Dukascopy Review: this is the name of one of the most famous Forex brokers located in Switzerland. Is dukascopy.com a scam Forex broker?
Like was stated above, the Forex broker has a good reputation in Switzerland and like all legit brokers, it is licensed. It is registered under FINMA and has branches in many countries including USA, Japan, Latvia, Ukraine and many more. It owns; Dukascopy Bank SA, Dukascopy Europe IBS AS, and Dukascopy Japan K.K.
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The Dukascopy Forex broker provides the popular trading platform and one of its own. It is a recipient of many international trading awards and it is also a Binary Options broker. The address for the company is at:
ICC, Entrance H, Route de Pré-Bois 20, 1215 Geneva 15, Switzerland
It provides a PAMM service which is Percent Allocation Management Module. This is a means of allowing a broker’s client appoint a trader to manage their accounts. But they will have limited trading power of attorney. With this service, traders get to manage many accounts from one trading platform.
Scalping and News Spike trading are allowed for clients using this broker and we also found that it allows EAs and other trading robots.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Dukascopy Trading Platform
It is mentioned that Dukascopy trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
The broker also offers a platform known as JForex that was developed by the Swiss bank for traders. This platform offers a full scope of advanced instruments as well as help implement and test their automated strategies. It is both efficient and sophisticated.
Trading instruments offered to traders are: 40+ currencies, 2 cryptocurrencies, and CFDS on 605+ commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:100 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from as low as 0.2 pips but traders are required to pay a commission of $7 per lot round trip. This brings the spread to about 0.9 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Dukascopy
The means of making payments with this broker are: Bank Wire, VISA, Bank Guarantees, Maestro, and crypto currencies. Withdrawal is allowed only via Bank Wire. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $1,000 which is higher than the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.
Is Dukascopy Licensed?
Yes. Dukascopy is a duly licensed Forex broker registered under FINMA in Switzerland. Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules.
The regulatory bodies like the FCA, FSCA, CySEC, AISC, FINMA, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To reach the customer care agent of this broker clients are directed to call: +41 22 799 4888
Since Dukascopy is a licensed Forex broker, we recommend it for traders. It is important to remember that the minimum deposit requirement is high and the means of withdrawals are few compared to other legit brokers.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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