Dukascopy Bank
About Dukascopy Bank
Dukascopy Bank is headquartered in the vibrant city of Geneva, Switzerland. As part of the reputable Dukascopy group, the main branch is duly licensed by the esteemed Swiss Financial Market Supervisory Authority, FINMA. Dukascopy Payments, the subsidiary based in Riga, operates in compliance with Latvian regulatory standards.
The comprehensive Dukascopy Bank website offers a wealth of information, with a fully functional Russian-language version. While detailed information is available in every section of the site, users may find it challenging at times to locate answers to key inquiries due to the lack of differentiation between primary and secondary information. Prospective clients engaging with Dukascopy Bank should be prepared to delve into extensive regulations and guidance on all facets of banking operations, a departure from the brevity seen with some other brokers. The website also provides a plethora of analytical resources and educational materials, including Dukascopy TV.
Available Trading Instruments
- Forex
- CFD
- Cryptocurrencies
- Binary options
It’s worth noting that in most EU countries, retail trading of binary options has been prohibited since 2018-2019 due to perceived challenges in this sector. While Switzerland, not being part of the EU, remains a hub for binary options trading. Consequently, Dukascopy Bank in Geneva, along with its Japanese arm, continues to offer options trading, while Dukascopy Europe, operating within the EU, abstains from this.
Account Types and Terms
To initiate trading activities with Dukascopy Bank, opening an account with them is a prerequisite. Individuals residing in Japan are ineligible to open accounts with Dukascopy Bank and are advised to approach the local branch of the group. Moreover, US citizens are not catered to by Dukascopy Bank and, in adherence to international agreements, residents of Iran, North Korea, Myanmar, Syria, South Sudan, and Cuba are not accepted.
The ESMA directives on leverage reduction in EU nations do not impact Dukascopy Bank. Presently, the bank offers the following leverage ratios:
- up to 1:200 on currency pairs, gold, and major indices,
- up to 1:100 on other stock indices and commodities (excluding gold),
- up to 1:10 on individual stocks,
- up to 1:3 on cryptocurrencies.
A diverse array of account types with unique features can be explored on the website, accompanied by comprehensive information.
The minimum deposit requirement stands at $100.
Dukascopy Bank provides advanced technological solutions enabling clients to designate an account manager. Nonetheless, clients bear full responsibility for all outcomes stemming from this decision.
Provided Trading Platforms
- MetaTrader 4
- JForex
- Java SWFX
All trading platforms offered by the bank grant access to the prestigious Swiss SWFX trading platform, renowned globally as one of the top 10 forex platforms, recognized for its high liquidity and swift trade execution.
Insight into Dukascopy Bank
As a longstanding participant in the forex market with a solid reputation and brand reliability hailing from Switzerland, Dukascopy Bank garners praise. However, some customers have raised concerns regarding the protracted verification and withdrawal procedures experienced.
It is imperative to bear in mind that different entities within the Dukascopy group enforce varying rules and conditions for clients. Thus, when reaching out to official branches in Riga, Kiev, Moscow, or elsewhere, it is advised to clarify the rules pertinent to your collaboration. Expect to meticulously review all provided documentation once more, as specific characteristics and nuances may exist. Engaging with banks offering brokerage services and adhering to Swiss financial legislation demands meticulous attention to detail and nuances.
This review has been prepared by the specialists at ExpertsReview.