Broker Review: Dukascopy

Broker Review: Dukascopy

One of the international leaders in foreign trade, Dukascopy is widely regarded as fair, efficient, and discrete with their clients. With their main headquarters in Geneva, they also hold offices in Hong Kong, Latvia, and the Ukraine. They will soon open additional offices in Malaysia and Russia. Dukascopy offers its clients unmatched service and is best fit to experienced high-volume traders.

Dukascopy strives for maximum transparency, providing the same prices to everyone no exceptions. This is very important as many brokers will allow for scalping in private bids. Dukascopy chooses instead to make all individual bids and offers centrally located in the same marketplace. They also alert you if there is insufficient liquid volume for your trade, and they tend to release funds in a timely manner.

Dukascopy is regulated through multiple agencies, such as l’Association Romande des Interm√©diaires Financiers (ARIF) and Swiss Financial Market Supervisory Authority (FINMA). However, they are not regulated by the U.S. Commodity Futures Trading Commission (CFTC) and therefore they do not do business with U.S. citizens as clients.

When dealing in high-volume trades, Dukascopy offers low prices – $30 commission for one million currency pairs, with a net deposit of $10,000. These rates are lower if you trade in higher amounts, and higher if you trade in lower amounts (which is capped at a maximum of $35 commission for accounts with deposits of $5,000).

Depending on your particular trading preference, Dukascopy offers a variety of trading platforms for your use, as well as the ability to trade from your Android or iPhone. (This mobile version has limitations when compared to the desktop version, but it can be a useful tool if you are out and about and need to manage your account.) There is even the option to use Jforex a revolutionary platform that allows the user to design their own trading experience, using pre-built blocks to build their ideal application. (Minimal experience with Java applications is required.) Dukascopy does not directly support the use of MetaTrader, although you can use a third-party application to bypass this.

Dukascopy is backed by a share capital of over 22 million Swiss francs, and they assist the government in detecting and preventing money laundering. They are regulated and licensed by a number of regulating companies and act in full compliance. They also offer many funding options for your account, from credit cards to wire transfers to bank cards. There is a conversion fee assessed if you are trading in currencies other than CHF, EUR, USD, or GBP, but this is minimal.

Their support staff is helpful and friendly, and available through phone, e-mail, and even Skype. If you are located within Switzerland (or just inclined to travel) you are even welcomed to visit their Geneva office. Their website is thorough and includes information regarding market information, currency converters, data feeds, and calculators. Whether they choose to interview or not, Dukascopy will send them an exquisite Swiss luxury watches (a value of 15,000 Swiss francs). Additionally, they offer a monthly networking party, and an article contest to ensure that the articles presented on their website are well written, useful, and educational. They feel that the best way to spread forex expertise is through the success of their clients, and they are willing to promote this success through any available channels.

Although Dukascopy does not discriminate against newer traders, they are better suited for the advanced trader, who is able to invest at least $100,000 into their trades (USD). If you can meet their volume trade goals, they offer incredible customer service, huge incentives for successful traders, and opportunities for active traders, professional traders, banks, and hedge funds to grow their potential.

Categories: Brooker reviews

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Comments

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