Can You Trust Dukascopy?
Posted by Amelia Albert
from the Finance category at
21 Jan 2024 07:18:06 am.
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4XC Review 2024: A Comprehensive Analysis
Dukascopy, established in 1998 and headquartered in Geneva, Switzerland, is an online Forex and CFD broker with subsidiaries in Latvia and Japan. The Latvia-based subsidiary follows EU regulations, limiting leverage to 30:1, but EU traders can register with the Swiss head office to avoid restrictions. The broker offers a variety of instruments, competitive spreads, and operates as an ECN-Marketplace, hedging trades with major liquidity providers.
Pros of Dukascopy:
- Comprehensive trading tools.
Scalping opportunities with competitive spreads.- Regulatory security with deposit protection up to CHF 100,000.
Proprietary JForex trading platform.
Extensive financial services, research tools, banking services, bonuses, and trading contests.
Trading Features
Forex Web 3 platform: Cloud-based, user-friendly interface with technical indicators, news feed, and economic calendar.
JForex 3 Desktop platform: Enhanced version with additional technical indicators and auto-trading functionality.
Key features: Over 250 indicators, news and economic events calendar, automated trading historical tester, automated trading capabilities, Ezoic integration.
Fees and Commissions
Dukascopy charges $0.5 per 1 MT4 lot and implements volume-based commission rates for multiple margin accounts. Inactivity fees and a maintenance fee are applicable, but fee reductions are considered for certain criteria.
Withdrawals and Deposits
Dukascopy offers a number of different funding methods, and the fees associated with deposits change depending on the method. The fees for withdrawals are also different, with the costs being relatively high in comparison to those of other brokers.
Regulation and Licensing
Dukascopy Europe IBS AS is governed by the Bank of Latvia, whereas Dukascopy Bank S.A. is subject to the supervision of the Financial Markets Authority (FINMA). The Financial Services Agency of Japan has granted Dukascopy Japan K.K. a license to operate effectively.
Safety and Security
Dukascopy prioritizes safety, adhering to major safety requirements, undergoing regular audits by PKF and KPMG, and publishing financial reports twice a year. Comprehensive historical price feed data enhances transparency and mitigates the risk of price manipulation.
Education
Dukascopy offers high-quality research tools, fundamental and technical analysis reports, a built-in news feed, an economic calendar, and Dukascopy TV for video content. Additional tools include the SWFX Sentiment Index, average spreads tracker, Forex calculators, position size calculators, trading breaks calendar, movers & shakers Forex, and a pivot point level report.
How to Open an Account in Dukascopy
To open an account, visit the Dukascopy Bank or Dukascopy Europe website, complete the registration form, accept contracts, undergo video identification, await account approval (typically within 24 hours), receive a notification, and fund your account with the minimum deposit. Dukascopy Bank will dispatch transfer instructions for funding via card or wire transfer.
Customer Support
Dukascopy provides round-the-clock support through phone, email, and live chat, with a FAQ section on its website. Availability in 18 languages enhances accessibility, but occasional prolonged wait times and a lack of a search bar in the FAQ section are drawbacks.
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