Dukascopy

Added on September 19, 2011 09:59 AM
(3.5 / 5)
Spread: 0.1 Min. lot: 0.01 Execution: ECN
Leverage: 1:200 Country: Switzerland Regulated by: FCMC
Min. deposit: $100 Platforms: JForex, Java platform, Web platform, iPhone/iPad platform Payment methods: Credit Card, Bank Wire, Bank guarantee
Headquarters: ICC, Route de Pré-Bois 20, 1215 Geneva 15

Dukascopy is a typical ECN Forex broker, Swiss-regulated, and offers both managed PAMM accounts as well as personal retail Forex trading accounts. The company takes great pride in ensuring the security of funds, no cost related manipulations and swift execution. But, as you know, it is easier to claim but, to live up to the claims is what matters. So, testing the trading platform is one of the best ways to go ahead. It was stunningly accurate, as mentioned. Nevertheless, Dukascopy’s spreads cannot be termed as the lowest according to industry standards, which is one important factor for choosing this Forex broker.

Trading Platform

Dukascopy is an excellent Forex broker as it offers multiple platforms, which includes the most popular MetaTrader 4 also offered by other leading brokers in the business. The company ensures downloadable JAVA based platform, which is good for manual trading. There is also the JFOREX platform, to be used for autotrading. Dukascopy also has a web-based trading platform, which is available for traders who don’t prefer downloading the program. A separate platform is present for iPhone users, too, though it is likely that other smart phone or mobile phone users will not be able to trader without their PCs. Unlike other brokers that offer separate trading platforms for beginners and ace traders, Dukascopy has a single platform to be used irrespective of the preferences or skill set. However, there is a 14-day demo account for beginners who may want to try trading before committing to this game. Demo account is a basic requirement for every forex broker online, and it was nice to find that this forex broker has taken proper measures to offer a learning period to beginners.

With certain limitations, Dukascopy trading platform is still believed to be safe, and the credit goes to the restrictions of the Swiss Foreign Exchange Marketplace. It is possible to trade securely online via one click trade to unlimited accounts. Telephone trading is also another option, which is quite helpful for most traders.

Features

Amongst several features offered by Dukascopy, it was an absolute delight to find the contest that this company offers on a monthly basis, in which traders with best achievements wins a Cartier watch. Although the feature may not be useful, it keeps traders on their toes. It may not be an inviting incentive, but traders do wish to succeed for themselves, even with no chance of winning a watch.

Forex Signals is one of the most powerful market materiel provided by Dukascopy, and there is a host of technical analysis for traders who want to make their decisions. There are a couple of favorites like Forex Calculators, Currency Converter and direct market update to the mobile device. Ironically, whereas offers market updates to the mobile phones, these updates don’t include access to any of the trading platform, which diminishes the usefulness of the feature. It could have been made better and more practical, and only then it would be more useful.

Because Dukascopy offers direct access to the Swiss Foreign Exchange Marketplace, it means that traders can get direct entry to the largest pool of interbank Forex liquidity that can be obtained anywhere for institutions, banks, professional traders or hedge funds. But, one flaw – retail traders are unable to be serviced through this platform. Nevertheless, it is one of the most efficient and secure Forex broker that can be found these days, and it is all attributed to their combined liquidity of the centralized marketplaces and several banking-partners, which makes it one of the biggest marketplaces in this world. However, traders should judge on the basis of their needs. It is best to set priorities right and then make a decision.

One important point to note here, a commission is charged for accessing the marketplace. The standard rate of commission is $20 per million USD traded. However, managed accounts are charged an additional amount of $20 per million USD traded. This commission will be partially reimbursed, but it depends on the trader’s monthly volume. So, read these details carefully, understand, and proceed only when satisfied with the idea.

The demo account can be set up in a few simple steps. All you need is a login id and password. As you get into real time trading there will a second level of security available through visual encryption secure code. From that point onwards, you will be able to choose to run either Web-based or JAVA platform. It is best to use the demo account to the optimum in order to be used to the service of Dukascopy.

Help and Support

Dukascopy offers decent customer support and service, 6 days a week through phone and email. However, the live chat support is noticeably absent. But, we do appreciate the fact that Dukascopy allows users to use Skype for communication, which helps in preventing international phone call expenses. Video chat or live chat is one of the basic requirements of Forex trading today, so that traders can get instant help when needed. Skype does the trick.

Summary

While signing up for a Forex broker online is easier, it is slightly tricky when it comes to the Swiss brokers. You will have to download the entire paperwork, complete all the necessary form filling and information, and send all the documents across to Switzerland via mail. It is recommended that you must send scanned copies via email or even fax the documents first to make sure everything is perfect before sending the hardcopy. This will definitely keep you on the edge. Quite tedious for experienced traders!

Traders opening a private account will have to include their passport’s certified copy; any other utility bill that shows the residential address will also serve the purpose. In case of any additional requirement, you will be communicated and you must produce the documents within the stipulated time. That’s quite a clean set of instructions we found.

Tags:
ECN, PAMM, JForex

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