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.
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.
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 instruments: foreign exchange, bullion, CFD on commodities, stock indices, shares, cryptocurrencies, and binaries
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.
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!
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As a newbie, trading at Dukascopy was very rough. The company provided complicated tools and the learning materials that it provides are not for beginners at all. Maybe, if you are only starting, opt for a different broker.
If you are a beginner, maybe it's best to avoid Dukascopy. The broker offers complicated trading systems and their tools are difficult to use. Even as an experienced trader, I am still having a hard time getting used to the tools that the broker provides.
I still did not like my experience at Dukascopy because the broker had a lot of technical difficulties. The platform was not very impressive. It often crashed and the trades get messed up after. Good thing, when I closed my account, they still gave me my remaining funds.
I already closed my account at Dukascopy. I was not impressed with their services especially the platform because it always malfunctioned. I ended up losing a huge part of my capital but thankfully, I was still able to retrieve the remaining funds.
Dukascopy may not be tagged as a scam, but it surely is a terrible broker. Their trading services are not good at all. The platform is too shaky, the fees are high, and there is often a slippage. You won't get any progress if you trade with this broker.
One of the problems of Dukascopy is their unstable platform. I have been trading with this broker for five months and I never had a decent trading experience because the platform would always crash. It is as if the broker did not want us to earn at all.
I have also been reporting this issue to the company already. They only kept telling me to wait as they will fix it soon. But it still has not improved and my trading activities are greatly affected.
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.
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.
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.
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.
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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