Dukascopy Review 2025

Pros

• Dukascopy offers top-notch research, including a professional TV studio in Geneva for financial news, market analysis, and daily expert insights.
• The proprietary JForex platform is advanced, offering tools for algorithmic trading, detailed charting, and access to deep liquidity for traders.
• Dukascopy provides tight spreads starting at 0.1 pips, leverage up to 1:200 (based on jurisdiction), and volume-based commissions that benefit high-frequency traders.
• Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as a broker and a bank, providing high-level financial security and compliance with strict standards.

Cons

• Dukascopy's withdrawal fees are higher than most competitors we've tested, especially for bank wire transfers, which may discourage traders who need frequent fund access.
• JForex offers many features, but its complexity makes it less ideal for beginner traders who might prefer simpler platforms.
• Certain account types, like MT4/MT5 accounts, need a higher minimum deposit of $1,000. This might not be suitable for traders with limited budgets.
• Dukascopy offers educational resources and 24/7 support, but its complex platforms and tools require extensive testing and can overwhelm new traders.

Regulation & Trust

Based in Switzerland, Dukascopy operates under the Swiss Financial Market Supervisory Authority’s (FINMA’s) strict oversight as a bank and a securities firm.

It’s also a member of the Swiss Bankers Association and the International Swaps and Derivatives Association (ISDA).

I take comfort in knowing that FINMA enforces strict safety measures, including deposit protection up to CHF 100,000.

For added flexibility, Dukascopy has a presence in multiple regions.

For example, in Japan, Dukascopy is regulated by the Financial Services Agency (JFSA), though it doesn’t include a compensation scheme.

Leverage options vary depending on the branch.

You can access leverage up to 1:200 in Switzerland, while EU regulations limit Dukascopy Europe to 1:30. In Japan, leverage is set at a maximum of 1:25.

Accounts & Banking

Live Accounts

With Dukascopy, you can open a multi-currency account for smooth banking and trading, which makes managing funds much more straightforward.

It offers three main account types, each with its perks:

The JForex Account is a great starting point, requiring just a $100 minimum deposit.

It offers up to 1:200 leverage, variable spreads from 0.1 pips, and even comes with bonuses.

The commission is $35 per $1 million traded, which is reasonable for an advanced trading platform.

The MT4/5 Account provides up to 1:100 leverage and similar spreads, but the commission is higher at $50 per $1 million traded.

Plus, it’s not eligible for some bonuses, which is a drawback. I’d need a $1,000 minimum deposit, which is quite a jump.

For those into binary options, there’s a Binary Options Account with just a $100 deposit requirement, designed for trading fixed-return instruments.

Dukascopy also offers Islamic (swap-free) accounts and PAMM-managed accounts, which can be helpful for hands-off investing.

There’s no tiered commission system—which simplifies things but doesn’t reward high-volume traders with lower fees. However, volume-based bonuses can still help cut costs if you trade enough.

The biggest downside is the $1,000 minimum deposit on MT4/5. It feels like a hurdle compared to brokers like XTB, which require no minimum deposit.

Demo Accounts

Opening a free demo account with Dukascopy is easy, and I’ve found it to be the perfect way to test out trading strategies on JForex, MetaTrader 4 (MT4), and MetaTrader 5 (MT5).

The account starts with £10,000 in virtual funds, and you can manually add more if needed.

Demo trading isn’t like live trading—it doesn’t factor in real-world conditions like liquidity and slippage.

The fast execution speeds in a demo can give a false sense of security, especially during volatile market conditions.

One thing that frustrates me is the 14-day demo limit. This feels restrictive compared to brokers like Vantage, which offer unlimited demo access.

The good news is that once you open a real account, you get access to a permanent demo account, which is a solid workaround.

Deposits & Withdrawals

Dukascopy supports over 25 currencies, making it convenient for traders worldwide.

Bank transfers are free, which is excellent, but you have to watch out for withdrawal fees of up to $35.

You can use credit and debit cards, though the fees vary depending on your region.

E-wallets like Skrill and Neteller are also options, but they charge a 2.5% fee, which adds up over time.

Crypto deposits are free, a plus, but withdrawing costs $30 per transaction.

While I appreciate the flexibility, Dukascopy’s withdrawal fees are higher than many competitors we’ve evaluated.

For example, Pepperstone doesn’t charge anything for deposits or withdrawals.

If you plan to make frequent withdrawals, you need to factor in these method-dependent fees to avoid unnecessary costs.

Assets & Markets

Dukascopy really stands out with its diverse trading options. It offers over 1,200 instruments—mostly CFDs—across eight major asset classes.

One interesting feature is its binary options on more than 15 currency pairs, which make it easy to place straightforward bets on price movements.

Regarding forex, there are over 60 currency pairs to trade, from popular ones like USD/EUR to exotics like USD/TRY.

Stocks are another option. With access to 1,000+ global companies, including big names like Nvidia and Tesla, they are excellent for trading established businesses.

If you want to speculate on broader markets, indices like the S&P 500 and IBEX 35 are available.

You can also trade gold, oil, and natural gas commodities, helping you diversify portfolios.

Cryptocurrencies are another exciting option. Over 18 cryptocurrencies, including Bitcoin and Ethereum, are attractive for capitalizing on market volatility.

ETFs are also available, with more than 85 choices, including SPDR S&P 500 ETF (SPY) and iShares Silver Trust (SLV).

Bonds from Germany, the US, and the UK are also on the platform for those interested in fixed-income assets.

That said, Dukascopy doesn’t offer as many stocks as some top brokers like Interactive Brokers, which has over 7,000 stocks.

While its ETF selection is solid, it doesn’t quite match brokers like Saxo, which provides even broader ETF options for building a diverse portfolio.

Fees & Costs

Dukascopy offers a feature-rich trading experience, but its fee structure can be a bit complex, especially for beginners.

Instead of a straightforward pricing model, commissions vary based on net deposits, account equity, and trading volume, which takes some understanding.

Spreads are competitive for major pairs like EUR/USD and USD/JPY, sitting at 0.3 to 0.4 pips, but once commissions are factored in, the total cost is around 1.0 pip, which is pretty standard.

The good news is that higher trade volumes can unlock lower spreads and commissions through their tiered pricing system.

Commission-wise, trading currency pairs start at $35 per million USD, while commodities and indices begin at $52.50 per million.

If you deposit more or trade larger volumes, you can significantly reduce these fees to as low as $5 per million for currencies and $7.50 for other assets.

However, using MT4 or MT5 comes with an extra charge of $0.5 per lot, or $5 per million traded, which is something to keep in mind.

For stocks and ETFs, UK stocks have a 0.10% fee with a £7 minimum, while US equities cost $0.02 per share, with a $10 minimum. Gold positions incur a 1.5% annual custody fee, billed monthly.

Overnight swaps also apply, with rates depending on the asset and whether you hold a long or short position. For example, GBP/USD swap rates differ based on direction.

One downside is the inactivity fee. If your account is unused for 180 days, you could be charged up to CHF 100.

There’s also a dormancy fee if Dukascopy loses contact with you for two months, though it’s capped at your account balance.

Other potential costs include currency conversion fees ranging from 0.05% to 1.00% and deposit or withdrawal fees, which depend on the payment method.

I always check Dukascopy’s fee schedule to avoid surprises before making transactions.

If you want a more straightforward and transparent fee structure, consider alternatives like IC Markets or Fusion Markets.

Platforms & Tools

Dukascopy offers powerful and versatile trading platforms, but I’ve found they’re best suited for experienced traders rather than beginners.

JForex 4 is my go-to for advanced trading. It supports manual and automated strategies, has over 270 indicators, and has 40 drawing tools.

I like that I can customize the layout and save chart objects, making analysis easier.

It’s also available on multiple operating systems and has an economic calendar and various order types.

JForex Web 3 is a solid choice for quick market access without installation.

It runs entirely in a browser, supports 68 indicators, and allows chart trading.

Since it has low technical requirements, you can use it on any device with an internet connection.

JForex Web 3 is a powerful platform for advanced trading and automation

If you prefer MetaTrader, Dukascopy offers both MT4 and MT5.

MT4 is well-known for its technical tools and automated trading via Expert Advisors (EAs), making it a favorite among forex traders.

MT5, which Dukascopy introduced in June 2024, builds on MT4’s strengths by adding more indicators, additional timeframes, and a Depth of Market (DOM) view.

It’s great for trading a broader range of assets with improved tools.

Even though Dukascopy’s platforms are feature-rich, a more beginner-friendly interface would help new traders.

Fortunately, it offers video tutorials and user manuals for JForex, making the learning curve easier.

For professional-grade customization, Dukascopy includes API access and Visual JForex.

This allows you to create MetaTrader EAs without coding skills—a huge plus for automation without the hassle of programming.

Research

Dukascopy provides a wealth of high-quality research tools, making it easier to stay informed and make smarter trading decisions.

One of my favorite features is DukascopyTV, a professional studio based in Geneva that delivers financial news, market analysis, and expert insights throughout the day.

It keeps me updated on market movements in real time.

I also rely on the broker’s market news and research, which offer regular updates with technical and fundamental analysis and trade ideas that help shape my strategy.

DukascopyTV is an excellent live source for financial news and market insights

The Economic Calendar is another essential tool. It keeps track of global economic events, forecasts, and actual outcomes so you can plan around major market shifts.

The SWFX Sentiment Index gives you a clearer picture of market sentiment by analyzing long and short positions, making it easier to gauge overall trends.

Risk management is crucial, and Dukascopy’s Position Size Calculator helps you determine pip values and margin requirements, ensuring you size positions correctly to control risk.

These tools create a complete framework for understanding market dynamics, especially during major economic events when volatility spikes.

The combination of real-time insights and technical analysis makes it much easier to navigate fast-moving markets.

However, I wish Dukascopy offered more educational resources, as beginners might struggle to maximize these tools’ potential fully.

Education

Dukascopy offers some solid educational resources but doesn’t cater much to beginners.

The articles cover topics like forex basics, chart patterns, and trading strategies, though the selection is limited.

Webinars are available regularly, focusing on trading strategies, platform tutorials, and market analysis. They are helpful for staying up to date.

I also like the video tutorials, which provide step-by-step guides on using JForex, technical indicators, and chart patterns like ‘cup and handle’.

Master JForex 3 with Dukascopy’s step-by-step video tutorials

While the video content is strong, I wish there were more structured courses for new traders.

Key topics like leverage, risk management, and order types should be covered in more depth to help beginners get a solid foundation.

The broker could also improve its MT4 and MT5 tutorials since most educational material focuses on JForex.

More detailed guides for MetaTrader users would make the educational offerings more substantial.

Customer Support

Dukascopy stands out with its 24/7 multilingual customer support team, which I’ve found pretty reliable.

If I need to contact someone via email, I can email ‘support@dukascopy.bank’, and I always get a clear response.

I can always phone with more immediate concerns, and they provide constant assistance with trading and general support.

I also like that there is live chat, though sometimes, depending on when I use it, response times can be slow.

I can use the online form on the ‘Contact Us’ page to submit a request or ask a question.

If it’s a specific issue, I can even request a call-back at a time that works for me.

For reporting service problems, there’s a dedicated form that makes it easy to address any issues promptly.

The FAQs help get answers about account management, platforms, fees, and funding.

If I prefer to stay updated through social media, I can also contact the broker on platforms like X, YouTube, Facebook, and LinkedIn.

Overall, I’ve found Dukascopy’s support team courteous and helpful, especially regarding bank and platform logins.

Email responses are quick, but live chat can sometimes be a bit inconsistent.

Should You Trade With Dukascopy?

Dukascopy is a reputable and reliable choice, especially for experienced traders.

Its advanced platforms, competitive spreads, and strong regulatory protection make it a solid option for those with trading experience.

However, beginners might have a tough time with the complex platforms, and the high withdrawal fees could be a deterrent if you need to access your funds frequently.

It’s not for everyone, particularly if you’re looking for low-funding options or a simple platform.

Absolute beginners should start by exploring eToro and Plus500.

Article Sources

• Dukascopy Website
• DukascopyTV
• Dukascopy – FINMA License
• Swiss Bankers Association
• International Swaps and Derivatives Association (ISDA)
• Dukascopy – JFSA License

Alternatives To Dukascopy

These similar brokers are the highest rated alternatives to Dukascopy.