Our Review of Dukascopy Bank SA
Dukascopy Bank SA
Dukascopy Bank SA is one of the world’s largest retail forex brokers. Regulated by FINMA, the Swiss Forex broker prides itself on providing a secure trading atmosphere, direct market access, quick trade execution, and full transparency. As one of the first online ECN brokers, Ducascopy Bank SA is well-known for offering a comprehensive range of features and one of the best trading experiences possible. Keep reading to discover if Ducascopy is the right Forex broker for you.
Dukascopy Bank SA offers trading accounts with access to the Forex and commodities markets for both private individuals and institutional investors. Although Ducascopy has a minimum deposit size of $50,000 for institutional clients, the minimum deposits for retail accounts begin at $1,000 and go all the way up to $500,000 for select VIP accounts that provide elite traders with dedicated account managers and a range of VIP services.
Commissions & Spreads
The commissions charged by Ducascopy depend on the size of your account. While commissions on small accounts can reach $48 for every million that is traded, the commissions on larger accounts can be as low as $5 for the same amount of trades. Ducascopy also utilizes variable spreads, which actually keep the spread tighter and save traders additional money.
Ducascopy only has a 0.5 to 1 pip spread on the major currency pairs, which are some of the best spreads on the market. The spread on non-majors may occasionally reach up to four pips, but the EUR/USD spread is typically only 0.2.
Ducascopy Bank SA provides traders with the popular MetaTrader 4 platform, which is also offered by other top brokers, as well as several other trading platform options. For instance, traders have access to the ‘JFOREX’ platform for automatic trade execution, a downloadable JAVA-based trading platform for manually executing trades, an online platform, and a top-notch mobile platform for on-the-go traders.
Deposits & Withdrawals
Deposits can be made via debit or credit card, bank wire, or bank guarantee. A bank guarantee is a flexible option that allows Ducascopy traders to keep their funds in their own trusted bank to be accessed whenever needed. However, Ducascopy only accepts bank guarantees for clients making a deposit of $100,000 or more. Withdrawals can be conveniently made to the card or bank account used to deposit funds into the account.
At Ducascopy Bank SA, customer support agents are standing by and available by phone or email six days a week. Chat support is also offered during business hours. As an added bonus, the company can be contacted via Skype rather than forcing clients to make expensive international calls.
Regulators & Safety
While great support, flexible deposit options, tight spreads, and cutting-edge trading platform software are all excellent benefits of trading with Ducascopy, customers of the brokerage especially appreciate the security of doing business with one of the leading brokers in the Forex industry.
Unlike some fly-by-night brokers that lack regulation, Ducascopy Bank SA is licensed and supervised by the Swiss Financial Market Supervisory Authority, or FINMA. Furthermore, thanks to the Swiss Federal Banking Act and its deposit protection scheme, customers’ deposits are covered for up to 10 million Swiss francs.
Ducascopy Bank SA offers its traders leverage at 1:200, allowing them to considerably grow their bank roll in a short amount of time. That being said, the brokerage restricts traders to a minimum deal size of 10,000 pips or units.
Sign Up Bonuses and Promotions
Ducascopy Bank SA provides both new and current clients with the opportunity to earn a 10 percent deposit bonus. However, traders must apply for the bonus within 30 days of their last deposit in order to qualify. Many times, bonuses are contingent on traders having a minimum trade volume during a specific period of time. There are other factors as well that may affect bonus approval.
In addition to offering a generous 10 percent deposit bonus, Ducascopy Bank SA also provides traders with the ability to participate in a number of daily, weekly, monthly, and yearly contests, each including valuable giveaways like Cartier or Brietling watches. Having the chance to win prizes of this caliber gives traders a little extra incentive to execute profitable trades and be the best trader they can be.