Dukascopy review disclaimer: My opinions in this review are based on my independent analysis and research. Though I strive to offer accurate information, I cannot guarantee the reliability of this information. Do your research before making an investment decision.
Dukascopy review! Is this trading platform the right choice for you? Here is a complete analysis of it, with an overview of its potential red flags, green flags, and user experience.
Whether you’re seeking a thorough review of Dukascopy, trying to evaluate if it suits your trading needs, or looking for detailed insights into the platform, this blog post is for you.
Dukascopy Overview
Dukascopy is basically a trading platform or an online brokerage that allows you to trade forex and CFDs such as stocks, commodities, cryptocurrencies, and indices. The platform mainly offers two trading software: it’s proprietary software, JForex, and third-party software, MetaTrader 4 (MT4).
The brokerage is a product of the Dukascopy Bank SA, a property of the Swiss-based Dukascopy Group.
Founded in 2004 and based in Geneva, Switzerland, the bank offers traditional banking services, investment services, and online trading.
Is Dukascopy A Legitimate Trading Platform?
The short answer is YES. I mean, this is a product of a well-known and reputable entity, the Dukascopy Bank, which is regulated by FINMA. In fact, I searched and found Dukascopy Bank SA on FINMA’s online register for authorized institutions, individuals, and products. It’s proof that the bank follows the law and complies with the regulations for financial services providers operating in Switzerland.
How Do I Get Started With Dukascopy?
- Go to Dukascopy’s official website: dukascopy.com.
- Open an account. Options include a live trading account and a demo trading account.
- Choose a trading software between JForex and MetaTrader 4 (MT4).
- Deposit trading funds. The minimum trading deposit depends on the trading account you select. The platform offers 3 account types: the Standard Account($100), the JForex ECN Account($500), and the Premium Account($50,000).
- Start trading.
- As for the demo trading account, you don’t need to deposit any funds. Once you create an account, you can start trading with the virtual funds your account will come with. However, you’ll not make real profits. The purpose of this account type is to enable you to learn trading skills, and build on those skills, without using real money, in preparation for real-life trading.
Does Dukascopy Accept Traders Worldwide?
While the trading platform accepts traders from many nations globally, residents of certain countries and regions are not eligible to access its services, such as the following:
- The United States of America
- Quebec
- Abkhazia.
- Afghanistan
- Belarus
- Crimea
- Cuba
- Comoros
- Donetsk People’s Republic
- Iran
- Japan
- Luhansk People’s Republic
- Myanmar
- Nagorno-Karabakh
- North Korea
- Somalia
- South Ossetia
- South Sudan
- Sudan
- Syria
- Russian Federation
- Transnistria
- Venezuela
- Yemen
Dukascopy-Supported Payment Methods
You may deposit funds through your credit or debit card, cryptowallet, not to mention, bank wire transfer, SWIFT, Skrill, and Neteller.
Dukascopy Drawbacks
1. The LiveChat On Dukascopy Is Sluggish
I asked about the countries excluded from the platform but received a reply more than an hour later!
A LiveChat is meant to facilitate real-time communication, so this lack of quick response was disappointing to say the least.
It’s worth noting that a slow or unresponsive LiveChat can put you at a disadvantage as a trader in several ways.
For instance, delayed issue resolution can cause you to miss trading opportunities or even lose funds that you could have avoided losing with timely support. In fact it signifies lack of support.
I am of the opinion that issues like a slow or unresponsive LiveChat are better left to dishonest and unprofessional trading platforms, such as:
- Space Markets(spacemarkets.io).
- Osson Trust Group(ossontrustgroup.com).
- CryptoiFX Ltd(cryptoifx.com).
- 247BitXconnect(247bitxconnect.com).
Such brokerages often use that tactic to harvest your details with the intention of targeting you later, selling your information to other criminals, or using it for other malicious purposes.
I was once very surprised to discover that online criminals can easily obtain your credit card information and bank account details. As long as they have your name, email address, and/or your telephone number, the process is a piece of cake.
They can use many tactics including phishing, where they may send fake emails that seem to be from your financial institution to obtain the information. You could be tricked into clicking on a link, in an email, that prompts you to enter your financial information without suspecting anything.
2. Agonizing Verification Process
Opening an account on Dukascopy is one thing. Getting it verified is quite another. The experience can be painful for some clients. Even after providing the necessary details such as your ID, proof of address, selfie, and so on, the company may still reject them for no valid reason. Or it may ask for more, delaying you from getting started with trading.
3. Dukascopy Is Not Available for Everyone
Though the trading platform is legitimate and offers skilled traders a chance to make money trading forex and CFDs, not everyone can access it. For example, traders who are residents of the countries I listed above are not authorized to join it. This denies them an opportunity to explore profitable opportunities just because of their geographic locations. In my opinion, it would be best if the company could allow everyone to access its services.
Final Verdict
Dukascopy is one of the few legitimate trading platforms available out there. The Dukascopy Bank SA offers this platform, and it’s based in Geneva, Switzerland. The entity is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the most surefire proof of legitimacy.
However, whether or not I recommend it depends on the drawbacks you cannot tolerate. The trading platform is not without its fair share of downsides. For example, its customer support seems below par. Additionally, its verification process for new clients can be agonizing, not to mention that it’s not available for everyone.
If you hate a broker with wanting customer support or a very strict onboarding process process, I wouldn’t recommend it. Also, if you are a resident of one of the countries I listed above, this trading platform isn’t for you.
Report A Scam Incident
Have you fallen victim to a scam broker or investment project? If so, go to this page, or send an email to scamread@scamreader.info to report the incident and seek assistance. Until next time, remember to stay safe online.