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  • Leverage: up to 1:200
  • Spreads: from 0.1 pip
  • Minimum deposit: $100
  • Platforms: jForex, MT4
  • Demo account: available
  • Payment options: VISA, MasterCard bank cards
  • Customer support: 24/6

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Important!

Before opening an account with Dukascopy, we strongly recommend you get to know the information on trading commissions. In fact, the broker charges high commissions for lots of services. Clients have to pay for funds transfers, withdrawals, account servicing, account statements, e-wallet for storing cryptocurrencies, inactive accounts, and even for sms on mobile devices (1 sms costs €0.07).

Reviews of Dukascopy

Evaluating the broker’s operation, traders warn about frequent failures in the trading software, unhelpful technical support, and the coarse staff. A lot of clients point out the bureaucratic verification procedure. For instance, you will have to provide Dukascopy even copies of your utility bills. Another common complaint is that the company gives traders the opportunity to earn only on a demo account. Certainly, clients are dissatisfied with requotes and delays in withdrawals.

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Conclusion

No way can Dukascopy be termed a scam. The company is authorized to provide brokerage services and supervised by stringent regulators. The broker offers a wide range of trading instruments. The verification procedure is complicated as the broker requires you to confirm tons of documents, many of them are in English. On top of that, you have to be aware that Dukascopy charges a lot of high commissions. If you are not scared off by such trading expenses, give it a shot!

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author: Olazi | Date 2021-10-11
When I opened an account at Dukascopy, I was expecting a far higher trading quality. I did not expect that their platform would have a lot of issues making it difficult to make a trade. Their spread is also too high that it becomes unreasonable.
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Author: Marion | Date 2021-10-08
I cannot say that I had the best experience at Dukascopy but I must say that the experience was pretty decent. They are really just inefficient when it comes to payment transactions and they charge some pretty high fees. Honestly, it is not the best kind of broker.
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Author: Zardo | Date 2021-10-01
Dukascopy will give you average trading services. It is not the best broker out there. Their platform frequently malfunctions which would affect your trading activities. If they can fix that, then the broker might be one of the top choices in the market.
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Author: Sarah | Date 2021-09-22
I had an account at Dukascopy before. My experience was amazing. I was trading comfortably and earning well. I did not attempt to withdraw my funds until after two years because I wanted to them to just keep growing. I regret this decision because that was only when I found out about the real intentions of the company. I replenished my account seven times knowing that my funds are safe. If I only tried withdrawing my profits early, I wouldn't have lost so much money.
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Author of dukascopy: Pedro | Date 2021-10-21
Something similar happened to me. Although in my case, I found a lot of complaints online against Dukascopy while I was still trading with them. Like you, I haven't tried withdrawing any of my profits yet so I panicked and decided to close my account and take all the funds. But then, the broker did not release my money, but they did take away my access.
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Author: Romiel | Date 2021-09-17
I opened an account at Dukascopy and closed it after a month because of the high commission fee. They did not tell this before I opened an account so I expected an affordable trading experience. But unfortunately, their fees would make me go broke.
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Author: Rachel | Date 2021-09-09
Dukascopy is a decent broker but their services are terrible. Like what was mentioned in the article, they charge high trading fees and they don't even provide quality customer support service. Most of the time, their representatives reply after a long wait.
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