Launched in the year 1998, Dukascopy is the brain child of several physicists headed by Dr. Andre Duka. The group basically wanted to create and then implement a financial system that worked with econophysical and mathematical techniques.
At present, Dukascopy happens to be a Swiss forex trading brokerage house, that basically works to fulfil the needs and wants to various institutions as well as many large-volume traders. Immediate access to the global Foreign Exchange Marketplace is offered by Dukascopy. What this market does is offer the most substantial pool of ECN spot forex trading liquidity that is available for hedge funds, bankers, professional traders together with other institutions.
To sustain the kind of bank relationships that Dukascopy maintained with their clients, the broker offer full Prime Broker capability together with a give up facility. It is linked with a wide-ranging network of banking partners. The kind of approach offered by Dukascopy to trading is fairly different as compared to other brokers. Dukascopy is particularly famous for the forex trading contests that it conducts. There are 3 different kinds of contests and awards, which are:
- The Trading Contest
- The FX Trading Award
- The JForex Strategy Contest
These contests carried out by Dukascopy are basically meant to provide traders with a chance to actively participate in an extremely competitive environment and plunge in to discussions initiated by professional traders, market analysts and general people who hold an interest in forex within what is known as the Dukascopy Forex Community. Users with top performances get to receive an extremely luxurious watch and are also invited to the banks office located in Geneva. Users can also win $15,000. If you are wondering about who previous winners were, well, the list is extensive and includes people like ex-Presidents Bill Clinton (USA), Pascal Couchepin (Switzerland), Vladimir Putin (Russia), and ex-UN Secretary Kofi Annan.
This particular broker known as Dukascopy is audited by and associated with the given Associations and Commissions:
- ACI Sussie
- ARIF – Association Romande des Intermediaries Financiers
If you want to check whether any complaints have been launched against the broker, all you need to do is check the website of its regulator FSA as all cases are posted online.
Demo Accounts at Dukascopy
For trial purposes, the official website of the broker Dukascopy.com offers a 14-day forex demo account. Being free for 14 days, this demo account offered by Dukascopy gives trader’s access to the Dukascopy Java Platform, Dukascopy J Platform as well as the Dukascopy Iphone platform together with the Dukascopy MT4. Access to the Dukascopy MT4 is given with a few limitations in place as opposed to other renowned forex brokers who have taken up the MT4 as their primary or secondary alternative.
Registration for a demo account at Dukascopy
Registering at Dukascopy for a demo account is extremely easy. All that you need to do is fill out a rather basic online form. Doing so would allow you to access the interface of the demo account at Dukascopy. Gaining access to Dukascopy’s trial account allows novice traders to trade using the very same functionalities as well as data feeds which are accessible to traders in the Live SWFX or the Swiss FX Market Place.
To help users get acquainted with the entire trading system, the demo account allows traders to access all the features that are available to regular traders’ accounts apart from the MT4. This makes it possible for the traders at Dukascopy to get a feel of all the account options. It is highly recommended by Dukascopy to all the individual account holders and prospective clients to try out the system through these demo accounts initially.
Accounts at Dukascopy
Forex trading accounts are offered to not just private individuals, but to institutional clients as well by Dukascopy. Considering that Dukascopy specialized in institutional trading, bank services are particularly enhanced for institutional investments and trading. Deposit size recommended for these accounts is of around $50,000 and more. Traders have the option of opening their account in seven different currencies, which are CHF, USD, GBP, CAD, EUR, JPY and AUD.
Funding and Deposits at Dukascopy
Three different funding options are offered by Dukascopy to its traders. The options are inclusive of Bank Guarantees, Wire Transfer and Swiss Custodian Banking Services (Segregated Swiss Bank Account). Swiss Custodian Services and bank guarantees must have a minimum bank deposit of $250, 000. The minimum deposit size for individuals varies according to account types. Their ranges basically start from $1,000 for retail accounts and go up to about $500,000 for VIP accounts. VIP accounts include added services like priority in terms of technical support and trading as well as a committed personal VIP account manager.
The web platform at Dukascopy has been optimized in such a way that it fulfils every single requirement of all probable traders, irrespective of technical restrictions and trading conditions. The frequency of updates acquired with regards to current market depth levels and quotes can easily be personalized by traders according to the parameters of their Network or PC.
What’s more is that the platform has the ability to deliver extremely important functionality which involves order execution along with position management. Trend and market research tools and a multi-lingual interface with quick communication are available as well.
Apart from using the Dukascopy Webtrader, traders additionally have the option to use the Metatrader 4 edition offered by Dukascopy.com. This edition delivers the high standards of an MT4 together with the incomparable repute held by Dukascopy in the world of forex. You need to bear in mind that Dukascopy does not allow new customers to access a demo version of the MT4 and basically offers the MT4 for Beta Test trading. As opposed to other brokers, there are a number of discrepancies and limitation in the Dukascopy MT4 and other in house platforms.
Drawbacks of Using Dukascopy
The number of drawback of using Dukascopy is the limited number of funding options. Dukascopy does not support credit card payments or even payments through PayPal or Google Checkout. Next, Dukascopy does not offer any mini forex accounts. Lastly, the minimum deposit, as stated by many traders, is extremely high.