Abstract：Dukascopy is an innovative Swiss online bank founded in November 2004, in Geneva, Switzerland, but with offices in Europe and Asia, including Riga, Hong Kong, Tokyo, and Moscow. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities firm. Dukascopy offers online and mobile banking services, including the buying and selling of CFDs on foreign exchange, stocks, metals, commodities, indices, cryptocurrencies, and binary options. Dukascopy also offers current accounts, e-banking, and credit card services, as well as 24-hour multilingual customer service support.
Here we will take you through the full range of accounts offered by Dukascopy, including managed accounts, real trading accounts and demo accounts. The whole article mainly describes the advantages and disadvantages of these accounts, how to open an account, account fees, etc., so that users can choose the account that suits you conveniently through this article.
Dukascopy is an innovative Swiss online bank founded in November 2004, in Geneva, Switzerland, but with offices in Europe and Asia, including Riga, Hong Kong, Tokyo, and Moscow. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities firm.
Dukascopy offers online and mobile banking services, including the buying and selling of CFDs on foreign exchange, stocks, metals, commodities, indices, cryptocurrencies, and binary options. Dukascopy also offers current accounts, e-banking, and credit card services, as well as 24-hour multilingual customer service support.
Here we will take you through the full range of accounts offered by Dukascopy, including managed accounts, real trading accounts and demo accounts. The whole article mainly describes the advantages and disadvantages of these accounts, how to open an account, account fees, etc., so that users can choose the account that suits you conveniently through this article.
Is Dukascopy Safe and Legit?
Dukascopy is authorized and regulated by the Swiss Financial Market Supervisory Authority(FINMA), with License No. is Unreleased and the License Type is Financial Service. In addition, Financial Services Agency in Japan also regulates the bank under License No. is 関東財務局長（金商）第2408号 and the License Type is Retail Forex License.
It is relatively safe for investors to conduct financial activities in regulated entities. The regulatory information of this broker is as follows:
Account types
MCA and the Live Trading Account
Dukascopy offers two types of current accounts: the Multi-Currency Account and the Live Trading Account. The Multi-Currency Account serves retail clients with less than $100,000 in assets, while the Live Trading Account is aimed at clients who intend to deposit more than $100,000. Each account has a deposit guarantee of CHF100,000, and two types of accounts can be opened at the same time.
Multi-currency Swiss Account with Individual IBANs. IBAN stands for International Bank Account Number. It is a globally recognized system for identifying bank accounts across geographic countries and regional borders. IBANs greatly reduce errors and speed up international money payments and transactions.
The live trading account (FOREX ECN and CFD) is suitable for those who are interested in trading on different asset classes, such as FOREX ECN, binaries, and CFDs on stocks, indices, commodities, and cryptocurrencies across the brokers own professional JForex trading platform, Web, iOS and Android operating systems, as well as MT4.
Dukascopy offers a near-identical account type to all traders, with a few notable differences, the primary of which is the selection of the trading platform, where clients may opt for an MT4/MT5 trading account or the brokers own proprietary JForex platform.
Another significant difference is the selection of the operating subsidiary. Dukascopy requires a minimum deposit of $1,000, but Dukascopy Europe IBS AS accepts clients from as little as $100. The final notable difference is relative to maximum leverage, which is 1:200 at Dukascopy while Dukascopy Europe IBS AS is confined by EU rules to merely 1:30.
Demo account
The demo account provided is risk-free and has a virtual balance of up to $1 million. This demo account is available on all platforms. Unfortunately, the demo account expires after 14 days.
Dukascopy takes into account the different trading experiences of traders and provides a variety of demo accounts, including Forex/CFD demo accounts, demo MT4 accounts (Forex), demo MT5 accounts (Forex), and binary demo accounts. Demo accounts are mainly used to familiarize beginners with the trading platform and are only used for educational purposes.
Finally, it is notable that gold accounts, multi-currency accounts, and swap-free Islamic accounts are also available.
Here we will guide clients to better understand the features of the Dukascopy Account.
Account pros and cons
What is a Multi-Currency Account?
Multi-Currency Account (MCA) is a bank account that gives clients access to:
- Swiss lBANs in 22 currencies: EUR, GBP, USD, AUD, CNH, PLN, CHF, JPY, CAD, DKK, SEK, NOK, SGD, HKD, MXN, NZD, TRY, ZAR, ILS, RON, CZK, HUF;
- Visa/Mastercard plastic/virtual prepaid cards;
- SWIFT, SEPA, SlX, and alternative payment methods,
- Interbank currency exchange rates;
- Stocks, stock indexes, commodities and crypto.
Clients can access a Multi-Currency Account through a Web browser, the Swiss Bank mobile application in iOS and Android, and theDukascopy Connect 911mobile application in iOS and Android. Dukascopy Connect 911 is an official application developed by Dukascopy Bank.
Compare Dukascopy Account and IC Markets Account
IC Markets is a world-class broker and leader in algorithmic trading. This section will guide users to understand the differences between the Dukascopy Account and the IC Markets Account.
IC Markets offers both commission-free and commission-based accounts, while Dukascopy offers commission-based accounts, but which one is cheaper?
Dukascopy takes the overall lead due to IC Markets' higher fees and lack of volume-based rebates. IC Markets account types have higher fees for MT4/MT5 traders, while Dukascopy account types include internally managed accounts. Dukascopy takes the lead due to lower fees, when volume-based rebates apply, and banking services. Both brokers offer demo accounts and support algorithmic and copy trading.
Dukascopy Account Opening Process
Clients can choose to open a trading account, a multi-currency management account, and a demo account according to their preferences.
In fact, the account opening process consists of two stages, including filling out this web form and passing identity verification and the following 5 steps:
- Download the Dukascopy Connect 911 mobile app
- Fill out the registration form in the app and enter your personal information (name, phone number, address)
- Confirm application information
- Confirm your identity through video recognition using your passport or ID card
- Wait for confirmation of successful account opening
After clicking on step one to start the opening process, clients then choose the amount with which they would like to start trading and what type of account they want: “Individual,” “Joint Account” or “Corporate Account.” The minimum deposit is $1,000 (and can be as low as $100 in some jurisdictions).
For clients wanting to deposit less, they can put in their chosen amount and then are redirected to open an account with Dukascopy Europe, the EU subsidiary of Dukascopy Bank. Clients are then asked for personal details and financial information before setting up their account profile and what type of account they would like to open. Clients can deposit funds in a variety of currencies when using their own JForex trading platform.
Afterward, clients are asked to verify their identity, which can be expedited by downloading the Dukascopy Connect 911 app from the Google Play store or Apple App Store. This is the quickest way because it uses video identification, so accounts may sometimes be opened in just one hour, but generally within one day.
Visit Dukascopy Banks website and sign up for a demo account, providing the necessary personal details, including your name, email, and phone number. Once this information has been submitted, you will receive your login details via email.
Account Fees
The trading platform choice also impacts trading fees, with MT4 being more expensive than the proprietary JForex trading platform.
MCA account fees are as follows:
- Funds are available in the account once the account opening process is complete. Potential clients may be required to make an initial card/wire deposit of €40.
- Multi-currency account holders with less than €5 in DUK+ are offered the account free of charge for each new account holder, subject to a monthly fee of €1. This fee is waived for zero-balance accounts.
- Clients have 30 calendar days to withdraw all remaining funds. After this period, the bank charges 50 CHF per month as a subsequent fee. Remaining balances that are too small to be withdrawn are charged as a maintenance fee.
The funds can be deposited to / withdrawn from your Multi-Currency Account using multiple payment methods:
- Ordinary bank transfer
- Transfer from the personal payment card
- Transfer from a payment card linked to the account
- Transfer from a payment card through Apple Pay
- Transfer from the Dukascopy card
- Transfer from the Skrill account
- Transfer from the Neteller account
- Western Union withdrawal
- Transfer from other Multi-Currency account holder
- Transfer from the other account at Dukascopy Bank
Log in to the multi-currency account and clients can choose from various payment cards including Dukascopy card by Corner, Swiss Bankers card, Walletto card, and Dukascopy card by CBH. Dukascopy offers flexible virtual and plastic cards that support multiple currencies and can be delivered worldwide, allowing customers to order up to four cards according to their preferences.
On MT4 accounts, the volume commission is calculated for a round-turn transaction and is charged only on opening trades. On the other hand, MT5 commissions are charged separately for each trade: first, at the moment the position is opened, and second, when the position is closed.
The overnight policy for MetaTrader accounts is set to the Regular policy applied for FX accounts. The swap points are calculated automatically at the end of every trading day. For Wednesday to Thursday rollovers, the swap points are tripled. For USD/CAD and USD/TRY, swap points are tripled from Thursday to Friday.
Conclusion
Overall, users can choose from a variety of platforms to open an account with Dukascopy, including MT4, MT5, BINARY, and JFOREX. These accounts are based on STP/NDD/ECN trading infrastructure and are more suitable for experienced users. The bank also offers a demo account for beginners.
Dukascopy provides transparent information on account fees and avoids hidden fees. Although there is a potential fee of $40 for opening a multi-currency management account and commissions for ECN mode accounts, Dukascopy Europe IBS AS offers deposits as low as $100 (Dukascopy requires a minimum deposit of $1,000), volume-based rebates, and banking services.
Finally, the bank has FSA (Japan) and FINMA (Switzerland) licenses, and its financial behavior is regulated and CHF 100'000 deposit protection makes it safe to open an account and trade here.
